SHE:301090 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	-86.17	-569.56	381.13	823.7	432.4
Depreciation & Amortization	174.07	184.63	185.09	177.06	129.98
Other Amortization	2.4	9.97	3.18	2.52	1.45
Loss (Gain) From Sale of Assets	0.4	-1.1	-	-0.63	-5.82
Asset Writedown & Restructuring Costs	141.64	65.22	0.57	0.36	1.74
Loss (Gain) From Sale of Investments	-68.17	134.26	37.23	-51.81	-9.34
Provision & Write-off of Bad Debts	-	2.7	0.93	0.19	0.09
Other Operating Activities	-8.15	-16.34	11.92	-16.72	11.6
Change in Accounts Receivable	55.79	574.44	-367.7	-121.3	-501.14
Change in Inventory	664.01	759.36	-534.93	-783.99	243.5
Change in Accounts Payable	-489.2	-779.02	91.97	732.47	384.11
Change in Other Net Operating Assets	-32.17	-21.77	-48.36	-30.93	-32.54
Operating Cash Flow	325.97	257.79	-261.27	749.73	652.49
Operating Cash Flow Growth	26.45%	-	-	14.90%	-40.13%
Capital Expenditures	-42.52	-45.33	-57.11	-95.61	-521.18
Sale of Property, Plant & Equipment	0.34	0.01	0	3.18	0.19
Investment in Securities	-1,366	31.25	-290.26	553.6	-2,315
Other Investing Activities	70.72	98.22	-	12.84	-
Investing Cash Flow	-1,338	84.15	-347.37	474.01	-2,836
Short-Term Debt Issued	-	360	15	-	373.47
Long-Term Debt Issued	50	-	-	298	-
Total Debt Issued	50	360	15	298	373.47
Short-Term Debt Repaid	-	-350	-12	-	-446.37
Long-Term Debt Repaid	-70	-12.29	-8.69	-302.16	-6.83
Total Debt Repaid	-70	-362.29	-20.69	-302.16	-453.2
Net Debt Issued (Repaid)	-20	-2.29	-5.69	-4.16	-79.73
Issuance of Common Stock	-	-	36.93	-	2,303
Repurchase of Common Stock	-	-5	-	-	-
Common Dividends Paid	-0.65	-59.73	-120.24	-73.34	-3.45
Other Financing Activities	-87.51	0.64	-1.75	2.02	-2.67
Financing Cash Flow	-108.16	-66.38	-90.75	-75.48	2,217
Foreign Exchange Rate Adjustments	8.23	61.41	12.07	59.14	-7.22
Net Cash Flow	-1,112	336.98	-687.33	1,207	26.27
Free Cash Flow	283.45	212.46	-318.39	654.12	131.31
Free Cash Flow Growth	33.41%	-	-	398.13%	-72.09%
Free Cash Flow Margin	2.17%	1.18%	-1.85%	3.77%	0.99%
Free Cash Flow Per Share	0.19	0.14	-0.21	0.44	0.10
Cash Income Tax Paid	-152.17	-451.31	29.32	-189.6	-27.39
Levered Free Cash Flow	295.58	431.7	-370.23	371.89	81.66
Unlevered Free Cash Flow	295.58	434.31	-367.15	373.02	83.56
Change in Working Capital	169.95	448.01	-881.33	-184.95	90.39

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