SHE:002451 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	Dec '21 Dec 31, 2021
Net Income	10.58	17.87	16.16	14.67	12.85
Depreciation & Amortization	43.72	44.41	39.49	38.68	39.41
Other Amortization	0.92	0.3	0.21	0.3	0.33
Loss (Gain) From Sale of Assets	-3.29	-	-0.58	-	-
Asset Writedown & Restructuring Costs	0.59	14.17	5.18	14.88	0.61
Loss (Gain) From Sale of Investments	-0.23	-3.34	-2.02	-2.49	-3.75
Provision & Write-off of Bad Debts	-	-	-	-	10.33
Other Operating Activities	41.92	23.7	28.37	26.56	19.79
Change in Accounts Receivable	-175.18	-108.02	41.9	-208.67	-440.8
Change in Inventory	36.55	-16.63	-2.02	-7.79	-66.48
Change in Accounts Payable	39.83	17.94	-2.58	81.36	25.89
Change in Other Net Operating Assets	0.98	-3.86	-3.76	-4.08	-4.08
Operating Cash Flow	-1.69	-16.46	121.01	-49.3	-408.42
Capital Expenditures	-78.56	-57.95	-10.64	-74.32	-11.43
Sale of Property, Plant & Equipment	39.32	-	0.83	-	-
Divestitures	-	-	-	-	315.37
Other Investing Activities	0.89	2.75	5.74	8.94	1.58
Investing Cash Flow	-38.35	-55.2	-4.07	-65.38	305.52
Short-Term Debt Issued	-	-	-	28.45	349.2
Long-Term Debt Issued	1,153	646.71	573.5	571.26	353
Total Debt Issued	1,153	646.71	573.5	599.71	702.2
Short-Term Debt Repaid	-255.99	-137.9	-90.05	-21.11	-382.28
Long-Term Debt Repaid	-739.37	-404.83	-529.13	-381.6	-308
Total Debt Repaid	-995.35	-542.73	-619.18	-402.71	-690.28
Net Debt Issued (Repaid)	157.23	103.98	-45.68	197.01	11.92
Issuance of Common Stock	53.88	-	-	-	-
Common Dividends Paid	-26.33	-22.33	-25.07	-39.71	-12.41
Other Financing Activities	-	4	-36.35	-13.05	88.81
Financing Cash Flow	184.78	85.66	-107.1	144.25	88.32
Foreign Exchange Rate Adjustments	-0.46	0.05	0.02	-0.03	-0.01
Net Cash Flow	144.28	14.05	9.86	29.54	-14.59
Free Cash Flow	-80.26	-74.4	110.38	-123.62	-419.85
Free Cash Flow Margin	-5.09%	-5.53%	10.14%	-11.46%	-36.75%
Free Cash Flow Per Share	-0.18	-0.17	0.27	-0.25	-0.98
Cash Income Tax Paid	5.3	6.39	21.8	14.49	7.89
Levered Free Cash Flow	-196.36	64.45	68.8	-170.57	-226.8
Unlevered Free Cash Flow	-179.3	77.84	83.64	-155.74	-216.02
Change in Working Capital	-95.9	-113.57	34.19	-141.89	-488

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