SHE:300600 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	-55.02	-38.07	-23.13	-0.47	-268.09
Depreciation & Amortization	25.18	26.69	27.85	30.73	29.91
Other Amortization	0.9	0.25	0.21	0.19	0.3
Loss (Gain) From Sale of Assets	-0.38	0.01	-22.26	-4.83	-0.02
Asset Writedown & Restructuring Costs	0.01	-	0	0.19	272.05
Loss (Gain) From Sale of Investments	-3	-0.29	-0.03	0.57	-1.11
Provision & Write-off of Bad Debts	23.92	23.27	29.85	6.05	-
Other Operating Activities	4.3	2.06	1.35	6.86	10.37
Change in Accounts Receivable	-	-	29.14	-43.1	204.79
Change in Inventory	48.74	20.85	-18.22	5.33	-0.43
Change in Accounts Payable	-0.15	-26.31	7.07	37.56	-259.81
Operating Cash Flow	33	0.64	26.19	36.18	-60.16
Operating Cash Flow Growth	5021.04%	-97.54%	-27.59%	-	-
Capital Expenditures	-26.18	-13.56	-7.76	-11.13	-24.82
Sale of Property, Plant & Equipment	0.57	0	37.76	34.94	0.05
Divestitures	-	-	0.37	-0.04	-
Investment in Securities	-32	-19.95	0.33	-	-1.2
Other Investing Activities	2.03	0.3	0.63	-	6.37
Investing Cash Flow	-55.58	-33.21	31.34	23.77	-19.6
Short-Term Debt Issued	20	52.17	137.87	175.41	213.19
Total Debt Issued	20	52.17	137.87	175.41	213.19
Short-Term Debt Repaid	-40	-96.6	-238.55	-175	-206.22
Total Debt Repaid	-40	-96.6	-238.55	-175	-206.22
Net Debt Issued (Repaid)	-20	-44.43	-100.68	0.41	6.97
Repurchase of Common Stock	-	-	-	-	-18.23
Common Dividends Paid	-0.33	-1.66	-4.01	-7.39	-24.98
Other Financing Activities	254.7	99	105	0.95	-
Financing Cash Flow	234.38	52.92	0.31	-6.03	-36.25
Foreign Exchange Rate Adjustments	-0.05	-0	0.01	-0.05	-0.06
Net Cash Flow	211.74	20.35	57.85	53.86	-116.05
Free Cash Flow	6.82	-12.92	18.43	25.05	-84.97
Free Cash Flow Growth	-	-	-26.40%	-	-
Free Cash Flow Margin	2.46%	-4.66%	9.40%	9.13%	-38.61%
Free Cash Flow Per Share	0.02	-0.04	0.06	0.09	-0.28
Cash Income Tax Paid	15.8	15.36	16.22	3.76	28.24
Levered Free Cash Flow	32.57	28.86	30.95	7.67	170.11
Unlevered Free Cash Flow	32.9	29.99	33.4	12.32	177.29
Change in Working Capital	37.09	-13.28	12.36	-3.12	-103.57

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