SHE:300850 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	818.16	65.38	374.84	316.1	514.31
Depreciation & Amortization	406.84	287.78	181.88	123.8	68.58
Other Amortization	1.1	-	-	-	-
Loss (Gain) From Sale of Assets	-2.42	-0.16	2.99	16.37	-0.05
Asset Writedown & Restructuring Costs	72.46	49.57	1.25	37.44	0
Loss (Gain) From Sale of Investments	-109.61	126.61	-65.99	-38.76	-92.42
Provision & Write-off of Bad Debts	-1.05	-0.47	98.89	54.73	43.22
Other Operating Activities	133.92	156.85	116.79	148.64	75.45
Change in Accounts Receivable	-1,380	-783.56	-39.24	-561.58	-1,081
Change in Inventory	-459.13	119.31	-232.78	-226.74	-140.28
Change in Accounts Payable	511.19	471.17	-513.8	251.52	280.83
Operating Cash Flow	18.38	443.72	-79.02	101.75	-342.35
Operating Cash Flow Growth	-95.86%	-	-	-	-
Capital Expenditures	-449.2	-729.23	-1,252	-2,056	-570.94
Sale of Property, Plant & Equipment	14.85	2.28	48.01	32.26	0.01
Cash Acquisitions	-6.47	-10.09	-245.39	-49.5	-123.2
Investment in Securities	150.82	127.64	450	-77.79	-877.99
Other Investing Activities	4.65	6.4	8.33	102.36	54.51
Investing Cash Flow	-285.35	-603	-990.66	-2,048	-1,518
Short-Term Debt Issued	73.99	568.12	695.01	968.34	126.34
Long-Term Debt Issued	1,606	2,050	2,368	884.95	649.84
Total Debt Issued	1,680	2,618	3,063	1,853	776.19
Long-Term Debt Repaid	-1,268	-2,698	-2,569	-753.8	-397.12
Total Debt Repaid	-1,268	-2,698	-2,569	-753.8	-397.12
Net Debt Issued (Repaid)	412.29	-79.38	493.99	1,099	379.06
Issuance of Common Stock	-	-	339.15	1,197	1,452
Common Dividends Paid	-94.44	-99	-79.01	-68.71	-52.16
Other Financing Activities	76.35	291.77	211.77	-476.06	-81.29
Financing Cash Flow	394.2	113.39	965.91	1,752	1,698
Foreign Exchange Rate Adjustments	0	0.01	-0.05	-0.62	-0.08
Net Cash Flow	127.24	-45.88	-103.82	-195.16	-162.22
Free Cash Flow	-430.82	-285.52	-1,331	-1,954	-913.29
Free Cash Flow Margin	-9.31%	-9.69%	-47.13%	-73.64%	-36.87%
Free Cash Flow Per Share	-1.07	-0.79	-3.98	-5.93	-2.91
Cash Income Tax Paid	254.68	48.95	42.71	139.53	136.55
Levered Free Cash Flow	-629.39	-551.69	-1,628	-2,061	-814.05
Unlevered Free Cash Flow	-568.68	-479.03	-1,564	-1,987	-762.59
Change in Working Capital	-1,301	-241.85	-785.99	-554.72	-951.44

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