SHE:301007 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	51.68	53.98	53.35	46.92	49.41
Depreciation & Amortization	56.46	55.44	50.63	44.34	39.36
Other Amortization	0.75	0.26	0.38	0.23	0.11
Loss (Gain) From Sale of Assets	0.11	0.08	-0.02	0.03	-0.01
Asset Writedown & Restructuring Costs	0.54	0.84	0	0.06	-0.32
Provision & Write-off of Bad Debts	-0.9	-1.61	1.41	2.16	-
Other Operating Activities	8.41	7.91	8.69	4.58	6.81
Change in Accounts Receivable	0.43	7.64	-41.65	-87.13	-12.37
Change in Inventory	-14.39	0.75	-18.39	2.7	-36.93
Change in Accounts Payable	1.71	-16.54	44.02	82.2	-27.09
Operating Cash Flow	106.6	113.16	102.86	99.45	23.16
Operating Cash Flow Growth	-5.80%	10.01%	3.43%	329.35%	-67.84%
Capital Expenditures	-28.64	-47.48	-85.54	-49.99	-104.37
Sale of Property, Plant & Equipment	0.1	0.43	0.17	0.08	0.16
Investment in Securities	-12.5	-	-	-	-
Investing Cash Flow	-41.04	-47.05	-85.37	-49.9	-104.21
Short-Term Debt Issued	125	143	92	83	178
Total Debt Issued	125	143	92	83	178
Short-Term Debt Repaid	-120	-106	-90	-93	-245.8
Long-Term Debt Repaid	-1.07	-0.97	-	-	-
Total Debt Repaid	-121.07	-106.97	-90	-93	-245.8
Net Debt Issued (Repaid)	3.93	36.03	2	-10	-67.8
Issuance of Common Stock	-	-	-	-	179.82
Repurchase of Common Stock	-50.1	-	-	-	-
Common Dividends Paid	-26.05	-38.12	-25.3	-19.64	-6.45
Other Financing Activities	-	-	-0.1	-	-
Financing Cash Flow	-72.22	-2.09	-23.4	-29.64	105.57
Foreign Exchange Rate Adjustments	0.47	1.63	1.03	0.79	-0.36
Net Cash Flow	-6.19	65.66	-4.88	20.7	24.16
Free Cash Flow	77.96	65.68	17.32	49.47	-81.21
Free Cash Flow Growth	18.68%	279.21%	-64.99%	-	-
Free Cash Flow Margin	12.11%	9.51%	2.68%	8.59%	-15.86%
Free Cash Flow Per Share	0.51	0.43	0.11	0.33	-0.61
Cash Income Tax Paid	20.35	12.76	9.14	5.06	6.19
Levered Free Cash Flow	44.78	46.19	-12.55	61.39	-113.5
Unlevered Free Cash Flow	45.96	47.48	-10.78	63.71	-110.07
Change in Working Capital	-10.45	-3.74	-11.57	1.13	-72

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