SHE:002856 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	-209.65	-228.4	-257.05	-173.51	-142.6	-161.15
Depreciation & Amortization	14.23	14.23	21.23	14.02	11.62	9.52
Other Amortization	6.14	6.14	2.3	9.42	6.63	1.17
Loss (Gain) From Sale of Assets	0.86	0.86	1.08	0.02	-0.23	-0.47
Asset Writedown & Restructuring Costs	29.93	29.93	43.92	23.57	0	-
Loss (Gain) From Sale of Investments	-32.87	-32.87	5.61	-25.06	-3.2	2.99
Provision & Write-off of Bad Debts	-	-	39.34	40.49	164.82	39.21
Other Operating Activities	64.3	84.31	17.97	14.36	50.01	26.31
Change in Accounts Receivable	66.99	66.99	31.58	243.44	-435.97	86.86
Change in Inventory	12.45	12.45	-3.68	-3.62	2.83	16.05
Change in Accounts Payable	-131.39	-131.39	39.61	-196.64	346.95	-20.54
Change in Other Net Operating Assets	-5.81	-5.81	7.85	-5.8	10.46	-2.58
Operating Cash Flow	-122.67	-121.42	-48.48	-74.28	-28	-55.92
Capital Expenditures	-0.04	-0.19	-1.94	-7.12	-8.33	-3.87
Sale of Property, Plant & Equipment	39.45	39.36	0.74	0.01	0	0.07
Cash Acquisitions	-	-	-	3.51	-51.82	-
Divestitures	0.72	0.72	-	-	-	-
Investment in Securities	-	-	0.12	-	-	15.24
Other Investing Activities	-	-	-	-	-	0.15
Investing Cash Flow	40.14	39.89	-1.09	-3.6	-60.15	11.59
Short-Term Debt Issued	-	-	81.38	78.88	73.55	175
Long-Term Debt Issued	-	108.53	113.5	243.26	360.72	87
Total Debt Issued	108.91	108.53	194.88	322.14	434.27	262
Long-Term Debt Repaid	-	-33.76	-167.31	-164.06	-345.1	-267.53
Total Debt Repaid	-34.63	-33.76	-167.31	-164.06	-345.1	-267.53
Net Debt Issued (Repaid)	74.27	74.78	27.57	158.07	89.16	-5.53
Common Dividends Paid	-5.36	-6.3	-15.99	-12.84	-15.49	-5.97
Other Financing Activities	10.57	17.7	8.6	-17.23	-26.21	12.78
Financing Cash Flow	79.48	86.17	20.18	128	47.46	1.27
Net Cash Flow	-3.05	4.65	-29.39	50.12	-40.68	-43.06
Free Cash Flow	-122.71	-121.61	-50.43	-81.39	-36.33	-59.79
Free Cash Flow Margin	-35.46%	-34.49%	-7.17%	-9.27%	-2.18%	-10.17%
Free Cash Flow Per Share	-0.91	-0.90	-0.37	-0.60	-0.26	-0.44
Cash Interest Paid	-	-	-	15.91	23.38	3.36
Cash Income Tax Paid	9.07	10.81	16.03	18.38	21.03	20.7
Levered Free Cash Flow	450.59	390.35	20.97	79.55	28.27	17.49
Unlevered Free Cash Flow	450.59	390.35	43.22	97.84	45.57	24.82
Change in Working Capital	4.39	4.39	77.11	22.42	-115.04	26.49

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