SHE:002107 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	109.5	95.72	36.4	58.77	107.39	163.39
Depreciation & Amortization	31.51	31.51	32.47	33.22	35.33	33.05
Loss (Gain) From Sale of Assets	-	-	-	-0.07	-2.15	-
Asset Writedown & Restructuring Costs	0.17	0.17	0.03	0.06	0.44	13.56
Loss (Gain) From Sale of Investments	-1.76	-1.76	-	-	-	-
Provision & Write-off of Bad Debts	0.34	0.34	-1.02	-1.96	1.72	-0.91
Other Operating Activities	-2.67	-8.36	1.56	-9.07	-12.36	5.07
Change in Accounts Receivable	3.3	3.3	28.14	50.32	-40.84	63.28
Change in Inventory	11.72	11.72	40.65	-5.36	15.49	-53.83
Change in Accounts Payable	-4.31	-4.31	-46	2.63	78.07	-24.82
Operating Cash Flow	148	128.53	91.51	129.25	185.26	200.12
Operating Cash Flow Growth	73.73%	40.45%	-29.20%	-30.23%	-7.43%	1.80%
Capital Expenditures	-1.52	-0.86	-3.82	-2.72	-6.77	-19.08
Sale of Property, Plant & Equipment	0	14.65	0.03	0.09	1.16	-
Divestitures	0.82	0.82	-	-	-	-
Other Investing Activities	-	-	0.19	-	-	-
Investing Cash Flow	-0.7	14.61	-3.6	-2.62	-5.6	-19.08
Long-Term Debt Issued	-	-	-	-	0.28	-
Total Debt Issued	-	-	-	-	0.28	-
Long-Term Debt Repaid	-	-1.14	-0.35	-0.61	-0.24	-188.84
Total Debt Repaid	-1.14	-1.14	-0.35	-0.61	-0.24	-188.84
Net Debt Issued (Repaid)	-1.14	-1.14	-0.35	-0.61	0.04	-188.84
Common Dividends Paid	-153.54	-69.27	-144.3	-	-150.07	-154.86
Other Financing Activities	-21.28	-21.57	-	-2.94	-79.28	-
Financing Cash Flow	-175.95	-91.97	-144.65	-3.55	-229.32	-343.69
Net Cash Flow	-28.65	51.16	-56.74	123.07	-49.67	-162.65
Free Cash Flow	146.48	127.66	87.69	126.53	178.49	181.04
Free Cash Flow Growth	79.89%	45.59%	-30.70%	-29.11%	-1.41%	27.13%
Free Cash Flow Margin	17.90%	15.63%	11.48%	13.91%	17.59%	19.20%
Free Cash Flow Per Share	0.26	0.23	0.14	0.21	0.32	0.31
Cash Interest Paid	-	-	-	0.24	0.34	1.16
Cash Income Tax Paid	113.94	111.89	99.58	134.26	138.53	140.6
Levered Free Cash Flow	109.29	111.02	79.04	114.06	143.68	105.97
Unlevered Free Cash Flow	109.32	111.06	79.05	114.08	143.69	108.9
Change in Working Capital	10.92	10.92	22.07	48.29	54.9	-14.04

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