SHE:002583 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	-257.8	-3,485	-387.86	407.48	-661.74
Depreciation & Amortization	421.02	478.99	495.95	504.09	582.94
Other Amortization	25.44	24.37	25.8	24.67	27.4
Loss (Gain) From Sale of Assets	-0.27	-0.75	-58.61	-1.07	1.19
Asset Writedown & Restructuring Costs	17.39	36.1	66.26	14.82	78.63
Loss (Gain) From Sale of Investments	-94.46	-8.27	-2.59	-282.92	0.84
Provision & Write-off of Bad Debts	46.59	44.94	43.87	161.2	56.58
Other Operating Activities	42.92	187.46	275.92	156.43	440.06
Change in Accounts Receivable	-260.11	41.86	-240.4	26.98	792.56
Change in Inventory	-243.35	6.66	-67.07	20.19	-237.18
Change in Accounts Payable	462.61	3,271	548.32	-310.3	-319.4
Change in Other Net Operating Assets	-	0.01	-	-	1.21
Operating Cash Flow	119.32	622.79	685.85	623.27	704.04
Operating Cash Flow Growth	-80.84%	-9.19%	10.04%	-11.47%	2.35%
Capital Expenditures	-460.1	-442	-366.51	-439.41	-489.09
Sale of Property, Plant & Equipment	19.82	17.68	44.11	15.44	431.8
Divestitures	556.56	7.73	-	955.34	-
Investment in Securities	-	-3.35	-0.95	31	-63.76
Other Investing Activities	7.31	1	1.6	3.2	3.2
Investing Cash Flow	123.59	-418.94	-321.76	565.57	-117.85
Long-Term Debt Issued	2,283	2,738	4,052	3,308	4,767
Long-Term Debt Repaid	-2,248	-3,030	-3,762	-4,906	-5,068
Net Debt Issued (Repaid)	34.32	-291.73	289.88	-1,598	-301.24
Issuance of Common Stock	0.21	8.27	6.85	0	-
Repurchase of Common Stock	-	-	-	-	-92.33
Common Dividends Paid	-57.93	-92.47	-101.51	-153.54	-219.57
Other Financing Activities	-128.23	-5.58	-197.79	-77.88	70.52
Financing Cash Flow	-151.62	-381.51	-2.57	-1,830	-542.61
Foreign Exchange Rate Adjustments	-30.94	33.56	1.08	84.75	-49.43
Net Cash Flow	60.34	-144.09	362.6	-556.02	-5.85
Free Cash Flow	-340.78	180.8	319.34	183.86	214.95
Free Cash Flow Growth	-	-43.38%	73.69%	-14.46%	830.67%
Free Cash Flow Margin	-5.67%	2.94%	5.65%	3.25%	3.76%
Free Cash Flow Per Share	-0.19	0.10	0.18	0.10	0.12
Cash Income Tax Paid	153.13	250.65	84.03	90.99	17.13
Levered Free Cash Flow	771.34	668.66	-125.19	-47.81	414.55
Unlevered Free Cash Flow	815.99	730.01	-52.54	59.4	555.32
Change in Working Capital	-81.5	3,345	227.11	-361.41	178.15

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