SHE:301148 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	Jan '24 Jan 1, 2024	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Net Income	52.07	50.2	58.07	106.6	148.66
Depreciation & Amortization	42.05	56.19	106.76	91.17	70.79
Other Amortization	0.93	1.58	0.27	0.12	0.18
Loss (Gain) From Sale of Assets	-8.04	-5.25	-5.93	-5	-22.36
Asset Writedown & Restructuring Costs	4.81	54.97	15.56	15.46	3.38
Loss (Gain) From Sale of Investments	-4.12	-15.05	-19.86	-8.26	-0.31
Other Operating Activities	57.84	-0.1	1.47	3.22	3.86
Change in Accounts Receivable	-51.72	-100.96	-39.22	-214.65	-164.39
Change in Inventory	-19.12	37.79	1.57	-96.19	-158.46
Change in Accounts Payable	30.82	-18.91	-68.39	48.12	113.84
Change in Other Net Operating Assets	-3.45	5.07	7.55	12.9	11.83
Operating Cash Flow	94.98	59.25	52.21	-47.75	6.86
Operating Cash Flow Growth	60.30%	13.48%	-	-	-72.70%
Capital Expenditures	-86.92	-147.45	-89.5	-48.4	-45.2
Sale of Property, Plant & Equipment	7.41	5.85	14.99	6.49	33.27
Cash Acquisitions	-	-	-	0.59	-
Investment in Securities	106.17	-96.7	21.6	-723.79	-7.8
Other Investing Activities	-0.42	-	-1.2	6.62	1.89
Investing Cash Flow	26.24	-238.29	-54.12	-758.49	-17.84
Long-Term Debt Issued	51.54	90.29	63.53	58.66	114.73
Total Debt Issued	51.54	90.29	63.53	58.66	114.73
Long-Term Debt Repaid	-70.1	-29.73	-26.57	-35.23	-94.27
Total Debt Repaid	-70.1	-29.73	-26.57	-35.23	-94.27
Net Debt Issued (Repaid)	-18.56	60.56	36.95	23.43	20.46
Issuance of Common Stock	7.99	-	-	1,010	-
Repurchase of Common Stock	-	-10.34	-	-	-
Common Dividends Paid	-50.25	-50.04	-47.83	-63.24	-3.38
Other Financing Activities	-0.84	0.84	0.3	-16.88	-4.52
Financing Cash Flow	-61.68	1.02	-10.58	952.87	12.56
Foreign Exchange Rate Adjustments	-0.35	-0.21	0.77	0.76	0.42
Net Cash Flow	59.2	-178.22	-11.72	147.38	2
Free Cash Flow	8.06	-88.2	-37.29	-96.15	-38.34
Free Cash Flow Margin	1.59%	-15.87%	-6.72%	-12.72%	-5.68%
Free Cash Flow Per Share	0.07	-0.76	-0.32	-0.90	-0.44
Cash Income Tax Paid	21.58	23.17	27.16	3.85	52.79
Levered Free Cash Flow	39.67	-107.73	-26.94	-77.91	27.05
Unlevered Free Cash Flow	39.67	-107.09	-25.79	-76.46	29.09
Change in Working Capital	-50.57	-83.29	-104.12	-251.05	-197.34

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