SHE:002190 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	-64.98	-43.95	-75.09	13.53	58.42	55.73
Depreciation & Amortization	113.92	113.92	102.73	85.54	70.12	59.52
Other Amortization	7.85	7.85	3.42	2.46	1.87	1.44
Loss (Gain) From Sale of Assets	-0.02	-0.02	-0.17	0.08	-0.8	-0.13
Asset Writedown & Restructuring Costs	0	0	0.18	-	-75.97	0.84
Loss (Gain) From Sale of Investments	14.12	14.12	-0.94	-0.01	0.8	1.23
Provision & Write-off of Bad Debts	4.97	4.97	17.69	16.65	-9.61	6.34
Other Operating Activities	0.01	60.41	100.35	73.75	45.36	54.19
Change in Accounts Receivable	53.82	53.82	-138.82	-52.08	-153.23	-59.72
Change in Inventory	32.64	32.64	-50.36	-120.61	-21.26	-123.02
Change in Accounts Payable	-41.31	-41.31	167.82	3.48	168.89	59.65
Change in Other Net Operating Assets	-	-	-	9.8	-0.34	0.8
Operating Cash Flow	143.68	225.1	118.68	31.68	87.9	49.84
Operating Cash Flow Growth	162.18%	89.66%	274.63%	-63.96%	76.38%	-53.33%
Capital Expenditures	-132.8	-160.29	-107.32	-188.32	-103.8	-88.56
Sale of Property, Plant & Equipment	0.03	0.02	0.38	0.23	1.66	0.21
Investment in Securities	-19.35	-19.35	-5.4	-31.5	0.67	-
Other Investing Activities	-	-	0.09	0.1	0.1	0.01
Investing Cash Flow	-152.11	-179.63	-112.25	-219.48	-101.36	-88.34
Long-Term Debt Issued	-	285.37	220.64	398.32	139.95	104.71
Long-Term Debt Repaid	-	-271.78	-240.69	-167.79	-128.85	-43.71
Net Debt Issued (Repaid)	-36.38	13.59	-20.05	230.53	11.11	61
Common Dividends Paid	-12.92	-13.41	-17.79	-29.02	-25.12	-43.31
Other Financing Activities	-6.27	-9.1	-16.09	5.86	-13.5	19.82
Financing Cash Flow	-55.57	-8.93	-53.92	207.37	-27.52	37.52
Foreign Exchange Rate Adjustments	0.33	0.66	0.8	-0.14	-0.65	-0.07
Net Cash Flow	-63.67	37.2	-46.69	19.42	-41.62	-1.05
Free Cash Flow	10.88	64.8	11.37	-156.64	-15.9	-38.72
Free Cash Flow Growth	-	470.16%	-	-	-	-
Free Cash Flow Margin	0.46%	2.81%	0.48%	-7.53%	-1.04%	-3.05%
Free Cash Flow Per Share	0.03	0.18	0.03	-0.44	-0.04	-0.11
Cash Income Tax Paid	49.23	74.49	68.21	88.34	55.17	66.81
Levered Free Cash Flow	38.72	126.31	105.62	-189.47	106.18	-25.18
Unlevered Free Cash Flow	49.43	134.24	114.1	-181.48	110.17	-22.72
Change in Working Capital	67.79	67.79	-29.49	-160.33	-2.72	-129.44

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