SHE:002278 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	57.85	78.48	30.17	24.57	-27.93	42.98
Depreciation & Amortization	55	55	48.19	45.33	51.97	57.67
Other Amortization	0.53	0.53	0.76	0.49	0.64	0.6
Loss (Gain) From Sale of Assets	-2.45	-2.45	-1.17	-2.08	-5.01	-3.71
Asset Writedown & Restructuring Costs	10.61	10.61	0.67	0.16	0.36	4.52
Loss (Gain) From Sale of Investments	-0.89	-0.89	-1.03	-2.14	-1.73	-2.56
Provision & Write-off of Bad Debts	-	-	4.43	-0.06	14.44	11.91
Other Operating Activities	-40.8	10.08	16.22	25.93	27.49	14.99
Change in Accounts Receivable	-14.31	-14.31	64.4	-97.47	-84.12	-158.95
Change in Inventory	-31.04	-31.04	-84.92	-38.92	-57.99	47.94
Change in Accounts Payable	25.17	25.17	29.93	-6.21	17.65	37.82
Change in Other Net Operating Assets	-	-	-	-4.86	5.12	6.43
Operating Cash Flow	59.43	130.95	103.27	-58.8	-63.68	55.32
Operating Cash Flow Growth	-49.09%	26.80%	-	-	-	-41.59%
Capital Expenditures	-8.96	-10.75	-24.45	-59.28	-54.55	-37.12
Sale of Property, Plant & Equipment	3.44	3.32	0.52	8.96	13.2	5.15
Cash Acquisitions	-26.92	-26.92	-	-	-	-
Investment in Securities	-2.78	-95.01	24.48	6.18	-17.38	125.52
Other Investing Activities	1.39	1.2	1.5	1.84	2.14	-
Investing Cash Flow	-33.82	-128.15	2.05	-42.3	-52.93	97.02
Short-Term Debt Issued	-	-	17.01	90.46	73.91	-
Long-Term Debt Issued	-	85.1	104.4	73.93	146.5	68
Total Debt Issued	78.5	85.1	121.41	164.39	220.41	68
Long-Term Debt Repaid	-	-109.9	-72.55	-127.49	-94.19	-67.27
Total Debt Repaid	-120.5	-109.9	-72.55	-127.49	-94.19	-67.27
Net Debt Issued (Repaid)	-42	-24.8	48.86	36.9	126.22	0.73
Issuance of Common Stock	217.3	217.3	14.31	9.27	-	31.6
Repurchase of Common Stock	-	-	-14.29	-9.27	-7.04	-62.53
Common Dividends Paid	-24.38	-24.86	-22.12	-5.33	-28.95	-21.81
Other Financing Activities	28.26	28.39	-	-	-	-0.82
Financing Cash Flow	179.18	196.03	26.76	31.57	90.23	-52.82
Foreign Exchange Rate Adjustments	-2.13	-0.76	1.43	1.15	4.31	-1.17
Net Cash Flow	202.66	198.06	133.51	-68.39	-22.07	98.34
Free Cash Flow	50.47	120.2	78.83	-118.08	-118.23	18.2
Free Cash Flow Growth	-45.87%	52.49%	-	-	-	-34.54%
Free Cash Flow Margin	6.23%	13.77%	10.75%	-15.88%	-19.58%	2.35%
Free Cash Flow Per Share	0.14	0.33	0.22	-0.33	-0.33	0.05
Cash Income Tax Paid	43.7	35.77	32.95	40.99	32.4	39.48
Levered Free Cash Flow	63.48	112.12	140.31	-49.76	-61.99	50.15
Unlevered Free Cash Flow	63.48	112.12	142.91	-46.03	-58.25	52.06
Change in Working Capital	-20.42	-20.42	5.04	-150.99	-123.9	-71.09

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