SHE:300205 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	-605.01	-364.07	19.71	86.43	-149.87
Depreciation & Amortization	39.48	36.45	49.9	37.01	39.03
Other Amortization	2.4	22.49	3.93	4.26	4.32
Loss (Gain) From Sale of Assets	-0.31	-0.3	-0.11	-0.25	0
Asset Writedown & Restructuring Costs	273.58	21.41	0.13	1.18	-6.25
Loss (Gain) From Sale of Investments	-3.44	1.92	-4.55	-12.94	-9.35
Provision & Write-off of Bad Debts	-	68.77	-19.25	17.52	34.29
Other Operating Activities	-4.8	41.53	44.93	73.37	67.02
Change in Accounts Receivable	396.66	21.55	-42.61	-299.01	180.25
Change in Inventory	4.62	74.52	89.91	11.55	-291.54
Change in Accounts Payable	-181.6	120.07	-346.4	169.06	-121.33
Change in Other Net Operating Assets	-	-	-	-0.4	-0.58
Operating Cash Flow	-80.42	42.13	-200.84	102.22	-254.15
Capital Expenditures	-4.21	-8.3	-52.04	-247.25	-73.5
Sale of Property, Plant & Equipment	159.25	0	0.19	0.04	0.4
Divestitures	-	-	-6.94	20	-17.19
Investment in Securities	-	44.4	-12.35	117	-24.25
Other Investing Activities	0.2	6.97	2.26	5.46	15.79
Investing Cash Flow	155.24	43.08	-68.88	374.84	-98.75
Short-Term Debt Issued	-	-	-	-	485.73
Long-Term Debt Issued	-	-	437.05	418.1	-
Total Debt Issued	-	-	437.05	418.1	485.73
Short-Term Debt Repaid	-	-	-	-	-306.18
Long-Term Debt Repaid	-64.44	-364.95	-301.65	-459.74	-
Total Debt Repaid	-64.44	-364.95	-301.65	-459.74	-306.18
Net Debt Issued (Repaid)	-64.44	-364.95	135.4	-41.64	179.55
Common Dividends Paid	-1.29	-13.58	-37.36	-25.69	-21.43
Other Financing Activities	73.19	-171.87	-144.43	-	-5.82
Financing Cash Flow	7.46	-550.4	-46.39	-67.33	152.3
Foreign Exchange Rate Adjustments	-0.01	0.93	1.4	1.78	-0.54
Net Cash Flow	82.27	-464.27	-314.72	411.51	-201.14
Free Cash Flow	-84.63	33.83	-252.89	-145.03	-327.65
Free Cash Flow Margin	-49.24%	4.00%	-14.87%	-8.09%	-22.91%
Free Cash Flow Per Share	-0.20	0.08	-0.59	-0.34	-0.76
Cash Income Tax Paid	3.58	5.89	22.9	1.88	6.78
Levered Free Cash Flow	-	325.43	-252.54	130.59	-720.52
Unlevered Free Cash Flow	-	325.43	-233.51	150.01	-708.83
Change in Working Capital	217.67	213.92	-295.52	-104.35	-233.33

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