SHE:300571 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	-199.45	-116.05	-38.79	122.48	243.66
Depreciation & Amortization	232	34.95	31.33	38.85	43.08
Other Amortization	0.19	1.31	0.84	0.48	6.61
Loss (Gain) From Sale of Assets	-4.25	-0.13	-0.05	-	-0.38
Asset Writedown & Restructuring Costs	41.97	15.03	4.04	0.05	9.18
Loss (Gain) From Sale of Investments	-0.24	1.15	34.94	2.72	-6.32
Provision & Write-off of Bad Debts	-	23.56	6.08	14.11	48.58
Other Operating Activities	131.01	75.29	71.1	88.4	46.37
Change in Accounts Receivable	423.7	154.05	352.11	-158.35	-940.25
Change in Inventory	14.68	-285.61	43.35	-95.99	-179.21
Change in Accounts Payable	-40	-291.69	-305.25	-158.92	469.51
Operating Cash Flow	591.32	-411.63	195.41	-158.54	-267.46
Capital Expenditures	-1,419	-133.8	-220.35	-104.98	-45.67
Sale of Property, Plant & Equipment	5.46	0.53	3	-	1.65
Cash Acquisitions	-	-2	-	-	-3.88
Divestitures	-	-	-0.07	22.17	2.18
Investment in Securities	-61.67	-7	4.68	-25.42	-15.63
Other Investing Activities	0.1	-	-	-	1.92
Investing Cash Flow	-1,475	-142.27	-212.35	-108.12	-56.79
Long-Term Debt Issued	1,650	1,588	1,324	1,648	1,471
Total Debt Issued	1,650	1,588	1,324	1,648	1,471
Long-Term Debt Repaid	-1,539	-1,139	-1,376	-1,464	-1,183
Total Debt Repaid	-1,539	-1,139	-1,376	-1,464	-1,183
Net Debt Issued (Repaid)	110.67	448.39	-51.24	184.61	287.84
Issuance of Common Stock	-	-	-	-	574.91
Repurchase of Common Stock	-	-	-	-4.71	-
Common Dividends Paid	-56.71	-43.49	-43.13	-70.54	-58.48
Other Financing Activities	863.99	1.2	-68.91	-112.58	-177.29
Financing Cash Flow	917.96	406.1	-163.28	-3.22	626.98
Foreign Exchange Rate Adjustments	-	-	-0.04	0.01	-0.16
Net Cash Flow	34.58	-147.8	-180.27	-269.86	302.56
Free Cash Flow	-827.26	-545.43	-24.95	-263.52	-313.13
Free Cash Flow Margin	-82.03%	-37.80%	-1.31%	-7.41%	-8.70%
Free Cash Flow Per Share	-5.94	-3.90	-0.18	-1.89	-2.52
Cash Income Tax Paid	11.11	32.69	70.32	59.46	59.88
Levered Free Cash Flow	-	-237.29	-103	-237.66	-621.42
Unlevered Free Cash Flow	-	-205.38	-71.84	-195.72	-588.72
Change in Working Capital	390.07	-446.75	85.91	-425.63	-658.23

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