SHE:300537 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	13.62	-32.07	6.9	-31.99	-410.56
Depreciation & Amortization	32.97	34.71	23.5	30.57	31.15
Other Amortization	1.57	4.82	5.85	5.04	2.05
Loss (Gain) From Sale of Assets	0.93	1.34	-4.91	-0.06	0.11
Asset Writedown & Restructuring Costs	10.28	33.26	28.2	0.57	349.34
Loss (Gain) From Sale of Investments	-0.44	-2.13	-2.26	-0.22	5.22
Provision & Write-off of Bad Debts	-	13.38	4.03	-2.91	16.47
Other Operating Activities	6.1	13.56	18.7	3.66	8.73
Change in Accounts Receivable	28.51	2.81	18.64	-2.66	17.8
Change in Inventory	4.02	7.59	-15.24	27.33	-17.25
Change in Accounts Payable	-29.11	-147.37	-43.32	59.44	51.3
Change in Other Net Operating Assets	-3.05	6.31	1.46	-	-3.64
Operating Cash Flow	62.91	-37.22	26.35	81.54	43.77
Operating Cash Flow Growth	-	-	-67.69%	86.27%	-50.20%
Capital Expenditures	-14.05	-17.7	-58.83	-101.94	-54.05
Sale of Property, Plant & Equipment	0.11	1.16	6.06	0.32	0.19
Divestitures	9.11	-	-0.55	-	-
Investment in Securities	-36.82	-45.87	-19.39	-5.41	-4.02
Other Investing Activities	2.03	3.2	1.11	0.79	1.72
Investing Cash Flow	-39.61	-59.21	-71.6	-106.25	-56.15
Short-Term Debt Issued	-	189.51	153.98	-	-
Long-Term Debt Issued	124.54	-	-	231.28	206.28
Total Debt Issued	124.54	189.51	153.98	231.28	206.28
Short-Term Debt Repaid	-	-243.28	-155.48	-	-
Long-Term Debt Repaid	-186.3	-1.62	-1.3	-197.62	-141.69
Total Debt Repaid	-186.3	-244.9	-156.78	-197.62	-141.69
Net Debt Issued (Repaid)	-61.76	-55.39	-2.8	33.66	64.59
Issuance of Common Stock	143.5	2.49	107.99	-	-
Common Dividends Paid	-4.99	-5.35	-6.37	-4.77	-
Other Financing Activities	12.32	20	2.65	-1.11	-5.48
Financing Cash Flow	89.06	-38.25	101.47	27.78	59.11
Foreign Exchange Rate Adjustments	0.01	0.02	0	0.2	-0.04
Net Cash Flow	112.37	-134.65	56.22	3.27	46.69
Free Cash Flow	48.86	-54.92	-32.48	-20.4	-10.27
Free Cash Flow Margin	10.15%	-10.60%	-6.37%	-4.10%	-1.66%
Free Cash Flow Per Share	0.24	-0.27	-0.17	-0.11	-0.05
Cash Interest Paid	-	-	0.35	-	6.84
Cash Income Tax Paid	31.02	41.37	46.06	16.97	30.46
Levered Free Cash Flow	67.4	44.98	-83.09	60.4	-24.08
Unlevered Free Cash Flow	67.4	48.48	-78.73	63.54	-19.93
Change in Working Capital	-2.12	-104.08	-53.65	76.87	41.25

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