SHE:002741 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	104.69	-204.95	-430.71	116.87	62.3
Depreciation & Amortization	110.48	137.11	145.33	110.1	92.9
Other Amortization	5.69	13.36	7.21	5.14	5.62
Loss (Gain) From Sale of Assets	12.05	23.53	6.11	-0.66	-0.04
Asset Writedown & Restructuring Costs	-22.14	139.9	67.05	3.1	0.6
Loss (Gain) From Sale of Investments	-7.24	29.19	43.84	42.28	31.38
Provision & Write-off of Bad Debts	-	2.36	6.13	0.01	-1.17
Other Operating Activities	22.54	-75.04	135	20.46	-0.18
Change in Accounts Receivable	-269.29	-86.82	-116.72	-106.82	-261.27
Change in Inventory	-19.56	107.41	359.17	-294.28	-148.39
Change in Accounts Payable	100.97	-142.51	34.02	105.27	280.77
Change in Other Net Operating Assets	-26.41	24.37	-44.49	37.05	-17.8
Operating Cash Flow	18.81	-31.39	126.65	7.61	44.25
Operating Cash Flow Growth	-	-	1563.67%	-82.80%	-64.57%
Capital Expenditures	-91.97	-53.33	-104.61	-188.32	-91.26
Sale of Property, Plant & Equipment	1.79	1.05	0.36	1.01	129.06
Investment in Securities	91.83	-104.9	40	-40	-
Other Investing Activities	8.59	0.71	-	-	-
Investing Cash Flow	10.24	-156.47	-64.25	-227.31	37.79
Long-Term Debt Issued	912.15	725.19	801.34	1,048	523.82
Total Debt Issued	912.15	725.19	801.34	1,048	523.82
Long-Term Debt Repaid	-835.81	-865.44	-874.46	-727.69	-630.79
Total Debt Repaid	-835.81	-865.44	-874.46	-727.69	-630.79
Net Debt Issued (Repaid)	76.34	-140.25	-73.11	320.11	-106.97
Issuance of Common Stock	-	688.88	19.15	76.43	-
Common Dividends Paid	-24.12	-30.24	-42.91	-55.34	-26.24
Other Financing Activities	-3.19	1.98	-2.03	-0.07	-1.4
Financing Cash Flow	49.03	520.37	-98.9	341.13	-134.6
Foreign Exchange Rate Adjustments	0.18	2.46	-0.12	0.7	-0.69
Net Cash Flow	78.25	334.98	-36.62	122.14	-53.25
Free Cash Flow	-73.16	-84.72	22.04	-180.71	-47.02
Free Cash Flow Margin	-2.47%	-3.27%	0.82%	-5.47%	-1.82%
Free Cash Flow Per Share	-0.15	-0.21	0.06	-0.45	-0.12
Cash Income Tax Paid	67.7	58.24	37.31	48.69	56.78
Levered Free Cash Flow	-71.81	-75.77	279.75	-105.06	104.66
Unlevered Free Cash Flow	-71.81	-56.58	306.7	-79.29	128.49
Change in Working Capital	-207.27	-96.85	146.69	-289.67	-147.16

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