SHE:300857 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	1,164	691.78	287.29	130.91	126.27
Depreciation & Amortization	621.41	111.83	83.65	71.59	50.65
Other Amortization	18.02	11.77	8.97	6.87	4.26
Loss (Gain) From Sale of Assets	0.44	0.07	1.5	-0.64	-0.02
Asset Writedown & Restructuring Costs	0.05	0.54	0.14	4.49	0.93
Loss (Gain) From Sale of Investments	12.63	18.59	20.68	11.25	-5.72
Provision & Write-off of Bad Debts	54.66	54.72	17.33	8.37	12.39
Other Operating Activities	369.63	72.9	35.3	46.61	28.15
Change in Accounts Receivable	-2,292	-682.24	-356.08	-27.74	-265.71
Change in Inventory	-1,057	-611.21	-506.27	-211.66	-159.16
Change in Accounts Payable	2,209	420.34	298.97	55.39	303.66
Change in Other Net Operating Assets	25.27	36	14.34	5.26	4.7
Operating Cash Flow	1,100	99	-96.67	103.6	93.41
Operating Cash Flow Growth	1011.23%	-	-	10.92%	226.44%
Capital Expenditures	-13,735	-749.54	-149.05	-74.38	-152.38
Sale of Property, Plant & Equipment	9.23	6.81	2.39	4.02	0.15
Cash Acquisitions	-	18.1	-	-	-2.59
Investment in Securities	37.55	-50.52	-43	-64.78	14
Other Investing Activities	3.27	-1.42	-2.79	8.7	-7.42
Investing Cash Flow	-13,685	-776.57	-192.45	-126.44	-148.24
Long-Term Debt Issued	16,611	2,369	851.2	577.17	416.79
Total Debt Issued	16,611	2,369	851.2	577.17	416.79
Short-Term Debt Repaid	-419.32	-	-	-	-
Long-Term Debt Repaid	-4,280	-1,431	-476.84	-442.33	-400.44
Total Debt Repaid	-4,700	-1,431	-476.84	-442.33	-400.44
Net Debt Issued (Repaid)	11,912	938.7	374.36	134.84	16.34
Issuance of Common Stock	37.28	27.89	718.79	-	-
Common Dividends Paid	-319.27	-76.33	-34.67	-36.4	-20.76
Other Financing Activities	1,961	-199.91	-9.54	14.23	-24.58
Financing Cash Flow	13,591	690.34	1,049	112.67	-28.99
Foreign Exchange Rate Adjustments	31.33	18.01	10.38	11.49	-4.53
Net Cash Flow	1,037	30.77	770.21	101.32	-88.35
Free Cash Flow	-12,635	-650.54	-245.72	29.22	-58.97
Free Cash Flow Margin	-103.26%	-8.78%	-5.27%	0.93%	-1.99%
Free Cash Flow Per Share	-36.68	-1.90	-0.75	0.10	-0.20
Cash Income Tax Paid	-145.14	-235.7	-94.21	-129.12	-149.86
Levered Free Cash Flow	-14,988	-1,660	103.18	-100.62	-158.94
Unlevered Free Cash Flow	-14,788	-1,629	118.04	-85.43	-149.12
Change in Working Capital	-1,141	-863.24	-551.52	-175.84	-123.51

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