SHE:002084 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	-125.23	-123.81	-232.53	47.41	85.62
Depreciation & Amortization	106.93	106.36	120.22	139.79	120.3
Other Amortization	22.74	33.99	29.65	32.92	34.42
Loss (Gain) From Sale of Assets	-16	-1.36	-1.3	-6.27	-77.37
Asset Writedown & Restructuring Costs	48.11	3.86	23.78	1.12	8.59
Loss (Gain) From Sale of Investments	12.13	6.16	25.21	16.56	-1.17
Provision & Write-off of Bad Debts	-	24.18	171.12	8.49	30.42
Other Operating Activities	46.67	80.44	81.54	-0.21	93.14
Change in Accounts Receivable	55.06	51.15	81.75	331.77	-58.34
Change in Inventory	42.26	-102.88	55.38	160.83	-168.67
Change in Accounts Payable	57.3	76.84	-17.71	-400.29	39.13
Operating Cash Flow	245.86	156.15	339.1	329.73	111.2
Operating Cash Flow Growth	57.45%	-53.95%	2.84%	196.52%	19.85%
Capital Expenditures	-95.74	-108.28	-87.25	-176.73	-320.59
Sale of Property, Plant & Equipment	11.02	3.91	5.59	1.4	0.3
Cash Acquisitions	-	-	-1.02	-	-29.56
Divestitures	73.16	8.75	8.96	-	-
Investment in Securities	-6.26	-129.72	13.64	-22.58	-20.6
Other Investing Activities	92.35	145.29	3.68	4.01	0.21
Investing Cash Flow	74.52	-80.04	-56.4	-193.9	-370.25
Long-Term Debt Issued	505.72	905.56	520.66	1,066	1,438
Short-Term Debt Repaid	-	-	-22	-117.43	-
Long-Term Debt Repaid	-549.93	-876.9	-744.46	-1,234	-1,106
Total Debt Repaid	-549.93	-876.9	-766.46	-1,352	-1,106
Net Debt Issued (Repaid)	-44.21	28.67	-245.8	-285.93	332.16
Issuance of Common Stock	-	0	-	-	9.29
Repurchase of Common Stock	-	-16.93	-	-	-20.65
Common Dividends Paid	-30.09	-52.63	-36.5	-38.22	-43.94
Other Financing Activities	-27.2	-155.88	0.8	164.33	-16.01
Financing Cash Flow	-101.5	-196.77	-281.5	-159.81	260.85
Foreign Exchange Rate Adjustments	-4.48	4.3	8.56	34.09	-2.21
Net Cash Flow	214.41	-116.36	9.77	10.11	-0.41
Free Cash Flow	150.12	47.88	251.85	153	-209.39
Free Cash Flow Growth	213.55%	-80.99%	64.61%	-	-
Free Cash Flow Margin	5.73%	1.68%	8.67%	4.64%	-5.08%
Free Cash Flow Per Share	0.23	0.07	0.39	0.24	-0.32
Cash Interest Paid	-	-	-	0.24	0.94
Cash Income Tax Paid	-58.04	-54.5	-6.77	-97.35	-88.79
Levered Free Cash Flow	-5.99	64.14	138.37	127.22	-241.95
Unlevered Free Cash Flow	-5.99	86.13	165.05	155.11	-209.83
Change in Working Capital	150.5	26.34	121.42	89.92	-182.74

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