SHE:002214 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	-230.76	-384.05	-292.28	-150.8	171.16
Depreciation & Amortization	42.56	35.26	36.24	33.06	27.47
Other Amortization	-	3.28	-	-	-
Asset Writedown & Restructuring Costs	47.37	11.76	14.31	10.57	8.72
Loss (Gain) From Sale of Investments	-	-	-	2.58	-1.02
Provision & Write-off of Bad Debts	-	53.51	47.48	41.56	19.51
Other Operating Activities	12.33	78.17	2.56	-3	-12.11
Change in Accounts Receivable	110.48	74.8	121.43	-67.88	-295.78
Change in Inventory	-8.64	-22.08	-18.87	-75.71	-6.97
Change in Accounts Payable	53.03	97.06	-66.88	76.28	104.32
Change in Other Net Operating Assets	1.59	3.12	7.61	5.41	-
Operating Cash Flow	23.22	-67.37	-156.4	-173.44	12.67
Operating Cash Flow Growth	-	-	-	-	-95.43%
Capital Expenditures	-37.17	-88.98	-125.32	-104.96	-189.26
Sale of Property, Plant & Equipment	0.11	0.07	-	-	0.09
Investment in Securities	-24.76	-	103	237.91	-325.59
Other Investing Activities	-4	-	-	0.11	0.64
Investing Cash Flow	-65.81	-88.91	-22.32	133.07	-514.12
Short-Term Debt Issued	-	-	1.2	2.09	-
Long-Term Debt Issued	132.34	164.25	226.63	164.26	14.38
Total Debt Issued	132.34	164.25	227.83	166.36	14.38
Short-Term Debt Repaid	-	-3.2	-0.6	-0.2	-
Long-Term Debt Repaid	-143.25	-53.34	-93.25	-85.85	-165
Total Debt Repaid	-143.25	-56.54	-93.85	-86.05	-165
Net Debt Issued (Repaid)	-10.91	107.72	133.98	80.31	-150.62
Issuance of Common Stock	-	-	-	32.45	959.29
Repurchase of Common Stock	-	-20.02	-30.08	-50.6	-
Common Dividends Paid	-9.61	-39.58	-35.06	-47.85	-40.74
Other Financing Activities	10.07	-	-	-7.52	-2.95
Financing Cash Flow	-10.45	48.11	68.85	6.79	764.98
Foreign Exchange Rate Adjustments	0.34	-0.57	-0.91	1.94	-0.56
Net Cash Flow	-52.7	-108.74	-110.78	-31.63	262.97
Free Cash Flow	-13.95	-156.35	-281.72	-278.39	-176.59
Free Cash Flow Margin	-4.01%	-56.89%	-110.67%	-69.46%	-21.93%
Free Cash Flow Per Share	-0.02	-0.27	-0.47	-0.46	-0.30
Cash Income Tax Paid	-1.77	0.38	5.44	-16.91	80.82
Levered Free Cash Flow	133.53	-12.07	-202.26	-175.81	-300.67
Unlevered Free Cash Flow	133.53	-5.77	-198.81	-174.68	-299.73
Change in Working Capital	151.72	134.7	35.3	-107.41	-201.07

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