SHE:300044 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	-1,267	-507.32	-160.77	-226.48	-349.01
Depreciation & Amortization	58.73	47.51	64.52	73.13	82.61
Other Amortization	0.14	9.67	3.43	5.04	7.82
Loss (Gain) From Sale of Assets	-0	-0.89	-35.2	-0.33	2.82
Asset Writedown & Restructuring Costs	16.27	0.65	18.9	16.86	377.51
Loss (Gain) From Sale of Investments	0.38	127.21	-	-3.42	-318.5
Provision & Write-off of Bad Debts	-	129.79	99.61	-46.97	-14.53
Other Operating Activities	1,195	-13.88	58.22	42.9	258.61
Change in Accounts Receivable	-784.2	258.83	-18.69	345.68	-277.49
Change in Inventory	0.51	19.38	15.03	17.08	320.59
Change in Accounts Payable	815.48	-110.65	-68.51	-243.97	326.69
Operating Cash Flow	35.72	-38.7	-24.34	106.84	408.41
Operating Cash Flow Growth	-	-	-	-73.84%	-
Capital Expenditures	-1.59	-0.74	-3.41	-18.73	-58.9
Sale of Property, Plant & Equipment	0.03	0	94.5	16.9	6.8
Divestitures	-	-0.25	1.06	-	181.31
Investment in Securities	-0.1	-	-	125.41	4.9
Other Investing Activities	0.07	90.5	0.64	-	-
Investing Cash Flow	-1.58	89.52	92.79	123.57	134.1
Long-Term Debt Issued	-	4.9	29.96	67.42	449
Total Debt Issued	-	4.9	29.96	67.42	449
Long-Term Debt Repaid	-20.44	-37.85	-83.55	-331.96	-767.31
Total Debt Repaid	-20.44	-37.85	-83.55	-331.96	-767.31
Net Debt Issued (Repaid)	-20.44	-32.95	-53.59	-264.54	-318.31
Repurchase of Common Stock	-	-	-23.81	-	-26.86
Common Dividends Paid	-15.31	-12.76	-28.82	-39.22	-86.29
Other Financing Activities	-3	1.98	3.72	9.36	-87.86
Financing Cash Flow	-38.75	-43.74	-102.49	-294.4	-519.32
Foreign Exchange Rate Adjustments	-0.75	0.63	0.44	2.51	-0.36
Net Cash Flow	-5.37	7.71	-33.6	-61.48	22.82
Free Cash Flow	34.13	-39.44	-27.75	88.1	349.51
Free Cash Flow Growth	-	-	-	-74.79%	-
Free Cash Flow Margin	26.01%	-27.53%	-6.19%	22.81%	33.85%
Free Cash Flow Per Share	0.04	-0.05	-0.04	0.11	0.45
Cash Income Tax Paid	2.14	5.21	23.48	-5.64	16.53
Levered Free Cash Flow	1,392	247.61	47.66	277.17	-201.95
Unlevered Free Cash Flow	1,392	264	65.82	302.39	-148.79
Change in Working Capital	32.2	168.54	-73.06	246.1	361.07

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