SHE:002721 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	28.78	14.54	665.23	-3,660	-1,316
Depreciation & Amortization	24.2	19.55	43.1	58.08	64.71
Other Amortization	4.77	2.34	7.1	10.54	14.6
Loss (Gain) From Sale of Assets	1.63	0.39	0.49	-3.96	3.99
Asset Writedown & Restructuring Costs	0.2	0.08	36.91	137.81	63.66
Loss (Gain) From Sale of Investments	43.86	-22.44	-1,408	3.01	3.99
Provision & Write-off of Bad Debts	13.17	-0.01	90.17	1,936	443.02
Other Operating Activities	9.35	-9.89	449.31	789.2	639.03
Change in Accounts Receivable	21.03	25.68	1,088	128.03	352.76
Change in Inventory	9.97	-104.46	194.58	293.43	247.09
Change in Accounts Payable	-9.8	-32.61	-1,165	-261.99	-34.74
Change in Other Net Operating Assets	-	-	-	-3.01	-2.02
Operating Cash Flow	150.32	-111.54	-9.69	-8.26	403.53
Capital Expenditures	-2.66	-6.12	-4.48	-8	-13.82
Sale of Property, Plant & Equipment	0.05	0.22	0.04	8.2	0.67
Cash Acquisitions	-389.63	-	-	-	-
Divestitures	-	11.98	-11.3	-	-
Investment in Securities	502.64	-555.16	-	-	-
Other Investing Activities	14.97	0.32	-	-	-
Investing Cash Flow	125.51	-548.76	-15.74	0.2	-13.16
Short-Term Debt Issued	40	-	312.56	6,400	-
Long-Term Debt Issued	-	-	-	-	5,308
Total Debt Issued	40	-	312.56	6,400	5,308
Short-Term Debt Repaid	-44.9	-	-381.31	-6,284	-0.18
Long-Term Debt Repaid	-13.91	-11.1	-20.72	-309.01	-4,771
Total Debt Repaid	-58.81	-11.1	-402.03	-6,593	-4,771
Net Debt Issued (Repaid)	-18.81	-11.1	-89.47	-193.21	536.86
Issuance of Common Stock	-	-	1,692	-	-
Repurchase of Common Stock	-	-	-	-	-30.1
Common Dividends Paid	-0.9	-	-13.57	-70.09	-468.57
Other Financing Activities	-	-	-24.57	265.73	-524.81
Financing Cash Flow	-19.71	-11.1	1,564	2.44	-486.61
Foreign Exchange Rate Adjustments	-	-	-	-	-0.01
Net Cash Flow	256.13	-671.39	1,539	-5.63	-96.25
Free Cash Flow	147.66	-117.66	-14.17	-16.26	389.71
Free Cash Flow Margin	16.83%	-31.57%	-0.94%	-0.89%	13.21%
Free Cash Flow Per Share	0.06	-0.04	-0.01	-0.02	0.41
Cash Income Tax Paid	35.6	15.36	44.96	29.24	20.43
Levered Free Cash Flow	-383.27	-168.28	1,727	1,186	1,074
Unlevered Free Cash Flow	-381.9	-167.58	1,937	1,540	1,353
Change in Working Capital	24.36	-116.09	105.51	720.13	486.64

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