SHE:300889 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	-77.23	-107.45	34.32	36.05	38.01
Depreciation & Amortization	69.25	52.87	51.1	51.28	40.6
Other Amortization	12.45	9.36	7.38	7.54	4.86
Loss (Gain) From Sale of Assets	-1.36	-3.56	-4.72	-2.41	-0.11
Asset Writedown & Restructuring Costs	10.89	60.43	24.24	0	23.38
Loss (Gain) From Sale of Investments	2.31	-1.22	-0.24	-6.15	-9.47
Provision & Write-off of Bad Debts	25.69	17.32	42.67	38.85	-
Other Operating Activities	25.31	25.39	18.45	14.37	7.55
Change in Accounts Receivable	-68.6	143.24	-124.75	-115.39	-43.44
Change in Inventory	4.81	-27.33	-23.66	-15.9	-99.6
Change in Accounts Payable	37.89	-52.53	-78.63	-195.64	237.84
Change in Other Net Operating Assets	-8.77	-9.32	6.69	58.08	-78.48
Operating Cash Flow	38.61	90.16	-57.09	-130.93	118.88
Operating Cash Flow Growth	-57.18%	-	-	-	-
Capital Expenditures	-27.9	-21.76	-107.48	-368.49	-127.18
Sale of Property, Plant & Equipment	0.75	0.13	2.35	0.34	2.66
Cash Acquisitions	-101.37	-	-18.66	-98.7	-
Divestitures	-	0	-	-	-
Investment in Securities	-8.03	-39.28	-14.06	226.9	380
Other Investing Activities	8.67	-9.35	0.25	6.51	17.6
Investing Cash Flow	-127.89	-70.25	-137.6	-233.45	273.09
Long-Term Debt Issued	483.43	247.71	362.38	31.58	40.83
Total Debt Issued	483.43	247.71	362.38	31.58	40.83
Long-Term Debt Repaid	-486.64	-264.62	-191.24	-66.18	-30.81
Total Debt Repaid	-486.64	-264.62	-191.24	-66.18	-30.81
Net Debt Issued (Repaid)	-3.21	-16.91	171.14	-34.6	10.02
Issuance of Common Stock	22.14	-	-	-	-
Repurchase of Common Stock	-	-	-11.5	-	-
Common Dividends Paid	-10.83	-13.82	-19.67	-7.23	-16.16
Other Financing Activities	-14.86	0.98	0.8	-	-
Financing Cash Flow	-6.75	-29.75	140.77	-41.82	-6.14
Foreign Exchange Rate Adjustments	1.16	0.19	2.32	0.37	-0.48
Net Cash Flow	-94.88	-9.66	-51.6	-405.83	385.35
Free Cash Flow	10.71	68.4	-164.57	-499.42	-8.3
Free Cash Flow Growth	-84.35%	-	-	-	-
Free Cash Flow Margin	0.91%	7.57%	-15.42%	-55.17%	-0.73%
Free Cash Flow Per Share	0.05	0.32	-0.76	-2.29	-0.04
Cash Income Tax Paid	29.59	44.6	39.97	24.8	66.62
Levered Free Cash Flow	202.31	33.33	-229.81	-549.06	47.01
Unlevered Free Cash Flow	210.14	40.36	-222.54	-544.31	50.34
Change in Working Capital	-28.7	37	-230.29	-270.47	14.07

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