SHE:002531 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	-235.53	204.44	795.23	628.51	1,310
Depreciation & Amortization	789.69	738.53	580.54	434.26	401.78
Other Amortization	54.33	54.95	51.16	22.38	25.81
Loss (Gain) From Sale of Assets	-0.19	-0.54	-2.03	-0.1	1.25
Asset Writedown & Restructuring Costs	278.6	7.03	20.47	12.49	6.32
Loss (Gain) From Sale of Investments	0.4	10.22	-7.57	28.08	-308.88
Stock-Based Compensation	-	-	-	-9.63	45
Provision & Write-off of Bad Debts	132.39	7.5	102.1	33.36	15.33
Other Operating Activities	459.62	416.4	402.83	245.67	236.48
Change in Accounts Receivable	-820.12	287.41	-254.33	-358.21	-434.37
Change in Inventory	533.36	-329.07	-271.27	-491.06	149.81
Change in Accounts Payable	-15.7	-701.92	416.48	265.45	-683.35
Change in Other Net Operating Assets	-95.45	13.62	0.31	-	-
Operating Cash Flow	837.42	598.8	1,829	753.73	775.97
Operating Cash Flow Growth	39.85%	-67.26%	142.67%	-2.87%	226.41%
Capital Expenditures	-2,667	-877.55	-1,016	-1,592	-989.85
Sale of Property, Plant & Equipment	10.37	9.48	9.7	0.13	0.21
Cash Acquisitions	-	-589.93	-2,268	-400	-
Divestitures	22.07	-	1.35	-	11.28
Investment in Securities	60.77	-124.87	-43.26	-602.94	228.66
Other Investing Activities	112.73	0.22	159.27	-42.06	307.59
Investing Cash Flow	-2,461	-1,583	-3,156	-2,637	-442.11
Long-Term Debt Issued	7,031	5,123	6,185	6,997	3,850
Long-Term Debt Repaid	-5,190	-4,508	-4,805	-4,269	-3,533
Net Debt Issued (Repaid)	1,842	614.96	1,380	2,728	316.51
Issuance of Common Stock	-	11.08	52.31	-	34.08
Common Dividends Paid	-365.22	-492.19	-349.22	-413.55	-502.88
Other Financing Activities	53	1,010	-133.96	-7	62.37
Financing Cash Flow	1,529	1,144	949.36	2,307	-89.92
Foreign Exchange Rate Adjustments	0	0.61	0.24	-0.28	-2.88
Net Cash Flow	-94.68	161.12	-377.7	423.78	241.06
Free Cash Flow	-1,830	-278.75	813.55	-838.06	-213.88
Free Cash Flow Margin	-33.97%	-5.73%	10.53%	-12.44%	-2.62%
Free Cash Flow Per Share	-1.02	-0.15	0.45	-0.47	-0.12
Cash Income Tax Paid	204.36	212.31	318.83	143.21	291.42
Levered Free Cash Flow	-1,367	-452.48	-60.16	-457.18	-719.83
Unlevered Free Cash Flow	-1,167	-211.06	164.03	-289.79	-564.08
Change in Working Capital	-641.9	-839.72	-113.69	-641.29	-956.63

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