SHE:300813 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	16.29	13.05	19.67	79.69	63.53
Depreciation & Amortization	16.67	16.36	11.19	13.32	8.22
Other Amortization	4.16	4.3	3.22	3	0.99
Loss (Gain) From Sale of Assets	-	-	0	-0.02	-
Asset Writedown & Restructuring Costs	4.31	0.55	0.08	0.03	0.16
Loss (Gain) From Sale of Investments	-4.36	-1.97	-	-0.36	-2.49
Provision & Write-off of Bad Debts	-	1.66	1.19	-1.02	1.89
Other Operating Activities	-0.98	6.51	-6.7	-5.97	-2.44
Change in Accounts Receivable	-1.23	-10.59	-6.93	-2.34	-28.45
Change in Inventory	13.86	15.87	-50.75	10.13	-60.15
Change in Accounts Payable	-4.4	-21.45	29.7	-18.36	53.93
Change in Other Net Operating Assets	4.33	-	-5.03	15.06	-
Operating Cash Flow	47.72	24.66	1.93	89.39	35.96
Operating Cash Flow Growth	93.55%	1176.30%	-97.84%	148.56%	-66.16%
Capital Expenditures	-46.89	-18.54	-176.24	-29.14	-25.91
Sale of Property, Plant & Equipment	-	-	0.18	0.14	0.08
Investment in Securities	-2	-40	-4	-140	-148
Other Investing Activities	51.29	16.16	7.72	4.63	4.46
Investing Cash Flow	2.4	-42.38	-172.34	-164.37	-169.37
Short-Term Debt Issued	-	15.65	63	-	-
Long-Term Debt Issued	-	-	-	255.72	-
Total Debt Issued	-	15.65	63	255.72	-
Short-Term Debt Repaid	-	-15.12	-63	-	-
Long-Term Debt Repaid	-3.67	-	-	-52.35	-3.96
Total Debt Repaid	-3.67	-15.12	-63	-52.35	-3.96
Net Debt Issued (Repaid)	-3.67	0.53	-	203.37	-3.96
Issuance of Common Stock	-	-	10.89	-	-
Common Dividends Paid	-24.24	-10.99	-27.17	-17.84	-9.77
Dividends Paid	-24.24	-10.99	-27.17	-17.84	-9.77
Other Financing Activities	-12.82	-	2.7	-1.68	-
Financing Cash Flow	-40.72	-10.46	-13.58	183.85	-13.73
Foreign Exchange Rate Adjustments	-0.73	0.14	0.3	-0.06	-0.02
Net Cash Flow	8.67	-28.05	-183.69	108.8	-147.16
Free Cash Flow	0.84	6.12	-174.31	60.24	10.05
Free Cash Flow Growth	-86.33%	-	-	499.36%	-89.87%
Free Cash Flow Margin	0.25%	1.75%	-64.59%	16.11%	3.55%
Free Cash Flow Per Share	0.01	0.06	-1.51	0.54	0.09
Cash Income Tax Paid	14.04	16.97	14.29	17.51	20.59
Levered Free Cash Flow	30.77	-155.54	-185.03	22.35	-13.72
Unlevered Free Cash Flow	30.77	-146.3	-184.67	22.9	-13.64
Change in Working Capital	11.63	-15.81	-26.71	0.72	-33.9

Source: S&P Global Market Intelligence. Standard template. Financial Sources.