SHE:002742 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	-458.79	-650.13	-452.05	-317.88	-333.44
Depreciation & Amortization	92.91	113.93	126.49	132.15	149.23
Other Amortization	6.88	5.95	5.65	6.27	7.55
Loss (Gain) From Sale of Assets	0.14	-21.07	-0.81	-21.01	-14.81
Asset Writedown & Restructuring Costs	170.16	386.87	143.51	64.53	124.39
Loss (Gain) From Sale of Investments	48.62	-125.84	-	-	-
Provision & Write-off of Bad Debts	-	48.29	45.47	34.57	117.44
Other Operating Activities	196.43	256.2	212.13	192.9	139.46
Change in Accounts Receivable	885.31	510.24	126.33	138.73	123.07
Change in Inventory	74.91	12.03	7.73	5.74	96.05
Change in Accounts Payable	-1,050	-415.12	-115.22	-190.45	-270.35
Change in Other Net Operating Assets	-	-163.2	-161.49	-	-
Operating Cash Flow	-25.87	-47.02	-51.59	49.12	139.84
Operating Cash Flow Growth	-	-	-	-64.88%	-0.75%
Capital Expenditures	-9.42	-58.41	-46.47	-44.24	-98.8
Sale of Property, Plant & Equipment	1.36	1.94	3.08	83.31	78.47
Investment in Securities	-	-	-	-	0.06
Other Investing Activities	-26.94	14.67	-6.68	-8.03	8.95
Investing Cash Flow	-34.99	-41.8	-50.08	31.04	-11.32
Short-Term Debt Issued	-	2.4	-	53.28	90.37
Long-Term Debt Issued	-	250.36	233.62	327.73	800.03
Total Debt Issued	-	252.76	233.62	381.01	890.4
Short-Term Debt Repaid	-	-2.4	-	-11.21	-28.63
Long-Term Debt Repaid	-90.92	-140.57	-115.9	-300.56	-852.61
Total Debt Repaid	-90.92	-142.97	-115.9	-311.77	-881.25
Net Debt Issued (Repaid)	-90.92	109.8	117.72	69.24	9.15
Issuance of Common Stock	254.2	25.83	-	-	-
Common Dividends Paid	-17.08	-8.36	-22.85	-62.49	-148.99
Other Financing Activities	-31.41	-22.4	-24.18	-35.5	-9.67
Financing Cash Flow	114.8	104.86	70.69	-28.74	-149.51
Foreign Exchange Rate Adjustments	-4.76	-29.38	-1.4	0.49	-5.83
Net Cash Flow	49.17	-13.34	-32.38	51.9	-26.83
Free Cash Flow	-35.29	-105.43	-98.07	4.87	41.03
Free Cash Flow Growth	-	-	-	-88.12%	-11.47%
Free Cash Flow Margin	-3.92%	-8.82%	-4.83%	0.24%	1.65%
Free Cash Flow Per Share	-0.05	-0.24	-0.23	0.01	0.10
Cash Income Tax Paid	96.27	95.52	180.19	99.47	107.37
Levered Free Cash Flow	22.35	40.4	172.83	54	161.86
Unlevered Free Cash Flow	22.35	168.51	273.67	152.48	262.5
Change in Working Capital	-82.22	-61.23	-131.97	-42.4	-49.98

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