SHE:002596 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	-220.11	-241.53	-506.84	-493.23	-1,141
Depreciation & Amortization	84.98	99.29	108.83	126.72	141.32
Other Amortization	13.74	16.68	28.2	27.57	26.59
Loss (Gain) From Sale of Assets	-1.4	-20.51	4.17	10.99	0.54
Asset Writedown & Restructuring Costs	64.74	2.45	252.29	94.96	654.47
Loss (Gain) From Sale of Investments	-13.89	-14.63	-2.3	-237.87	15.08
Provision & Write-off of Bad Debts	-	-28.81	116.24	550.85	388.86
Other Operating Activities	17.89	120.52	120.67	62.67	103.55
Change in Accounts Receivable	250.65	243.73	1.25	-79.98	-414.12
Change in Inventory	19.58	23.96	10.69	65.9	28.61
Change in Accounts Payable	-141.44	-139.15	-30.14	-125.83	138.75
Operating Cash Flow	64.66	88.01	95.23	-26.96	-25.76
Operating Cash Flow Growth	-26.53%	-7.58%	-	-	-
Capital Expenditures	-6.43	-22.07	-21.11	-35.68	-102.13
Sale of Property, Plant & Equipment	1.23	94.6	9.61	0.24	2.11
Divestitures	-	-	2.86	257.68	18
Investment in Securities	-0	-20	-0.49	85.5	-17
Other Investing Activities	26.71	-	2.25	-	25
Investing Cash Flow	21.51	50.4	-6.87	307.74	-74.02
Long-Term Debt Issued	182.64	214.83	194.89	191.54	310.13
Long-Term Debt Repaid	-205.44	-276.14	-272.58	-370.28	-293.2
Net Debt Issued (Repaid)	-22.8	-61.32	-77.69	-178.74	16.94
Common Dividends Paid	-27.16	-64.34	-70.86	-80.84	-130.34
Other Financing Activities	-26.79	0.04	0.25	-54.51	-68.53
Financing Cash Flow	-76.74	-125.61	-148.3	-314.09	-181.93
Net Cash Flow	9.42	12.8	-59.95	-33.3	-281.71
Free Cash Flow	58.24	65.95	74.12	-62.64	-127.89
Free Cash Flow Growth	-11.69%	-11.03%	-	-	-
Free Cash Flow Margin	5.00%	5.06%	4.33%	-3.24%	-4.60%
Free Cash Flow Per Share	0.05	0.06	0.06	-0.06	-0.11
Cash Income Tax Paid	85.19	84.74	99.1	86.03	163.73
Levered Free Cash Flow	194.73	168.09	101.04	84.78	-720.97
Unlevered Free Cash Flow	194.73	220.42	161.13	152.87	-645.59
Change in Working Capital	118.7	154.56	-26.03	-169.61	-215.45

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