SHE:002153 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	-166.11	-198.78	-104.62	-779.08	-478.47
Depreciation & Amortization	92.3	348.63	291.21	306.46	251.01
Other Amortization	237.15	0.41	0.78	0.92	1.3
Loss (Gain) From Sale of Assets	-0.13	0.17	0.09	-0.04	-0.12
Asset Writedown & Restructuring Costs	15	2.35	0.1	521.02	355.08
Loss (Gain) From Sale of Investments	17.84	48.42	-32.16	-41.06	6.29
Provision & Write-off of Bad Debts	28.44	59.98	25.62	36.45	10.5
Other Operating Activities	-14.06	-80.96	80.64	-68.15	-97.88
Change in Accounts Receivable	60.4	-78.13	-113.65	394.33	79.59
Change in Inventory	-35.34	37.57	-19.57	-1.41	-40.79
Change in Accounts Payable	77.26	-71.94	-68.28	-580.28	125.87
Change in Other Net Operating Assets	2.79	8.81	22.71	11.83	-
Operating Cash Flow	318.52	67.13	63.45	-225.63	215.88
Operating Cash Flow Growth	374.47%	5.79%	-	-	5.85%
Capital Expenditures	-480.63	-428.07	-469.91	-394.45	-374.37
Sale of Property, Plant & Equipment	4.55	0.03	0.02	0.23	0.68
Cash Acquisitions	-	-	-12.69	-	-1.92
Divestitures	117.64	-	6.53	100.89	-
Investment in Securities	1,431	735.67	-41.16	123.58	-455.63
Other Investing Activities	79.89	88.65	110.15	91.51	100.55
Investing Cash Flow	1,152	396.28	-407.07	-78.25	-730.69
Short-Term Debt Issued	115.72	-	3.26	0.54	-
Total Debt Issued	115.72	-	3.26	0.54	-
Short-Term Debt Repaid	-96	-3.26	-	-0.8	-
Long-Term Debt Repaid	-22.81	-18.41	-21.38	-50.01	-66.19
Total Debt Repaid	-118.81	-21.68	-21.38	-50.8	-66.19
Net Debt Issued (Repaid)	-3.09	-21.68	-18.11	-50.27	-66.19
Issuance of Common Stock	-	-	-	19.96	-
Repurchase of Common Stock	-	-	-	-15.21	-
Common Dividends Paid	-28.6	-27.33	-0.04	-50.03	-45.06
Other Financing Activities	-32.83	-22.08	-50	-85.64	238.89
Financing Cash Flow	-64.52	-71.08	-68.15	-181.2	127.63
Foreign Exchange Rate Adjustments	8.59	24.82	108.89	91.2	-89.16
Net Cash Flow	1,415	417.14	-302.87	-393.87	-476.33
Free Cash Flow	-162.12	-360.94	-406.45	-620.08	-158.48
Free Cash Flow Margin	-5.81%	-12.25%	-14.78%	-23.89%	-4.93%
Free Cash Flow Per Share	-0.06	-0.13	-0.15	-0.22	-0.06
Cash Income Tax Paid	126.58	135.74	105.91	151.48	122.2
Levered Free Cash Flow	-90.07	-248.35	-365.18	-357.74	-161.21
Unlevered Free Cash Flow	-87.89	-247.21	-360.77	-354.12	-156.91
Change in Working Capital	108.08	-113.08	-198.2	-202.16	168.19

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