SHE:002943 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	4.99	-374.86	113.05	97.3	-6.77
Depreciation & Amortization	78.42	88.02	70.61	36.16	26.42
Other Amortization	6.11	17.89	8.26	2.22	2.67
Loss (Gain) From Sale of Assets	0.85	0.24	10.14	-43.32	-0.04
Asset Writedown & Restructuring Costs	24.92	258.81	13.92	4.26	28.79
Loss (Gain) From Sale of Investments	0.03	6.46	0.06	-0.05	0.81
Provision & Write-off of Bad Debts	-	33.41	-5.25	14.63	-
Other Operating Activities	31.08	66.6	35.04	29.96	3.02
Change in Accounts Receivable	88.4	9.41	-365.98	-328.32	-146.8
Change in Inventory	88	87.93	-271.64	-144.56	-98.35
Change in Accounts Payable	-133.94	-270.35	311.08	254.37	147.21
Change in Other Net Operating Assets	27.98	4.49	10.22	14.45	-
Operating Cash Flow	218.44	-59.24	-85.83	-69.41	-46.33
Capital Expenditures	-69.78	-245.13	-303.5	-150.45	-91.08
Sale of Property, Plant & Equipment	2.25	17.9	9.75	63.57	0.11
Divestitures	-	-	-0.03	-	-
Investment in Securities	-3.67	-3.84	-47.79	-10.11	20
Other Investing Activities	-	-	-	0.18	0.96
Investing Cash Flow	-71.2	-231.06	-341.57	-96.81	-70
Long-Term Debt Issued	321.1	737.74	345.32	299.09	92.9
Total Debt Issued	321.1	737.74	345.32	299.09	92.9
Long-Term Debt Repaid	-417.06	-271.15	-304.12	-135.6	-9.32
Total Debt Repaid	-417.06	-271.15	-304.12	-135.6	-9.32
Net Debt Issued (Repaid)	-95.96	466.59	41.2	163.49	83.58
Issuance of Common Stock	7.77	12.14	16.31	336.14	-
Repurchase of Common Stock	-	-31.08	-	-	-
Common Dividends Paid	-23.7	-81.69	-8.04	-7.24	-3.12
Other Financing Activities	-1.18	-	54	20.35	1
Financing Cash Flow	-113.07	365.95	103.47	512.74	81.46
Foreign Exchange Rate Adjustments	-0.71	0.24	0.19	-	-
Net Cash Flow	33.46	75.88	-323.74	346.52	-34.88
Free Cash Flow	148.66	-304.37	-389.33	-219.86	-137.41
Free Cash Flow Margin	17.81%	-29.34%	-29.86%	-27.35%	-30.07%
Free Cash Flow Per Share	0.73	-1.63	-1.91	-1.30	-0.84
Cash Income Tax Paid	6.22	-11.74	34.35	25	12.72
Levered Free Cash Flow	100.64	-309.62	-9.76	-269.11	-143.45
Unlevered Free Cash Flow	100.64	-297.89	-4.14	-264.07	-140.86
Change in Working Capital	72.03	-155.8	-331.67	-210.57	-101.24

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