SHE:002161 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	16.78	27.85	28.12	-30.02	-66.13
Depreciation & Amortization	48.21	39.03	40.56	42.26	62.82
Other Amortization	0.97	2.13	0.73	12.75	2.49
Loss (Gain) From Sale of Assets	-0.24	-0.14	-	-	0.65
Asset Writedown & Restructuring Costs	-10.85	119.28	16.82	24.48	4.13
Loss (Gain) From Sale of Investments	-49.89	-161.79	-103.4	-40.93	-11.38
Provision & Write-off of Bad Debts	-	-0.92	12.34	0.19	-9.38
Other Operating Activities	48.14	41.92	48.34	38.55	41.35
Change in Accounts Receivable	-24.32	-10.43	-6.43	-27.71	6.76
Change in Inventory	-15.4	25.72	0.78	-45.74	30.39
Change in Accounts Payable	-13.93	-93.88	38.92	42.85	59.88
Change in Other Net Operating Assets	-1.91	-0.7	-4.48	2.19	12
Operating Cash Flow	-12.2	-23.73	66.94	4.7	101.03
Operating Cash Flow Growth	-	-	1323.84%	-95.35%	-
Capital Expenditures	-48.42	-79.27	-64.25	-67.81	-96.46
Sale of Property, Plant & Equipment	0.58	0.23	0.15	0.02	3.72
Cash Acquisitions	-48.52	-0.4	-	-	-300.26
Divestitures	184.94	174.58	-	-	350.11
Investment in Securities	28.34	-0.6	66.75	-	-124.9
Other Investing Activities	38.65	43.95	16.54	21.44	7.41
Investing Cash Flow	155.58	138.5	19.19	-46.35	-160.38
Long-Term Debt Issued	566.67	514.78	914.92	559.35	854.73
Long-Term Debt Repaid	-637.8	-509.48	-1,082	-556.26	-498.53
Net Debt Issued (Repaid)	-71.13	5.3	-166.95	3.09	356.2
Issuance of Common Stock	-	8.51	-	-	10.02
Repurchase of Common Stock	-	-	-	-	-8
Common Dividends Paid	-36.76	-46.52	-	-	-38.74
Other Financing Activities	11.63	-20.53	19.22	-111.24	-144.64
Financing Cash Flow	-96.26	-53.25	-147.73	-108.15	174.84
Foreign Exchange Rate Adjustments	-4.31	-5.98	2.93	18.62	-8.9
Net Cash Flow	42.81	55.54	-58.68	-131.18	106.59
Free Cash Flow	-60.62	-102.99	2.69	-63.11	4.57
Free Cash Flow Margin	-10.05%	-18.87%	0.45%	-13.13%	0.93%
Free Cash Flow Per Share	-0.08	-0.14	0.00	-0.09	0.01
Cash Interest Paid	-	-	37.78	41.89	-
Cash Income Tax Paid	35.01	32.92	32.81	23.5	19.75
Levered Free Cash Flow	-30.97	-92.93	-10.22	-84.1	-338.99
Unlevered Free Cash Flow	-30.97	-71.69	13.4	-57.93	-315.99
Change in Working Capital	-65.32	-91.07	23.43	-42.56	76.48

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