SHE:000812 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	-226.39	-219.84	42.02	39.76	60.04	31.23
Depreciation & Amortization	172.82	172.82	151.15	129.28	99.53	102.54
Other Amortization	26.98	26.98	20.02	21.02	15.52	11
Loss (Gain) From Sale of Assets	0.2	0.2	-	-	-0.85	-2.4
Asset Writedown & Restructuring Costs	180.56	180.56	3.21	22.75	1.68	17.22
Loss (Gain) From Sale of Investments	5.61	5.61	-1.22	-2.99	-23.42	-4.58
Provision & Write-off of Bad Debts	-	-	-0.82	3.13	2.95	11.95
Other Operating Activities	170.9	101.95	96.5	83.06	72.69	51.44
Change in Accounts Receivable	-12.5	-12.5	9.32	30.31	64.11	-130.65
Change in Inventory	33.45	33.45	11.39	87.97	65.16	-151.46
Change in Accounts Payable	-43.23	-43.23	-33.56	-160.25	-141.03	343.04
Change in Other Net Operating Assets	-	-	-	-	-	-14.79
Operating Cash Flow	304.48	242.09	301.64	252.66	222.93	263.01
Operating Cash Flow Growth	26.65%	-19.74%	19.39%	13.33%	-15.24%	69.37%
Capital Expenditures	-265.26	-274.76	-452.56	-311.89	-441.88	-218.8
Sale of Property, Plant & Equipment	0.23	0.22	0.23	0.03	1.15	1.58
Cash Acquisitions	-2	-2	-36.02	-	-	-0
Divestitures	-	-	-	-	-0.52	-
Investment in Securities	-3	-	-	-68.5	-73.44	40
Other Investing Activities	1.07	1.07	1.25	5.22	4.67	7.39
Investing Cash Flow	-268.95	-275.47	-487.1	-375.14	-541.15	-169.83
Long-Term Debt Issued	-	1,820	1,389	1,222	929.38	818.23
Long-Term Debt Repaid	-	-1,393	-1,133	-1,014	-721.01	-631.8
Net Debt Issued (Repaid)	266.98	427.13	256.05	208.13	208.37	186.44
Common Dividends Paid	-111.79	-108.17	-85.61	-63.92	-50.9	-44.89
Other Financing Activities	-231.69	-194.11	6.16	-28.15	-1.06	-36.2
Financing Cash Flow	-76.5	124.85	176.6	116.06	156.41	105.34
Net Cash Flow	-40.97	91.47	-8.85	-6.42	-161.81	198.51
Free Cash Flow	39.23	-32.67	-150.92	-59.23	-218.94	44.2
Free Cash Flow Growth	-	-	-	-	-	22.75%
Free Cash Flow Margin	2.80%	-2.34%	-10.48%	-4.78%	-16.97%	3.44%
Free Cash Flow Per Share	0.05	-0.04	-0.20	-0.08	-0.28	0.06
Cash Income Tax Paid	64.47	68.53	55.43	42.5	43.04	41.31
Levered Free Cash Flow	-68.4	-95.64	148.03	70.2	-212.06	153.53
Unlevered Free Cash Flow	-68.4	-95.64	196.96	110.87	-178.06	182.12
Change in Working Capital	-26.19	-26.19	-9.22	-43.35	-5.2	44.61

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