SHE:002208 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	-286.09	-56.57	219.41	334.32	876.92
Depreciation & Amortization	102.49	76.3	41.98	38.74	36.96
Other Amortization	4.33	5.61	3.79	2.01	2.29
Loss (Gain) From Sale of Assets	-0.1	-1.64	-0.01	-5.44	-0.57
Asset Writedown & Restructuring Costs	275.18	4.31	19	3.62	24.33
Loss (Gain) From Sale of Investments	255.26	2.26	9.86	-44.55	-1.27
Provision & Write-off of Bad Debts	-	16.43	5.19	49.61	14.67
Other Operating Activities	393.71	592.15	560.48	205.65	147.13
Change in Accounts Receivable	1,363	-2,324	-1,701	-1,145	-547.16
Change in Inventory	1,517	-863.24	-2,093	-6,630	-3,385
Change in Accounts Payable	-7,202	2,426	4,086	5,348	243.67
Operating Cash Flow	-3,645	-137.72	1,081	-1,885	-2,605
Capital Expenditures	-8.15	-4.41	-14.47	-18.57	-14.06
Sale of Property, Plant & Equipment	0.81	2.6	0.02	-	0.04
Divestitures	-	-	-	7.93	-
Investment in Securities	-54	-124.8	-342.25	40	-55
Other Investing Activities	88.06	-218.22	116.47	-2.28	-107.26
Investing Cash Flow	26.72	-521.2	-240.23	27.08	-176.28
Short-Term Debt Issued	-	-	-	440	635
Long-Term Debt Issued	8,029	6,035	3,698	7,818	2,390
Total Debt Issued	8,029	6,035	3,698	8,258	3,025
Short-Term Debt Repaid	-	-	-	-972	-917
Long-Term Debt Repaid	-5,754	-4,443	-4,572	-4,591	-2,112
Total Debt Repaid	-5,754	-4,443	-4,572	-5,563	-3,029
Net Debt Issued (Repaid)	2,276	1,592	-874.27	2,695	-4.61
Issuance of Common Stock	-	-	930	-	-
Common Dividends Paid	-449.21	-398.12	-438.23	-381.4	-339.84
Other Financing Activities	-193.38	959.69	-1,295	1,262	2,821
Financing Cash Flow	1,633	2,154	-1,677	3,575	2,476
Net Cash Flow	-1,985	1,495	-836.09	1,717	-305.53
Free Cash Flow	-3,653	-142.13	1,067	-1,904	-2,619
Free Cash Flow Margin	-36.16%	-1.85%	13.51%	-47.29%	-34.66%
Free Cash Flow Per Share	-4.56	-0.18	1.31	-2.39	-3.26
Cash Income Tax Paid	407.58	837.24	1,000	1,299	936.96
Levered Free Cash Flow	-3,618	2,193	222.3	-6,856	-132.14
Unlevered Free Cash Flow	-3,618	2,343	332.76	-6,734	-25.3
Change in Working Capital	-4,390	-776.57	221.57	-2,469	-3,706

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