SHE:002362 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	-187.89	-110.16	-134.76	-135.64	54.09
Depreciation & Amortization	101.73	31.2	59.25	46.66	36.21
Other Amortization	0.98	46.36	2.53	5.44	4.99
Loss (Gain) From Sale of Assets	-0.05	0.21	-0.04	-0	-
Asset Writedown & Restructuring Costs	43.14	2.78	0.33	11.66	-8.03
Loss (Gain) From Sale of Investments	-10.92	-4.54	-5.79	-7.24	-27.91
Provision & Write-off of Bad Debts	-	-	-	7.93	1.34
Other Operating Activities	11.37	27.28	-15.3	1.02	54.51
Change in Accounts Receivable	37.17	-51.76	-0.77	-20.9	3.12
Change in Inventory	-37.01	7.85	-12.59	89.97	-131.91
Change in Accounts Payable	4.06	81.71	44.3	-31.92	-51.24
Operating Cash Flow	-37.54	31.86	-62.7	-35.95	-69.33
Capital Expenditures	-99.93	-140.65	-116.68	-67.13	-74.37
Sale of Property, Plant & Equipment	0.02	0.04	2.39	0.07	0.18
Cash Acquisitions	-	-	-	0.87	11.53
Divestitures	-	0.06	-0.21	0.36	-
Investment in Securities	97.18	21.15	170.86	8.09	-179.75
Other Investing Activities	1.31	2.91	5.93	27.97	21.3
Investing Cash Flow	-1.41	-116.48	62.29	-29.78	-221.11
Short-Term Debt Issued	-	153.92	86	122.41	63.88
Long-Term Debt Issued	373.2	-	-	-	-
Total Debt Issued	373.2	153.92	86	122.41	63.88
Short-Term Debt Repaid	-	-86.65	-84.46	-88.62	-31.58
Long-Term Debt Repaid	-180.02	-10.63	-5.47	-	-
Total Debt Repaid	-180.02	-97.28	-89.93	-88.62	-31.58
Net Debt Issued (Repaid)	193.18	56.65	-3.93	33.79	32.3
Common Dividends Paid	-7.07	-3.44	-2.73	-2.71	-0.55
Other Financing Activities	-11.32	-	-29.4	-17.73	2.3
Financing Cash Flow	174.79	53.21	-36.06	13.35	34.06
Foreign Exchange Rate Adjustments	-2.95	4.32	-1.93	12.63	-6.03
Net Cash Flow	132.88	-27.09	-38.4	-39.75	-262.42
Free Cash Flow	-137.47	-108.79	-179.38	-103.08	-143.71
Free Cash Flow Margin	-7.28%	-5.99%	-12.37%	-7.36%	-8.91%
Free Cash Flow Per Share	-0.56	-0.45	-0.73	-0.42	-0.59
Cash Income Tax Paid	-7.51	3.25	9.52	4.9	10.64
Levered Free Cash Flow	-91.66	-93.08	-116.24	-58.64	-147.9
Unlevered Free Cash Flow	-91.66	-90.47	-114.45	-56.74	-147.11
Change in Working Capital	4.11	38.73	31.1	34.23	-184.53

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