SHE:002210 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	27.79	15.42	28.5	16.39	88.35	4.92
Depreciation & Amortization	34.96	34.96	35.94	30.34	21.03	21.16
Other Amortization	15.49	15.49	13.16	8.42	7.19	8.38
Loss (Gain) on Sale of Assets	-0.14	-0.14	-0.04	-0.23	-0.51	0.05
Loss (Gain) on Sale of Investments	-0.17	-0.17	-0	-0.11	-38.19	-2.22
Asset Writedown	0	0	0.01	0	0.08	0
Change in Accounts Receivable	-34.8	-34.8	4.29	-91.3	-72.62	-63.31
Change in Inventory	5.13	5.13	9.72	5.34	7.01	-7.19
Change in Accounts Payable	6.52	6.52	-54.37	26.65	-28.15	-55.1
Change in Other Net Operating Assets	0.86	0.86	-0.61	-3.58	-4.48	-
Other Operating Activities	25.57	17.96	33.88	29.01	27.69	23.95
Operating Cash Flow	101.07	81.08	89.36	30	-41.22	-63.72
Operating Cash Flow Growth	60.89%	-9.26%	197.89%	-	-	-
Capital Expenditures	-89.98	-86.81	-90.99	-56.3	-76.87	-43.36
Sale of Property, Plant & Equipment	0.2	0.2	0.07	0.31	0.17	0.12
Divestitures	-2.32	-2.32	-	-	-	4.03
Investment in Securities	0.1	0.1	-	-	1.7	12.77
Other Investing Activities	-0.4	0	12.73	-	0.13	0.23
Investing Cash Flow	-92.39	-88.84	-78.19	-55.98	-74.87	-26.22
Short-Term Debt Issued	-	-	-	-	-	50
Long-Term Debt Issued	-	84.13	460.38	142.5	60	-
Total Debt Issued	88.77	84.13	460.38	142.5	60	50
Long-Term Debt Repaid	-	-298.66	-47.22	-137.57	-12.89	-5.91
Net Debt Issued (Repaid)	-99.06	-214.53	413.16	4.93	47.11	44.09
Common Dividends Paid	-22.79	-26.44	-13.97	-22.48	-21.32	-21.89
Other Financing Activities	156.33	269.07	-381.63	-6.15	6.17	19.72
Financing Cash Flow	34.48	28.1	17.55	-23.69	31.96	41.91
Foreign Exchange Rate Adjustments	-0.81	-0.04	0.03	0.05	0.25	-0.08
Net Cash Flow	42.34	20.3	28.75	-49.63	-83.87	-48.12
Free Cash Flow	11.09	-5.73	-1.64	-26.3	-118.09	-107.09
Free Cash Flow Margin	4.00%	-2.16%	-0.68%	-7.40%	-33.36%	-40.30%
Free Cash Flow Per Share	0.00	-0.00	-0.00	-0.01	-0.04	-0.04
Cash Income Tax Paid	6.25	11.9	4.26	2.37	6.75	-4.08
Levered Free Cash Flow	-74.15	-99.91	-62.3	2.38	-84.19	-248.73
Unlevered Free Cash Flow	-62.79	-88.55	-42.24	20.52	-66.98	-233.35
Change in Working Capital	1.31	1.31	-23.55	-57.87	-151.37	-122.9

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