SHE:002455 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	-288.61	108.68	-466.12	135.82	225.66
Depreciation & Amortization	693.93	561.72	361.94	296.6	184.32
Other Amortization	64.83	60.68	6.41	0.04	-
Loss (Gain) From Sale of Assets	-0.31	-0.06	-0.27	-3.11	-0.26
Asset Writedown & Restructuring Costs	48.81	0.46	2.47	0.85	-
Loss (Gain) From Sale of Investments	1.33	-3.58	1.89	7.83	-1.79
Provision & Write-off of Bad Debts	-	4.98	9.1	10.45	7.91
Other Operating Activities	274.33	172.82	413.75	86.61	67.89
Change in Accounts Receivable	147.78	743.2	122.71	55.59	-56.73
Change in Inventory	-605.1	45.55	-350.8	-588.8	-184.08
Change in Accounts Payable	398.32	-742.9	383.14	198.96	46.88
Change in Other Net Operating Assets	43.81	6.76	11.14	-4.83	0.11
Operating Cash Flow	725.79	955.84	408.31	179.11	279.77
Operating Cash Flow Growth	-24.07%	134.10%	127.97%	-35.98%	53.90%
Capital Expenditures	-606.87	-962.22	-1,555	-2,343	-1,557
Sale of Property, Plant & Equipment	25.05	0.28	14.21	22.64	0.5
Investment in Securities	-	-	4.8	-	-
Other Investing Activities	-17.53	-11.04	-6.78	0.92	2
Investing Cash Flow	-599.36	-972.98	-1,543	-2,320	-1,554
Long-Term Debt Issued	5,208	5,605	4,587	4,451	2,784
Total Debt Issued	5,208	5,605	4,587	4,451	2,784
Long-Term Debt Repaid	-5,167	-4,993	-3,324	-2,189	-1,600
Total Debt Repaid	-5,167	-4,993	-3,324	-2,189	-1,600
Net Debt Issued (Repaid)	40.41	611.67	1,263	2,262	1,183
Issuance of Common Stock	-	-	-	190	200
Common Dividends Paid	-266.51	-240.44	-269.73	-215.75	-163.33
Other Financing Activities	-157.17	-221	-83	71.91	82.62
Financing Cash Flow	-383.28	150.23	910.71	2,308	1,303
Foreign Exchange Rate Adjustments	-0.04	0.39	2.66	2.59	-3.64
Net Cash Flow	-256.89	133.48	-221.37	170.33	24.77
Free Cash Flow	118.91	-6.38	-1,147	-2,164	-1,277
Free Cash Flow Margin	2.06%	-0.11%	-27.89%	-52.38%	-29.79%
Free Cash Flow Per Share	0.20	-0.01	-1.94	-3.50	-2.26
Cash Income Tax Paid	44.73	-48.08	-214.39	-152.64	-45.48
Levered Free Cash Flow	-486.51	-282.73	-523.96	-2,155	-1,054
Unlevered Free Cash Flow	-486.51	-139.34	-441.94	-2,102	-1,015
Change in Working Capital	-68.53	50.14	79.14	-355.98	-203.97

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