SHE:301359 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	Dec '22 Dec 31, 2022	Jan '22 Jan 1, 2022
Net Income	40.44	45.85	39.06	39.42	60.28
Depreciation & Amortization	23.34	21.99	22.72	20.65	16.29
Other Amortization	-	0.93	-	-	-
Loss (Gain) From Sale of Assets	-	-0.17	-0.04	-0.34	0.04
Asset Writedown & Restructuring Costs	3.04	5.73	5.17	1.32	-0.69
Loss (Gain) From Sale of Investments	-0.69	-3.04	-	-	-
Other Operating Activities	0.52	-0.49	-0.27	-0.51	0.5
Change in Accounts Receivable	-15.51	-45.48	-23.82	5.28	-17.04
Change in Inventory	-17.58	-11.45	-10.24	15.92	-18.11
Change in Accounts Payable	11.62	21.09	12.24	-6.69	6.58
Change in Other Net Operating Assets	0.16	0.17	0.17	0.17	0.17
Operating Cash Flow	45.29	33.25	44.53	76.13	47.87
Operating Cash Flow Growth	36.21%	-25.34%	-41.50%	59.04%	-0.94%
Capital Expenditures	-14.76	-12.46	-8.58	-11.33	-44.17
Sale of Property, Plant & Equipment	0.05	0.58	0.09	1.87	0.07
Investment in Securities	-0.1	-0.1	-	-	-
Other Investing Activities	-21.81	-197.03	-	-	3.66
Investing Cash Flow	-36.61	-209.02	-8.49	-9.46	-40.44
Short-Term Debt Issued	-	-	-	-	5
Total Debt Issued	-	-	-	-	5
Short-Term Debt Repaid	-	-	-	-5.01	-5
Long-Term Debt Repaid	-	-0.12	-0.2	-0.25	-0.11
Total Debt Repaid	-	-0.12	-0.2	-5.26	-5.11
Net Debt Issued (Repaid)	-	-0.12	-0.2	-5.26	-0.11
Issuance of Common Stock	-	-	-	405.18	-
Common Dividends Paid	-42.92	-42.92	-21.46	-	-0.21
Dividends Paid	-42.92	-42.92	-21.46	-	-0.21
Other Financing Activities	-0.24	-	-	-19.04	-1.15
Financing Cash Flow	-43.16	-43.04	-21.66	380.88	-1.47
Foreign Exchange Rate Adjustments	0.35	0.42	0.24	0.57	-0.28
Net Cash Flow	-34.14	-218.39	14.63	448.12	5.68
Free Cash Flow	30.53	20.79	35.96	64.8	3.7
Free Cash Flow Growth	46.87%	-42.19%	-44.51%	1651.63%	-22.22%
Free Cash Flow Margin	8.90%	6.54%	13.84%	26.23%	1.22%
Free Cash Flow Per Share	0.26	0.17	0.30	0.70	0.04
Cash Interest Paid	-	-	-	0.06	-
Cash Income Tax Paid	20.1	19.33	19.09	14.05	18.99
Levered Free Cash Flow	28.62	-1.45	18.95	55.69	-4.31
Unlevered Free Cash Flow	28.62	-1.45	18.96	55.73	-4.19
Change in Working Capital	-21.38	-37.56	-22.11	15.59	-28.57

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