SHE:002886 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	65.13	36.6	5.9	14.61	63.22
Depreciation & Amortization	115.93	98.49	82.5	54.49	39.5
Other Amortization	5.58	9.12	12.26	7.03	5
Loss (Gain) From Sale of Assets	0.2	-0.01	-0.66	-0.81	-0.08
Asset Writedown & Restructuring Costs	5.68	-0.25	-0.11	0.19	0.03
Loss (Gain) From Sale of Investments	-7.03	-7.58	0.12	0.67	-0.94
Provision & Write-off of Bad Debts	-	5.59	5.1	1.98	2.88
Other Operating Activities	46.2	47.4	52.68	39.87	26.03
Change in Accounts Receivable	-86.83	-186.28	-31.26	72.34	-103.77
Change in Inventory	63.08	18.3	-15.45	-111.33	-164.79
Change in Accounts Payable	23.54	82.89	-45.43	52.94	111.43
Change in Other Net Operating Assets	3.01	-	-	0.64	2.64
Operating Cash Flow	221.23	93.78	52.67	119.39	-23.5
Operating Cash Flow Growth	135.90%	78.05%	-55.88%	-	-
Capital Expenditures	-104.22	-231.46	-358.26	-443.22	-404.35
Sale of Property, Plant & Equipment	0.01	1.02	1.1	2.63	0.07
Cash Acquisitions	-	-	-6.8	-52.22	-
Divestitures	-	-	-	2.74	-
Investment in Securities	-28.35	-190.49	-199.49	-3	94
Other Investing Activities	92.21	-	-	8.27	1.97
Investing Cash Flow	-40.35	-420.93	-563.44	-484.8	-308.3
Long-Term Debt Issued	1,143	1,114	932.35	935.93	587.21
Total Debt Issued	1,143	1,114	932.35	935.93	587.21
Long-Term Debt Repaid	-1,175	-620.75	-968.45	-568.83	-237.97
Total Debt Repaid	-1,175	-620.75	-968.45	-568.83	-237.97
Net Debt Issued (Repaid)	-32.08	493.56	-36.1	367.1	349.25
Issuance of Common Stock	-	-	592	-	-
Repurchase of Common Stock	-	-30	-	-	-
Common Dividends Paid	-49	-39.09	-40.98	-42.89	-27.92
Other Financing Activities	-11.15	-0.47	-5.39	-	1.67
Financing Cash Flow	-92.24	424	509.53	324.21	323
Foreign Exchange Rate Adjustments	-1.64	1.73	0.4	2.79	-0.64
Net Cash Flow	87	98.57	-0.84	-38.41	-9.45
Free Cash Flow	117.01	-137.68	-305.59	-323.83	-427.85
Free Cash Flow Margin	5.70%	-7.26%	-19.89%	-21.73%	-27.79%
Free Cash Flow Per Share	0.45	-0.53	-1.19	-1.42	-1.89
Cash Income Tax Paid	40.01	9.82	0.65	-58.31	1.9
Levered Free Cash Flow	193.77	-273.49	-446.96	-456.66	-481.51
Unlevered Free Cash Flow	193.77	-248.43	-422.97	-437.72	-470.87
Change in Working Capital	-10.46	-95.58	-105.09	1.37	-159.15

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