SHE:002297 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	60.48	-67.23	29.28	23.95	18.9
Depreciation & Amortization	88.13	65.86	69.55	66.55	62.98
Other Amortization	2.58	19.2	1.45	1.5	1.03
Loss (Gain) From Sale of Assets	-	4.98	-1.46	-0	-0.86
Asset Writedown & Restructuring Costs	28.71	0.23	0	0.18	0.09
Loss (Gain) From Sale of Investments	-	13.07	14.33	21.09	10.29
Provision & Write-off of Bad Debts	-	7.28	-2.77	8.78	-2.77
Other Operating Activities	30.11	65.08	11.01	6.79	26.95
Change in Accounts Receivable	-158.19	-62.33	-75.6	-69.66	-55.37
Change in Inventory	-36.27	-19.47	-68.7	-77.84	-93.89
Change in Accounts Payable	88.4	46.01	36.45	63.17	105.64
Operating Cash Flow	100.57	58.99	14.32	43.35	73.44
Operating Cash Flow Growth	70.49%	311.77%	-66.95%	-40.98%	-4.53%
Capital Expenditures	-133.19	-120.5	-193.63	-162.36	-178.1
Sale of Property, Plant & Equipment	0.11	28.51	3.04	0.04	3.08
Investment in Securities	-	14.15	-13.63	157.37	-143.61
Other Investing Activities	2.86	-17.05	9.72	-29.47	37
Investing Cash Flow	-130.22	-94.88	-194.5	-34.41	-281.63
Long-Term Debt Issued	516.84	380	230	50	140
Total Debt Issued	516.84	380	230	50	140
Long-Term Debt Repaid	-410.1	-260	-128	-41.8	-381.9
Total Debt Repaid	-410.1	-260	-128	-41.8	-381.9
Net Debt Issued (Repaid)	106.74	120	102	8.2	-241.9
Issuance of Common Stock	-	-	-	-	626.16
Common Dividends Paid	-10.88	-8.25	-5.55	-2.87	-9.49
Other Financing Activities	-8.81	-	0.47	-	-4
Financing Cash Flow	87.05	111.75	96.92	5.33	370.77
Foreign Exchange Rate Adjustments	1.42	-0.83	0.14	2.9	-0.95
Net Cash Flow	58.82	75.02	-83.12	17.18	161.63
Free Cash Flow	-32.62	-61.51	-179.31	-119.01	-104.65
Free Cash Flow Margin	-3.58%	-8.63%	-30.34%	-21.35%	-21.87%
Free Cash Flow Per Share	-0.06	-0.11	-0.31	-0.21	-0.20
Cash Income Tax Paid	40.51	17.95	14.11	10.56	16.56
Levered Free Cash Flow	-41.3	-74.79	-225.42	-196.55	-18.76
Unlevered Free Cash Flow	-41.3	-68.49	-222.31	-194.75	-12.83
Change in Working Capital	-109.44	-49.49	-107.04	-85.49	-43.18

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