SHE:002800 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	-23.83	8.92	-43.36	3.49	40.11
Depreciation & Amortization	7.47	7.3	8.99	9.33	8.73
Other Amortization	0.26	0.18	0.13	0.05	0.02
Loss (Gain) From Sale of Assets	0.01	0.19	0.78	0.19	0.29
Asset Writedown & Restructuring Costs	0.07	0.13	0.06	0.01	-
Loss (Gain) From Sale of Investments	-1.82	-3.9	0.63	0.37	3.68
Provision & Write-off of Bad Debts	13.98	-1.71	-0.59	9.42	4.89
Other Operating Activities	18.01	22.58	37.01	23.08	29.99
Change in Accounts Receivable	96.41	-426.87	135.05	-15.34	-67.35
Change in Inventory	-35.71	9.98	-17.52	10.55	20.85
Change in Accounts Payable	-12.21	80.35	-3.36	-41.31	35.77
Operating Cash Flow	56.59	-306.99	106.65	0.36	75.58
Operating Cash Flow Growth	-	-	29888.55%	-99.53%	-
Capital Expenditures	-1.42	-2.59	-3.47	-5.5	-15.76
Sale of Property, Plant & Equipment	0.2	0.49	1.15	0.66	0.51
Cash Acquisitions	-	-	-	-	0.1
Divestitures	-0.11	-	-	-	-
Investment in Securities	8.66	-	-	-19.8	-16.2
Investing Cash Flow	7.34	-2.1	-2.33	-24.65	-31.35
Short-Term Debt Issued	-	-	251.92	409.9	321.75
Long-Term Debt Issued	364.25	505.2	-	-	-
Total Debt Issued	364.25	505.2	251.92	409.9	321.75
Short-Term Debt Repaid	-	-	-492.65	-297	-296.58
Long-Term Debt Repaid	-439.89	-238.56	-	-	-
Total Debt Repaid	-439.89	-238.56	-492.65	-297	-296.58
Net Debt Issued (Repaid)	-75.64	266.64	-240.72	112.9	25.17
Issuance of Common Stock	0.1	-	-	-	46.38
Common Dividends Paid	-19.75	-11.59	-12.24	-26.81	-19.89
Other Financing Activities	-2.22	-20.64	11.77	-16.1	35.73
Financing Cash Flow	-97.51	234.41	-241.19	69.99	87.4
Foreign Exchange Rate Adjustments	-0.14	0.02	0	0.08	-0.01
Net Cash Flow	-33.71	-74.65	-136.86	45.78	131.61
Free Cash Flow	55.18	-309.58	103.18	-5.15	59.82
Free Cash Flow Margin	4.85%	-20.24%	10.86%	-0.41%	4.59%
Free Cash Flow Per Share	0.36	-2.04	0.68	-0.03	0.41
Cash Income Tax Paid	-2.63	14.3	19.58	27.87	18.33
Levered Free Cash Flow	89.29	-243.61	124.41	1.64	27.76
Unlevered Free Cash Flow	98.85	-235.65	132.31	11.66	36.86
Change in Working Capital	42.45	-340.67	103.01	-45.57	-12.13

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