SHE:301051 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	-301.07	-353.38	40.5	-152.47	155.83
Depreciation & Amortization	245.56	227.16	177.59	148.97	109.19
Other Amortization	67.8	32.16	21.65	23.81	16.33
Loss (Gain) From Sale of Assets	9.7	-0.08	0.64	27.43	-0.18
Asset Writedown & Restructuring Costs	25.4	2.12	2.74	15.04	7.86
Loss (Gain) From Sale of Investments	-235.75	-24.63	-15.63	-24.77	10.8
Provision & Write-off of Bad Debts	12.17	22.5	6.71	2.88	-9.18
Other Operating Activities	48.12	100.1	33.81	43.18	45.86
Change in Accounts Receivable	189.99	-103.73	-62.03	84.39	-47.39
Change in Inventory	4.75	22.97	-13.16	63.24	-94.77
Change in Accounts Payable	-171.49	36.03	-87.16	-177.36	131.72
Change in Other Net Operating Assets	-27.53	24.98	26.53	-	-
Operating Cash Flow	-97.56	-90.09	126.23	-0.05	326.95
Operating Cash Flow Growth	-	-	-	-	188.03%
Capital Expenditures	-489.57	-506.87	-409.52	-563.74	-332.43
Sale of Property, Plant & Equipment	58.33	0.18	5.03	24.5	1.42
Cash Acquisitions	-	-1.68	-14.79	-	-359.08
Divestitures	-	53.45	-	-	-
Investment in Securities	954.7	-218.26	-249	155.82	-864.31
Other Investing Activities	383.91	9.51	15.15	19.35	-48.01
Investing Cash Flow	907.37	-663.67	-653.14	-364.07	-1,602
Long-Term Debt Issued	1,106	1,511	775.7	2,211	252.12
Long-Term Debt Repaid	-1,494	-1,232	-802.08	-1,347	-306.49
Net Debt Issued (Repaid)	-388	278.36	-26.38	863.49	-54.37
Issuance of Common Stock	4.55	17.15	-	-	1,907
Common Dividends Paid	-25.09	-34.64	-12.95	-100.9	-16.07
Other Financing Activities	-2.06	57.53	120.2	42.07	32.96
Financing Cash Flow	-410.6	318.41	80.86	804.67	1,869
Foreign Exchange Rate Adjustments	-0.61	-1.34	-1.42	8.63	-7.29
Net Cash Flow	398.61	-436.71	-447.46	449.18	586.62
Free Cash Flow	-587.13	-596.96	-283.29	-563.79	-5.47
Free Cash Flow Margin	-35.78%	-35.38%	-16.33%	-35.43%	-0.29%
Free Cash Flow Per Share	-2.89	-2.96	-1.41	-2.79	-0.03
Cash Interest Paid	-	1.98	-	1.91	6.51
Cash Income Tax Paid	20.15	43.13	15.35	-90.77	-17.14
Levered Free Cash Flow	-300.76	-411.69	-361.31	-649.92	13.13
Unlevered Free Cash Flow	-282.39	-390.65	-341.42	-631.5	23.05
Change in Working Capital	30.5	-96.05	-141.78	-84.13	-9.56

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