SHE:002932 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	-75.06	74.52	74.93	4,208	1,413
Depreciation & Amortization	54.38	62.98	83.4	59.08	23.63
Other Amortization	1.02	14.51	11.82	2.65	0.87
Loss (Gain) From Sale of Assets	-0.66	-1.79	-0.31	-0.01	-
Asset Writedown & Restructuring Costs	14.42	87	-4.58	646.56	21.33
Loss (Gain) From Sale of Investments	-104.83	-135.44	-125.14	-37.88	-0.67
Other Operating Activities	66.74	-47.28	3.29	153.33	34.62
Change in Accounts Receivable	176.21	411.72	1,256	-2,325	-722.32
Change in Inventory	35.31	84.76	342.82	-473.38	-166.86
Change in Accounts Payable	-244.39	-644.14	-1,302	1,539	530.21
Change in Other Net Operating Assets	-	4.01	79.95	370.01	-
Operating Cash Flow	-70.05	-85.05	392.5	4,013	1,127
Operating Cash Flow Growth	-	-	-90.22%	256.06%	213.33%
Capital Expenditures	-90.89	-184.77	-109.97	-313.38	-103.57
Sale of Property, Plant & Equipment	4.17	0.78	0.15	-	-
Divestitures	0.84	-	-	-	-
Investment in Securities	449.65	28.04	-1,290	-1,958	-588
Other Investing Activities	66.15	17.82	34.71	37.18	6.45
Investing Cash Flow	429.91	-138.12	-1,365	-2,234	-685.12
Short-Term Debt Issued	-	3	23.61	137.39	30
Total Debt Issued	-	3	23.61	137.39	30
Short-Term Debt Repaid	-	-23.61	-125	-53.42	-141.5
Long-Term Debt Repaid	-3	-6	-20.49	-4.72	-2.95
Total Debt Repaid	-3	-29.61	-145.49	-58.14	-144.45
Net Debt Issued (Repaid)	-3	-26.61	-121.87	79.24	-114.45
Issuance of Common Stock	-	-	-	-	482.71
Repurchase of Common Stock	-	-238.16	-0.53	-	-
Common Dividends Paid	-263.26	-47.39	-582.48	-550.64	-283.39
Other Financing Activities	-18.09	-1.01	34.83	38.6	-2.6
Financing Cash Flow	-284.35	-313.17	-670.06	-432.79	82.27
Foreign Exchange Rate Adjustments	-1.55	0.51	1.26	19.47	-3.2
Net Cash Flow	73.95	-535.83	-1,641	1,365	520.96
Free Cash Flow	-160.95	-269.81	282.52	3,699	1,023
Free Cash Flow Growth	-	-	-92.36%	261.47%	208.82%
Free Cash Flow Margin	-60.72%	-77.08%	37.69%	35.13%	36.17%
Free Cash Flow Per Share	-0.68	-1.20	1.24	16.09	4.84
Cash Income Tax Paid	14.77	4.45	268.9	1,253	219.86
Levered Free Cash Flow	-	-188.62	281.92	2,660	631.65
Unlevered Free Cash Flow	-	-187.81	288.49	2,662	632.97
Change in Working Capital	-26.07	-139.55	349.09	-1,019	-365.99

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