SHE:002634 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	Dec '21 Dec 31, 2021
Net Income	-1,156	-672.34	-88.43	72.87	55.62
Depreciation & Amortization	161.47	153.85	51.27	31.14	34.2
Other Amortization	10.73	26.3	4.18	1.81	1.16
Loss (Gain) From Sale of Assets	0.28	-0.93	0.36	0.18	0.3
Asset Writedown & Restructuring Costs	794.6	370.79	0	3.35	0.02
Loss (Gain) From Sale of Investments	-9.44	27.81	-10.68	-19.61	-14.14
Provision & Write-off of Bad Debts	-	-5.4	7.6	0.72	-0.35
Other Operating Activities	121.14	-36.3	-26.51	0.53	6.71
Change in Accounts Receivable	104.1	-288.12	-1,143	9.05	32.21
Change in Inventory	31.2	-32.43	-130.64	40.25	-29.14
Change in Accounts Payable	-28.68	199.16	692.37	-41.12	-17.31
Change in Other Net Operating Assets	-	1.96	5.82	11.97	-
Operating Cash Flow	30.7	-254.25	-637.69	111.06	69.68
Operating Cash Flow Growth	-	-	-	59.39%	-42.95%
Capital Expenditures	-14.06	-298.82	-751.83	-35.23	-52.47
Sale of Property, Plant & Equipment	0.81	0.72	1.88	105.94	0.1
Divestitures	-	-	-	223.98	-
Investment in Securities	-	208.52	-161.59	-45.4	0.79
Other Investing Activities	2.53	9.99	6.95	0.37	19.97
Investing Cash Flow	-10.72	-79.6	-904.59	249.67	-31.61
Short-Term Debt Issued	-	-	-	-	70
Long-Term Debt Issued	155.61	1,670	919.88	100	-
Total Debt Issued	155.61	1,670	919.88	100	70
Short-Term Debt Repaid	-	-	-	-	-60
Long-Term Debt Repaid	-158.34	-1,501	-138.87	-91.32	-1.27
Total Debt Repaid	-158.34	-1,501	-138.87	-91.32	-61.27
Net Debt Issued (Repaid)	-2.73	168.36	781.01	8.68	8.73
Issuance of Common Stock	-	-	326.1	13.2	-
Repurchase of Common Stock	-	-108.47	-	-	-
Common Dividends Paid	-4.17	-9.12	-3.54	-2.62	-2.71
Other Financing Activities	-112.14	3.27	384.12	0.35	3
Financing Cash Flow	-119.04	54.04	1,488	19.61	9.03
Foreign Exchange Rate Adjustments	3.11	7.25	0.02	3.41	-3.22
Net Cash Flow	-95.95	-272.55	-54.57	383.76	43.88
Free Cash Flow	16.65	-553.07	-1,390	75.84	17.21
Free Cash Flow Growth	-	-	-	340.70%	-55.91%
Free Cash Flow Margin	2.93%	-50.03%	-182.03%	12.46%	2.80%
Free Cash Flow Per Share	0.04	-1.22	-2.98	0.17	0.04
Cash Income Tax Paid	-8.47	-11.76	-12.69	-29.75	-19.33
Levered Free Cash Flow	519.17	-689.96	355.7	34.72	-13.91
Unlevered Free Cash Flow	519.17	-667.11	360.93	36.65	-12.27
Change in Working Capital	107.61	-118.03	-575.48	20.08	-13.82

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