SHE:002822 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	-3,201	-1,787	-702.1	11.18	101.4
Depreciation & Amortization	67.79	78.29	86.64	76.75	68.37
Other Amortization	1.75	5.51	3.14	2.72	0.68
Loss (Gain) From Sale of Assets	2.46	2.11	-5.46	-2.44	-
Asset Writedown & Restructuring Costs	386.14	202.26	74.05	6.31	-
Loss (Gain) From Sale of Investments	2,159	0.05	-13.91	-6.78	-21.85
Provision & Write-off of Bad Debts	-	442.52	162.86	78.85	174.08
Other Operating Activities	369.52	167.13	101.82	124.77	139.23
Change in Accounts Receivable	208.64	529.38	-41.9	-606.63	-847.56
Change in Inventory	-552.77	-48.92	-52.72	-126.8	-94.66
Change in Accounts Payable	544.41	194.94	444.4	221.49	-62.85
Change in Other Net Operating Assets	-	-	-	9.42	6.58
Operating Cash Flow	-15.29	-207.75	48.51	-210.63	-535.85
Capital Expenditures	-2.95	-14.78	-158.6	-201.14	-230.49
Sale of Property, Plant & Equipment	6.37	16.85	32.56	23.79	0.04
Cash Acquisitions	-	-	-0.3	-64.56	-2.29
Divestitures	4.29	-0.89	1.71	-	-
Investment in Securities	-	0.78	155.42	59.87	-181.92
Other Investing Activities	-29.25	-	7.98	5.13	-13.02
Investing Cash Flow	-21.54	1.96	38.77	-176.91	-427.69
Long-Term Debt Issued	-	6.11	2,045	2,368	2,307
Total Debt Issued	-	6.11	2,045	2,368	2,307
Long-Term Debt Repaid	-153.45	-67.32	-2,537	-2,319	-1,945
Total Debt Repaid	-153.45	-67.32	-2,537	-2,319	-1,945
Net Debt Issued (Repaid)	-153.45	-61.21	-491.94	48.89	362.3
Issuance of Common Stock	648.96	-	-	-	1,145
Repurchase of Common Stock	-	-	-0.2	-33.01	-
Common Dividends Paid	-24.75	-27.63	-59.82	-59.49	-77
Other Financing Activities	-9.99	-46.19	-24.28	-18.78	-120.88
Financing Cash Flow	460.76	-135.02	-576.24	-62.39	1,309
Foreign Exchange Rate Adjustments	-0	-0.02	0.01	0.03	-0
Net Cash Flow	423.92	-340.82	-488.95	-449.9	345.88
Free Cash Flow	-18.25	-222.52	-110.09	-411.77	-766.34
Free Cash Flow Margin	-2.38%	-9.59%	-2.85%	-7.90%	-12.21%
Free Cash Flow Per Share	-0.01	-0.31	-0.15	-0.74	-1.06
Cash Income Tax Paid	40.17	98.54	114.65	128.42	215.42
Levered Free Cash Flow	1,856	240.17	197.4	-287.64	-756.56
Unlevered Free Cash Flow	1,856	351.06	270.06	-212.68	-689.77
Change in Working Capital	199.08	681.56	341.48	-501.99	-997.75

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