SHE:002449 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	-13.01	51.53	85.64	121.34	234.33
Depreciation & Amortization	334.66	344.39	370.42	367.05	344.65
Other Amortization	10.77	14.3	10.41	8.82	7.08
Loss (Gain) From Sale of Assets	-0	0.8	-0.24	-1.05	-0
Asset Writedown & Restructuring Costs	40.02	0.4	1.51	44.39	68.14
Loss (Gain) From Sale of Investments	-0.76	-5.7	-6.62	-1.51	1.56
Provision & Write-off of Bad Debts	-	4.47	-0.2	-	-
Other Operating Activities	17.58	51.96	56.9	6.43	5.91
Change in Accounts Receivable	-566.27	-421.9	-263.73	337.11	-326.15
Change in Inventory	-32.31	24.81	-19.8	-16.81	2.48
Change in Accounts Payable	441.63	182.72	159.67	-481.98	349.24
Operating Cash Flow	222.31	240.11	389.64	391.45	710.51
Operating Cash Flow Growth	-7.41%	-38.38%	-0.46%	-44.91%	60.07%
Capital Expenditures	-195.65	-201.77	-219.56	-383.86	-314.61
Sale of Property, Plant & Equipment	1.19	0.66	4.24	2.3	10.94
Divestitures	24.92	-	-	-	-
Investment in Securities	28.8	111	-89.02	-40	2.96
Other Investing Activities	0.89	5.82	2.98	0.77	0.99
Investing Cash Flow	-139.85	-84.29	-301.35	-420.8	-299.73
Long-Term Debt Issued	163	251.95	116.32	624.6	-
Total Debt Issued	163	251.95	116.32	624.6	-
Long-Term Debt Repaid	-285.14	-371.11	-110	-40.44	-33.6
Total Debt Repaid	-285.14	-371.11	-110	-40.44	-33.6
Net Debt Issued (Repaid)	-122.14	-119.16	6.32	584.16	-33.6
Common Dividends Paid	-39.03	-52.76	-52.8	-35.34	-41.74
Other Financing Activities	-158.86	2.25	-118.05	-118.11	-25.59
Financing Cash Flow	-320.02	-169.67	-164.54	430.71	-100.92
Foreign Exchange Rate Adjustments	0.11	9.95	2.74	9.76	-2.16
Net Cash Flow	-237.45	-3.91	-73.51	411.13	307.7
Free Cash Flow	26.66	38.34	170.08	7.59	395.9
Free Cash Flow Growth	-30.45%	-77.46%	2141.76%	-98.08%	-
Free Cash Flow Margin	0.81%	1.10%	4.80%	0.21%	9.79%
Free Cash Flow Per Share	0.04	0.06	0.28	0.01	0.64
Cash Income Tax Paid	0.53	-11.83	21.82	-20.31	86.54
Levered Free Cash Flow	92.52	38.38	-84.58	18.28	578.16
Unlevered Free Cash Flow	92.52	48.93	-74.03	22.3	581.92
Change in Working Capital	-166.95	-222.05	-128.18	-154.02	48.84

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