SHE:300227 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	Jan '24 Jan 1, 2024	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Net Income	-274.87	-27.37	56.82	80.07	91.54
Depreciation & Amortization	128.01	111.64	122.99	117.99	91.56
Other Amortization	19.69	9.03	8.7	9.71	10.69
Loss (Gain) From Sale of Assets	0.55	-2.49	-8.16	-1.09	-1.09
Asset Writedown & Restructuring Costs	105.84	29.15	3.7	0.62	7.77
Loss (Gain) From Sale of Investments	1.26	-3.95	3.82	6.52	2.78
Provision & Write-off of Bad Debts	11.16	10.07	12.79	10.7	-
Other Operating Activities	151.85	58.01	18.31	21.68	23.59
Change in Accounts Receivable	-142.2	-32.27	-93.88	-95.74	-50.24
Change in Inventory	-42.08	-27.14	-27.75	-167.35	-117.71
Change in Accounts Payable	288.41	-32.54	-3.08	120.93	66.36
Change in Other Net Operating Assets	-7.34	-	-	-	-
Operating Cash Flow	222.35	85.8	90.2	98.98	127.94
Operating Cash Flow Growth	159.14%	-4.88%	-8.87%	-22.63%	9.89%
Capital Expenditures	-213.62	-129.37	-127.06	-137.39	-191.4
Sale of Property, Plant & Equipment	1.48	22.33	12.21	7.51	18.62
Cash Acquisitions	-481.43	-	0	-2.84	-49.38
Divestitures	-	16.27	-	-0.41	-
Investment in Securities	-52.66	-0.27	1.39	-	7.72
Other Investing Activities	4.59	1.95	0.03	0.09	3.59
Investing Cash Flow	-741.64	-89.1	-113.43	-133.05	-210.86
Long-Term Debt Issued	1,180	790.4	543.29	398.95	418.02
Long-Term Debt Repaid	-699.22	-591.91	-535.21	-511.15	-420
Net Debt Issued (Repaid)	480.53	198.48	8.08	-112.2	-1.98
Issuance of Common Stock	257.42	-	-	-	185.75
Repurchase of Common Stock	-	-	-	-	-50.02
Common Dividends Paid	-34.13	-35.13	-18.39	-16.39	-35.64
Other Financing Activities	-0.99	0.6	79.14	102.68	-1.61
Financing Cash Flow	702.83	163.95	68.83	-25.9	96.5
Foreign Exchange Rate Adjustments	-2.69	-	0.01	0	-
Net Cash Flow	180.85	160.66	45.61	-59.96	13.58
Free Cash Flow	8.73	-43.57	-36.86	-38.41	-63.47
Free Cash Flow Margin	0.55%	-4.13%	-3.44%	-3.73%	-6.82%
Free Cash Flow Per Share	0.02	-0.09	-0.07	-0.08	-0.13
Cash Income Tax Paid	52.32	83.98	101.75	67.31	84.31
Levered Free Cash Flow	175.18	-20.93	-84.19	-90.17	-159.65
Unlevered Free Cash Flow	197.27	-6.51	-70.57	-77.97	-147.83
Change in Working Capital	78.86	-98.29	-128.76	-147.21	-98.9

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