SHE:300065 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	40.13	8.21	-116.36	-788.84	48.91
Depreciation & Amortization	54.97	50.84	47.44	57.82	40.28
Other Amortization	3.69	4.51	4.08	4.19	3.89
Loss (Gain) From Sale of Assets	-0.96	-0.2	-5.68	-0.01	-0.05
Asset Writedown & Restructuring Costs	1.53	6.16	0.03	518.27	0.28
Loss (Gain) From Sale of Investments	-21.03	-27.96	20.74	-17.8	-19.93
Provision & Write-off of Bad Debts	-	-65.97	44.24	81.21	16.22
Other Operating Activities	-12.61	28.58	59.48	95.85	53.76
Change in Accounts Receivable	-36.2	76.52	-28.81	100.39	-311.21
Change in Inventory	202.13	-204.6	122.63	-117.8	11.07
Change in Accounts Payable	-104.89	215.41	-17.22	91.03	116.27
Change in Other Net Operating Assets	8.89	2.15	-	-5.35	3.27
Operating Cash Flow	128.48	93.96	120.44	11.36	-38.75
Operating Cash Flow Growth	36.74%	-21.98%	959.86%	-	-
Capital Expenditures	-158.99	-65.3	-112.28	-226.7	-91.45
Sale of Property, Plant & Equipment	2.06	0.47	0.17	0.97	-
Cash Acquisitions	-	-21	-17	-17	-31
Divestitures	-	84.97	3.81	-43.55	-
Investment in Securities	111.94	-26.74	-246	229.53	-490.37
Other Investing Activities	23.83	7.17	0.19	5.67	-
Investing Cash Flow	-21.17	-20.44	-371.12	-51.08	-612.81
Long-Term Debt Issued	30.5	108	165.78	185.92	95.25
Long-Term Debt Repaid	-73.8	-212.64	-148.12	-185.55	-155.04
Net Debt Issued (Repaid)	-43.3	-104.64	17.66	0.36	-59.79
Issuance of Common Stock	3.27	-	-	295	4.01
Repurchase of Common Stock	-	-0.83	-33.66	-	-
Common Dividends Paid	-1.13	-3.99	-6.97	-5.56	-7.95
Other Financing Activities	-1.84	-	-	24.15	-11.4
Financing Cash Flow	-43.01	-109.46	-22.98	313.95	-75.14
Foreign Exchange Rate Adjustments	2.24	-0.47	5.1	-5.28	2.84
Net Cash Flow	66.54	-36.4	-268.56	268.96	-723.86
Free Cash Flow	-30.51	28.66	8.16	-215.34	-130.2
Free Cash Flow Growth	-	251.43%	-	-	-
Free Cash Flow Margin	-4.26%	7.46%	1.08%	-29.73%	-14.43%
Free Cash Flow Per Share	-0.04	0.04	0.01	-0.33	-0.22
Cash Income Tax Paid	4.7	28.14	20.69	38.1	28.87
Levered Free Cash Flow	11.31	-7.21	65.07	-135.9	-143.81
Unlevered Free Cash Flow	11.31	-4.69	67.79	-118.06	-113.9
Change in Working Capital	62.77	89.81	66.48	60.67	-182.11

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