SHE:002047 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	59.21	-742.3	-970.53	-2,188	-1,652
Depreciation & Amortization	19.26	19.12	23.98	23.95	24.8
Other Amortization	0.3	1.02	2.61	1.57	0.8
Loss (Gain) From Sale of Assets	-0.21	-0.5	-1.71	-0.4	0.05
Asset Writedown & Restructuring Costs	-	0.67	0.06	0.66	22.34
Loss (Gain) From Sale of Investments	-29.17	0.24	11.41	317.79	-0.84
Provision & Write-off of Bad Debts	11.88	311.9	740.22	1,865	1,975
Other Operating Activities	23.02	176.68	263.18	295.14	219.76
Change in Accounts Receivable	-459.48	266.43	362.01	663.07	-280.91
Change in Inventory	-20.85	18	23.05	12.63	-9.9
Change in Accounts Payable	373.35	-247.38	-733.67	-935.37	159.13
Operating Cash Flow	-22.89	-237.35	-369.97	-259.61	165.09
Operating Cash Flow Growth	-	-	-	-	-79.26%
Capital Expenditures	-2.9	-72.74	-94.07	-73.48	-212.93
Sale of Property, Plant & Equipment	69.74	0.36	0.23	0.2	0
Cash Acquisitions	-0.12	-4.67	-	-1	-
Divestitures	25.66	-168.56	-	-	-
Investment in Securities	-	0.15	-	-0	15
Other Investing Activities	0.23	-	0.07	0.03	0.9
Investing Cash Flow	92.6	-245.46	-93.76	-74.25	-197.03
Long-Term Debt Issued	100	1,984	2,022	2,668	1,878
Total Debt Issued	100	1,984	2,022	2,668	1,878
Short-Term Debt Repaid	-103.65	-	-	-	-
Long-Term Debt Repaid	-685.34	-2,310	-2,620	-3,561	-2,633
Total Debt Repaid	-788.99	-2,310	-2,620	-3,561	-2,633
Net Debt Issued (Repaid)	-688.99	-326.02	-598.16	-892.64	-755.15
Issuance of Common Stock	-	-	-	706.81	40.79
Repurchase of Common Stock	-9.78	-5.23	-1.83	-0.76	-9.54
Common Dividends Paid	-24.93	-159.44	-172.2	-219.8	-256.51
Other Financing Activities	379.14	1,047	1,501	738.54	895
Financing Cash Flow	-344.56	556.62	728.92	332.14	-85.42
Foreign Exchange Rate Adjustments	-0.77	1.3	0.44	-1.98	-8.11
Net Cash Flow	-275.62	75.12	265.63	-3.7	-125.46
Free Cash Flow	-25.79	-310.08	-464.04	-333.09	-47.84
Free Cash Flow Margin	-3.92%	-14.68%	-11.29%	-8.94%	-1.03%
Free Cash Flow Per Share	-0.02	-0.20	-0.31	-0.22	-0.04
Cash Income Tax Paid	17.11	58.38	54.56	66.87	152.17
Levered Free Cash Flow	6.69	-1,074	511.56	415.31	1,278
Unlevered Free Cash Flow	19.76	-951.86	659.94	574.46	1,421
Change in Working Capital	-107.18	-4.19	-439.19	-575.38	-424.4

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