SHE:301119 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	112.73	90.93	96.92	98.04	53.01
Depreciation & Amortization	19.34	17.62	16.65	14.29	12.1
Other Amortization	0.11	0.93	0.19	0.15	0.06
Loss (Gain) From Sale of Assets	-0.08	0.11	0.16	-0.01	0.08
Asset Writedown & Restructuring Costs	2.9	0.01	0	-	1.44
Loss (Gain) From Sale of Investments	-2.3	-1.23	2.4	-2.06	-
Provision & Write-off of Bad Debts	-	1.14	-0.19	0.98	-
Other Operating Activities	5.63	2.87	2.97	-1.08	0.99
Change in Accounts Receivable	-1.93	-67.24	13.93	-36.03	-9.58
Change in Inventory	-11.02	-2.83	4.15	-4.45	-16.51
Change in Accounts Payable	24.99	2.88	-16.11	120.88	1.29
Operating Cash Flow	148.78	45.35	118.99	193.78	42.62
Operating Cash Flow Growth	228.09%	-61.89%	-38.60%	354.67%	-15.00%
Capital Expenditures	-75.09	-23.19	-42.91	-17.89	-10.39
Sale of Property, Plant & Equipment	0.8	0.17	0.52	0.2	0.21
Investment in Securities	37.09	-49.17	30.67	112	-174
Other Investing Activities	-46.66	-16.5	1.02	2.52	-
Investing Cash Flow	-83.87	-88.68	-10.7	96.83	-184.18
Short-Term Debt Issued	-	416.5	584.83	5	-
Long-Term Debt Issued	451.01	-	-	-	-
Total Debt Issued	451.01	416.5	584.83	5	-
Short-Term Debt Repaid	-	-351.31	-573.47	-5	-
Long-Term Debt Repaid	-447.5	-0.85	-0.37	-0.37	-0.37
Total Debt Repaid	-447.5	-352.16	-573.84	-5.37	-0.37
Net Debt Issued (Repaid)	3.51	64.34	10.98	-0.37	-0.37
Issuance of Common Stock	-	-	-	-	308.32
Common Dividends Paid	-100.15	-24.5	-15.37	-6.01	-
Other Financing Activities	-5.31	24.43	-1.13	22.62	-20.97
Financing Cash Flow	-101.94	64.27	-5.51	16.24	286.98
Foreign Exchange Rate Adjustments	-0.66	1.22	1.72	1.6	-0.67
Net Cash Flow	-37.69	22.17	104.49	308.45	144.74
Free Cash Flow	73.69	22.16	76.08	175.89	32.23
Free Cash Flow Growth	232.49%	-70.87%	-56.75%	445.76%	-18.93%
Free Cash Flow Margin	16.05%	5.25%	18.23%	41.12%	9.10%
Free Cash Flow Per Share	0.71	0.21	0.73	1.67	0.40
Cash Income Tax Paid	17.91	15.2	14.68	4.87	1.87
Levered Free Cash Flow	-4.33	93.65	7.12	150.46	5.77
Unlevered Free Cash Flow	-4.33	96.22	9.26	150.72	5.8
Change in Working Capital	10.46	-67.04	-0.1	83.46	-25.06

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