SHE:002765 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	Dec '22 Dec 31, 2022	Jan '22 Jan 1, 2022
Net Income	186.91	124.28	-365.1	184.72	210.05
Depreciation & Amortization	285.14	241.92	187.98	164.07	164.23
Other Amortization	34.56	38.09	25.61	17.42	16.12
Loss (Gain) From Sale of Assets	13.24	-0.05	9.68	1.04	-4.41
Asset Writedown & Restructuring Costs	82.48	26.02	389.01	8.6	67.4
Loss (Gain) From Sale of Investments	3.74	2.38	2.27	-0.7	-13.53
Provision & Write-off of Bad Debts	-	12.32	17.78	-8.81	-
Other Operating Activities	33.94	80.55	86.55	57.31	58.76
Change in Accounts Receivable	-341.73	-357.87	-205.43	13.7	-289.66
Change in Inventory	-176.52	-47.78	-184.85	43.65	-190.49
Change in Accounts Payable	161.46	134.24	217.56	-38.18	83.88
Change in Other Net Operating Assets	-	-	-8.42	20.4	-
Operating Cash Flow	279.9	260.18	158.06	475.15	93.16
Operating Cash Flow Growth	7.58%	64.60%	-66.73%	410.06%	30.47%
Capital Expenditures	-415.12	-408.93	-557.6	-454.89	-86.94
Sale of Property, Plant & Equipment	100.53	2.79	7.24	4.61	18.05
Divestitures	-	-	-	0.38	5.77
Investment in Securities	-5	-	-	13.14	4.89
Other Investing Activities	-	3.17	5.85	2.16	-0.69
Investing Cash Flow	-319.59	-402.97	-544.51	-434.59	-58.93
Long-Term Debt Issued	833.16	540.94	464.69	680.79	443.41
Long-Term Debt Repaid	-606.47	-318.08	-533.34	-411.29	-372.7
Total Debt Repaid	-606.47	-318.08	-533.34	-411.29	-372.7
Net Debt Issued (Repaid)	226.7	222.86	-68.65	269.5	70.72
Issuance of Common Stock	-	-	580.43	2.08	25.78
Repurchase of Common Stock	-	-12.68	-4.81	-0.63	-
Common Dividends Paid	-62.24	-26.36	-56.81	-54.34	-28.31
Other Financing Activities	-59.99	-27.28	-111.18	4.97	-78.74
Financing Cash Flow	104.47	156.54	338.98	221.58	-10.56
Foreign Exchange Rate Adjustments	-4.55	3.69	6.62	30.05	-6.82
Net Cash Flow	60.23	17.45	-40.84	292.18	16.85
Free Cash Flow	-135.22	-148.75	-399.54	20.26	6.21
Free Cash Flow Growth	-	-	-	226.14%	-
Free Cash Flow Margin	-3.51%	-4.21%	-14.23%	0.70%	0.20%
Free Cash Flow Per Share	-0.20	-0.23	-0.62	0.04	0.01
Cash Income Tax Paid	-9.17	-29.2	-13.43	57.41	19.3
Levered Free Cash Flow	26.61	-233.09	-292.53	-34.26	-72.69
Unlevered Free Cash Flow	26.61	-217.74	-277.6	-14.65	-55.64
Change in Working Capital	-360.11	-265.34	-195.71	51.49	-405.46

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