SHE:300807 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	-28.03	-59.31	-50.07	-8.51	-37.27
Depreciation & Amortization	12.03	12.21	11.95	11.47	10.5
Other Amortization	1.28	1.63	-	-	-
Loss (Gain) From Sale of Assets	6.3	-	0	-0	-0
Asset Writedown & Restructuring Costs	5.44	26.48	20.14	21.8	12.85
Loss (Gain) From Sale of Investments	0.08	0.11	0.5	0.46	-0.7
Other Operating Activities	-15.23	0.66	1.87	2.02	0.42
Change in Accounts Receivable	81.07	-0.09	-5.19	-30.04	-19.78
Change in Inventory	30.83	-17.12	30.68	39.94	-56
Change in Accounts Payable	-79.75	55.95	-37.2	-8.13	13.06
Operating Cash Flow	24.68	8.44	-40.3	20.22	-91.88
Operating Cash Flow Growth	192.46%	-	-	-	-
Capital Expenditures	-1.07	-6.34	-11.97	-4.86	-26.1
Sale of Property, Plant & Equipment	0.21	-	0.01	0.02	0.01
Cash Acquisitions	-	-	0.13	-	-
Investment in Securities	0.95	-0.88	-	1.14	80
Other Investing Activities	-6.68	-	0.09	0.23	1.46
Investing Cash Flow	-6.59	-7.22	-11.75	-3.47	55.38
Short-Term Debt Issued	-	-	-	13.6	47.36
Long-Term Debt Issued	35	60	64.8	75	-
Total Debt Issued	35	60	64.8	88.6	47.36
Short-Term Debt Repaid	-	-4.5	-0.82	-5.29	-16.77
Long-Term Debt Repaid	-51	-56.33	-45.37	-75	-
Total Debt Repaid	-51	-60.83	-46.19	-80.29	-16.77
Net Debt Issued (Repaid)	-16	-0.83	18.61	8.32	30.6
Issuance of Common Stock	-	-	2.59	-	-
Common Dividends Paid	-1.64	-1.65	-1.77	-3.37	-0.9
Dividends Paid	-1.64	-1.65	-1.77	-3.37	-0.9
Other Financing Activities	4.73	0.83	1.34	0.52	6.42
Financing Cash Flow	-12.91	-1.65	20.77	5.46	36.12
Foreign Exchange Rate Adjustments	-	-	-	-0.01	-0.01
Net Cash Flow	5.17	-0.43	-31.28	22.2	-0.4
Free Cash Flow	23.6	2.1	-52.28	15.36	-117.98
Free Cash Flow Growth	1023.43%	-	-	-	-
Free Cash Flow Margin	14.74%	1.28%	-23.77%	4.66%	-50.69%
Free Cash Flow Per Share	0.35	0.03	-0.77	0.23	-1.74
Cash Interest Paid	-	0.06	0.11	0.08	0.06
Cash Income Tax Paid	10.7	10.42	19.23	6.8	9.91
Levered Free Cash Flow	20.03	24.83	-21.68	13.82	-98.73
Unlevered Free Cash Flow	20.03	26.2	-20.42	16.24	-97.97
Change in Working Capital	42.81	26.65	-24.69	-7.01	-77.69

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