SHE:002234 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	-268.51	-249.13	-386.32	-452.06	47.61
Depreciation & Amortization	181.85	169.76	159.48	152.7	131.81
Other Amortization	1.71	1.9	1.99	1.47	1.12
Loss (Gain) From Sale of Assets	0.03	0.11	0.05	-0	-0.22
Asset Writedown & Restructuring Costs	0.51	1.26	2.87	1.47	0.75
Loss (Gain) From Sale of Investments	24.78	30.13	38.32	23.77	8.83
Provision & Write-off of Bad Debts	-1.16	1.23	1.04	0.98	1.21
Other Operating Activities	123.01	121.19	122.87	98.73	154.19
Change in Accounts Receivable	16.09	5.11	-9.08	-3.93	-49.38
Change in Inventory	-44.2	-104.17	-124.39	-138.57	-246.92
Change in Accounts Payable	105.49	-33.59	127.91	26.55	-6.33
Operating Cash Flow	139.56	-56.19	-65.23	-288.9	42.67
Operating Cash Flow Growth	-	-	-	-	-82.01%
Capital Expenditures	-150.09	-256.42	-350.59	-226.24	-278.47
Sale of Property, Plant & Equipment	1.16	0.32	2.2	0	0.32
Investment in Securities	-	40.98	176.26	78.19	-298.91
Other Investing Activities	-	0.54	5.71	11.39	1.36
Investing Cash Flow	-148.92	-214.59	-166.42	-136.66	-575.69
Short-Term Debt Issued	-	-	-	1,067	520.26
Long-Term Debt Issued	1,712	1,758	1,296	-	-
Total Debt Issued	1,712	1,758	1,296	1,067	520.26
Short-Term Debt Repaid	-	-	-	-498.35	-519.15
Long-Term Debt Repaid	-1,504	-1,447	-1,205	-3.97	-3.48
Total Debt Repaid	-1,504	-1,447	-1,205	-502.32	-522.63
Net Debt Issued (Repaid)	208.15	311.28	91.58	564.56	-2.36
Issuance of Common Stock	-	-	-	-	561.45
Common Dividends Paid	-43.85	-39.79	-24.04	-19.28	-120.14
Other Financing Activities	-182.75	-28.68	-23.2	-53.19	-78.69
Financing Cash Flow	-18.45	242.81	44.33	492.09	360.26
Foreign Exchange Rate Adjustments	-0.02	-0.22	-0.04	0.11	-0
Net Cash Flow	-27.83	-28.19	-187.36	66.64	-172.76
Free Cash Flow	-10.53	-312.61	-415.82	-515.14	-235.79
Free Cash Flow Margin	-0.49%	-14.47%	-20.04%	-32.02%	-13.28%
Free Cash Flow Per Share	-0.03	-0.89	-1.20	-1.48	-0.69
Cash Income Tax Paid	16.08	24.46	14.6	-38.4	-3.98
Levered Free Cash Flow	-82.88	-287.64	-367.57	-424.17	-290.51
Unlevered Free Cash Flow	-54.71	-261.02	-350.95	-409.73	-279.73
Change in Working Capital	77.35	-132.65	-5.53	-115.97	-302.61

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