SHE:002805 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	-538.2	-362.23	-389.32	150.88	53.09
Depreciation & Amortization	285.88	198.44	125.6	56.39	34.63
Other Amortization	1.15	0.8	0.86	0.97	0.74
Loss (Gain) From Sale of Assets	-0.04	-0.21	0.02	-	-
Asset Writedown & Restructuring Costs	158.5	24.42	61.42	3.03	0.22
Loss (Gain) From Sale of Investments	-	-0.07	-0.11	8.77	-0.37
Other Operating Activities	121.04	37.94	260.73	33.63	6.6
Change in Accounts Receivable	-396.25	245.36	-1,778	-802.27	-337.62
Change in Inventory	-157.16	-263.68	101.1	-728.07	41.34
Change in Accounts Payable	314.59	171.75	172.99	-224.03	137.28
Change in Other Net Operating Assets	-	8.78	51.66	24.77	-
Operating Cash Flow	-213.19	44.49	-1,488	-1,479	-51.63
Capital Expenditures	-149.06	-308.25	-431.42	-1,032	-254.22
Sale of Property, Plant & Equipment	-	-	0.15	-	-
Investment in Securities	-	-5.06	6.86	-104.6	9.5
Other Investing Activities	-34.92	0.07	-4.92	0.02	0.37
Investing Cash Flow	-183.98	-313.24	-429.32	-1,136	-244.35
Short-Term Debt Issued	-	527.89	828.73	-	-
Long-Term Debt Issued	938.63	485	1,321	1,697	188.5
Total Debt Issued	938.63	1,013	2,150	1,697	188.5
Long-Term Debt Repaid	-908.47	-1,011	-582.4	-894.36	-202.3
Total Debt Repaid	-908.47	-1,011	-582.4	-894.36	-202.3
Net Debt Issued (Repaid)	30.15	2.12	1,567	802.64	-13.8
Issuance of Common Stock	-	-	-	927.04	450
Common Dividends Paid	-59.42	-56.18	-104.64	-32.63	-9.4
Other Financing Activities	350.67	-	150	1,416	68.85
Financing Cash Flow	321.4	-54.07	1,612	3,113	495.65
Foreign Exchange Rate Adjustments	-0	0.01	0.1	0.09	-0.35
Net Cash Flow	-75.76	-322.8	-304.87	497.78	199.33
Free Cash Flow	-362.25	-263.76	-1,920	-2,511	-305.84
Free Cash Flow Margin	-15.57%	-17.71%	-69.13%	-144.64%	-38.09%
Free Cash Flow Per Share	-1.29	-0.94	-6.85	-9.82	-1.36
Cash Income Tax Paid	-46.71	-310.12	2.84	100.76	17.74
Levered Free Cash Flow	580.27	536.82	-606.93	-2,091	-407.94
Unlevered Free Cash Flow	580.27	578.87	-560.25	-2,070	-403.98
Change in Working Capital	-241.51	145.39	-1,547	-1,732	-158.11

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