SHE:300910 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	741.63	722.49	606.49	588.13	201.05
Depreciation & Amortization	106.96	74.4	52.8	40.41	28.36
Other Amortization	11.18	8.47	5.86	3.86	2.63
Loss (Gain) From Sale of Assets	0.9	1.67	0.69	0.4	-0.01
Asset Writedown & Restructuring Costs	-30.76	-	0.03	0.22	0.49
Loss (Gain) From Sale of Investments	-5.49	-43.18	-33.45	-37.31	-4.33
Provision & Write-off of Bad Debts	-	19.65	3.86	6.86	3.15
Other Operating Activities	8.36	-2.34	-0.38	-0.77	3.68
Change in Accounts Receivable	-138.28	-334.06	-49.75	-119.47	-62.29
Change in Inventory	14.27	-125.84	109.69	-242.54	-181.55
Change in Accounts Payable	8.36	90.32	-134.03	336.19	67.45
Change in Other Net Operating Assets	6.6	23.12	66.53	88.56	-0.43
Operating Cash Flow	746.8	435.7	639.74	658.14	58.12
Operating Cash Flow Growth	71.40%	-31.89%	-2.80%	1032.37%	-73.17%
Capital Expenditures	-318.86	-465.87	-390.53	-214.94	-194.41
Sale of Property, Plant & Equipment	1.07	0.88	0.06	0.37	0.04
Investment in Securities	-115.43	-461.97	339.27	-767.34	-10
Other Investing Activities	14.75	18.7	18.86	49.75	2.98
Investing Cash Flow	-418.47	-908.26	-32.36	-932.16	-201.39
Long-Term Debt Issued	607.88	424.21	89.76	46.69	-
Total Debt Issued	607.88	424.21	89.76	46.69	-
Long-Term Debt Repaid	-286.58	-146.94	-2.9	-49.01	-0.38
Total Debt Repaid	-286.58	-146.94	-2.9	-49.01	-0.38
Net Debt Issued (Repaid)	321.3	277.26	86.85	-2.32	-0.38
Issuance of Common Stock	79.18	72.59	65.79	-	-
Repurchase of Common Stock	-	-228.2	-	-	-
Common Dividends Paid	-358.92	-380.38	-346.34	-120	-120
Other Financing Activities	-11.05	5.27	5.25	13.18	-3.33
Financing Cash Flow	30.51	-253.46	-188.45	-109.14	-123.71
Foreign Exchange Rate Adjustments	2.67	9.28	3.08	2.03	-3.54
Net Cash Flow	361.51	-716.75	422	-381.12	-270.52
Free Cash Flow	427.94	-30.17	249.2	443.2	-136.29
Free Cash Flow Growth	-	-	-43.77%	-	-
Free Cash Flow Margin	12.20%	-0.96%	8.85%	14.55%	-12.61%
Free Cash Flow Per Share	1.45	-0.10	1.05	1.53	-0.48
Cash Interest Paid	-	-	-	0.27	-
Cash Income Tax Paid	243.42	234.9	258.39	142.05	63.52
Levered Free Cash Flow	292.15	-267.06	36.35	298.62	-207.67
Unlevered Free Cash Flow	292.15	-264.45	36.49	298.84	-207.65
Change in Working Capital	-85.97	-345.45	3.85	56.35	-176.9

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