SHE:003007 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	18.59	33.02	77.86	38.57	-70.25
Depreciation & Amortization	93.17	13.46	27.51	24.09	14.35
Other Amortization	5.19	15.38	1.97	1.89	0.88
Loss (Gain) From Sale of Assets	-0.19	-0.41	-	-0.06	-
Asset Writedown & Restructuring Costs	6.06	6.11	1.7	0.06	0.02
Loss (Gain) From Sale of Investments	-4.26	-0.21	-41.38	-8.47	-10.64
Provision & Write-off of Bad Debts	-	3.19	5.04	10.31	5.04
Other Operating Activities	36.5	-6.6	1.19	2.91	4.21
Change in Accounts Receivable	-195.97	-18.44	-25.28	-62.87	8.88
Change in Inventory	-1.75	1.45	5.57	19.68	-16.87
Change in Accounts Payable	45.78	-27.81	-37.68	-23.95	24.4
Operating Cash Flow	-10.12	18.16	13.6	1.93	-41.22
Operating Cash Flow Growth	-	33.51%	606.41%	-	-
Capital Expenditures	-1,053	-33.63	-14.49	-22.13	-65.83
Sale of Property, Plant & Equipment	0.2	0.05	0.02	0.02	-
Cash Acquisitions	-	-	-	-	-16.35
Divestitures	-	-	11.45	-	-
Investment in Securities	83.03	50.89	37.32	-82.5	-25.27
Other Investing Activities	1.88	3.28	8.57	5.31	8.57
Investing Cash Flow	-967.98	20.58	42.87	-99.3	-98.87
Long-Term Debt Issued	245.86	13.73	2	1	-
Total Debt Issued	245.86	13.73	2	1	-
Long-Term Debt Repaid	-42.21	-8.23	-9.06	-5.56	-5.65
Total Debt Repaid	-42.21	-8.23	-9.06	-5.56	-5.65
Net Debt Issued (Repaid)	203.65	5.5	-7.06	-4.56	-5.65
Repurchase of Common Stock	-	-	-	-40.24	-
Common Dividends Paid	-10.69	-20.42	-10.22	-0.01	-32
Other Financing Activities	775.47	-2.1	-	16.2	-
Financing Cash Flow	968.43	-17.02	-17.27	-28.61	-37.65
Foreign Exchange Rate Adjustments	0.02	0.01	-0.33	1.33	-0.47
Net Cash Flow	-9.64	21.73	38.87	-124.65	-178.22
Free Cash Flow	-1,063	-15.47	-0.89	-20.2	-107.05
Free Cash Flow Margin	-250.48%	-3.70%	-0.20%	-4.11%	-32.02%
Free Cash Flow Per Share	-10.20	-0.15	-0.01	-0.19	-1.04
Cash Income Tax Paid	9.07	17.52	18.02	8.13	16.54
Levered Free Cash Flow	-1,098	39.15	-78.8	-35.31	-88.88
Unlevered Free Cash Flow	-1,098	39.41	-78.61	-35.05	-88.74
Change in Working Capital	-165.19	-45.8	-60.3	-67.4	15.19

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