SHE:000635 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	-600.4	-553.56	-502.56	-667.77	-388.87	4.29
Depreciation & Amortization	184.31	184.31	163.01	118.24	118.45	116.88
Other Amortization	-	-	2.84	-	-	-
Loss (Gain) From Sale of Assets	-	-	0.65	-48.44	-	-
Asset Writedown & Restructuring Costs	148.78	148.78	47.65	-3.13	18.81	10.98
Loss (Gain) From Sale of Investments	0.56	0.56	-0.81	-0.1	-	-
Provision & Write-off of Bad Debts	-	-	2.17	-0.03	0.13	-3.87
Other Operating Activities	215.74	15.09	64.11	44.96	157.04	14.86
Change in Accounts Receivable	-67.44	-67.44	-79.85	-380.32	366.87	139.67
Change in Inventory	-8.29	-8.29	-24.9	98.83	-155.9	-45.07
Change in Accounts Payable	-148.21	-148.21	-158.01	182.23	-201.2	-91.99
Operating Cash Flow	-299.7	-453.5	-493.82	-596.37	-161.58	147.45
Operating Cash Flow Growth	-	-	-	-	-	67.13%
Capital Expenditures	-108.39	-82.75	-37.8	-77.88	-18.91	-12.9
Sale of Property, Plant & Equipment	0.84	0.84	0.44	79.23	1.94	14.25
Investment in Securities	-	-	-	430	120	-200
Other Investing Activities	-	-	-	3.82	13.9	5.24
Investing Cash Flow	-107.56	-81.92	-37.37	435.16	116.93	-193.42
Long-Term Debt Issued	-	474.53	769.57	180	2.6	-
Long-Term Debt Repaid	-	-894.75	-230	-	-	-
Net Debt Issued (Repaid)	-521.3	-420.22	539.57	180	2.6	-
Issuance of Common Stock	680.17	680.17	-	0.16	11.15	-
Repurchase of Common Stock	-	-	-2.75	-5.26	-	-
Common Dividends Paid	-15.14	-14.63	-11.23	-0.39	-	-42.43
Other Financing Activities	352.06	352.06	-	-	-	-
Financing Cash Flow	495.79	597.38	525.59	174.51	13.75	-42.43
Net Cash Flow	88.54	61.96	-5.59	13.3	-30.91	-88.4
Free Cash Flow	-408.09	-536.26	-531.62	-674.26	-180.5	134.54
Free Cash Flow Growth	-	-	-	-	-	60.58%
Free Cash Flow Margin	-24.11%	-31.37%	-28.80%	-38.59%	-9.63%	5.86%
Free Cash Flow Per Share	-1.12	-1.57	-1.75	-2.21	-0.59	0.31
Cash Income Tax Paid	31.02	35.96	32.32	-30.03	-3.69	136.55
Levered Free Cash Flow	136.22	6.13	-191.59	220.46	243.91	209.57
Unlevered Free Cash Flow	136.22	6.13	-184.02	220.73	243.91	209.57
Change in Working Capital	-248.69	-248.69	-270.88	-40.11	-67.14	4.31

Updated Mar 31, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.