SHE:002178 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	7.13	-21.3	22.51	-146.31	9
Depreciation & Amortization	31.28	32.85	45.9	45.45	44.47
Other Amortization	0.48	10.55	1.74	1.6	1.21
Loss (Gain) From Sale of Assets	0	-0.04	0.08	-0.12	-0.31
Asset Writedown & Restructuring Costs	5.41	0.74	0.01	0.02	-
Loss (Gain) From Sale of Investments	-24.52	29.3	18.82	85.45	2.85
Provision & Write-off of Bad Debts	-	12.96	8.53	35.33	-10.3
Other Operating Activities	9.63	-9.18	-26.19	3.92	12.25
Change in Accounts Receivable	67.71	21.41	44.42	53.05	-16.23
Change in Inventory	-2.45	17.49	15.26	-8.99	-25.69
Change in Accounts Payable	-81.3	-120.88	-104.19	-23.72	25.97
Operating Cash Flow	14.74	-32.59	28.24	36.84	43.88
Operating Cash Flow Growth	-	-	-23.35%	-16.05%	41.33%
Capital Expenditures	-21.82	-29.93	-43.52	-47.36	-36.8
Sale of Property, Plant & Equipment	0.01	0.08	0.05	0.32	2.03
Divestitures	-	-14.95	0.18	-	-
Investment in Securities	-10.87	-35.93	-10.79	0.09	-0.25
Other Investing Activities	-15.68	2.33	3.59	3.72	34.58
Investing Cash Flow	-48.37	-78.39	-50.49	-43.22	-0.44
Short-Term Debt Issued	-	1.73	0.34	-	-
Long-Term Debt Issued	127.7	112.97	160.71	141	143.5
Total Debt Issued	127.7	114.7	161.05	141	143.5
Long-Term Debt Repaid	-107.8	-153.17	-174.11	-153.48	-120.34
Total Debt Repaid	-107.8	-153.17	-174.11	-153.48	-120.34
Net Debt Issued (Repaid)	19.9	-38.48	-13.06	-12.48	23.16
Common Dividends Paid	-4.02	-4.6	-7.21	-6.97	-10.54
Other Financing Activities	8.31	8.94	34.58	-7.53	-18.4
Financing Cash Flow	24.19	-34.14	14.3	-26.98	-5.79
Foreign Exchange Rate Adjustments	-0.02	0.01	0.01	0.07	-0.02
Net Cash Flow	-9.46	-145.12	-7.93	-33.29	37.63
Free Cash Flow	-7.08	-62.52	-15.28	-10.52	7.08
Free Cash Flow Margin	-1.66%	-11.39%	-2.26%	-1.68%	0.87%
Free Cash Flow Per Share	-0.01	-0.09	-0.02	-0.01	0.01
Cash Income Tax Paid	15.1	15.03	18.39	14.38	17.85
Levered Free Cash Flow	31.65	-48.18	-36.18	39.24	-17.22
Unlevered Free Cash Flow	31.65	-44.71	-31.44	43.58	-11.13
Change in Working Capital	-14.68	-88.47	-43.15	11.51	-15.28

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