SHE:002400 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	Dec '22 Dec 31, 2022	Jan '22 Jan 1, 2022
Net Income	89.97	100.93	153.09	212.86	183.9
Depreciation & Amortization	71.25	102.83	109.81	77.06	60.36
Other Amortization	5.26	3.59	5.42	6.44	9.03
Loss (Gain) From Sale of Assets	0.23	19.85	-0.18	-0.03	0.44
Asset Writedown & Restructuring Costs	91.59	1.69	7.5	144.98	102.99
Loss (Gain) From Sale of Investments	-201.57	-2.46	-38.9	6.2	-44.45
Provision & Write-off of Bad Debts	17.27	40.99	73.07	71.69	142.57
Other Operating Activities	70.52	22.88	38.49	8.64	11.07
Change in Accounts Receivable	-1,793	-704.2	-309.17	-1,318	328.44
Change in Inventory	0.09	-0.18	1.27	0.16	-3.45
Change in Accounts Payable	1,237	108.09	445.06	493.53	-175.47
Operating Cash Flow	-427	-296.87	448.23	-302.33	595.36
Operating Cash Flow Growth	-	-	-	-	59.75%
Capital Expenditures	-12.71	-16.9	-10.48	-95.39	-11.05
Sale of Property, Plant & Equipment	0.27	0.8	0.32	0.1	0.58
Divestitures	6.76	-	5.86	0	-
Investment in Securities	-96.43	-0.08	150.01	-461.89	490.98
Other Investing Activities	133.4	37.53	32.92	14.19	33.7
Investing Cash Flow	31.29	21.35	178.63	-543	514.21
Short-Term Debt Issued	4,885	2,801	1,771	1,137	337.97
Total Debt Issued	4,885	2,801	1,771	1,137	337.97
Short-Term Debt Repaid	-3,401	-2,600	-1,316	-702.12	-656.62
Long-Term Debt Repaid	-27.63	-39.55	-59.53	-123.68	-16.83
Total Debt Repaid	-3,429	-2,640	-1,376	-825.79	-673.45
Net Debt Issued (Repaid)	1,457	160.71	395.92	311.42	-335.48
Common Dividends Paid	-92.47	-79.31	-103.46	-31.85	-34.81
Other Financing Activities	-14.27	-8.31	-10.03	2.13	1.8
Financing Cash Flow	1,350	73.09	282.44	281.7	-368.48
Foreign Exchange Rate Adjustments	0.79	-11.92	-5.79	-1.86	-0.72
Net Cash Flow	954.92	-214.35	903.51	-565.48	740.36
Free Cash Flow	-439.71	-313.78	437.75	-397.72	584.31
Free Cash Flow Growth	-	-	-	-	64.45%
Free Cash Flow Margin	-2.06%	-1.52%	2.63%	-2.72%	4.49%
Free Cash Flow Per Share	-0.25	-0.18	0.25	-0.23	0.35
Cash Income Tax Paid	170.12	225.7	180.14	95.92	96.41
Levered Free Cash Flow	-253.54	-481.08	597.36	-620.23	685.04
Unlevered Free Cash Flow	-228.66	-453.49	616.82	-614.95	689.63
Change in Working Capital	-571.52	-587.17	99.93	-830.17	129.45

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