SHE:000777 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	157.38	169.89	229.33	222.03	171.96	120.13
Depreciation & Amortization	38.05	38.05	43.16	54.86	35.29	37.77
Other Amortization	5.31	5.31	3.05	5.97	2.49	0.84
Loss (Gain) From Sale of Assets	-0.13	-0.13	-0.35	2.34	-0.03	-0.68
Asset Writedown & Restructuring Costs	-	-	-	-0.07	-	-
Loss (Gain) From Sale of Investments	-99.9	-99.9	-150.54	-164.08	-142.81	-87.57
Provision & Write-off of Bad Debts	13.28	13.28	23	0.89	6.43	11.82
Other Operating Activities	7.79	18.81	19.49	17.93	21.84	5.75
Change in Accounts Receivable	143.94	143.94	-131.46	-196.67	-44.19	1.66
Change in Inventory	20.55	20.55	-12.23	-39.14	-32.13	-41.46
Change in Accounts Payable	-122.2	-122.2	85.77	49.52	-32.47	90.06
Change in Other Net Operating Assets	1.8	1.8	-0.77	-3.84	3.03	1.5
Operating Cash Flow	165.73	189.27	106.58	-47.22	-10.82	141.2
Operating Cash Flow Growth	249.98%	77.59%	-	-	-	-
Capital Expenditures	-38.42	-38.08	-29.54	-21.87	-20.58	-15.07
Sale of Property, Plant & Equipment	0.13	0.18	0.4	0.07	0.17	0.67
Investment in Securities	-	-	-	17.15	56.11	9.83
Other Investing Activities	52.38	52.38	98.17	72.61	76.84	43.72
Investing Cash Flow	14.09	14.49	69.03	67.96	112.54	39.16
Short-Term Debt Issued	-	4.35	26.66	-	-	-
Long-Term Debt Issued	-	291.9	365.6	178.5	299.9	207.6
Total Debt Issued	296.25	296.25	392.26	178.5	299.9	207.6
Long-Term Debt Repaid	-	-289.99	-304.41	-199.04	-351.79	-185.46
Total Debt Repaid	-270.38	-289.99	-304.41	-199.04	-351.79	-185.46
Net Debt Issued (Repaid)	25.87	6.26	87.85	-20.54	-51.89	22.14
Issuance of Common Stock	-	-	-	-	-	24.01
Repurchase of Common Stock	-	-	-7.45	-7.54	-8.24	-
Common Dividends Paid	-80.08	-80.18	-85.58	-52.1	-42.97	-38.7
Other Financing Activities	0.8	-	-	-0.04	-	-0.77
Financing Cash Flow	-53.41	-73.92	-5.18	-80.22	-103.1	6.69
Foreign Exchange Rate Adjustments	-0.28	-0.24	0.23	0.59	-0.12	-0.16
Net Cash Flow	126.13	129.6	170.65	-58.88	-1.5	186.88
Free Cash Flow	127.31	151.2	77.03	-69.09	-31.4	126.13
Free Cash Flow Growth	578.98%	96.27%	-	-	-	-
Free Cash Flow Margin	7.89%	8.73%	4.18%	-3.82%	-2.09%	8.10%
Free Cash Flow Per Share	0.33	0.39	0.20	-0.18	-0.08	0.33
Cash Interest Paid	-	-	-	-	-	0.62
Cash Income Tax Paid	66.74	49.28	14.3	31.25	65.35	12.59
Levered Free Cash Flow	105.71	126.45	77.21	-89.22	-44.15	147.62
Unlevered Free Cash Flow	109.33	130.07	81.45	-86.4	-39.6	152.93
Change in Working Capital	43.96	43.96	-60.56	-187.09	-105.99	53.14

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