SHE:002586 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	259.88	-151.09	-137.11	-497.07	-27.38
Depreciation & Amortization	13.77	28.23	32.49	34.71	16.28
Other Amortization	1.12	1.2	0.58	0.56	0.27
Loss (Gain) From Sale of Assets	5.47	0.41	0.13	-4.96	-5.73
Asset Writedown & Restructuring Costs	10.28	86.6	37.66	257.64	118.81
Loss (Gain) From Sale of Investments	-361.97	-55.44	-36.3	-67.86	29.22
Provision & Write-off of Bad Debts	-	44.95	-21.63	161.71	54.39
Other Operating Activities	15.3	73.6	81.73	94.81	137.13
Change in Accounts Receivable	-341.01	-63.24	350.02	-46.14	-238.61
Change in Inventory	57.65	-59.97	-20.11	-95.67	-36.53
Change in Accounts Payable	-179.37	60.71	-251.28	52.69	108.65
Change in Other Net Operating Assets	29.8	-	-	-	-
Operating Cash Flow	-479.62	-60.04	13.15	-98.71	100.2
Operating Cash Flow Growth	-	-	-	-	1169.61%
Capital Expenditures	-30.66	-71.75	-377.51	-552.31	-542.46
Sale of Property, Plant & Equipment	0.1	1.41	0.13	0.07	6.17
Cash Acquisitions	-	-	-	0.01	100.57
Divestitures	115.75	0	-	-	-
Investment in Securities	6	50	-27.18	-1.13	137.05
Other Investing Activities	1,023	852.85	309.32	819.39	447.5
Investing Cash Flow	1,114	832.51	-95.24	266.03	229.93
Long-Term Debt Issued	609.48	855.85	1,255	797.85	1,257
Long-Term Debt Repaid	-1,228	-974.76	-1,261	-1,430	-1,548
Net Debt Issued (Repaid)	-618.77	-118.91	-6.05	-632.6	-291.59
Issuance of Common Stock	11.58	-	-	-	-
Common Dividends Paid	-29.49	-49.95	-	-113.81	-76.04
Other Financing Activities	-	3.7	-64.64	948.7	3.91
Financing Cash Flow	-636.68	-165.17	-70.7	202.28	-363.72
Net Cash Flow	-1.83	607.31	-152.78	369.6	-33.59
Free Cash Flow	-510.28	-131.79	-364.36	-651.02	-442.26
Free Cash Flow Margin	-24.38%	-5.31%	-17.09%	-25.43%	-17.14%
Free Cash Flow Per Share	-0.45	-0.12	-0.32	-0.57	-0.39
Cash Interest Paid	-	-	64.64	-	-
Cash Income Tax Paid	107.88	180.82	112.44	128.06	60.05
Levered Free Cash Flow	-471.18	166.48	-541.95	265.02	-792.27
Unlevered Free Cash Flow	-471.18	201.55	-501.55	316.51	-719.81
Change in Working Capital	-423.47	-88.49	55.61	-78.25	-222.78

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