SHE:002771 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	-63.61	7.06	-48.87	9.76	13.32
Depreciation & Amortization	30.43	30.54	23.52	12.97	10.31
Other Amortization	1.31	0.56	0.52	0.05	5.4
Loss (Gain) From Sale of Assets	1.24	-0	-	-	-0.07
Asset Writedown & Restructuring Costs	0.03	0.76	0.69	0.09	12.84
Loss (Gain) From Sale of Investments	4.83	0.18	-17.51	2.07	0.27
Provision & Write-off of Bad Debts	2.39	-45.5	20.71	22.15	-
Other Operating Activities	-3.05	0.23	3.66	2.03	-1
Change in Accounts Receivable	66.85	60.23	47.56	-7.73	31.87
Change in Inventory	27.54	27.53	-19.5	95.9	-18.69
Change in Accounts Payable	-60.57	-43.79	-11.12	-98.09	5.23
Operating Cash Flow	6.23	46.26	-3.95	37.16	55.94
Operating Cash Flow Growth	-86.53%	-	-	-33.57%	18.58%
Capital Expenditures	-1.66	-14.1	-29.12	-20.82	-3.96
Sale of Property, Plant & Equipment	2.1	0.01	-	-	0.15
Cash Acquisitions	-	-	-12.15	-	-
Divestitures	-	-	3.51	-	1.34
Investment in Securities	-1.57	-3.37	3.36	-32.85	0.41
Investing Cash Flow	-1.14	-17.46	-34.4	-53.68	-2.06
Short-Term Debt Issued	111	130.49	74.19	40	10.26
Total Debt Issued	111	130.49	74.19	40	10.26
Short-Term Debt Repaid	-127.07	-98.75	-46.62	-7.44	-20
Long-Term Debt Repaid	-7.34	-5.29	-5.88	-3.06	-0.96
Total Debt Repaid	-134.41	-104.05	-52.51	-10.5	-20.96
Net Debt Issued (Repaid)	-23.41	26.45	21.69	29.5	-10.7
Common Dividends Paid	-5.09	-3.48	-4.93	-3.23	-4.91
Other Financing Activities	0.39	9.46	-0.66	-	-
Financing Cash Flow	-28.11	32.42	16.11	26.26	-15.61
Net Cash Flow	-23.01	61.22	-22.25	9.75	38.27
Free Cash Flow	4.57	32.16	-33.07	16.34	51.98
Free Cash Flow Growth	-85.79%	-	-	-68.57%	11.55%
Free Cash Flow Margin	1.23%	6.00%	-7.40%	2.52%	8.11%
Free Cash Flow Per Share	0.02	0.14	-0.16	0.08	0.23
Cash Income Tax Paid	23.78	11.33	20.92	23.75	26.14
Levered Free Cash Flow	8.5	8.4	-7.99	48.44	56.66
Unlevered Free Cash Flow	10.62	10.93	-6.38	48.83	57.14
Change in Working Capital	32.66	52.43	13.33	-11.96	14.88

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