SHE:301137 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	44.43	40.48	57.99	46.05	76.92
Depreciation & Amortization	59.08	48.32	42.92	35.74	33.43
Other Amortization	0.35	0.31	-	0.07	0.09
Loss (Gain) From Sale of Assets	-0.86	-0.33	-1.13	-0.02	-0
Asset Writedown & Restructuring Costs	4.83	-	1.62	1.41	0.36
Loss (Gain) From Sale of Investments	-2.39	-3.04	-9.98	-7.24	-
Provision & Write-off of Bad Debts	-	4.83	4.49	0.43	2.28
Other Operating Activities	5.65	11.72	10.31	11.15	12.16
Change in Accounts Receivable	-26.7	-14.29	-45.06	-39.74	-15.2
Change in Inventory	-38.27	21.77	-2.05	-7.81	-70.38
Change in Accounts Payable	46.28	-59.71	-25.42	-24.8	-98.79
Change in Other Net Operating Assets	1.79	-2.3	1.24	1.21	1.13
Operating Cash Flow	95.57	41.97	32.07	13.29	-58.27
Operating Cash Flow Growth	127.70%	30.89%	141.25%	-	-
Capital Expenditures	-97.84	-65.14	-114.08	-116.75	-36.14
Sale of Property, Plant & Equipment	4.35	0.48	2.16	3.15	0.51
Cash Acquisitions	-	33.3	-	-	-
Other Investing Activities	2.44	3.07	10.06	7.77	-
Investing Cash Flow	-91.05	-28.28	-101.86	-105.83	-35.63
Short-Term Debt Issued	-	-	2	3.59	0.5
Long-Term Debt Issued	255.57	280.2	264.51	242.47	375
Total Debt Issued	255.57	280.2	266.5	246.06	375.5
Long-Term Debt Repaid	-351.61	-259.49	-245.85	-299.3	-246.63
Total Debt Repaid	-351.61	-259.49	-245.85	-299.3	-246.63
Net Debt Issued (Repaid)	-96.04	20.72	20.66	-53.24	128.87
Issuance of Common Stock	-	0.11	0.21	658.11	1.31
Common Dividends Paid	-23.45	-29.67	-23	-26.34	-50.16
Other Financing Activities	-3.47	-	-	-15.51	-4.71
Financing Cash Flow	-122.96	-8.85	-2.14	563.02	75.32
Foreign Exchange Rate Adjustments	0.66	1.54	1.17	1.82	-0.93
Net Cash Flow	-117.78	6.38	-70.75	472.31	-19.52
Free Cash Flow	-2.27	-23.17	-82.01	-103.45	-94.41
Free Cash Flow Margin	-0.13%	-1.47%	-5.20%	-6.59%	-5.50%
Free Cash Flow Per Share	-0.01	-0.13	-0.45	-0.61	-0.69
Cash Income Tax Paid	36.81	20.36	34.86	22.19	22.71
Levered Free Cash Flow	14.77	-201.91	-105.4	-140.83	-140.32
Unlevered Free Cash Flow	14.77	-197.73	-101.14	-134.04	-135
Change in Working Capital	-15.52	-60.33	-74.16	-74.3	-183.5

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