SHE:000008 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	-835.21	-545.31	-828.27	-846.26	-1,394
Depreciation & Amortization	127.5	126.62	152.9	141.92	151.22
Other Amortization	6.2	3.06	8.13	7.74	11.73
Loss (Gain) From Sale of Assets	0.19	-7.62	2.42	-10.79	-2.03
Asset Writedown & Restructuring Costs	591.36	148.19	278.45	278.27	86.08
Loss (Gain) From Sale of Investments	38.54	2.28	46.09	-40.01	1,126
Provision & Write-off of Bad Debts	14.25	117.18	91.97	185.23	-62.31
Other Operating Activities	183.15	249.45	255.23	287.75	219.07
Change in Accounts Receivable	283.56	1,180	-429.02	246.68	285.55
Change in Inventory	69.23	60.78	220.7	-28.25	-33.09
Change in Accounts Payable	-289.22	-999.62	259.06	419.4	68.32
Operating Cash Flow	176.84	365.01	31.07	573.32	458.77
Operating Cash Flow Growth	-51.55%	1074.84%	-94.58%	24.97%	-11.78%
Capital Expenditures	-38.34	-35.1	-160.9	-193.67	-389.16
Sale of Property, Plant & Equipment	11.48	29.58	0.02	54.49	2.38
Cash Acquisitions	-	-	-	-20.02	-
Divestitures	-	0.56	-	-	44.34
Investment in Securities	1.11	4.56	98.98	12.46	167.14
Other Investing Activities	60.9	65.96	65	65.53	9.78
Investing Cash Flow	35.15	65.57	3.09	-81.21	-165.51
Short-Term Debt Issued	361.55	522.92	367.47	207.99	-
Long-Term Debt Issued	2,838	4,422	3,782	2,914	3,327
Total Debt Issued	3,200	4,945	4,150	3,122	3,327
Long-Term Debt Repaid	-3,314	-4,870	-4,172	-3,926	-2,994
Net Debt Issued (Repaid)	-113.57	74.52	-22.04	-803.89	332.31
Common Dividends Paid	-113.03	-127.06	-161.47	-156.87	-195.96
Other Financing Activities	-16.46	-53.27	-3.84	-12.28	-162.55
Financing Cash Flow	-243.07	-105.81	-187.34	-973.04	-26.2
Foreign Exchange Rate Adjustments	-0.13	1.68	-1.3	-0.25	-0.29
Net Cash Flow	-31.21	326.46	-154.48	-481.17	266.78
Free Cash Flow	138.5	329.92	-129.83	379.65	69.61
Free Cash Flow Growth	-58.02%	-	-	445.37%	-76.99%
Free Cash Flow Margin	6.53%	15.85%	-5.17%	21.41%	3.14%
Free Cash Flow Per Share	0.05	0.12	-0.05	0.14	0.03
Cash Income Tax Paid	123.74	117.51	147.3	66.7	115.92
Levered Free Cash Flow	40.8	572.93	-85.24	447.45	425.77
Unlevered Free Cash Flow	119.69	666.71	17.01	557.19	548.39
Change in Working Capital	50.87	271.15	24.17	569.48	322.95

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