SHE:301030 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	-1,168	-771.49	216.65	97.02	58.19
Depreciation & Amortization	243.33	102.37	29.51	13.52	6.14
Other Amortization	5.49	5.91	1.72	0.5	0.61
Loss (Gain) From Sale of Assets	4.22	-0.04	-4.94	0.22	0.01
Asset Writedown & Restructuring Costs	304.71	193.71	105.31	4.72	4.03
Loss (Gain) From Sale of Investments	23.88	5.35	-6.64	3.7	0.11
Provision & Write-off of Bad Debts	-	-	-	54.13	24.36
Other Operating Activities	660.5	74.64	63.03	44.41	26.43
Change in Accounts Receivable	452.24	430.45	-2,022	-899.09	-222.56
Change in Inventory	-13.98	-830.87	-913.79	-294.92	-398.49
Change in Accounts Payable	-863.54	421.91	2,458	243.42	295.61
Operating Cash Flow	-439.6	-547.21	-130.05	-740.87	-209.81
Capital Expenditures	-24.43	-587.88	-568.95	-107.71	-18.42
Sale of Property, Plant & Equipment	0.48	0.2	5.94	-	0
Divestitures	-62.88	-	-	7.65	-
Investment in Securities	-6.25	-	-	-	-0.98
Other Investing Activities	-	-5.35	-	-	-
Investing Cash Flow	-93.08	-593.02	-563.01	-100.06	-19.39
Long-Term Debt Issued	2,589	2,454	1,545	1,603	692.31
Total Debt Issued	2,589	2,454	1,545	1,603	692.31
Long-Term Debt Repaid	-2,203	-1,532	-851.92	-826.97	-535.47
Total Debt Repaid	-2,203	-1,532	-851.92	-826.97	-535.47
Net Debt Issued (Repaid)	386.84	922.02	692.89	776	156.84
Issuance of Common Stock	9.35	-	417.71	-	164.33
Repurchase of Common Stock	-	-41	-	-	-
Common Dividends Paid	-81.06	-118.7	-63.34	-41.78	-23.82
Dividends Paid	-81.06	-118.7	-63.34	-41.78	-23.82
Other Financing Activities	102.61	182.28	-218.62	-90.82	22.23
Financing Cash Flow	417.73	944.61	828.64	643.41	319.59
Foreign Exchange Rate Adjustments	0	-	-	-	0.01
Net Cash Flow	-114.94	-195.63	135.57	-197.52	90.39
Free Cash Flow	-464.03	-1,135	-699	-848.58	-228.23
Free Cash Flow Margin	-75.30%	-55.26%	-20.30%	-59.20%	-28.72%
Free Cash Flow Per Share	-1.98	-6.40	-3.57	-4.56	-1.43
Cash Interest Paid	-	-	-	-	14.99
Cash Income Tax Paid	47.59	208.16	166.8	55.97	48.41
Levered Free Cash Flow	-	-385.21	-544.01	-781.87	-529.3
Unlevered Free Cash Flow	-	-325.9	-503.75	-754.73	-513.21
Change in Working Capital	-513.82	-157.66	-534.68	-959.09	-329.69

Source: S&P Global Market Intelligence. Standard template. Financial Sources.