SHE:002168 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	-61.59	-149.52	1.9	-115.53	-222.85
Depreciation & Amortization	15.96	18.99	25.09	21.87	22.67
Other Amortization	3.8	13.11	11.1	20.65	70.9
Loss (Gain) From Sale of Assets	0.22	0.85	2.76	-0.14	-1.85
Asset Writedown & Restructuring Costs	32.92	12.65	0.99	0.6	34.27
Loss (Gain) From Sale of Investments	-5.67	4.76	-4.27	1.52	3.07
Provision & Write-off of Bad Debts	-	5.67	6.82	1.58	4.8
Other Operating Activities	23.47	25.79	30.06	22.22	10.44
Change in Accounts Receivable	203.16	-20.87	-57	92.62	393.77
Change in Inventory	-5.8	-13.79	-33.08	1.22	-6.63
Change in Accounts Payable	-115.23	-44.62	39.1	-35.64	-96.62
Operating Cash Flow	92.78	-118.75	28.55	19.02	207.76
Operating Cash Flow Growth	-	-	50.16%	-90.85%	63.68%
Capital Expenditures	-1.5	-9.55	-60.14	-5.92	-9.08
Sale of Property, Plant & Equipment	0.13	32.29	0.96	0.11	0.53
Cash Acquisitions	-23.21	-	-	-	-45
Divestitures	5.07	0.3	-	2.07	7.25
Investment in Securities	-5.6	-3	2.76	-5	-13.97
Other Investing Activities	0	0.49	0.22	0.01	0.21
Investing Cash Flow	-25.11	20.53	-56.2	-8.74	-60.06
Short-Term Debt Issued	-	-	55	227	128
Long-Term Debt Issued	180.6	226.89	93.58	23.67	-
Total Debt Issued	180.6	226.89	148.58	250.67	128
Long-Term Debt Repaid	-212.9	-163.24	-124.68	-217.12	-249.63
Total Debt Repaid	-212.9	-163.24	-124.68	-217.12	-249.63
Net Debt Issued (Repaid)	-32.3	63.65	23.89	33.55	-121.63
Issuance of Common Stock	0.11	-	-	-	12.6
Repurchase of Common Stock	-	-	-6.67	-6.14	-
Common Dividends Paid	-14.13	-12.63	-12.62	-16.79	-28.43
Other Financing Activities	27.17	-	1.16	2.45	-
Financing Cash Flow	-19.15	51.02	5.76	13.06	-137.46
Foreign Exchange Rate Adjustments	-0.03	0.02	-0.17	0.14	-1.15
Net Cash Flow	48.48	-47.17	-22.05	23.48	9.1
Free Cash Flow	91.28	-128.3	-31.59	13.09	198.69
Free Cash Flow Growth	-	-	-	-93.41%	57.53%
Free Cash Flow Margin	24.73%	-65.05%	-12.43%	5.36%	60.22%
Free Cash Flow Per Share	0.12	-0.16	-0.04	0.02	0.25
Cash Income Tax Paid	30.53	4.21	9.03	-8.13	12.28
Levered Free Cash Flow	89.39	-46.53	-180.84	29.89	201.45
Unlevered Free Cash Flow	89.39	-30.84	-164.32	46.47	220.24
Change in Working Capital	83.68	-51.03	-45.88	66.25	286.32

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