SHE:002181 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	73.02	92.08	29.99	8.36	38.49	89.67
Depreciation & Amortization	62.03	62.03	65.25	58.83	54.21	50.42
Other Amortization	17.04	17.04	14.59	8.14	17.4	5.08
Loss (Gain) From Sale of Assets	-1.58	-1.58	-10.99	-2.75	-27.36	-0.21
Asset Writedown & Restructuring Costs	5.55	5.55	0.08	0.47	0.52	6.62
Loss (Gain) From Sale of Investments	-83.67	-83.67	-98.79	-71.53	-14.84	-63.57
Provision & Write-off of Bad Debts	3.24	3.24	-0.71	-1.85	1.02	-
Other Operating Activities	28.36	21.17	20.38	15.05	6.32	0.53
Change in Accounts Receivable	13.25	13.25	-30.62	-18.7	-578.19	-611.56
Change in Inventory	4.58	4.58	-3.7	3.32	-7.11	15.38
Change in Accounts Payable	6.27	6.27	-14.14	7.6	-18.93	23.58
Change in Other Net Operating Assets	-72.6	-72.6	-	-	-	-
Operating Cash Flow	69.01	80.87	-23.12	-5.89	-527.9	-483.81
Operating Cash Flow Growth	775.25%	-	-	-	-	-
Capital Expenditures	-40.83	-69.91	-37.82	-80.99	-65.32	-252.86
Sale of Property, Plant & Equipment	7.18	3.22	35.22	8.72	41.83	3.74
Investment in Securities	-80.16	-133.4	-331.94	449.5	545.3	505.7
Other Investing Activities	156.5	158.08	72.18	112.3	104.36	93.17
Investing Cash Flow	42.69	-42.02	-262.36	489.53	626.17	349.75
Long-Term Debt Issued	-	15.9	446	15.77	66.41	221.5
Total Debt Issued	15.9	15.9	446	15.77	66.41	221.5
Long-Term Debt Repaid	-	-15.87	-584.91	-112.59	-13.64	-11.6
Total Debt Repaid	-17.46	-15.87	-584.91	-112.59	-13.64	-11.6
Net Debt Issued (Repaid)	-1.56	0.03	-138.91	-96.82	52.77	209.89
Common Dividends Paid	-86.65	-86.67	-75.48	-48.89	-74.85	-86.28
Other Financing Activities	-1.3	24.5	24.5	-	-	-
Financing Cash Flow	-89.51	-62.14	-189.89	-145.71	-22.08	123.62
Net Cash Flow	22.18	-23.28	-475.37	337.93	76.2	-10.44
Free Cash Flow	28.18	10.96	-60.94	-86.88	-593.21	-736.67
Free Cash Flow Margin	4.71%	1.85%	-10.21%	-15.55%	-108.62%	-134.93%
Free Cash Flow Per Share	0.02	0.01	-0.05	-0.07	-0.51	-0.63
Cash Income Tax Paid	27.44	26.56	46.79	29.59	13.38	17.95
Levered Free Cash Flow	-594.29	-44.17	-23.15	-34.37	-27.76	-202.04
Unlevered Free Cash Flow	-586.46	-36.34	-11.93	-24.99	-24.24	-201.8
Change in Working Capital	-34.98	-34.98	-42.93	-20.62	-603.66	-572.36

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