SHE:300489 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	-17.45	12.26	-241.03	-113.97	4.23
Depreciation & Amortization	142.25	125.5	116.35	66.58	28.51
Other Amortization	0.52	1.24	0.44	0.1	0.03
Loss (Gain) From Sale of Assets	-0.04	-38.09	-0.07	-0	1.66
Asset Writedown & Restructuring Costs	37.05	17.7	35.18	13.92	3.29
Loss (Gain) From Sale of Investments	-	0.28	-0.11	-0.25	-0.64
Other Operating Activities	103.13	133.62	108.51	110.21	60.56
Change in Accounts Receivable	-55.47	32.95	74.15	22.39	120.59
Change in Inventory	-70.63	-572.77	-148.47	-196.52	-257.58
Change in Accounts Payable	-126.34	117.26	154.71	125.53	-126.46
Operating Cash Flow	28.98	-158.81	41.15	-3.45	-170.14
Capital Expenditures	-134.82	-173.57	-220.96	-435.27	-889.05
Sale of Property, Plant & Equipment	0.02	197.14	0.33	0	0.16
Other Investing Activities	0.21	-0.35	-0.74	0.17	246.61
Investing Cash Flow	-134.59	23.23	-221.36	-435.09	-642.28
Short-Term Debt Issued	-	284.6	610	-	-
Long-Term Debt Issued	563.99	743.85	340.6	521.5	263.5
Total Debt Issued	563.99	1,028	950.6	521.5	263.5
Short-Term Debt Repaid	-	-1,035	-311.09	-25.36	-51.86
Long-Term Debt Repaid	-427.92	-606.1	-474.23	-50.98	-0.2
Total Debt Repaid	-427.92	-1,641	-785.31	-76.33	-52.06
Net Debt Issued (Repaid)	136.07	-612.86	165.29	445.17	211.44
Issuance of Common Stock	-	800	19.86	-	-
Common Dividends Paid	-36.8	-50.04	-52.18	-53.31	-19.86
Other Financing Activities	51.92	-55.66	6.86	-16.13	-38.73
Financing Cash Flow	151.19	81.44	139.83	375.72	152.85
Foreign Exchange Rate Adjustments	0.55	2.26	1	2.71	-1.43
Net Cash Flow	46.12	-51.89	-39.39	-60.11	-661
Free Cash Flow	-105.84	-332.38	-179.81	-438.72	-1,059
Free Cash Flow Margin	-5.09%	-22.85%	-17.78%	-46.88%	-146.29%
Free Cash Flow Per Share	-0.77	-2.41	-1.31	-3.22	-7.77
Cash Income Tax Paid	41.33	-4.67	-118.38	-68.38	36.72
Levered Free Cash Flow	141.97	-943.78	198.65	-598.86	-1,016
Unlevered Free Cash Flow	141.97	-872.52	266.46	-535.87	-980.05
Change in Working Capital	-236.49	-411.31	21.89	-80.05	-267.77

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