SHE:002377 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	20.27	-58.53	-147.15	-540.28	-1,122
Depreciation & Amortization	21.28	15.04	37.07	174.08	424.79
Other Amortization	-	0.35	2.99	14	58.25
Loss (Gain) From Sale of Assets	0	0.11	-2.26	32.08	18.89
Asset Writedown & Restructuring Costs	4.2	7.84	34.05	44.88	400.47
Loss (Gain) From Sale of Investments	0.87	-1.04	5.24	11.59	31.8
Provision & Write-off of Bad Debts	-	25.85	16.24	33.54	82.4
Other Operating Activities	-2.52	5.63	25.02	75.34	94.75
Change in Accounts Receivable	-28.7	189.09	-45.98	185.6	-126.95
Change in Inventory	-114.58	25.54	-22.25	17.03	3.06
Change in Accounts Payable	82.36	-211.28	81.07	7.03	64.71
Change in Other Net Operating Assets	0.12	8.17	21.16	-9.9	28.41
Operating Cash Flow	-18.38	6.11	-0.39	62.51	-29.56
Capital Expenditures	-21.15	-2.11	-2.54	-10.67	-93.33
Sale of Property, Plant & Equipment	0.02	0.08	0	1.33	1.62
Cash Acquisitions	-120	-	-	-	-
Divestitures	-	12.12	-1.55	-	2.11
Investment in Securities	-	0.13	1.64	12.12	25.62
Other Investing Activities	-	-	-	1.2	2.43
Investing Cash Flow	-141.13	10.22	-2.45	3.98	-61.55
Short-Term Debt Issued	-	513.19	549.97	501.33	508.48
Long-Term Debt Issued	382.8	-	-	-	-
Total Debt Issued	382.8	513.19	549.97	501.33	508.48
Short-Term Debt Repaid	-	-408.15	-676.39	-395	-576.4
Long-Term Debt Repaid	-326.76	-5	-19.99	-145.98	-371.05
Total Debt Repaid	-326.76	-413.15	-696.38	-540.98	-947.45
Net Debt Issued (Repaid)	56.04	100.04	-146.41	-39.65	-438.97
Common Dividends Paid	-13.49	-15.76	-14.77	-20.44	-22.64
Other Financing Activities	12.99	-16.1	-	-4.75	11.44
Financing Cash Flow	55.55	68.18	-161.18	-64.83	-450.17
Foreign Exchange Rate Adjustments	-0	-	0	-0.03	-0.05
Net Cash Flow	-103.97	84.51	-164.02	1.63	-541.33
Free Cash Flow	-39.54	4	-2.93	51.84	-122.89
Free Cash Flow Margin	-1.79%	0.55%	-0.36%	2.36%	-3.24%
Free Cash Flow Per Share	-0.04	0.00	-0.00	0.06	-0.13
Cash Income Tax Paid	25.03	9.51	33.33	48.59	95.79
Levered Free Cash Flow	-99.76	13.06	-25.26	283.77	-3.94
Unlevered Free Cash Flow	-99.76	23.59	-14.82	311.33	47
Change in Working Capital	-62.49	10.85	28.41	217.29	-18.87

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