SHE:300776 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	519.22	527.61	461.19	411.19	381.02
Depreciation & Amortization	60.92	58.72	51.18	24.81	10.33
Other Amortization	12.13	14.96	11.36	4.47	2.22
Loss (Gain) From Sale of Assets	-0.02	-	-	-	-
Asset Writedown & Restructuring Costs	120.44	0.01	0.07	0	-0.93
Loss (Gain) From Sale of Investments	-8.3	-25.69	-6.41	-1.54	-5.36
Provision & Write-off of Bad Debts	-	89.01	19.46	24.83	31.36
Other Operating Activities	-3.98	15.05	-9.69	-6.1	11.15
Change in Accounts Receivable	-631.22	-430.95	-461.87	-539.02	-371.74
Change in Inventory	130.72	181.14	-1,079	-220.32	30.02
Change in Accounts Payable	-60.22	-589.77	1,775	805.77	136.94
Change in Other Net Operating Assets	-4.79	9.39	8.44	0.26	16
Operating Cash Flow	116.35	-163.84	776.7	509.66	237.38
Operating Cash Flow Growth	-	-	52.40%	114.70%	67.70%
Capital Expenditures	-76.4	-131.58	-119.43	-202.78	-136.95
Sale of Property, Plant & Equipment	0.14	0.02	0.01	0	-
Investment in Securities	-50.62	430.52	-483.88	-420	-1,410
Other Investing Activities	3.09	-	1.02	4.07	5.57
Investing Cash Flow	-123.79	298.96	-602.28	-618.71	-1,541
Long-Term Debt Issued	-	-	-	4.99	833.96
Long-Term Debt Repaid	-3.94	-3.29	-3.35	-3.1	-0.7
Net Debt Issued (Repaid)	-3.94	-3.29	-3.35	1.88	833.26
Issuance of Common Stock	44.76	-	-	31	41.9
Repurchase of Common Stock	-	-50.04	-	-	-
Common Dividends Paid	-118.72	-103.51	-85.2	-83.05	-79.35
Dividends Paid	-118.72	-103.51	-85.2	-83.05	-79.35
Other Financing Activities	6.7	-	-	-0	-1.56
Financing Cash Flow	-71.2	-156.84	-88.55	-50.17	794.26
Foreign Exchange Rate Adjustments	-3.84	-2.44	-0.03	5.41	-0.27
Net Cash Flow	-82.48	-24.15	85.84	-153.81	-510.01
Free Cash Flow	39.95	-295.42	657.27	306.88	100.43
Free Cash Flow Growth	-	-	114.18%	205.55%	27.55%
Free Cash Flow Margin	1.97%	-14.67%	40.85%	23.17%	7.99%
Free Cash Flow Per Share	0.15	-1.09	2.41	1.13	0.37
Cash Income Tax Paid	207.14	130.15	102.37	99.21	51.08
Levered Free Cash Flow	-144.08	-468.75	508.58	88.59	31.77
Unlevered Free Cash Flow	-119.14	-444.39	531.85	110.99	40.64
Change in Working Capital	-584.06	-843.5	249.54	51.99	-192.41

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