SHE:002628 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	-78.6	-92.17	4.49	9.11	79.02
Depreciation & Amortization	18.59	15.58	17.49	16.7	15.68
Other Amortization	4.67	2.63	1.64	1.71	1.54
Loss (Gain) From Sale of Assets	-0.71	-0.01	0.02	-0.18	-0.32
Asset Writedown & Restructuring Costs	0.05	0.74	4.83	37.28	0.01
Loss (Gain) From Sale of Investments	-172.66	-146.59	-242.22	-222.24	-221.73
Provision & Write-off of Bad Debts	124.12	97.91	88	-14.06	-37.83
Other Operating Activities	78.43	91.99	145.81	139.5	161.1
Change in Accounts Receivable	37.82	196.73	244.89	427.31	-526.35
Change in Inventory	5.09	-3.68	-13.84	-14.27	2.16
Change in Accounts Payable	-262.8	-166.41	-113.57	-154.82	180.84
Operating Cash Flow	-207.41	-34.61	113.47	230.63	-335.22
Operating Cash Flow Growth	-	-	-50.80%	-	-
Capital Expenditures	-6.65	-3.8	-13.46	-63.05	-59.08
Sale of Property, Plant & Equipment	1.39	0.42	0.48	46.7	0.69
Cash Acquisitions	-61.66	-0.98	-1.76	-	-
Divestitures	0.2	14.43	-	-	-
Investment in Securities	119.84	-15.63	-163.65	-87.43	-73.38
Other Investing Activities	165.75	215.59	245.57	193.12	94.75
Investing Cash Flow	218.88	210.04	67.17	89.34	-37.02
Short-Term Debt Issued	-	-	-	25	-
Long-Term Debt Issued	33	22.95	10	10	430.19
Total Debt Issued	33	22.95	10	35	430.19
Short-Term Debt Repaid	-	-	-	-25	-
Long-Term Debt Repaid	-30.69	-119.11	-148.93	-555.09	-305.67
Total Debt Repaid	-30.69	-119.11	-148.93	-580.09	-305.67
Net Debt Issued (Repaid)	2.31	-96.16	-138.93	-545.09	124.51
Repurchase of Common Stock	-	-	-0.21	-3.78	-8.69
Common Dividends Paid	-38.62	-86.9	-114.23	-130.71	-155.69
Other Financing Activities	2.07	18.73	-10.59	123.3	-3
Financing Cash Flow	-34.24	-164.33	-263.95	-556.28	-42.87
Net Cash Flow	-22.77	11.1	-83.31	-236.31	-415.11
Free Cash Flow	-214.06	-38.41	100.01	167.57	-394.3
Free Cash Flow Growth	-	-	-40.32%	-	-
Free Cash Flow Margin	-23.82%	-4.74%	8.57%	12.52%	-22.03%
Free Cash Flow Per Share	-0.27	-0.05	0.22	0.18	-0.50
Cash Income Tax Paid	33.95	37.6	34.48	58.29	80.97
Levered Free Cash Flow	-26.14	-155.33	-152.64	-70.97	-485.43
Unlevered Free Cash Flow	22.48	-99.65	-91.1	12.11	-387.39
Change in Working Capital	-181.31	-4.67	93.42	262.81	-332.71

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