SHE:002530 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	64.86	-9.16	-84.25	-340.59	-397.08
Depreciation & Amortization	80.94	92.42	92.45	148.71	173.28
Other Amortization	4.47	9.25	9.58	12.83	14.09
Loss (Gain) From Sale of Assets	0.1	-0.97	0.11	-0.25	-0.25
Asset Writedown & Restructuring Costs	11.49	23.87	53.79	119.88	201.03
Loss (Gain) From Sale of Investments	-15.26	-24.99	-15.37	18.96	10.34
Other Operating Activities	37.47	34.3	30.36	29.19	32.91
Change in Accounts Receivable	-80.31	1.71	-18.89	10.02	-46.93
Change in Inventory	16.58	29.9	-54.51	-43.28	-60
Change in Accounts Payable	-23.27	-95.46	-28.88	38.37	62.39
Operating Cash Flow	95.56	61.69	-2.7	38.29	-20.39
Operating Cash Flow Growth	54.90%	-	-	-	-
Capital Expenditures	-72.4	-81.11	-82.68	-91.71	-176.02
Sale of Property, Plant & Equipment	2.55	5.5	2.44	0.34	1.53
Cash Acquisitions	11.63	-	-	-12.5	1.12
Divestitures	0.45	-9.41	-	6.83	31.04
Investment in Securities	11.13	-105.51	179.81	-53.42	-27.7
Other Investing Activities	10.69	14.58	17.18	18.18	16.54
Investing Cash Flow	-35.96	-175.94	116.74	-132.28	-153.49
Long-Term Debt Issued	153.68	465.27	356.56	331.49	280.05
Total Debt Issued	153.68	465.27	356.56	331.49	280.05
Long-Term Debt Repaid	-129.07	-447.46	-363.91	-378.01	-285.83
Total Debt Repaid	-129.07	-447.46	-363.91	-378.01	-285.83
Net Debt Issued (Repaid)	24.62	17.81	-7.35	-46.52	-5.77
Repurchase of Common Stock	-8	-	-	-	-
Common Dividends Paid	-4.41	-10.36	-11.53	-12.74	-15.09
Other Financing Activities	-21.4	-3.67	-11.99	4.07	2.37
Financing Cash Flow	-9.19	3.78	-30.87	-55.19	-18.49
Foreign Exchange Rate Adjustments	-0.67	-0.22	0.28	2.82	0.07
Net Cash Flow	49.73	-110.68	83.44	-146.36	-192.31
Free Cash Flow	23.16	-19.42	-85.39	-53.42	-196.42
Free Cash Flow Margin	2.21%	-1.53%	-7.09%	-4.38%	-16.34%
Free Cash Flow Per Share	0.03	-0.02	-0.11	-0.07	-0.25
Cash Income Tax Paid	72.35	74.56	74.92	24.14	67.49
Levered Free Cash Flow	3.22	-84.31	-30.15	3.23	-25.12
Unlevered Free Cash Flow	6.42	-77.02	-21.97	12.07	-14.18
Change in Working Capital	-88.49	-63.02	-89.39	49.55	-54.72

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