SHE:300188 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	-791	-415.01	-205.62	147.86	310.71
Depreciation & Amortization	189.1	74.44	195.9	166.48	134.44
Other Amortization	12.04	132.14	15.72	13.48	9.06
Loss (Gain) From Sale of Assets	-1.47	-2.63	-0.25	-0.69	-
Asset Writedown & Restructuring Costs	341.2	186.1	114.68	6.92	6.22
Loss (Gain) From Sale of Investments	-4.23	-151.29	-96.13	-0.08	-0.48
Provision & Write-off of Bad Debts	-	137.51	110.56	102.58	67.06
Other Operating Activities	40.3	142.29	78.48	62.98	49.29
Change in Accounts Receivable	384.71	16.25	-35.31	-459.4	-339.42
Change in Inventory	37.6	146.32	-33.99	-13.12	-44.45
Change in Accounts Payable	22.97	-179.78	181.46	-134.72	-117.31
Change in Other Net Operating Assets	-	-	-	-	-3.19
Operating Cash Flow	275.88	59.36	244.89	-138.22	59.4
Operating Cash Flow Growth	364.74%	-75.76%	-	-	-80.04%
Capital Expenditures	-248.82	-100.24	-157.16	-116.57	-287.23
Sale of Property, Plant & Equipment	71.11	0.92	0.25	0.05	0.02
Cash Acquisitions	-4.95	7.66	-	-	-
Divestitures	1.96	32.64	-0.52	-	-
Investment in Securities	-287.6	23.99	118.63	88.88	173.75
Other Investing Activities	2.32	3.5	-	0.17	6.28
Investing Cash Flow	-465.98	-31.53	-38.8	-27.47	-107.18
Long-Term Debt Issued	172.18	100	364.8	593.78	76.37
Long-Term Debt Repaid	-89.65	-183.44	-574.73	-363.02	-47.84
Net Debt Issued (Repaid)	82.53	-83.44	-209.93	230.76	28.52
Issuance of Common Stock	80.71	-	-	677.54	13.31
Common Dividends Paid	-2.46	-3.21	-46.61	-98.22	-106.17
Other Financing Activities	-100.04	-1.85	-10.31	-39.81	9.98
Financing Cash Flow	60.73	-88.49	-266.84	770.27	-54.35
Foreign Exchange Rate Adjustments	-0.07	0.2	-0.63	1.12	-0.32
Net Cash Flow	-129.44	-60.46	-61.38	605.7	-102.45
Free Cash Flow	27.06	-40.87	87.73	-254.79	-227.83
Free Cash Flow Margin	1.92%	-2.31%	4.42%	-11.18%	-8.99%
Free Cash Flow Per Share	0.03	-0.05	0.10	-0.31	-0.29
Cash Income Tax Paid	87.42	90.76	95.25	111.76	145.44
Levered Free Cash Flow	233.87	73.45	135.83	-262.3	-400.81
Unlevered Free Cash Flow	233.87	78.23	143.86	-254.63	-398.5
Change in Working Capital	489.93	-44.18	31.56	-637.74	-516.9

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