SHE:002134 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	Dec '21 Dec 31, 2021
Net Income	5.07	33.86	26.42	16.06	27.09
Depreciation & Amortization	89.26	49.42	27.9	17.07	14.6
Other Amortization	0.88	6.37	-	-	-
Loss (Gain) From Sale of Assets	-1.91	-1.91	0	-	-
Asset Writedown & Restructuring Costs	8.42	5.64	11.23	13.53	1.65
Loss (Gain) From Sale of Investments	-1.82	-1.58	1.05	5.9	-1.18
Provision & Write-off of Bad Debts	-	1.12	0.21	-1.27	0.67
Other Operating Activities	20.9	27.5	1.97	-0.04	1.15
Change in Accounts Receivable	-128.54	-91.76	-157.94	59.72	-71.08
Change in Inventory	-36.99	-36.62	-48.72	18.61	-36.14
Change in Accounts Payable	161.38	44.77	229.64	-106.27	160.87
Change in Other Net Operating Assets	2.63	3.9	-1.14	-1.14	-1.14
Operating Cash Flow	116.92	34.23	101.85	22.5	96.46
Operating Cash Flow Growth	241.56%	-66.39%	352.59%	-76.67%	557.52%
Capital Expenditures	-215.77	-295.71	-178.19	-100.15	-31.86
Sale of Property, Plant & Equipment	2.98	-	1.22	2.14	1.99
Cash Acquisitions	-	-	-33.61	-	-
Investment in Securities	2	-47.8	2	-	-
Other Investing Activities	0.51	0.27	-2.19	1.78	1.55
Investing Cash Flow	-210.28	-343.24	-210.77	-96.23	-28.33
Long-Term Debt Issued	418.76	364.75	179.01	15.21	-
Total Debt Issued	418.76	364.75	179.01	15.21	-
Short-Term Debt Repaid	-	-	-	-	-25
Long-Term Debt Repaid	-271.37	-58.43	-3.34	-	-
Total Debt Repaid	-271.37	-58.43	-3.34	-	-25
Net Debt Issued (Repaid)	147.4	306.32	175.67	15.21	-25
Issuance of Common Stock	-	-	8.24	-	-
Repurchase of Common Stock	-	-	-16.5	-	-
Common Dividends Paid	-14.88	-11.37	-1.86	-	-0.29
Other Financing Activities	0.9	-11.29	2.9	-	-
Financing Cash Flow	133.41	283.66	168.44	15.21	-25.29
Foreign Exchange Rate Adjustments	1.2	2.27	0.78	4.59	-0.85
Net Cash Flow	41.25	-23.08	60.3	-53.92	42
Free Cash Flow	-98.85	-261.48	-76.34	-77.65	64.6
Free Cash Flow Growth	-	-	-	-	1538.60%
Free Cash Flow Margin	-7.17%	-23.18%	-11.81%	-13.37%	9.23%
Free Cash Flow Per Share	-0.41	-1.16	-0.32	-0.34	0.26
Cash Income Tax Paid	11.13	2.91	-3.01	-21.86	-13.26
Levered Free Cash Flow	-120.99	-217.22	-85.89	-61.1	94.68
Unlevered Free Cash Flow	-120.99	-209.34	-85.4	-61.1	94.84
Change in Working Capital	-3.88	-86.19	33.06	-28.76	52.48

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.