SHE:002872 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	-56.01	-87.4	-93.07	-90.56	-67.81
Depreciation & Amortization	122.14	107.06	107.26	107.72	89.99
Other Amortization	4.51	5.84	2.83	2.76	3.25
Loss (Gain) From Sale of Assets	0.16	-0.04	-0.23	-9.53	-5.22
Asset Writedown & Restructuring Costs	10.03	24.18	4.81	3.21	8.48
Loss (Gain) From Sale of Investments	-6.08	-16.56	-2.01	-4.92	-4.57
Provision & Write-off of Bad Debts	-	-0.78	4.24	1.27	17.58
Other Operating Activities	28.07	43.86	29.45	31.88	10.6
Change in Accounts Receivable	16.41	15.65	103.03	54.68	-419.09
Change in Inventory	-0.02	28.03	49.47	-6.86	167.57
Change in Accounts Payable	-71.33	-61.96	-231.1	-4.71	187.8
Change in Other Net Operating Assets	-	2.09	2.16	-	-
Operating Cash Flow	42.97	50.15	-24.56	89.18	18.97
Operating Cash Flow Growth	-14.31%	-	-	370.09%	-90.00%
Capital Expenditures	-26.92	-50.27	-76.74	-73.42	-114.38
Sale of Property, Plant & Equipment	5.82	0.09	15.05	14.88	36.34
Cash Acquisitions	-	-	-30	-	-29.4
Divestitures	-	-	-	22.45	31.08
Investment in Securities	-1.31	30	-	82	-72.7
Other Investing Activities	5.99	25.75	156.6	6.12	318.64
Investing Cash Flow	-16.41	5.57	-82.08	-65.57	169.58
Long-Term Debt Issued	159.3	282.5	213.3	101	226.74
Long-Term Debt Repaid	-155.78	-221.85	-208.97	-167.53	-358.33
Net Debt Issued (Repaid)	3.52	60.65	4.33	-66.53	-131.59
Issuance of Common Stock	-	5.2	-	-	-
Common Dividends Paid	-14.97	-15.26	-15.54	-15.94	-22.89
Other Financing Activities	-1.33	-0.04	-	38	15.51
Financing Cash Flow	-12.79	50.56	-11.2	-44.47	-138.97
Net Cash Flow	13.77	106.27	-117.85	-20.85	49.58
Free Cash Flow	16.05	-0.13	-101.3	15.76	-95.41
Free Cash Flow Margin	3.12%	-0.02%	-17.49%	2.60%	-12.95%
Free Cash Flow Per Share	0.05	-	-0.32	0.05	-0.30
Cash Income Tax Paid	45.92	48.51	60.49	22.19	24.21
Levered Free Cash Flow	74.79	57.93	-57.8	-37.29	171.75
Unlevered Free Cash Flow	74.79	67.17	-48.43	-27.43	186.97
Change in Working Capital	-59.85	-26	-77.84	47.35	-33.34

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