SHE:002166 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	152.88	163.01	82.51	178.74	118.44
Depreciation & Amortization	131.18	101.93	87.66	73.31	55.98
Other Amortization	1.1	4.9	2.94	2.28	0.32
Loss (Gain) From Sale of Assets	0.13	0.52	0.71	0.08	0.81
Asset Writedown & Restructuring Costs	-2.23	22.58	44.84	23.29	6.16
Loss (Gain) From Sale of Investments	-4.6	-9.2	-50.17	-39.58	-16.98
Other Operating Activities	56.46	45.44	46.74	37.44	40.83
Change in Accounts Receivable	-258.13	8.25	-56.12	62.54	-114.83
Change in Inventory	-100.81	-237.13	-73.33	-152.51	27.65
Change in Accounts Payable	179.67	42.37	39.02	-452.35	-99.5
Change in Other Net Operating Assets	-	16.08	-5.66	3.17	1.57
Operating Cash Flow	160.21	159.71	116.59	-258.42	26.24
Operating Cash Flow Growth	0.31%	36.99%	-	-	-87.11%
Capital Expenditures	-162.16	-207.08	-429.96	-118.96	-178.82
Sale of Property, Plant & Equipment	2.16	0.11	16.81	1.59	1.25
Cash Acquisitions	-	-	-4.29	-	-
Divestitures	-	-	-	-	0
Investment in Securities	1.01	4.12	-55.41	-164.38	69.42
Other Investing Activities	5.4	7.36	8.85	-	10.93
Investing Cash Flow	-153.59	-195.49	-464	-281.75	-97.23
Long-Term Debt Issued	1,341	1,262	1,159	834.91	766.37
Total Debt Issued	1,341	1,262	1,159	834.91	766.37
Long-Term Debt Repaid	-1,175	-1,032	-1,114	-844.01	-697.05
Total Debt Repaid	-1,175	-1,032	-1,114	-844.01	-697.05
Net Debt Issued (Repaid)	166.21	230.22	44.93	-9.1	69.32
Issuance of Common Stock	-	-	-	1,039	-
Repurchase of Common Stock	-	-58.98	-	-	-
Common Dividends Paid	-121.53	-190.32	-106.27	-28.25	-55.09
Other Financing Activities	-37.07	-10.69	-0.14	-6.39	-20.76
Financing Cash Flow	7.61	-29.76	-61.47	995.57	-6.53
Foreign Exchange Rate Adjustments	1.15	1.64	2.28	1.92	-1.57
Net Cash Flow	15.38	-63.9	-406.6	457.32	-79.1
Free Cash Flow	-1.95	-47.37	-313.37	-377.38	-152.58
Free Cash Flow Margin	-0.10%	-2.67%	-20.98%	-26.94%	-14.49%
Free Cash Flow Per Share	-0.00	-0.06	-0.42	-0.61	-0.27
Cash Interest Paid	-	-	-	-	0.38
Cash Income Tax Paid	27.63	-17.77	-29.88	-17.34	0.58
Levered Free Cash Flow	-108.31	-24.43	-412.84	-348.57	-207.79
Unlevered Free Cash Flow	-108.31	1.97	-392.27	-331.25	-192.38
Change in Working Capital	-174.72	-169.48	-98.65	-533.97	-179.31

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