SHE:301020 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	88.51	81.9	72.36	64.57	92.65
Depreciation & Amortization	11.9	13.03	13.37	13.2	12.16
Other Amortization	-	0.82	-	-	-
Loss (Gain) From Sale of Assets	-0.06	-0.13	-0.21	-0.05	-0.51
Asset Writedown & Restructuring Costs	15.33	-	-	-	-
Loss (Gain) From Sale of Investments	-1.25	-3.27	-3.45	-3.87	-3.26
Provision & Write-off of Bad Debts	-	-0.75	1.45	2.87	-2.95
Other Operating Activities	-11.64	2.36	-0.03	-4.78	11.77
Change in Accounts Receivable	29.22	-12.16	-55.1	5.27	87.45
Change in Inventory	-21.44	-30.5	-12.38	-15.92	-37.6
Change in Accounts Payable	-8.7	27.74	56.83	4.97	-54.98
Operating Cash Flow	100.19	77.64	70.83	66.5	105.56
Operating Cash Flow Growth	29.04%	9.60%	6.51%	-37.00%	20.91%
Capital Expenditures	-39.32	-28.66	-15.73	-11.4	-15.45
Sale of Property, Plant & Equipment	0.2	0.72	0.35	0.14	0.74
Investment in Securities	79	-0.29	-26	-24	-479.91
Other Investing Activities	4.46	21.18	11.51	12.9	3.11
Investing Cash Flow	44.34	-7.05	-29.86	-22.36	-491.51
Common Dividends Paid	-45.38	-51.24	-26.35	-39.53	-
Other Financing Activities	-	-	-	-	348.87
Financing Cash Flow	-45.38	-51.24	-26.35	-39.53	348.87
Net Cash Flow	99.15	19.34	14.62	4.61	-37.08
Free Cash Flow	60.86	48.98	55.11	55.1	90.11
Free Cash Flow Growth	24.27%	-11.13%	0.01%	-38.85%	17.18%
Free Cash Flow Margin	10.84%	9.30%	10.76%	13.63%	18.20%
Free Cash Flow Per Share	0.41	0.34	0.37	0.38	0.70
Cash Income Tax Paid	38.71	31.23	33.83	20.63	45.45
Levered Free Cash Flow	-4.54	19.91	72.73	24.74	88.82
Unlevered Free Cash Flow	-4.54	20.21	73.01	24.74	88.82
Change in Working Capital	-2.61	-16.32	-12.66	-5.43	-4.29

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