SHE:002465 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	-786.37	53.14	703.01	668.2	653.61
Depreciation & Amortization	164.41	172.63	166.14	138.89	135.74
Other Amortization	37.4	21.6	21.04	13.32	13.68
Loss (Gain) From Sale of Assets	-0.68	-0.06	-0.99	-1.07	0.21
Asset Writedown & Restructuring Costs	255.58	38.5	56	66.67	65.98
Loss (Gain) From Sale of Investments	-9.73	-26.24	-17.21	-41.55	-73.97
Provision & Write-off of Bad Debts	242.76	33.11	33.19	67.36	85.05
Other Operating Activities	103.03	132.19	82.19	51.37	80.08
Change in Accounts Receivable	-535.17	-677.56	-2,128	-967.26	-869.87
Change in Inventory	30.24	362.59	-15.04	265.9	-69.63
Change in Accounts Payable	-38.71	-736.86	873.58	-296.51	621.32
Change in Other Net Operating Assets	-0.23	4.79	-	-	-
Operating Cash Flow	-644.71	-755.85	-268.86	-41.75	628.18
Operating Cash Flow Growth	-	-	-	-	-56.51%
Capital Expenditures	-776.58	-687	-462.14	-390.65	-169.94
Sale of Property, Plant & Equipment	0.76	0.79	2.35	0.68	1.84
Divestitures	25	-	-	-	-
Investment in Securities	-438.66	-215.41	40.6	591.85	510.74
Other Investing Activities	23.41	19.8	23.69	40.82	58.84
Investing Cash Flow	-1,166	-881.82	-395.51	242.7	401.47
Long-Term Debt Issued	3,673	4,081	1,366	322.5	217.77
Long-Term Debt Repaid	-2,202	-1,818	-355.17	-51.54	-382.71
Net Debt Issued (Repaid)	1,471	2,263	1,011	270.95	-164.94
Issuance of Common Stock	-	-	1,842	-	-
Repurchase of Common Stock	-250.81	-	-	-	-
Common Dividends Paid	-238.81	-419.34	-367.6	-355.38	-312.99
Other Financing Activities	-61.23	-17.72	-8.04	-15.24	-22.81
Financing Cash Flow	920.36	1,826	2,478	-99.66	-500.74
Foreign Exchange Rate Adjustments	0.01	-0.17	0.25	2.64	-0.89
Net Cash Flow	-890.41	188.52	1,814	103.94	528.02
Free Cash Flow	-1,421	-1,443	-731	-432.4	458.24
Free Cash Flow Growth	-	-	-	-	-61.77%
Free Cash Flow Margin	-32.39%	-29.33%	-11.34%	-7.70%	8.37%
Free Cash Flow Per Share	-0.58	-0.54	-0.31	-0.19	0.20
Cash Income Tax Paid	165.81	288.52	307.65	194.66	232.36
Levered Free Cash Flow	-822.68	-1,509	-1,011	-661.52	275.73
Unlevered Free Cash Flow	-776.39	-1,474	-998.42	-654.98	281.16
Change in Working Capital	-651.1	-1,181	-1,312	-1,005	-332.21

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