SHE:002135 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	52.73	190.45	329.35	290.67	492.89
Depreciation & Amortization	262.05	280.94	262.73	259.22	229.39
Other Amortization	0.28	6.99	0.47	0.09	0.01
Loss (Gain) From Sale of Assets	-7.78	1.9	-0.97	-1.2	0.04
Asset Writedown & Restructuring Costs	-2.68	0.32	0.05	259.65	137.29
Loss (Gain) From Sale of Investments	-11.54	2.36	-15.3	-55.68	-4.8
Provision & Write-off of Bad Debts	-	51.31	141.35	-	-
Other Operating Activities	153.06	190.78	151.74	112.78	132.19
Change in Accounts Receivable	-159.45	-942.26	-1,936	-2,196	-2,182
Change in Inventory	107.65	596.15	105.01	-423.8	-287.56
Change in Accounts Payable	-750.99	707.94	-917.58	620.36	1,063
Operating Cash Flow	-366.73	1,088	-1,902	-1,170	-440.35
Capital Expenditures	-229.12	-116	-308.99	-219.03	-329.59
Sale of Property, Plant & Equipment	14.52	5.27	5.58	0.37	0.48
Cash Acquisitions	-	-	-	-	1.44
Divestitures	-	-	-	507.82	-
Investment in Securities	-90	4.52	-14.53	97.09	22
Other Investing Activities	-6.77	0.06	-	2.01	4.54
Investing Cash Flow	-311.37	-106.15	-317.94	388.27	-301.13
Long-Term Debt Issued	6,798	7,271	5,514	3,808	3,498
Short-Term Debt Repaid	-	-	-	-6	-
Long-Term Debt Repaid	-5,893	-6,963	-3,459	-3,809	-2,683
Total Debt Repaid	-5,893	-6,963	-3,459	-3,815	-2,683
Net Debt Issued (Repaid)	904.54	307.98	2,055	-6.93	815.49
Issuance of Common Stock	-	-	-	-	1,184
Repurchase of Common Stock	-	-144.55	-5.49	-	-
Common Dividends Paid	-171.97	-213.15	-253.23	-216.98	-156.46
Other Financing Activities	-184.88	-5.27	-3.41	-2.68	-8.76
Financing Cash Flow	547.69	-54.99	1,793	-226.59	1,834
Foreign Exchange Rate Adjustments	-0.68	3	0.9	-0.41	0
Net Cash Flow	-131.1	929.53	-426.35	-1,009	1,093
Free Cash Flow	-595.85	971.67	-2,211	-1,389	-769.94
Free Cash Flow Margin	-6.35%	8.64%	-17.01%	-11.51%	-6.82%
Free Cash Flow Per Share	-0.49	0.65	-1.88	-1.20	-0.75
Cash Interest Paid	-	-	-	1.33	1.46
Cash Income Tax Paid	61.71	258.19	365.59	325.53	329.84
Levered Free Cash Flow	-784.42	515.82	-1,981	-1,515	-863.28
Unlevered Free Cash Flow	-784.42	620.08	-1,895	-1,447	-782.32
Change in Working Capital	-812.84	362.61	-2,772	-2,035	-1,427

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