SHE:000978 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	Jan '24 Jan 1, 2024	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Net Income	8.92	-204.46	11.81	-281.83	-212.69
Depreciation & Amortization	88.53	88.72	85.51	103.97	104.54
Other Amortization	3.54	5.25	3.44	3.42	3.21
Loss (Gain) From Sale of Assets	-	4.24	-0.05	-	-
Asset Writedown & Restructuring Costs	33.37	129.79	0.25	35.42	13.86
Loss (Gain) From Sale of Investments	-48.07	7.37	-38.12	2.34	-15.44
Provision & Write-off of Bad Debts	-	6.49	2.57	6.62	-1.3
Other Operating Activities	14.89	30.66	32.01	28.27	63.49
Change in Accounts Receivable	52.34	-4.02	1.68	9.83	45.32
Change in Inventory	0.07	0.98	0.51	0.33	0.6
Change in Accounts Payable	-23.97	13.54	21.69	-6	-34.13
Operating Cash Flow	129.45	85.38	120.94	-98.35	-31.13
Operating Cash Flow Growth	51.62%	-29.41%	-	-	-
Capital Expenditures	-58.48	-62.55	-28.41	-45.37	-65.85
Sale of Property, Plant & Equipment	10.08	1.14	2.5	1.1	21.5
Cash Acquisitions	-5.53	-	-	-	-
Divestitures	31.21	0.25	-	-	-
Investment in Securities	-0.8	-	-	-	0.69
Other Investing Activities	26.48	16	4	44.16	18.08
Investing Cash Flow	2.97	-45.16	-21.91	-0.11	-25.59
Long-Term Debt Issued	539.36	182.47	417.3	405.97	344.78
Long-Term Debt Repaid	-519.06	-197.88	-452.13	-758.85	-209.37
Net Debt Issued (Repaid)	20.3	-15.41	-34.83	-352.88	135.41
Issuance of Common Stock	-	-	-	469.03	-
Common Dividends Paid	-31.25	-37.03	-39.96	-45.99	-52.23
Other Financing Activities	-3.39	-0.32	-2.34	-2.31	-3.46
Financing Cash Flow	-14.34	-52.76	-77.13	67.85	79.72
Foreign Exchange Rate Adjustments	0	-0	-	-0.06	-0.02
Net Cash Flow	118.07	-12.54	21.91	-30.68	22.99
Free Cash Flow	70.97	22.83	92.53	-143.72	-96.98
Free Cash Flow Growth	210.85%	-75.33%	-	-	-
Free Cash Flow Margin	16.12%	5.29%	19.81%	-111.04%	-40.62%
Free Cash Flow Per Share	0.15	0.05	0.20	-0.35	-0.27
Cash Income Tax Paid	26.05	25.59	26.19	7.68	18.36
Levered Free Cash Flow	71.54	47.02	49.62	-49.81	-30.28
Unlevered Free Cash Flow	71.54	68.56	73.48	-21.17	2.37
Change in Working Capital	28.28	17.32	23.52	3.44	13.2

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