SHE:301300 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	89.91	48.22	34.41	53.26	76.87
Depreciation & Amortization	17.05	15.81	12.08	10.75	10.9
Other Amortization	1.71	1.47	0.94	0.77	0.34
Loss (Gain) From Sale of Assets	0.05	-0	-	-0	-
Asset Writedown & Restructuring Costs	1.98	0.28	0.99	0.42	0.35
Loss (Gain) From Sale of Investments	-0.01	0.07	-0.81	-0.11	0.25
Provision & Write-off of Bad Debts	-	3.95	6.36	-	-
Other Operating Activities	-5.69	-4.27	-0.04	0.66	2.26
Change in Accounts Receivable	-60.72	-40.23	-54.45	23.8	-6.48
Change in Inventory	4.04	6.08	1.47	-3.01	-17.44
Change in Accounts Payable	15.33	-8.62	34.27	-5.18	12.36
Change in Other Net Operating Assets	3.97	8.17	7	-	-
Operating Cash Flow	67.08	30.36	40.08	87.16	82.11
Operating Cash Flow Growth	120.95%	-24.25%	-54.02%	6.16%	74.22%
Capital Expenditures	-15.25	-54.58	-17.15	-30.72	-8.98
Sale of Property, Plant & Equipment	0.2	0.03	0.02	0.08	0.13
Investment in Securities	123.1	-72.92	-250	-50	-
Other Investing Activities	10.54	5.17	0.42	-5.62	-
Investing Cash Flow	118.59	-122.3	-266.72	-86.27	-8.85
Short-Term Debt Issued	-	20	20	20	39
Long-Term Debt Issued	20	-	-	-	-
Total Debt Issued	20	20	20	20	39
Short-Term Debt Repaid	-	-20	-20	-39	-47
Long-Term Debt Repaid	-30	-	-	-1.62	-5.4
Total Debt Repaid	-30	-20	-20	-40.62	-52.4
Net Debt Issued (Repaid)	-10	-	-	-20.62	-13.4
Issuance of Common Stock	4.63	5.58	-	530.24	-
Repurchase of Common Stock	-	-44.97	-	-	-
Common Dividends Paid	-69.4	-62.95	-26.23	-26.33	-16.28
Dividends Paid	-69.4	-62.95	-26.23	-26.33	-16.28
Other Financing Activities	-0	-	-	-14.31	-
Financing Cash Flow	-74.77	-102.33	-26.23	468.98	-29.67
Foreign Exchange Rate Adjustments	0	0.01	0.02	0.05	-0.05
Net Cash Flow	110.9	-194.27	-252.85	469.93	43.53
Free Cash Flow	51.82	-24.22	22.92	56.44	73.13
Free Cash Flow Growth	-	-	-59.39%	-22.82%	76.27%
Free Cash Flow Margin	10.09%	-5.14%	5.82%	15.38%	18.06%
Free Cash Flow Per Share	0.82	-0.38	0.35	1.06	1.52
Cash Income Tax Paid	35.79	27.15	16.23	20.02	32.76
Levered Free Cash Flow	-13.83	-92.67	10.32	26.78	50
Unlevered Free Cash Flow	-13.83	-92.37	10.67	27.22	51.39
Change in Working Capital	-37.92	-35.17	-13.85	16.28	-12

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