SHE:002199 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	-37.09	-50.02	-73.45	-66.65	-69.11	30.94
Depreciation & Amortization	39.32	39.32	38.51	35.68	31.1	30.64
Other Amortization	1.86	1.86	3.04	1.6	0.72	0.83
Loss (Gain) From Sale of Assets	-0.18	-0.18	0.03	-0.01	0.15	-1.42
Asset Writedown & Restructuring Costs	30.33	30.33	13.44	1.67	0.85	0.75
Loss (Gain) From Sale of Investments	-0.02	-0.02	-0.09	-0.01	-	-0.97
Provision & Write-off of Bad Debts	-	-	0.68	4.11	-0.57	-0.48
Other Operating Activities	-13.08	5.6	34.19	33.58	50.57	3.43
Change in Accounts Receivable	-45.8	-45.8	-50.71	12.82	29.47	-21.78
Change in Inventory	-44.06	-44.06	-37.1	-10.51	-34.19	-32.98
Change in Accounts Payable	27	27	60.71	-18.85	-41.55	35.67
Change in Other Net Operating Assets	0.73	0.73	1.59	1.95	-	-
Operating Cash Flow	-41.01	-35.26	-9.17	-4.63	-32.51	44.63
Operating Cash Flow Growth	-	-	-	-	-	82.31%
Capital Expenditures	-18.73	-21.72	-2.5	-14.43	-80.68	-57.48
Sale of Property, Plant & Equipment	0	0	0.09	-	0.03	6.42
Investment in Securities	-	-	-	-0.62	-	0.01
Other Investing Activities	-	0.02	0.09	0.01	-	0.96
Investing Cash Flow	-18.72	-21.69	-2.32	-15.04	-80.64	-50.1
Long-Term Debt Issued	-	56.95	98	79.78	22	60
Long-Term Debt Repaid	-	-56.71	-107.64	-35.24	-19.56	-5.4
Net Debt Issued (Repaid)	-12.27	0.24	-9.64	44.54	2.44	54.6
Common Dividends Paid	-3.76	-4.07	-4.28	-3.66	-2.78	-0.82
Other Financing Activities	95.21	84.97	-	-	-	0.98
Financing Cash Flow	79.18	81.13	-13.92	40.88	-0.34	54.76
Foreign Exchange Rate Adjustments	0.12	0.12	0	-0	-	-
Net Cash Flow	19.56	24.3	-25.42	21.21	-113.5	49.29
Free Cash Flow	-59.74	-56.98	-11.67	-19.06	-113.19	-12.85
Free Cash Flow Margin	-13.10%	-16.04%	-5.37%	-11.00%	-62.60%	-4.22%
Free Cash Flow Per Share	-0.25	-0.24	-0.05	-0.08	-0.46	-0.05
Cash Income Tax Paid	3.75	3.75	3.74	4.36	-10.25	-6.38
Levered Free Cash Flow	95.8	79.3	26.82	-16.58	-118.39	6.95
Unlevered Free Cash Flow	96.15	79.3	29.66	-13.98	-116.31	7.95
Change in Working Capital	-62.14	-62.14	-25.52	-14.59	-46.28	-19.09

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