SHE:300322 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	77.18	-64.46	-194.56	-86.61	47.87
Depreciation & Amortization	76.12	79.3	89.02	79.56	72.2
Other Amortization	9.25	12.49	11.66	7.9	9.06
Loss (Gain) From Sale of Assets	-1.06	-1.11	-1.62	1.1	0.45
Asset Writedown & Restructuring Costs	28.25	41.46	85.19	57.5	5.15
Loss (Gain) From Sale of Investments	-7.03	2.75	10.64	-23.02	0.09
Provision & Write-off of Bad Debts	-	2.76	23.05	-2.21	0.38
Other Operating Activities	57.65	58.99	43.68	29.52	42.79
Change in Accounts Receivable	41.67	153.65	-47.65	-51.05	87.81
Change in Inventory	-168.54	-116.85	18.46	2.35	-8.22
Change in Accounts Payable	-125.33	-232.88	-114.21	158.9	-311.38
Change in Other Net Operating Assets	-13.63	-	-	-	-
Operating Cash Flow	-27.53	-61.28	-84.13	146.56	-62.22
Capital Expenditures	-152.42	-109.06	-234.4	-171.23	-229.61
Sale of Property, Plant & Equipment	0.07	2.44	5.42	1.97	2.4
Cash Acquisitions	-	-	-	-18.28	-
Divestitures	13.72	10	-	19.25	-
Investment in Securities	-158.25	2.61	-10.8	220.14	-304.78
Other Investing Activities	12.87	4.35	20.15	-	1.23
Investing Cash Flow	-284.01	-89.66	-219.63	51.86	-530.76
Short-Term Debt Issued	-	107.89	48.48	7.54	-
Long-Term Debt Issued	1,117	1,049	975.1	762.77	752.24
Total Debt Issued	1,117	1,157	1,024	770.31	752.24
Long-Term Debt Repaid	-1,026	-1,040	-812.46	-734.99	-619.59
Net Debt Issued (Repaid)	90.63	116.54	211.11	35.32	132.65
Repurchase of Common Stock	-	-	-	-50.01	-
Common Dividends Paid	-31.16	-35.4	-36.84	-45.57	-32.35
Other Financing Activities	55.04	6.35	24.1	1.35	-13.35
Financing Cash Flow	114.51	87.49	198.37	-58.92	86.95
Foreign Exchange Rate Adjustments	0.17	5.12	-1.57	16.24	-5.04
Net Cash Flow	-196.86	-58.33	-106.96	155.74	-511.06
Free Cash Flow	-179.95	-170.34	-318.53	-24.67	-291.83
Free Cash Flow Margin	-6.50%	-9.17%	-19.27%	-1.60%	-14.93%
Free Cash Flow Per Share	-0.39	-0.37	-0.69	-0.05	-0.61
Cash Interest Paid	-	-	-	1.09	2.41
Cash Income Tax Paid	67.41	45.74	40.19	3.67	-8.13
Levered Free Cash Flow	-104.26	-252.14	-382.25	48.98	-407.65
Unlevered Free Cash Flow	-104.26	-229.71	-359.77	68.45	-392.02
Change in Working Capital	-267.89	-193.47	-151.19	82.81	-240.21

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