SHE:002766 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	-55.06	60.07	32.6	8.8	-670.21
Depreciation & Amortization	31.45	40.08	29.07	26.96	54.91
Other Amortization	20.45	-	-	-	5.1
Loss (Gain) From Sale of Assets	0.44	-2.13	0.51	0.59	5.33
Asset Writedown & Restructuring Costs	16.2	-	-	0.45	350.57
Loss (Gain) From Sale of Investments	-8.66	-9.72	3.62	-2.83	-1,085
Provision & Write-off of Bad Debts	0.36	-2.32	5.71	-7.58	99.86
Other Operating Activities	1.55	0.6	7.12	13.83	418.7
Change in Accounts Receivable	11.53	90.44	18.27	37.61	195.72
Change in Inventory	63.23	75.85	33.61	-63.31	200.93
Change in Accounts Payable	-118.98	-254.64	50.57	-12.12	-262.88
Change in Other Net Operating Assets	0.75	17.55	14.09	23.88	382.79
Operating Cash Flow	-33.76	17.61	195.17	23.85	-33.33
Operating Cash Flow Growth	-	-90.98%	718.21%	-	-
Capital Expenditures	-39.84	-73.46	-50.59	-20.33	-4.91
Sale of Property, Plant & Equipment	1.81	2.05	1.56	0.97	1.06
Divestitures	-	-	-	-	2.47
Investment in Securities	-186.79	-63.34	10	-77.45	0.3
Other Investing Activities	8.45	3.95	4.12	1.42	-
Investing Cash Flow	-216.36	-130.81	-34.91	-95.39	-1.08
Short-Term Debt Issued	84	-	-	-	-
Total Debt Issued	84	-	-	-	-
Short-Term Debt Repaid	-53	-	-	-	-
Long-Term Debt Repaid	-6.02	-4.52	-2.58	-234.32	-
Total Debt Repaid	-59.02	-4.52	-2.58	-234.32	-
Net Debt Issued (Repaid)	24.98	-4.52	-2.58	-234.32	-
Issuance of Common Stock	9.65	14.83	31.71	7.88	442.1
Common Dividends Paid	-0.49	-	-	-	-0.69
Other Financing Activities	318.54	-	-	380.79	-401.25
Financing Cash Flow	352.67	10.31	29.14	154.36	40.16
Foreign Exchange Rate Adjustments	-3.59	7.82	0.14	12.41	-0.59
Net Cash Flow	98.96	-95.06	189.54	95.23	5.16
Free Cash Flow	-73.6	-55.85	144.59	3.52	-38.24
Free Cash Flow Growth	-	-	4003.04%	-	-
Free Cash Flow Margin	-10.01%	-4.00%	11.48%	0.43%	-5.02%
Free Cash Flow Per Share	-0.09	-0.07	0.17	0.00	-0.04
Cash Income Tax Paid	36.86	34.71	27.81	5.79	-1.89
Levered Free Cash Flow	-83.55	-84.37	139.29	-146.14	-542.14
Unlevered Free Cash Flow	-82.48	-83.99	139.38	-145.99	-310.04
Change in Working Capital	-40.48	-68.96	116.54	-16.35	787.61

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