SHE:002136 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	Dec '22 Dec 31, 2022	Jan '22 Jan 1, 2022
Net Income	-129.24	11.26	64.5	268.16	185.28
Depreciation & Amortization	71.97	74.72	66.08	52.29	49.69
Other Amortization	-	0.35	-	-	-
Loss (Gain) From Sale of Assets	-0.02	0.23	-0.01	4.86	6.66
Asset Writedown & Restructuring Costs	30.18	0.61	0.65	3.88	0.01
Loss (Gain) From Sale of Investments	1.17	0.39	1.48	5.53	-1.23
Provision & Write-off of Bad Debts	-	6.58	0.51	2.74	3.24
Other Operating Activities	-6.78	-59.99	11.85	95.63	19.13
Change in Accounts Receivable	-195.9	-409.77	-9.63	-127.28	-235.47
Change in Inventory	43.02	-58.4	-14.49	-10.79	-79.99
Change in Accounts Payable	87.55	345.55	-89.66	24.79	146.14
Change in Other Net Operating Assets	-	2.26	2.5	2.2	0.01
Operating Cash Flow	-96.57	-91.09	26.23	323.8	92.85
Operating Cash Flow Growth	-	-	-91.90%	248.75%	183.83%
Capital Expenditures	-46.76	-22.87	-12.32	-54.13	-13.61
Sale of Property, Plant & Equipment	-	0.3	0.1	0.11	3.05
Investment in Securities	-	-	-	-4.95	-
Other Investing Activities	5.79	8.37	10.97	0.92	4.21
Investing Cash Flow	-40.97	-14.19	-1.25	-58.05	-6.34
Short-Term Debt Issued	-	81.59	50	60	57.5
Long-Term Debt Issued	62.81	-	-	-	-
Total Debt Issued	62.81	81.59	50	60	57.5
Short-Term Debt Repaid	-	-50	-20	-67.5	-43.45
Long-Term Debt Repaid	-10	-0.92	-0.63	-0.32	-
Total Debt Repaid	-10	-50.92	-20.63	-67.82	-43.45
Net Debt Issued (Repaid)	52.81	30.67	29.37	-7.82	14.05
Common Dividends Paid	-2.21	-22.83	-44.41	-34.37	-22.71
Dividends Paid	-2.21	-22.83	-44.41	-34.37	-22.71
Other Financing Activities	-35.24	17.48	17.67	46.17	17.71
Financing Cash Flow	15.36	25.33	2.63	3.98	9.05
Foreign Exchange Rate Adjustments	1.03	4.21	1.28	8.14	-1.34
Net Cash Flow	-121.15	-75.74	28.9	277.87	94.21
Free Cash Flow	-143.33	-113.96	13.91	269.67	79.24
Free Cash Flow Growth	-	-	-94.84%	240.32%	187.27%
Free Cash Flow Margin	-8.48%	-6.04%	0.66%	9.93%	3.87%
Free Cash Flow Per Share	-0.67	-0.53	0.07	1.25	0.37
Cash Income Tax Paid	17.63	6.19	75.66	134.5	72.7
Levered Free Cash Flow	-	-87.55	200.46	338.46	79.33
Unlevered Free Cash Flow	-	-86.45	201.8	339.82	80.12
Change in Working Capital	-63.85	-125.24	-118.83	-109.29	-169.94

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