SHE:000720 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	-526.59	-488.09	-132.29	-65.88	-130.45	-94.34
Depreciation & Amortization	25.49	25.49	28.05	41.79	52.32	36.93
Other Amortization	-	-	2.77	2.29	1.89	1.08
Loss (Gain) From Sale of Assets	-2.71	-2.71	-	-10.53	-7.25	-
Asset Writedown & Restructuring Costs	429	429	0.01	-0.01	-0.01	-0.2
Loss (Gain) From Sale of Investments	-3.63	-3.63	82.37	-9.6	-7.35	-1.85
Provision & Write-off of Bad Debts	-	-	-6.22	-7.45	8.75	6.28
Other Operating Activities	-557.04	45.7	71.81	81.36	100.6	97.2
Change in Accounts Receivable	710.34	710.34	-127.61	197.61	201.68	-68.74
Change in Inventory	-164.38	-164.38	-310.84	-81.68	-367.45	-345.75
Change in Accounts Payable	-18.48	-18.48	152.91	-192.59	179.67	-341.68
Change in Other Net Operating Assets	-	-	-41.92	-16.03	-1.62	2.08
Operating Cash Flow	-118.34	522.91	-278.83	-57.72	26.04	-709.96
Capital Expenditures	-1.17	-1.53	-5.1	-7.29	-9.35	-10.13
Sale of Property, Plant & Equipment	0.11	0.11	0.02	6.82	0.49	0.28
Investment in Securities	-	-	-	-	-	-190
Other Investing Activities	0.29	0.29	0.74	0.49	0.46	7.13
Investing Cash Flow	-0.77	-1.12	-4.35	0.02	-8.39	-192.72
Long-Term Debt Issued	-	1,616	2,301	2,253	1,935	2,113
Long-Term Debt Repaid	-	-1,598	-1,864	-2,263	-1,864	-1,632
Net Debt Issued (Repaid)	78.81	18.07	437.19	-10.7	70.82	481.04
Common Dividends Paid	-70.84	-75.18	-78.76	-94.52	-84.76	-65.22
Other Financing Activities	-125.51	-470.57	-6.26	-12.25	-6.41	-2.1
Financing Cash Flow	-117.54	-527.68	352.18	-117.47	-20.35	413.72
Net Cash Flow	-236.65	-5.89	69	-175.17	-2.71	-488.95
Free Cash Flow	-119.51	521.38	-283.93	-65.01	16.68	-720.08
Free Cash Flow Margin	-8.27%	36.37%	-24.48%	-4.46%	0.42%	-17.22%
Free Cash Flow Per Share	-0.10	0.41	-0.23	-0.05	0.01	-0.57
Cash Income Tax Paid	23.75	26.12	9.06	37.32	66.51	387.51
Levered Free Cash Flow	372.65	836.14	-334.26	-117.17	-41.66	-781.67
Unlevered Free Cash Flow	372.65	836.14	-294.37	-72.19	16.8	-729.29
Change in Working Capital	517.16	517.16	-325.32	-89.69	7.54	-755.05

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