SHE:300222 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	80.77	70.04	-127.83	-292.2	-99.81
Depreciation & Amortization	51.95	52.68	70.17	69.94	62.18
Other Amortization	5	4.28	4.75	4	4.35
Loss (Gain) From Sale of Assets	0.24	3.28	0.83	0.33	0.2
Asset Writedown & Restructuring Costs	0.03	-0.22	1.51	54.15	0.61
Loss (Gain) From Sale of Investments	-6.93	-14.18	8.88	4.37	-224.15
Provision & Write-off of Bad Debts	9.24	18.48	3.68	81.44	113.26
Other Operating Activities	16.5	25.28	51.72	102.43	102.75
Change in Accounts Receivable	-68.61	-81.53	-10.33	-121.89	-271.56
Change in Inventory	130.57	-222.53	-120.45	169.07	-376.37
Change in Accounts Payable	-68.28	314.04	6.07	-181.25	688.22
Change in Other Net Operating Assets	52.86	-46.82	132.7	6.9	-15.29
Operating Cash Flow	196.78	118.98	24.41	-97.71	-20.28
Operating Cash Flow Growth	65.39%	387.48%	-	-	-
Capital Expenditures	-21.89	-42.24	-50.61	-54.86	-106.2
Sale of Property, Plant & Equipment	0.74	5.27	4.52	2.7	2.12
Cash Acquisitions	-	-	-13.76	-	0.01
Divestitures	31.28	75.11	-27.6	-	511.68
Investment in Securities	123.94	-129.93	111.73	301.34	-667.68
Other Investing Activities	12.99	12.75	65.16	17.1	12.37
Investing Cash Flow	147.07	-79.04	89.44	266.28	-247.7
Long-Term Debt Issued	76.71	270.64	391.22	484.89	689.4
Long-Term Debt Repaid	-397.6	-378.71	-514.42	-518.74	-933.93
Net Debt Issued (Repaid)	-320.88	-108.07	-123.2	-33.84	-244.53
Issuance of Common Stock	-	-	-	-	617.31
Repurchase of Common Stock	-	-24	-	-	-
Common Dividends Paid	-2.83	-11.78	-17.84	-27.22	-36.51
Other Financing Activities	8.87	155.49	16.93	-168.77	26.4
Financing Cash Flow	-314.85	11.65	-124.12	-229.83	362.66
Foreign Exchange Rate Adjustments	-	-	-0.54	0.17	-0.94
Net Cash Flow	29	51.59	-10.81	-61.09	93.73
Free Cash Flow	174.89	76.74	-26.21	-152.56	-126.48
Free Cash Flow Growth	127.91%	-	-	-	-
Free Cash Flow Margin	5.71%	2.80%	-0.84%	-4.58%	-4.38%
Free Cash Flow Per Share	0.22	0.10	-0.03	-0.19	-0.17
Cash Income Tax Paid	113	110.28	130.25	64.83	49.16
Levered Free Cash Flow	176.27	220.48	39.5	-243.12	-8.33
Unlevered Free Cash Flow	180.19	229.87	54.77	-225.31	15.55
Change in Working Capital	39.97	-40.66	10.7	-122.17	20.32

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