SHE:000931 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	15.87	47.89	53.59	48.57	-39.58	-113.93
Depreciation & Amortization	157.31	157.31	199.53	174.35	138.68	123.33
Other Amortization	39.3	39.3	46.45	45.72	32.27	29.13
Loss (Gain) From Sale of Assets	0.1	0.1	-6.3	-1.19	0.03	-0.05
Asset Writedown & Restructuring Costs	2.61	2.61	0.9	0.4	0.94	1.52
Loss (Gain) From Sale of Investments	2.6	2.6	3.21	10.58	0.49	-0.08
Provision & Write-off of Bad Debts	6.39	6.39	17.82	25.36	37.05	-
Other Operating Activities	111.07	71.39	102.26	73.53	100.44	102.29
Change in Accounts Receivable	76.39	76.39	-18.36	-191.01	41.54	80.07
Change in Inventory	23.52	23.52	63.46	-30.68	-19.88	262.55
Change in Accounts Payable	-389.58	-389.58	-338.1	64.84	-100.98	-220.96
Operating Cash Flow	49.24	41.57	127.6	218.3	183.74	263.41
Operating Cash Flow Growth	-58.16%	-67.42%	-41.55%	18.81%	-30.25%	31.57%
Capital Expenditures	-102.01	-99.89	-113.42	-67.32	-64.29	-68.53
Sale of Property, Plant & Equipment	0.22	0.73	4.19	0.44	0.47	0.32
Cash Acquisitions	-	-	-17.6	-50.64	-2.94	-21.06
Divestitures	-	-	-	0.05	-0	-0.09
Investment in Securities	1.98	1.98	0.01	-	-	-
Other Investing Activities	0	0	-	-	0.67	0.59
Investing Cash Flow	-99.8	-97.18	-126.82	-117.47	-66.09	-88.77
Long-Term Debt Issued	-	551.1	467	427	448	404.5
Long-Term Debt Repaid	-	-468.25	-471.99	-422.41	-504.76	-570.25
Net Debt Issued (Repaid)	128.54	82.85	-4.99	4.59	-56.76	-165.75
Common Dividends Paid	-7.39	-4.91	-28.85	-32.82	-40.59	-35.99
Other Financing Activities	-32.73	-27.81	-14.04	-6.46	-66.29	-9.23
Financing Cash Flow	88.39	50.14	-47.88	-34.69	-163.64	-210.98
Foreign Exchange Rate Adjustments	-	-	0	-0	0	-0
Net Cash Flow	37.83	-5.47	-47.09	66.14	-45.99	-36.34
Free Cash Flow	-52.77	-58.32	14.18	150.98	119.46	194.88
Free Cash Flow Growth	-	-	-90.61%	26.39%	-38.70%	214.88%
Free Cash Flow Margin	-2.30%	-2.39%	0.56%	6.63%	5.80%	9.96%
Free Cash Flow Per Share	-0.07	-0.08	0.02	0.20	0.16	0.26
Cash Interest Paid	2.15	2.15	2.02	1.47	1.94	1.2
Cash Income Tax Paid	269.08	278.22	274.63	265.31	220.19	230.03
Levered Free Cash Flow	80.07	38.43	181.15	120.99	222.23	375.23
Unlevered Free Cash Flow	110.71	69.08	214.79	157.74	263.31	416.49
Change in Working Capital	-286	-286	-289.86	-159.03	-86.58	121.2

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