SHE:000659 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	-115.41	-122.81	-70.26	-185.9	25.85
Depreciation & Amortization	113.46	111.21	123.25	136.02	133.9
Other Amortization	12.74	16.41	11.53	11.7	12.28
Loss (Gain) From Sale of Assets	-10.7	-1.85	-92.17	-0.31	-81.06
Asset Writedown & Restructuring Costs	29.96	38.16	23.31	53.52	8.67
Loss (Gain) From Sale of Investments	-	-	-	-0	-
Provision & Write-off of Bad Debts	-	0.97	2.22	8.37	7.31
Other Operating Activities	97.2	92.17	96.95	126.69	114.44
Change in Accounts Receivable	-32.18	-13.2	67.03	21.81	-17.26
Change in Inventory	5.41	46.57	46.57	9.85	-14.3
Change in Accounts Payable	27.21	-70.98	-76.35	40.2	57.73
Change in Other Net Operating Assets	-3.18	-	-	-	-
Operating Cash Flow	118.38	104.88	144.31	226.69	250.64
Operating Cash Flow Growth	12.87%	-27.32%	-36.34%	-9.56%	4.99%
Capital Expenditures	-182.34	-76.38	-70.78	-77.37	-186.92
Sale of Property, Plant & Equipment	55.73	12.59	121.33	1.98	92.59
Divestitures	10	-	-	0.05	-
Investment in Securities	-	-	-	-	-5
Investing Cash Flow	-116.61	-63.79	50.56	-75.34	-99.33
Long-Term Debt Issued	371.57	399.6	210.5	87.64	212.95
Total Debt Issued	371.57	399.6	210.5	87.64	212.95
Long-Term Debt Repaid	-187.12	-337.29	-363.7	-147.71	-285.91
Total Debt Repaid	-187.12	-337.29	-363.7	-147.71	-285.91
Net Debt Issued (Repaid)	184.45	62.3	-153.21	-60.07	-72.96
Common Dividends Paid	-70.7	-78.02	-84.33	-88.24	-92.16
Other Financing Activities	-43.76	-	-	-1.45	-3.37
Financing Cash Flow	69.99	-15.72	-237.53	-149.76	-168.49
Foreign Exchange Rate Adjustments	1.12	0.44	-0.44	1.08	-1.85
Net Cash Flow	72.87	25.82	-43.11	2.66	-19.04
Free Cash Flow	-63.97	28.5	73.53	149.32	63.72
Free Cash Flow Growth	-	-61.24%	-50.75%	134.33%	-38.09%
Free Cash Flow Margin	-6.48%	2.83%	5.84%	11.47%	4.41%
Free Cash Flow Per Share	-0.05	0.02	0.06	0.12	0.05
Cash Income Tax Paid	85.49	81.74	110.87	42.73	112.28
Levered Free Cash Flow	-28.93	277.29	114.66	115.5	-892.01
Unlevered Free Cash Flow	-28.93	334.19	171.1	175.63	-830.46
Change in Working Capital	-8.87	-29.38	49.48	76.61	29.25

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