SHE:002167 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	Dec '21 Dec 31, 2021
Net Income	52.78	176.86	-77.63	99.06	150.51
Depreciation & Amortization	64.09	95.73	82.03	74.11	78.9
Other Amortization	0.8	0.88	0.2	0.7	0.77
Loss (Gain) From Sale of Assets	-2.37	0.19	-0.3	0.01	-0.35
Asset Writedown & Restructuring Costs	13.93	5.25	58.6	7.42	1.74
Loss (Gain) From Sale of Investments	-	-275.56	8.41	-12.33	-55.76
Other Operating Activities	7.47	-3.25	10.24	4.33	26.05
Change in Accounts Receivable	107.83	-449.45	-1,180	-322.94	88.57
Change in Inventory	310.83	-205.05	-57.63	-115.05	-81.66
Change in Accounts Payable	-158.82	1,372	1,215	287.51	-47.23
Change in Other Net Operating Assets	-0.33	0.52	8.36	22.16	32.11
Operating Cash Flow	395.24	718.26	68.81	43.95	196.09
Operating Cash Flow Growth	-44.97%	943.81%	56.56%	-77.59%	562.68%
Capital Expenditures	-92.54	-77.03	-321.58	-332.08	-41.88
Sale of Property, Plant & Equipment	3.1	0.87	0.63	0.17	0.2
Cash Acquisitions	-	-	-	-	-99.98
Divestitures	-	47.57	-	-	163.59
Investment in Securities	-5	-	-	4.8	-
Other Investing Activities	79.62	-114.38	-	-	19.68
Investing Cash Flow	-14.81	-142.96	-320.95	-327.11	41.62
Long-Term Debt Issued	376	562.86	922.31	643.29	688.7
Total Debt Issued	376	562.86	922.31	643.29	688.7
Short-Term Debt Repaid	-	-	-	-6	-
Long-Term Debt Repaid	-773.41	-848.64	-691.19	-441	-1,385
Total Debt Repaid	-773.41	-848.64	-691.19	-447	-1,385
Net Debt Issued (Repaid)	-397.41	-285.77	231.12	196.29	-696.7
Issuance of Common Stock	-	-	-	15.78	191.61
Common Dividends Paid	-9.88	-22.32	-36.66	-18.83	-37.58
Other Financing Activities	-94.61	-19.46	62.42	118.61	337.14
Financing Cash Flow	-501.9	-327.56	256.88	311.85	-205.53
Foreign Exchange Rate Adjustments	7	-16.46	-1.12	7.41	-1.24
Net Cash Flow	-114.47	231.27	3.62	36.1	30.94
Free Cash Flow	302.71	641.23	-252.77	-288.13	154.21
Free Cash Flow Growth	-52.79%	-	-	-	1605.92%
Free Cash Flow Margin	24.32%	41.56%	-17.48%	-21.04%	11.99%
Free Cash Flow Per Share	0.40	0.83	-0.33	-0.41	0.21
Cash Income Tax Paid	54.47	63.67	104.36	43.12	53.29
Levered Free Cash Flow	223.28	-1,144	-227.76	156.09	277.58
Unlevered Free Cash Flow	223.28	-1,126	-208	167.18	292.21
Change in Working Capital	258.54	718.15	-12.74	-129.35	-5.77

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