SHE:300876 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	-61.94	-64.55	21.48	49.65	69.18
Depreciation & Amortization	55.72	43.82	14.05	8.28	9.35
Other Amortization	2.25	2.3	1.7	1.75	1.41
Loss (Gain) From Sale of Assets	-	0.02	0.19	-1.81	-
Asset Writedown & Restructuring Costs	3.32	9.74	0.38	0.09	0.19
Loss (Gain) From Sale of Investments	-2.8	0.08	-0.8	-3.85	-6.99
Other Operating Activities	22.75	23.47	8.56	3.86	3.62
Change in Accounts Receivable	19.21	-8.2	-	12.35	-25.24
Change in Inventory	22.52	-54.1	37.15	-33.23	-10.36
Change in Accounts Payable	22.3	5.28	-37.29	2.34	12.41
Change in Other Net Operating Assets	-4.18	2.72	7.09	5.54	1.96
Operating Cash Flow	78.94	-39.9	48.14	43.62	55.08
Operating Cash Flow Growth	-	-	10.36%	-20.79%	43.96%
Capital Expenditures	-323.84	-350.23	-364.31	-285.68	-136
Sale of Property, Plant & Equipment	-	0.05	0.45	13.14	0.02
Cash Acquisitions	-	-	-37.42	-	-
Sale (Purchase) of Real Estate	-	-	-20	-	-
Investment in Securities	-2	70.1	3.54	153.91	9.83
Other Investing Activities	-6.67	40.83	28.31	-	-
Investing Cash Flow	-332.51	-239.25	-389.42	-118.63	-126.15
Short-Term Debt Issued	20	11	3.3	-	-
Long-Term Debt Issued	557.36	428.97	203	427.72	135.97
Total Debt Issued	577.36	439.97	206.3	427.72	135.97
Short-Term Debt Repaid	-20	-11	-7.3	-	-
Long-Term Debt Repaid	-362.28	-204.92	-97.58	-161.42	-49.11
Total Debt Repaid	-382.28	-215.92	-104.88	-161.42	-49.11
Net Debt Issued (Repaid)	195.08	224.05	101.41	266.29	86.86
Repurchase of Common Stock	-0.01	-12.32	-1.53	-0.48	-0.42
Common Dividends Paid	-20.83	-35.64	-24.94	-33.78	-21.12
Other Financing Activities	68.84	10.3	51.31	-4.1	0.15
Financing Cash Flow	243.08	186.39	126.25	227.94	65.47
Foreign Exchange Rate Adjustments	0.05	0.46	-0.15	0.87	-1.7
Net Cash Flow	-10.44	-92.3	-215.17	153.81	-7.3
Free Cash Flow	-244.9	-390.13	-316.17	-242.05	-80.93
Free Cash Flow Margin	-47.32%	-79.21%	-69.55%	-61.37%	-20.40%
Free Cash Flow Per Share	-2.49	-4.08	-3.28	-2.51	-0.84
Cash Income Tax Paid	-5.23	8.66	9.06	-4.62	11.03
Levered Free Cash Flow	-228.61	-412.39	-330.16	-275.65	-108.06
Unlevered Free Cash Flow	-213	-397.79	-324.03	-272.72	-106.98
Change in Working Capital	59.65	-54.79	2.58	-14.35	-21.69

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