SHE:002663 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	-535.73	-470.42	13.83	-247.94	-635.45
Depreciation & Amortization	18.63	18.28	21.29	75.92	61.97
Other Amortization	1.01	2.17	1.03	0.05	1.13
Loss (Gain) From Sale of Assets	0.01	0.01	-0.14	-2.71	-0.04
Asset Writedown & Restructuring Costs	133.75	25.8	0.08	5.8	60.58
Loss (Gain) From Sale of Investments	-36.56	44.03	28.92	36.52	233.92
Provision & Write-off of Bad Debts	-	349.52	52.21	89.62	250.91
Other Operating Activities	334.14	54.58	28.08	55.24	17.7
Change in Accounts Receivable	115.71	91.59	53.92	248.78	-131.6
Change in Inventory	26.75	33.92	-11.55	43.18	471.32
Change in Accounts Payable	-199.56	-68.66	-3.41	153.76	-154.65
Operating Cash Flow	-21.15	109.94	78.27	450.97	175.6
Operating Cash Flow Growth	-	40.45%	-82.64%	156.81%	-
Capital Expenditures	-20.14	-52.21	-89.66	-34.31	-9.85
Sale of Property, Plant & Equipment	70.74	70.4	27.91	0.14	0.09
Divestitures	-	74.17	112.68	-	135.28
Investment in Securities	-221.13	10.21	-217.83	-639.69	10.28
Other Investing Activities	52.86	27.51	14.06	22.63	333.15
Investing Cash Flow	-117.66	130.08	-152.83	-651.23	468.95
Long-Term Debt Issued	21.33	17.29	28.6	-	333.08
Long-Term Debt Repaid	-9.54	-10.41	-71.22	-327.83	-484.87
Net Debt Issued (Repaid)	11.8	6.88	-42.62	-327.83	-151.79
Repurchase of Common Stock	-	-99.38	-	-	-
Common Dividends Paid	-4.79	-10.84	-12.36	-21.63	-38.16
Other Financing Activities	-33.03	1	26.07	-14	12.03
Financing Cash Flow	-26.02	-102.34	-28.91	-363.45	-177.92
Foreign Exchange Rate Adjustments	0.27	0.59	-0.18	4.68	-1.56
Net Cash Flow	-164.56	138.27	-103.65	-559.03	465.06
Free Cash Flow	-41.28	57.73	-11.39	416.65	165.75
Free Cash Flow Growth	-	-	-	151.38%	-
Free Cash Flow Margin	-2.23%	2.90%	-0.62%	16.86%	5.93%
Free Cash Flow Per Share	-0.02	0.03	-0.01	0.23	0.09
Cash Income Tax Paid	54.64	87.45	83.99	101.53	124.51
Levered Free Cash Flow	136.19	184.79	579.21	222.5	311.87
Unlevered Free Cash Flow	136.19	190.99	588.02	235.18	337.24
Change in Working Capital	63.6	85.97	-67.03	438.46	184.89

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