SHE:002172 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	41.88	40.56	49.68	-15.37	-1,039
Depreciation & Amortization	62.18	63.53	72.43	76.23	221.21
Other Amortization	1.64	5.74	2.76	4.8	5.48
Loss (Gain) From Sale of Assets	-0.01	0.06	-0.03	0.01	-8.8
Asset Writedown & Restructuring Costs	3.06	0.14	1	0.05	745.14
Loss (Gain) From Sale of Investments	-2.15	1.31	-20.77	22.2	3.98
Provision & Write-off of Bad Debts	-	3.51	2.86	-45.12	52.35
Other Operating Activities	43.5	39.19	40.33	92.22	114.74
Change in Accounts Receivable	-520.64	9.14	118.06	224.05	982.66
Change in Inventory	15.79	33.94	-7.77	5.99	93.76
Change in Accounts Payable	369.14	-196.05	-203.71	-396.23	-1,204
Operating Cash Flow	12.62	0.44	54.3	-33.8	-33.47
Operating Cash Flow Growth	2777.10%	-99.19%	-	-	-
Capital Expenditures	-32.58	-28.64	-63.59	-193.17	-221.12
Sale of Property, Plant & Equipment	0.25	0.03	0.11	1,031	495.65
Divestitures	-	-	24.41	25.6	-
Investment in Securities	-0.3	-10.2	-4.76	32.89	-
Other Investing Activities	-10.76	-	-	-	-
Investing Cash Flow	-43.39	-38.81	-43.84	896.52	274.54
Long-Term Debt Issued	1,142	1,092	1,571	1,634	2,785
Long-Term Debt Repaid	-1,129	-1,257	-1,674	-2,324	-3,192
Net Debt Issued (Repaid)	12.46	-165.31	-103.54	-690.53	-407.13
Common Dividends Paid	-28.49	-32.65	-34.56	-48.22	-110.03
Other Financing Activities	-59.34	148.42	126.68	98.43	-55.04
Financing Cash Flow	-75.36	-49.55	-11.43	-640.33	-572.19
Foreign Exchange Rate Adjustments	-0.02	0.01	0.02	0.07	-0.03
Net Cash Flow	-106.15	-87.9	-0.94	222.46	-331.15
Free Cash Flow	-19.96	-28.2	-9.29	-226.97	-254.58
Free Cash Flow Margin	-1.10%	-1.40%	-0.43%	-11.23%	-17.81%
Free Cash Flow Per Share	-0.02	-0.04	-0.01	-0.29	-0.33
Cash Income Tax Paid	50.76	54.51	45.82	23.53	39.1
Levered Free Cash Flow	4.33	66.8	0.48	443.68	-1,506
Unlevered Free Cash Flow	4.33	91.41	27.47	482.78	-1,420
Change in Working Capital	-137.47	-153.62	-93.97	-168.83	-128.65

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