SHE:002866 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	Dec '21 Dec 31, 2021
Net Income	85.84	-73.47	41.75	114.93	164.42
Depreciation & Amortization	150.84	167.61	106.33	75.08	58.57
Other Amortization	4.91	3.81	4.69	5.77	5.84
Loss (Gain) From Sale of Assets	-1.05	-0	-0.14	0.11	-1.76
Asset Writedown & Restructuring Costs	0.08	128.61	45.14	4.67	0
Loss (Gain) From Sale of Investments	-20.45	-21.3	36.64	55.16	-32.82
Provision & Write-off of Bad Debts	1.35	10.75	9.96	-1.78	-0.33
Other Operating Activities	92.45	144.01	50.35	92.42	18.2
Change in Accounts Receivable	-384.25	-575.78	-50.78	-166.54	-213.43
Change in Inventory	-45.18	-134.89	-211.35	55.23	-41.01
Change in Accounts Payable	396.89	510.64	260.04	216.86	301.79
Change in Other Net Operating Assets	-	-	-	0.09	2.76
Operating Cash Flow	251.82	86.62	254.98	446.47	252.84
Operating Cash Flow Growth	190.72%	-66.03%	-42.89%	76.58%	61.12%
Capital Expenditures	-118.5	-190.65	-619.46	-548.02	-405.21
Sale of Property, Plant & Equipment	2.99	0	0.18	1.28	35.6
Investment in Securities	-33.67	-17.1	543.63	-17.26	-441.63
Other Investing Activities	5.11	-0.93	-24.62	-68	33.71
Investing Cash Flow	-144.08	-208.68	-100.28	-632	-777.52
Short-Term Debt Issued	-	-	-	-	1,380
Long-Term Debt Issued	852.58	1,298	1,478	1,612	-
Total Debt Issued	852.58	1,298	1,478	1,612	1,380
Short-Term Debt Repaid	-	-	-	-	-933.87
Long-Term Debt Repaid	-938.73	-1,222	-1,368	-1,589	-4.56
Total Debt Repaid	-938.73	-1,222	-1,368	-1,589	-938.43
Net Debt Issued (Repaid)	-86.15	76.64	109.63	22.67	441.32
Issuance of Common Stock	-	-	7.5	21.79	17.84
Repurchase of Common Stock	-	-	-	-0.45	-0.82
Common Dividends Paid	-26.36	-35.72	-40.54	-34.12	-39.82
Financing Cash Flow	-112.51	40.92	76.59	9.9	418.52
Foreign Exchange Rate Adjustments	0.51	11.01	1.73	11.34	-4.43
Net Cash Flow	-4.25	-70.14	233.02	-164.29	-110.59
Free Cash Flow	133.32	-104.03	-364.48	-101.55	-152.36
Free Cash Flow Margin	6.21%	-5.32%	-20.55%	-5.08%	-7.93%
Free Cash Flow Per Share	0.47	-0.35	-1.22	-0.35	-0.53
Cash Income Tax Paid	4.94	-10.9	-117.48	-44.53	-79.18
Levered Free Cash Flow	20.38	-476.06	110.61	-625.57	-151.6
Unlevered Free Cash Flow	43.42	-448.12	132.37	-613.56	-142.34
Change in Working Capital	-62.15	-273.38	-39.74	100.13	40.73

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