SHE:002395 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	164.24	202.07	472.02	55.22	-45.45	50.48
Depreciation & Amortization	104.83	104.83	84.55	72.49	51.92	53.06
Other Amortization	1.88	1.88	1.13	0.98	1.03	0.85
Loss (Gain) From Sale of Assets	0.05	0.05	-362.17	-	-0.11	-0.08
Asset Writedown & Restructuring Costs	-	-	-	0	2.75	-
Loss (Gain) From Sale of Investments	-0.7	-0.7	-0	0.61	0.44	0.86
Provision & Write-off of Bad Debts	-1.28	-1.28	2.98	-2.38	2.47	2.96
Other Operating Activities	62.76	14.73	8.01	5.59	-3.01	2.88
Change in Accounts Receivable	50.06	50.06	-87.37	41.94	84.74	89.12
Change in Inventory	-61.1	-61.1	-6.67	-48.97	119	-10.11
Change in Accounts Payable	-97.8	-97.8	-116.97	-15.97	-246.25	-189.04
Change in Other Net Operating Assets	-	-	0.16	-	-	-
Operating Cash Flow	221.35	211.15	10.44	110.56	-39.98	0.58
Operating Cash Flow Growth	49.93%	1921.60%	-90.55%	-	-	-99.39%
Capital Expenditures	-8.23	-10.97	-20.17	-143.44	-210.63	-212.88
Sale of Property, Plant & Equipment	30.18	55.18	-	-	265.33	0.13
Divestitures	-	-	5.98	-	-	-
Investment in Securities	0.98	0.98	-	-	60	38.17
Other Investing Activities	43.02	-	-0.04	0.32	-28.78	0.14
Investing Cash Flow	65.95	45.19	-14.22	-143.11	85.91	-174.45
Short-Term Debt Issued	-	85.5	85	89.9	89	101.95
Total Debt Issued	65.02	85.5	85	89.9	89	101.95
Short-Term Debt Repaid	-	-107	-89.9	-80	-120	-60
Total Debt Repaid	-73.5	-107	-89.9	-80	-120	-60
Net Debt Issued (Repaid)	-8.48	-21.5	-4.9	9.9	-31	41.95
Common Dividends Paid	-41.81	-42.06	-29.56	-3.08	-3.34	-42.74
Other Financing Activities	-4.77	2.15	8.67	37.63	35.73	-21.93
Financing Cash Flow	-55.05	-61.41	-25.79	44.45	1.38	-22.72
Foreign Exchange Rate Adjustments	-13.05	-6.41	4.59	3.48	9.85	-2.93
Net Cash Flow	219.2	188.53	-24.98	15.37	57.16	-199.52
Free Cash Flow	213.13	200.18	-9.73	-32.88	-250.62	-212.3
Free Cash Flow Growth	66.57%	-	-	-	-	-
Free Cash Flow Margin	8.18%	7.77%	-0.43%	-2.18%	-17.99%	-14.44%
Free Cash Flow Per Share	0.80	0.75	-0.04	-0.12	-0.94	-0.79
Cash Income Tax Paid	40.92	47.84	18.26	-37.22	14.9	24.69
Levered Free Cash Flow	244.99	267.81	-11.12	76.78	-298.27	-15.44
Unlevered Free Cash Flow	246.29	269.11	-9.42	79.09	-296.07	-13.67
Change in Working Capital	-110.43	-110.43	-196.07	-21.94	-50.01	-110.44

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