SHE:002590 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	213.48	185.1	319.56	71.64	21.82
Depreciation & Amortization	216.75	210.3	180.42	144.86	138.11
Other Amortization	11.51	1.78	2.69	2.5	2.18
Loss (Gain) From Sale of Assets	-2.85	-4.91	0.28	-0.53	-0.26
Asset Writedown & Restructuring Costs	2.23	23.78	28.53	45.21	27.69
Loss (Gain) From Sale of Investments	19.95	21.13	-182.25	-27.12	22.06
Provision & Write-off of Bad Debts	17.7	29.29	24.85	20.3	7.93
Other Operating Activities	60.48	59.08	22.33	7.4	5.49
Change in Accounts Receivable	-634.88	-360.52	-581.71	-417.47	-89.64
Change in Inventory	-110.04	-52.45	-25.13	-69.49	-189.63
Change in Accounts Payable	470.43	135.16	471.4	302.7	101.05
Change in Other Net Operating Assets	-15.53	10.71	9.4	6.28	11.04
Operating Cash Flow	242.59	255.77	269.55	72.49	48.34
Operating Cash Flow Growth	-5.15%	-5.11%	271.84%	49.96%	-57.24%
Capital Expenditures	-191.17	-241.57	-186.79	-212.63	-102.29
Sale of Property, Plant & Equipment	2.13	13.63	1.15	2	1.06
Cash Acquisitions	-	-	-	-	27.84
Divestitures	-	-	80.99	-	-
Investment in Securities	-28	-5.56	45.99	25.74	-39.48
Investing Cash Flow	-217.03	-233.49	-58.65	-184.89	-112.87
Long-Term Debt Issued	433.42	684	524.5	560.5	395.5
Long-Term Debt Repaid	-527.96	-777.94	-573.02	-356.89	-344.5
Net Debt Issued (Repaid)	-94.54	-93.94	-48.52	203.61	51
Issuance of Common Stock	7.42	405.43	-	6.6	-
Repurchase of Common Stock	-20.38	-	-	-	-
Common Dividends Paid	-45.26	-18.67	-62.34	-59.97	-38.25
Other Financing Activities	-162.56	10.35	4.61	-	23.1
Financing Cash Flow	-315.32	303.17	-106.26	150.25	35.85
Foreign Exchange Rate Adjustments	-0.82	1.2	1.72	8.38	-2.29
Net Cash Flow	-290.58	326.64	106.35	46.23	-30.96
Free Cash Flow	51.42	14.2	82.76	-140.14	-53.95
Free Cash Flow Growth	262.13%	-82.84%	-	-	-
Free Cash Flow Margin	1.04%	0.33%	2.08%	-4.17%	-1.99%
Free Cash Flow Per Share	0.10	0.03	0.17	-0.29	-0.12
Cash Income Tax Paid	112.27	67.54	99.75	14.33	37.35
Levered Free Cash Flow	86.83	-133.41	-85.3	317.76	2.33
Unlevered Free Cash Flow	94.93	-119.65	-69.06	330.66	11.68
Change in Working Capital	-296.66	-269.79	-126.85	-191.78	-176.69

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