SHE:002842 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	143.7	-89.5	-129.12	-41.26	24.75
Depreciation & Amortization	72.42	74.27	80.38	78.4	71.84
Other Amortization	3.1	4.31	4.08	4.04	4.74
Loss (Gain) From Sale of Assets	-0.59	-14.53	-0.06	0.02	0.81
Asset Writedown & Restructuring Costs	2.06	0.51	36.17	19.82	2.8
Loss (Gain) From Sale of Investments	0.11	1.49	-0.05	-0.26	-1.39
Provision & Write-off of Bad Debts	-	3	6.29	0.74	-1.9
Other Operating Activities	33.58	76.55	72.71	34.78	49.89
Change in Accounts Receivable	107.07	-5.89	-244.53	-64.16	-34.2
Change in Inventory	-489.44	-37.11	9.13	23.68	-153.39
Change in Accounts Payable	224.39	36.05	217.56	1.51	71.47
Change in Other Net Operating Assets	-	-	-	-	0.21
Operating Cash Flow	110.32	40.08	49.77	58.86	31.07
Operating Cash Flow Growth	175.23%	-19.47%	-15.44%	89.43%	-47.67%
Capital Expenditures	-104.76	-36.58	-72.25	-46.36	-61.47
Sale of Property, Plant & Equipment	2.9	81.07	2.64	0.04	69.65
Investment in Securities	-1	-	-	-	10.89
Other Investing Activities	-	-1.49	0.05	0.75	13.2
Investing Cash Flow	-102.86	43.01	-69.56	-45.57	32.27
Long-Term Debt Issued	899.62	647.16	662.22	558.79	855.22
Total Debt Issued	899.62	647.16	662.22	558.79	855.22
Long-Term Debt Repaid	-656.58	-660.57	-623.35	-585.43	-883.24
Total Debt Repaid	-656.58	-660.57	-623.35	-585.43	-883.24
Net Debt Issued (Repaid)	243.04	-13.4	38.88	-26.64	-28.02
Issuance of Common Stock	-	-	-	-	25.17
Repurchase of Common Stock	-	-7.27	-7.64	-	-3.65
Common Dividends Paid	-28.63	-33.3	-38.8	-63.97	-42.77
Other Financing Activities	-4	-	-	-	-2.47
Financing Cash Flow	210.41	-53.97	-7.56	-90.61	-51.73
Foreign Exchange Rate Adjustments	-0.09	3.15	0.41	7.23	-0.92
Net Cash Flow	217.78	32.26	-26.95	-70.1	10.69
Free Cash Flow	5.56	3.5	-22.48	12.5	-30.39
Free Cash Flow Growth	58.82%	-	-	-	-
Free Cash Flow Margin	0.23%	0.20%	-1.25%	0.75%	-1.99%
Free Cash Flow Per Share	0.02	0.01	-0.08	0.04	-0.11
Cash Income Tax Paid	13.66	19.11	29.77	-53.61	15.85
Levered Free Cash Flow	19.1	-40.09	-64.64	-68.7	-6.8
Unlevered Free Cash Flow	19.1	-6.1	-27.89	-33.65	20.6
Change in Working Capital	-144.07	-16.02	-20.62	-37.42	-120.46

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.