SHE:000962 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	256.1	258.26	213.22	187.13	170.55	80.81
Depreciation & Amortization	69.73	69.73	42.84	42.71	55.93	50.69
Loss (Gain) From Sale of Assets	-2.57	-2.57	-0.03	-18.62	-26.32	-0.04
Asset Writedown & Restructuring Costs	-2.35	-2.35	-3.85	1.57	2.21	7.99
Loss (Gain) From Sale of Investments	-80.89	-80.89	-64.46	-76.73	-79.39	-47.18
Provision & Write-off of Bad Debts	-1.63	-1.63	1.68	-3.55	-0.91	-
Other Operating Activities	-178.58	9.57	-4.84	-1.9	-14	8.13
Change in Accounts Receivable	-120.31	-120.31	-124.09	-104.6	-42.74	5.57
Change in Inventory	-433.02	-433.02	-51.13	-12.01	-56.54	-81.39
Change in Accounts Payable	-62.17	-62.17	-70.5	77.53	51.65	18.6
Operating Cash Flow	-555.73	-365.42	-61.1	91.51	60.75	43.2
Operating Cash Flow Growth	-	-	-	50.64%	40.63%	-
Capital Expenditures	-487.91	-468.63	-218.6	-133.37	-54.73	-0.98
Sale of Property, Plant & Equipment	3.33	3.33	0.57	-	63.03	0.06
Investment in Securities	47.71	47.71	19.6	53.2	9.88	-
Other Investing Activities	50.4	-	-	-12.51	-	-0.15
Investing Cash Flow	-386.47	-417.59	-198.43	-92.68	18.18	-1.06
Long-Term Debt Issued	-	605.27	-	50	50.78	130
Long-Term Debt Repaid	-	-10.85	-	-200.78	-	-155
Net Debt Issued (Repaid)	608.15	594.43	-	-150.78	50.78	-25
Issuance of Common Stock	1,180	-	-	694.92	-	-
Repurchase of Common Stock	-0.45	-0.45	-1.19	-	-	-
Common Dividends Paid	-69.35	-66.33	-27.77	-2.15	-2.77	-2.05
Other Financing Activities	83.36	-0.3	-0.25	-1.8	8.29	-6.48
Financing Cash Flow	1,802	527.34	-29.22	540.19	56.3	-33.53
Foreign Exchange Rate Adjustments	-3.53	0.05	0.68	3.96	5.65	-3.3
Net Cash Flow	856.33	-255.62	-288.07	542.98	140.87	5.31
Free Cash Flow	-1,044	-834.05	-279.71	-41.86	6.02	42.22
Free Cash Flow Growth	-	-	-	-	-85.74%	-
Free Cash Flow Margin	-62.05%	-54.05%	-21.84%	-3.78%	0.61%	5.31%
Free Cash Flow Per Share	-2.06	-1.66	-0.56	-0.09	0.01	0.10
Cash Interest Paid	0.03	0.03	0.03	-	-	-
Cash Income Tax Paid	-	-32.07	-19.7	-22.53	-37.93	-21.65
Levered Free Cash Flow	-669.1	-751.9	-244.33	-59.29	-35.6	39.2
Unlevered Free Cash Flow	-665.15	-750.11	-244.29	-58.02	-33.89	40.49
Change in Working Capital	-615.54	-615.54	-245.67	-39.1	-47.33	-57.21

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