SHE:002857 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	-55.25	18.1	5.91	12.94	19.5
Depreciation & Amortization	15.47	11.88	10.38	4.96	2.71
Other Amortization	0.77	1.1	0.32	-	-
Loss (Gain) From Sale of Assets	-2.38	-0.07	-	-	-
Asset Writedown & Restructuring Costs	-5.21	0.01	-0.01	0.03	2.14
Loss (Gain) From Sale of Investments	0.21	-4.19	-3.17	-2.53	-2.14
Provision & Write-off of Bad Debts	-	0.38	1.38	2.12	-
Other Operating Activities	6.41	13.4	-4.02	3.29	-
Change in Accounts Receivable	94.48	-147.23	37.81	17.46	27.52
Change in Inventory	50.58	-75.01	-14.42	2.08	-10.54
Change in Accounts Payable	-178.87	358.7	17.47	5.41	-15.58
Change in Other Net Operating Assets	11.6	-72.77	-3.84	-	-
Operating Cash Flow	-62.84	103.11	47.27	45.4	23.37
Operating Cash Flow Growth	-	118.13%	4.11%	94.32%	-66.20%
Capital Expenditures	-3.64	-5.79	-12.22	-11.82	-12.65
Sale of Property, Plant & Equipment	-	0.22	0.16	-	0.01
Cash Acquisitions	-13.79	-5	-6.81	-	-
Divestitures	0.5	-	-	-	-
Investment in Securities	42	-215	56	-40	31.5
Other Investing Activities	3.59	2.97	3.22	2.47	2.23
Investing Cash Flow	28.67	-222.6	40.35	-49.36	21.09
Short-Term Debt Issued	-	6.6	-	-	-
Total Debt Issued	-	6.6	-	-	-
Short-Term Debt Repaid	-	-3.6	-	-	-
Long-Term Debt Repaid	-3	-3.95	-1.73	-	-
Total Debt Repaid	-3	-7.55	-1.73	-	-
Net Debt Issued (Repaid)	-3	-0.95	-1.73	-	-
Issuance of Common Stock	19.41	9.42	-	-	-
Repurchase of Common Stock	-	-17.93	-3.07	-	-
Common Dividends Paid	-1.92	-4.66	-	-	-
Other Financing Activities	-4.46	9.02	2.2	1.96	0.75
Financing Cash Flow	10.03	-5.09	-2.59	1.96	0.75
Net Cash Flow	-24.14	-124.58	85.02	-1.99	45.2
Free Cash Flow	-66.48	97.32	35.05	33.58	10.72
Free Cash Flow Growth	-	177.69%	4.37%	213.29%	-75.33%
Free Cash Flow Margin	-18.34%	14.30%	10.75%	17.20%	4.88%
Free Cash Flow Per Share	-0.51	0.75	0.30	0.26	0.08
Cash Income Tax Paid	20.62	18.72	24.34	7.42	11.12
Levered Free Cash Flow	-34.02	186.93	34.42	25.86	5.9
Unlevered Free Cash Flow	-34.02	187.44	34.78	25.86	5.9
Change in Working Capital	-22.88	62.5	36.47	24.6	1.15

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