SHE:000518 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	-39.61	-109.99	-75.27	-48.79	-34.79
Depreciation & Amortization	18.08	19.31	24.6	24.75	23.99
Other Amortization	-	2.2	-	-	-
Loss (Gain) From Sale of Assets	0.76	2.41	-	0.01	-0.28
Asset Writedown & Restructuring Costs	3.8	13.42	4	2.25	-
Loss (Gain) From Sale of Investments	-3.56	-0.5	-1.73	0.2	0.52
Provision & Write-off of Bad Debts	-	2.53	1.58	5.17	5.5
Other Operating Activities	11.47	30.13	17.87	3.36	3
Change in Accounts Receivable	-13.1	4.88	38.87	-0.93	-16.03
Change in Inventory	137.84	16.49	-15.54	16.97	8.47
Change in Accounts Payable	-36.26	20.54	6.94	2.58	8.98
Operating Cash Flow	78.12	1.46	1.63	4.87	0.16
Operating Cash Flow Growth	5245.57%	-10.33%	-66.51%	3026.09%	-99.84%
Capital Expenditures	-3.6	-5.56	-8.19	-8.47	-7.69
Sale of Property, Plant & Equipment	0.09	8.19	-	-	0.32
Divestitures	0.01	-	-	-	-
Investment in Securities	1.5	-	-0.3	-	0
Other Investing Activities	-	-	-	-	-1.81
Investing Cash Flow	-2	2.63	-8.49	-8.47	-9.18
Short-Term Debt Issued	-	6	16	16	16
Long-Term Debt Issued	10	-	-	-	-
Total Debt Issued	10	6	16	16	16
Short-Term Debt Repaid	-	-12.53	-16	-16	-16
Long-Term Debt Repaid	-9.47	-4.2	-4.86	-5.86	-7
Total Debt Repaid	-9.47	-16.73	-20.86	-21.86	-23
Net Debt Issued (Repaid)	0.53	-10.73	-4.86	-5.86	-7
Common Dividends Paid	-0.58	-0.6	-0.77	-0.72	-
Other Financing Activities	-4.34	-	0.02	-	-0.7
Financing Cash Flow	-4.39	-11.33	-5.61	-6.57	-7.7
Foreign Exchange Rate Adjustments	-0.03	0.02	0.01	-	-
Net Cash Flow	71.7	-7.22	-12.47	-10.18	-16.73
Free Cash Flow	74.52	-4.1	-6.56	-3.61	-7.53
Free Cash Flow Margin	21.64%	-2.01%	-2.79%	-1.34%	-2.15%
Free Cash Flow Per Share	0.07	-0.00	-0.01	-0.00	-0.01
Cash Interest Paid	-	-	-	-	0.7
Cash Income Tax Paid	8.05	7.77	11.85	8.77	19.27
Levered Free Cash Flow	-	45.73	19.91	25.68	5.11
Unlevered Free Cash Flow	-	47.05	21.45	26.13	5.55
Change in Working Capital	87.17	41.97	30.58	17.92	2.22

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