SHE:000929 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	-211.27	-99.87	-46.72	-29.24	19.11
Depreciation & Amortization	13	15.45	18.44	21.42	21.54
Other Amortization	0.28	0.32	-	-	-
Loss (Gain) From Sale of Assets	0.36	-0.05	-0	-0	0.06
Asset Writedown & Restructuring Costs	1.95	93.34	99.85	0.31	0.1
Loss (Gain) From Sale of Investments	-7.61	-61.43	-81.69	19	-79.12
Provision & Write-off of Bad Debts	-	0.04	-0.56	0.29	0.16
Other Operating Activities	-0.3	-64.03	-29.75	-37.67	-14.84
Change in Accounts Receivable	59	14.74	42.93	0.53	-8.58
Change in Inventory	-116.06	6.22	10.51	37.88	-257.04
Change in Accounts Payable	32.48	-26.97	-45.65	21.46	94.53
Operating Cash Flow	-226.73	-84.81	-34.51	28.41	-220.5
Capital Expenditures	-50.34	-3.12	-2.35	-5.96	-10.81
Sale of Property, Plant & Equipment	1.89	0.68	-	0.05	0.53
Divestitures	-	-	-	-	58.11
Investment in Securities	306.12	47.99	25.27	-32.44	-71.24
Other Investing Activities	6.98	36.25	32.42	33.38	30.19
Investing Cash Flow	264.65	81.8	55.33	-4.97	6.8
Short-Term Debt Issued	-	202.12	28	37	313.4
Long-Term Debt Issued	44.76	-	-	-	-
Total Debt Issued	44.76	202.12	28	37	313.4
Short-Term Debt Repaid	-	-196.08	-46	-70	-142
Long-Term Debt Repaid	-9.04	-	-	-	-
Total Debt Repaid	-9.04	-196.08	-46	-70	-142
Net Debt Issued (Repaid)	35.71	6.04	-18	-33	171.4
Common Dividends Paid	-0.66	-	-	-	-
Other Financing Activities	-23.42	-4.98	-2.09	-1.36	-2.41
Financing Cash Flow	11.63	1.06	-20.09	-34.36	168.99
Net Cash Flow	49.54	-1.95	0.73	-10.91	-44.72
Free Cash Flow	-277.07	-87.93	-36.86	22.46	-231.31
Free Cash Flow Margin	-75.08%	-41.77%	-15.28%	8.43%	-74.97%
Free Cash Flow Per Share	-1.50	-0.47	-0.20	0.12	-1.25
Cash Interest Paid	-	0.58	2.09	1.36	2.41
Cash Income Tax Paid	30.11	30.69	44.32	27.3	52.8
Levered Free Cash Flow	-540.37	263.31	-342.48	87.67	-23.84
Unlevered Free Cash Flow	-540.37	263.68	-341.18	88.54	-22.33
Change in Working Capital	-23.13	31.4	5.91	54.32	-167.52

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