SHE:002581 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	-160.83	-137.31	-332.46	-14.68	271
Depreciation & Amortization	38.49	41.67	70.63	74.86	65.9
Other Amortization	0.15	1.09	4.41	2.59	3.55
Loss (Gain) From Sale of Assets	-3.82	-1.16	6.33	-0.05	0.15
Asset Writedown & Restructuring Costs	43.65	69.64	293.88	13.61	0.48
Loss (Gain) From Sale of Investments	-23.91	-44.08	-172.68	-217.45	-471.94
Provision & Write-off of Bad Debts	-	-4.73	-27.56	-3.48	-2.2
Other Operating Activities	17.96	10.02	39.07	22.87	21.01
Change in Accounts Receivable	-230.18	67.81	69.76	2.45	75.08
Change in Inventory	20.82	-9.34	-15.16	-16.13	6.53
Change in Accounts Payable	30.57	11.35	6.24	68.51	-15.39
Change in Other Net Operating Assets	29.28	-8.31	15.5	-	-
Operating Cash Flow	-253.73	-6.55	-36.51	-54.49	-46.02
Capital Expenditures	-179.7	-9.01	-4.32	-31.46	-60.85
Sale of Property, Plant & Equipment	4.07	8.17	4.77	24.45	0.02
Divestitures	-	73.75	-	-	-
Investment in Securities	-	-	0.03	-28	5
Other Investing Activities	143.02	294.16	256.17	-3.4	-
Investing Cash Flow	-32.61	367.06	256.65	-38.42	-55.83
Short-Term Debt Issued	-	-	-	227.5	218
Long-Term Debt Issued	8	2.77	13.84	62.95	-
Total Debt Issued	8	2.77	13.84	290.45	218
Short-Term Debt Repaid	-	-	-	-229	-188
Long-Term Debt Repaid	-19.78	-10.56	-214.7	-13.39	-25.3
Total Debt Repaid	-19.78	-10.56	-214.7	-242.39	-213.3
Net Debt Issued (Repaid)	-11.78	-7.79	-200.87	48.06	4.7
Common Dividends Paid	-1.14	-0.18	-10.28	-8.04	-6.71
Other Financing Activities	-1.12	-	-	7.88	7.49
Financing Cash Flow	-14.03	-7.97	-211.14	47.89	5.49
Foreign Exchange Rate Adjustments	-0	0	-0	0	-0
Net Cash Flow	-300.37	352.54	9	-45	-96.35
Free Cash Flow	-433.43	-15.56	-40.82	-85.95	-106.86
Free Cash Flow Margin	-157.72%	-4.32%	-9.50%	-24.07%	-26.53%
Free Cash Flow Per Share	-0.66	-0.02	-0.06	-0.13	-0.16
Cash Income Tax Paid	15.63	22.6	31.75	15.49	20.31
Levered Free Cash Flow	-337.55	32.36	-107.84	85.69	1.83
Unlevered Free Cash Flow	-337.55	32.49	-102.18	91.57	6.13
Change in Working Capital	-165.42	58.32	81.88	67.26	66.03

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