SHE:300821 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	Dec '21 Dec 31, 2021
Net Income	-19.59	56.76	-271.12	511.12	1,151
Depreciation & Amortization	374.15	355.38	330.14	264.98	117.96
Other Amortization	-	0.02	-	-	-
Loss (Gain) From Sale of Assets	0.01	0.27	-0.02	-0.14	4.18
Asset Writedown & Restructuring Costs	44.38	39.26	4.03	55.4	25.62
Loss (Gain) From Sale of Investments	-1.55	-2.28	-2.28	-1.14	-6.81
Provision & Write-off of Bad Debts	-	1.12	-0.2	-	-
Other Operating Activities	-2.87	1.96	44.79	-19.69	7.61
Change in Accounts Receivable	358.83	-362.79	474.15	-1,670	-672.77
Change in Inventory	-39.66	12.88	-71.25	19.28	-829.07
Change in Accounts Payable	-510.98	110.93	-619.14	967.32	751.05
Change in Other Net Operating Assets	12.46	2.87	-	0.14	-
Operating Cash Flow	215.19	216.37	-134.62	134.89	554.57
Operating Cash Flow Growth	-0.55%	-	-	-75.68%	164.19%
Capital Expenditures	-21.41	-16.73	-233.62	-573.34	-1,123
Sale of Property, Plant & Equipment	2.39	0.17	-	0.79	0.36
Investment in Securities	-	-	-7.31	-6.5	684.31
Other Investing Activities	1.55	2.28	2.28	1.14	-
Investing Cash Flow	-17.47	-14.28	-238.65	-577.91	-438.26
Long-Term Debt Repaid	-	-	-	-0.73	-0.7
Net Debt Issued (Repaid)	-	-	-	-0.73	-0.7
Common Dividends Paid	-18	-	-120	-456	-150.13
Other Financing Activities	-	-	-	3.5	-
Financing Cash Flow	-18	-	-120	-453.23	-150.83
Foreign Exchange Rate Adjustments	2.59	5.97	-3.41	19.63	-
Net Cash Flow	182.31	208.07	-496.68	-876.62	-34.52
Free Cash Flow	193.78	199.64	-368.24	-438.45	-568.36
Free Cash Flow Growth	-2.94%	-	-	-	-
Free Cash Flow Margin	5.14%	3.88%	-7.67%	-6.51%	-13.12%
Free Cash Flow Per Share	0.20	0.18	-0.31	-0.37	-0.47
Cash Income Tax Paid	-3.12	-0.41	-128.41	36.61	120.45
Levered Free Cash Flow	364.07	410.25	-173.49	-251.52	-221.15
Unlevered Free Cash Flow	364.07	410.25	-173.48	-251.47	-221.07
Change in Working Capital	-179.36	-236.12	-239.95	-675.64	-744.62

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