SHE:301162 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	Dec '21 Dec 31, 2021
Net Income	132.35	93.59	84.25	67.08	59.18
Depreciation & Amortization	42.76	19.53	10.91	6.46	4.67
Other Amortization	2.72	3.64	1.85	0.8	0.73
Loss (Gain) From Sale of Assets	-0.29	-	-0.1	-	-0.18
Asset Writedown & Restructuring Costs	-2.51	11.1	11.18	7.97	6.29
Loss (Gain) From Sale of Investments	-21.25	-16.66	-16.02	-3.08	-1.74
Other Operating Activities	26.17	4.83	-1.32	-0.12	0.42
Change in Accounts Receivable	-117.08	-138.33	-103.33	-56.25	-47.13
Change in Inventory	6.2	-22.15	-3.4	-12.56	-8.25
Change in Accounts Payable	24.84	111.02	66.04	46.29	31.44
Change in Other Net Operating Assets	3.76	1.41	21.56	4.32	-
Operating Cash Flow	95.74	68.15	67.26	59.36	44.44
Operating Cash Flow Growth	40.50%	1.31%	13.32%	33.57%	18.34%
Capital Expenditures	-153	-151.25	-35.39	-5.9	-4.13
Sale of Property, Plant & Equipment	2.28	2.68	0.05	0	0.23
Cash Acquisitions	-23.53	-27.53	-2.4	-	-
Investment in Securities	-363.39	-117.97	-63.65	-15.8	25
Other Investing Activities	6.78	5.53	5.3	2.56	2.1
Investing Cash Flow	-530.85	-288.54	-96.09	-19.13	23.19
Long-Term Debt Issued	89.4	46.79	3.52	-	-
Total Debt Issued	89.4	46.79	3.52	-	-
Long-Term Debt Repaid	-47.53	-37.62	-9.56	-5.93	-3.91
Total Debt Repaid	-47.53	-37.62	-9.56	-5.93	-3.91
Net Debt Issued (Repaid)	41.87	9.17	-6.04	-5.93	-3.91
Issuance of Common Stock	377.46	34.72	-	725.93	-
Common Dividends Paid	-81.09	-46.55	-38.99	-31.9	-
Other Financing Activities	-63.25	-3.09	-0.18	-13.62	-3.6
Financing Cash Flow	274.99	-5.75	-45.2	674.48	-7.5
Foreign Exchange Rate Adjustments	-0	-	-	-	-
Net Cash Flow	-160.12	-226.15	-74.04	714.7	60.13
Free Cash Flow	-57.25	-83.1	31.87	53.46	40.31
Free Cash Flow Growth	-	-	-40.39%	32.63%	12.68%
Free Cash Flow Margin	-7.98%	-15.12%	6.98%	14.87%	13.43%
Free Cash Flow Per Share	-0.45	-0.69	0.26	0.48	0.45
Cash Income Tax Paid	36.74	30.85	29.75	18.28	19.51
Levered Free Cash Flow	-163.13	-89.26	1.46	20.96	23.23
Unlevered Free Cash Flow	-163.13	-86.89	2.09	21.16	23.5
Change in Working Capital	-84.21	-47.88	-23.48	-19.76	-24.94

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