SHE:300671 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	-183.27	-241.51	-347.91	-172.67	456.44
Depreciation & Amortization	95.52	84.81	87.64	83.11	69.57
Other Amortization	28.73	27.53	35.34	42.9	19.55
Loss (Gain) From Sale of Assets	1.64	-4.47	7.07	7.84	-4.4
Asset Writedown & Restructuring Costs	73.53	40.93	207.87	182.64	21.18
Loss (Gain) From Sale of Investments	-11.71	-9.06	-18.56	-16.77	-9.27
Other Operating Activities	-6.25	10.81	26.03	-0.41	14.9
Change in Accounts Receivable	-134.11	436.84	110.25	153.88	-4.88
Change in Inventory	0.32	-62.4	1.22	-265.75	-138.33
Change in Accounts Payable	102.9	-361.58	-120.64	22.93	-84.39
Change in Other Net Operating Assets	47.17	28.02	-1.1	11.1	24.54
Operating Cash Flow	23.74	-49.2	-46.99	3.27	363.93
Operating Cash Flow Growth	-	-	-	-99.10%	-
Capital Expenditures	-18.38	-95.75	-210.87	-512.72	-100.55
Sale of Property, Plant & Equipment	9.15	27.78	7.5	0.18	27.17
Investment in Securities	-2.59	99.78	93.74	-280.81	-265
Other Investing Activities	16.1	9.64	23.34	12.04	7.37
Investing Cash Flow	4.28	41.45	-86.29	-781.3	-331
Short-Term Debt Issued	-	-	-	-	14.44
Long-Term Debt Issued	640.04	786.41	811.13	736.37	88.1
Total Debt Issued	640.04	786.41	811.13	736.37	102.54
Long-Term Debt Repaid	-674.59	-893.82	-757.68	-409.2	-261.52
Total Debt Repaid	-674.59	-893.82	-757.68	-409.2	-261.52
Net Debt Issued (Repaid)	-34.54	-107.41	53.45	327.18	-158.98
Issuance of Common Stock	84.77	-	-	18.99	890
Common Dividends Paid	-14.05	-13.99	-17.21	-78.95	-42.98
Other Financing Activities	-3.85	-1.8	-47.05	-59.28	-
Financing Cash Flow	32.33	-123.2	-10.82	207.93	688.04
Foreign Exchange Rate Adjustments	-0.11	0	-0.36	0.35	-0.08
Net Cash Flow	60.24	-130.94	-144.46	-569.74	720.89
Free Cash Flow	5.36	-144.95	-257.86	-509.45	263.38
Free Cash Flow Margin	0.63%	-21.26%	-36.75%	-66.05%	19.23%
Free Cash Flow Per Share	0.03	-0.67	-1.19	-2.33	1.26
Cash Interest Paid	-	0.63	1.89	0.32	-
Cash Income Tax Paid	-40.19	27.7	1.53	22.1	130.72
Levered Free Cash Flow	119.71	-45.63	-205.58	-412.95	59.07
Unlevered Free Cash Flow	119.71	-37.89	-193.5	-400.4	69.66
Change in Working Capital	25.54	41.77	-44.47	-123.37	-204.04

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.