SHE:300053 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	-341.49	-294.22	-425.34	-572.2	42.64
Depreciation & Amortization	133.95	82.55	117.83	145.15	135.27
Other Amortization	0.13	54.9	0.67	0.69	0.74
Loss (Gain) From Sale of Assets	-0.44	0.04	0.15	0.01	0.01
Asset Writedown & Restructuring Costs	127.89	39.41	235.51	497.41	5.7
Loss (Gain) From Sale of Investments	1.09	7.19	1.65	-4.46	-1.32
Provision & Write-off of Bad Debts	-	90.98	103.77	77.61	47.74
Other Operating Activities	101.49	16.85	30.57	19.59	6.51
Change in Accounts Receivable	-16.6	69.92	77.34	-227.43	-182.27
Change in Inventory	-43.83	-60.13	10.24	95.61	69.13
Change in Accounts Payable	27.69	73.81	-23.98	35.36	41.39
Operating Cash Flow	45.72	109.15	133.17	-19.63	151.65
Operating Cash Flow Growth	-58.11%	-18.03%	-	-	324.49%
Capital Expenditures	-43.51	-113.09	-220.65	-92.97	-230.63
Sale of Property, Plant & Equipment	0.02	0.2	0.07	0.05	0.01
Cash Acquisitions	-0.4	-	-	-3	-
Divestitures	-	-	-	15.91	44.61
Investment in Securities	94	-77.47	22	24.7	52.64
Other Investing Activities	1.32	0.03	0.71	1.21	2.54
Investing Cash Flow	51.44	-182.33	-162.79	-54.1	-130.82
Long-Term Debt Issued	228.66	222.42	167.33	104.32	135.46
Long-Term Debt Repaid	-174.27	-208.28	-105.35	-99.74	-169.47
Net Debt Issued (Repaid)	54.38	14.15	61.99	4.57	-34.01
Common Dividends Paid	-9.03	-7.97	-6.92	-5.83	-3.7
Other Financing Activities	-2.18	-	-	-	-
Financing Cash Flow	43.17	6.17	55.06	-1.26	-37.7
Foreign Exchange Rate Adjustments	0.41	-0.06	0.21	0.09	-0.47
Net Cash Flow	140.75	-67.07	25.65	-74.9	-17.35
Free Cash Flow	2.21	-3.93	-87.48	-112.6	-78.99
Free Cash Flow Margin	0.80%	-1.85%	-24.81%	-26.46%	-11.35%
Free Cash Flow Per Share	0.00	-0.01	-0.13	-0.16	-0.11
Cash Income Tax Paid	16.33	13.27	40.22	23.72	44.75
Levered Free Cash Flow	167.28	-12.58	-49.3	-21.19	-65.99
Unlevered Free Cash Flow	167.28	-8.14	-45.69	-18.07	-63.75
Change in Working Capital	23.1	111.46	68.36	-183.44	-85.62

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.