SHE:300771 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Net Income	82.09	39.48	24.54	172.29	169.14
Depreciation & Amortization	36.39	36.85	36.56	36.23	25.86
Other Amortization	0.44	1.86	2.05	0.85	0.8
Loss (Gain) From Sale of Assets	-0.22	-0.25	-0.01	0	-0.04
Asset Writedown & Restructuring Costs	-0.95	0.01	0.04	0.12	4.01
Loss (Gain) From Sale of Investments	-17.54	-35.9	-28.59	-5.26	-4.7
Provision & Write-off of Bad Debts	-	2.97	-1.09	-2.22	-
Other Operating Activities	14.98	4.94	-0.4	-55.04	14.8
Change in Accounts Receivable	-16.35	-32.49	13.6	67.25	-79.85
Change in Inventory	-10.82	-23.74	9.89	181.35	-81.7
Change in Accounts Payable	11.47	6.93	50	-109.19	13.97
Change in Other Net Operating Assets	-5.79	0.76	-0.61	-	-
Operating Cash Flow	98.65	-0.02	106.04	285.43	59.59
Operating Cash Flow Growth	-	-	-62.85%	379.02%	-78.10%
Capital Expenditures	-4.33	-7.06	-13.16	-29.64	-99.21
Sale of Property, Plant & Equipment	0.35	0.01	0.06	0.1	0.06
Investment in Securities	-24.88	-68.72	-561.18	-292.78	-9.08
Other Investing Activities	40.39	37.53	127.76	-97.75	8.37
Investing Cash Flow	11.53	-38.24	-446.52	-420.07	-99.86
Short-Term Debt Issued	-	101	50.09	-	-
Long-Term Debt Issued	90.1	-	-	155	25
Total Debt Issued	90.1	101	50.09	155	25
Short-Term Debt Repaid	-	-73.59	-1	-	-
Long-Term Debt Repaid	-101	-9.21	-8.88	-309.26	-6.82
Total Debt Repaid	-101	-82.81	-9.88	-309.26	-6.82
Net Debt Issued (Repaid)	-10.9	18.19	40.21	-154.26	18.18
Repurchase of Common Stock	-	-34.53	-16.15	-	-
Common Dividends Paid	-37.64	-27.04	-75.52	-52.23	-66.08
Other Financing Activities	35.36	22	22.6	220.41	-57.46
Financing Cash Flow	-13.17	-21.37	-28.86	13.93	-105.36
Foreign Exchange Rate Adjustments	-10.26	5.53	9.15	78.9	-15.56
Net Cash Flow	86.75	-54.1	-360.2	-41.81	-161.19
Free Cash Flow	94.31	-7.08	92.88	255.79	-39.62
Free Cash Flow Growth	-	-	-63.69%	-	-
Free Cash Flow Margin	15.72%	-1.57%	22.66%	29.31%	-3.15%
Free Cash Flow Per Share	0.40	-0.03	0.38	1.07	-0.16
Cash Income Tax Paid	19.55	18.23	-3.65	50.48	-18.71
Levered Free Cash Flow	76.05	-33.24	76.35	186.24	-97.85
Unlevered Free Cash Flow	76.05	-31.39	78.01	188.66	-94.39
Change in Working Capital	-16.54	-49.98	72.94	138.47	-150.28

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.