SHE:300565 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Jan '22 Jan 1, 2022
Net Income	-94.5	-100.65	-205.77	-223.66	-13.13	-120.14
Depreciation & Amortization	57.67	57.67	53.26	57.17	42.41	29.2
Other Amortization	30.62	30.62	4.55	4.64	3.05	1.22
Loss (Gain) From Sale of Assets	5.25	5.25	0.12	0.17	0.22	1.1
Asset Writedown & Restructuring Costs	7.34	7.34	30.14	19.55	-	11.77
Loss (Gain) From Sale of Investments	-1.35	-1.35	-1.17	1.8	2.46	-0.42
Provision & Write-off of Bad Debts	-	-	-1.47	-4.45	-1.19	3.76
Other Operating Activities	-6.07	24.98	50.62	96.67	31.81	24.81
Change in Accounts Receivable	26.96	26.96	-105.2	93.34	13.15	140.92
Change in Inventory	-4.39	-4.39	104.69	15.12	-78.16	-19.47
Change in Accounts Payable	-81.26	-81.26	-48.29	-47.6	-12.49	-196.82
Change in Other Net Operating Assets	1.84	1.84	5.36	-	-	-
Operating Cash Flow	-65.3	-40.4	-97.11	-11.51	-24.13	-140.06
Capital Expenditures	-43.96	-43.06	-77.1	-66.73	-163.65	-370.63
Sale of Property, Plant & Equipment	16.43	8.83	0.09	0.64	0.21	0.22
Divestitures	-	-	-	1.38	-	-
Investment in Securities	20	215	-215	-	2.15	-11
Other Investing Activities	-6.05	4.08	2.43	20.9	-	3.19
Investing Cash Flow	-13.58	184.85	-289.57	-43.8	-161.29	-378.22
Long-Term Debt Issued	-	349.5	514	550.82	595.37	616.33
Total Debt Issued	337.5	349.5	514	550.82	595.37	616.33
Short-Term Debt Repaid	-	-	-	-	-	-0.01
Long-Term Debt Repaid	-	-417.57	-660.49	-562.08	-283.15	-176.51
Total Debt Repaid	-411.88	-417.57	-660.49	-562.08	-283.15	-176.52
Net Debt Issued (Repaid)	-74.38	-68.07	-146.49	-11.27	312.22	439.81
Issuance of Common Stock	0.03	0.03	519.32	-	-	-
Common Dividends Paid	-25.99	-27.87	-32.99	-36.64	-33.74	-15.65
Other Financing Activities	-0.41	-5.88	7.81	13.12	-12.19	28.29
Financing Cash Flow	-100.74	-101.78	347.66	-34.78	266.29	452.44
Foreign Exchange Rate Adjustments	12.83	15.16	0.87	-1.61	11.51	-4.14
Net Cash Flow	-166.8	57.83	-38.15	-91.71	92.38	-69.97
Free Cash Flow	-109.26	-83.46	-174.2	-78.24	-187.79	-510.69
Free Cash Flow Margin	-18.55%	-14.12%	-31.28%	-15.27%	-22.51%	-72.44%
Free Cash Flow Per Share	-0.43	-0.33	-0.71	-0.38	-0.90	-2.46
Cash Income Tax Paid	8.92	0.51	-5.2	-10.79	-46.99	-33.25
Levered Free Cash Flow	-43.67	-	-189.65	27.06	-153.52	-420.99
Unlevered Free Cash Flow	-43.67	-	-168.25	50.69	-138.75	-414.56
Change in Working Capital	-64.27	-64.27	-27.4	36.59	-89.76	-91.35

Updated Mar 31, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.