SHE:300990 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	252.9	153.43	182.38	127.81	119.95
Depreciation & Amortization	62.6	52.35	40.86	26.15	10.37
Other Amortization	-	3.57	-	-	-
Loss (Gain) From Sale of Assets	0.05	0.03	0	-0.14	0.13
Asset Writedown & Restructuring Costs	4.76	11.38	25.02	6.85	6.29
Loss (Gain) From Sale of Investments	-1.67	-3.42	-7.09	-13.97	-14.25
Other Operating Activities	-0.32	0.55	-1.57	-1.62	1.7
Change in Accounts Receivable	-205.4	-216.78	-429.61	-119.18	-84.7
Change in Inventory	33.56	-141.38	22.82	-100.8	-43
Change in Accounts Payable	26.06	221.38	180.93	98.75	59.6
Change in Other Net Operating Assets	19.89	33.89	23.57	3.14	-
Operating Cash Flow	189.43	111.18	31.16	29.89	56.67
Operating Cash Flow Growth	70.39%	256.78%	4.27%	-47.27%	-47.27%
Capital Expenditures	-26.23	-91.88	-210.76	-272.22	-196.8
Sale of Property, Plant & Equipment	0.11	0.02	0.01	0.24	0.12
Investment in Securities	200	14.79	235.49	411.7	-782.73
Other Investing Activities	1.67	-	-	1.63	0.04
Investing Cash Flow	175.55	-77.07	24.74	141.35	-979.37
Short-Term Debt Issued	-	-	2.51	-	-
Total Debt Issued	-	-	2.51	-	-
Short-Term Debt Repaid	-	-2.5	-	-	-
Long-Term Debt Repaid	-	-4.58	-4.02	-0.87	-0.41
Total Debt Repaid	-	-7.08	-4.02	-0.87	-0.41
Net Debt Issued (Repaid)	-	-7.08	-1.51	-0.87	-0.41
Issuance of Common Stock	32.65	6.14	-	-	1,029
Common Dividends Paid	-84.7	-84.24	-74.9	-52	-41.6
Other Financing Activities	-5.7	18.58	-	-	-29.56
Financing Cash Flow	-57.75	-66.61	-76.41	-52.87	956.98
Foreign Exchange Rate Adjustments	3.26	-0.68	2.21	1.77	-1.92
Net Cash Flow	310.49	-33.19	-18.3	120.13	32.37
Free Cash Flow	163.2	19.29	-179.59	-242.33	-140.13
Free Cash Flow Growth	745.88%	-	-	-	-
Free Cash Flow Margin	5.69%	0.89%	-9.73%	-24.05%	-16.89%
Free Cash Flow Per Share	0.95	0.11	-1.06	-1.44	-0.91
Cash Income Tax Paid	115.64	81.35	50.55	29.35	37.34
Levered Free Cash Flow	106.54	-1.4	-246.27	-306.72	-188.83
Unlevered Free Cash Flow	106.54	-1.1	-246.01	-306.66	-188.8
Change in Working Capital	-128.88	-106.72	-208.43	-115.21	-67.52

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