SHE:301153 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	100.87	104.44	299.59	258.44	156.05
Depreciation & Amortization	10.02	11.12	8.69	5.66	4.47
Other Amortization	1.51	1.24	1.34	1.1	0.54
Loss (Gain) From Sale of Assets	-	-0.47	0.13	-	-
Asset Writedown & Restructuring Costs	0	0.01	-	4.74	4.27
Loss (Gain) From Sale of Investments	-8	0.26	-10.63	-14.51	-1.47
Provision & Write-off of Bad Debts	53.55	40.97	20.74	-	-
Other Operating Activities	5.32	9.4	5.59	-6.07	1.31
Change in Accounts Receivable	-53.27	-97.97	-161.98	7.77	-30.29
Change in Inventory	-0.49	-6.37	14.19	-22.81	9.46
Change in Accounts Payable	-3.13	-3.19	-105.75	-2.17	69.69
Change in Other Net Operating Assets	29.96	41.2	71.35	-4.19	-
Operating Cash Flow	129.64	89.28	128.93	225.41	214.34
Operating Cash Flow Growth	45.21%	-30.75%	-42.80%	5.17%	2.22%
Capital Expenditures	-1.11	-1.51	-5.59	-4.63	-5.36
Sale of Property, Plant & Equipment	0.01	0.02	-	-	-
Cash Acquisitions	-	-29.06	-	12.88	-
Investment in Securities	-55	10.18	354.92	-180.04	-322.07
Other Investing Activities	10.78	5.02	13.79	8.88	2.94
Investing Cash Flow	-45.33	-15.36	363.12	-162.9	-324.48
Short-Term Debt Issued	0.67	-	-	-	-
Total Debt Issued	0.67	-	-	-	-
Long-Term Debt Repaid	-6.18	-7.52	-8.25	-5.6	-4.34
Net Debt Issued (Repaid)	-5.51	-7.52	-8.25	-5.6	-4.34
Issuance of Common Stock	31.47	-	-	909.36	-
Common Dividends Paid	-62.99	-194.4	-108	-108	-
Other Financing Activities	-0	-	-0.68	-68.3	-
Financing Cash Flow	-37.03	-201.92	-116.93	727.47	-4.34
Net Cash Flow	47.29	-128	375.12	789.97	-114.48
Free Cash Flow	128.52	87.76	123.33	220.78	208.98
Free Cash Flow Growth	46.44%	-28.84%	-44.14%	5.65%	-0.16%
Free Cash Flow Margin	15.53%	10.64%	10.21%	24.19%	28.31%
Free Cash Flow Per Share	0.37	0.25	0.35	0.70	0.80
Cash Interest Paid	0	-	-	-	-
Cash Income Tax Paid	36.73	49.99	58.02	54.44	31.41
Levered Free Cash Flow	97.76	7.8	-4.47	150.51	152.95
Unlevered Free Cash Flow	97.87	8	-4.21	150.72	153.31
Change in Working Capital	-33.63	-77.68	-196.52	-23.96	49.16

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