SHE:002659 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	-16.64	-16.36	-36.96	-49.72	-96.51	-120.62
Depreciation & Amortization	80.82	80.82	66.94	59.43	63.32	64.96
Other Amortization	28.2	28.2	32.52	32.38	26.49	29.21
Loss (Gain) From Sale of Assets	-0.05	-0.05	-	-0	-0	-0
Loss (Gain) From Sale of Investments	-1.05	-1.05	-2.44	-3.09	-3.41	-12.83
Provision & Write-off of Bad Debts	-	-	1.42	0.22	0.08	0.03
Other Operating Activities	39.61	34.02	40.49	47.2	48.55	82.63
Change in Accounts Receivable	4.12	4.12	-24.65	-0.39	-227.79	-4.44
Change in Inventory	-0.13	-0.13	0	0.08	0.01	0.05
Change in Accounts Payable	-11.69	-11.69	-29.24	-18.42	405.63	103.52
Operating Cash Flow	128.8	123.48	55.83	65.14	223.02	121.49
Operating Cash Flow Growth	128.12%	121.19%	-14.29%	-70.79%	83.57%	3374.10%
Capital Expenditures	-41.55	-43.48	-3.38	-13.14	-27.31	-60.04
Sale of Property, Plant & Equipment	0.02	0.2	-	0	0	0.01
Divestitures	-	-	-	-	-	-35.53
Investment in Securities	-	-	2.44	3.09	38.21	228.55
Other Investing Activities	0.88	1.05	-	-	3.48	13.29
Investing Cash Flow	-40.65	-42.23	-0.94	-10.05	14.38	146.28
Long-Term Debt Issued	-	-	-	-	43.46	50.9
Total Debt Issued	-	-	-	-	43.46	50.9
Long-Term Debt Repaid	-	-100	-118.01	-55.41	-257.53	-624.24
Total Debt Repaid	-100	-100	-118.01	-55.41	-257.53	-624.24
Net Debt Issued (Repaid)	-100	-100	-118.01	-55.41	-214.08	-573.34
Issuance of Common Stock	8	8	-	-	-	-
Common Dividends Paid	-16.97	-22.2	-28.75	-34.59	-43.27	-53.37
Other Financing Activities	-20.2	-31.74	-7.65	-10.15	-7.03	-
Financing Cash Flow	-129.17	-145.94	-154.41	-100.14	-264.39	-626.71
Foreign Exchange Rate Adjustments	-0.43	-0.27	0.17	0.19	0.92	-0.23
Net Cash Flow	-41.45	-64.96	-99.35	-44.86	-26.07	-359.17
Free Cash Flow	87.24	80	52.45	52	195.71	61.45
Free Cash Flow Growth	65.14%	52.53%	0.87%	-73.43%	218.47%	-
Free Cash Flow Margin	24.74%	23.08%	16.41%	20.48%	113.91%	21.62%
Free Cash Flow Per Share	0.15	0.14	0.09	0.08	0.32	0.10
Cash Income Tax Paid	42.15	42.87	36.77	18.16	12.99	12.54
Levered Free Cash Flow	96.03	79.39	150.78	26.53	204.6	-431.13
Unlevered Free Cash Flow	96.03	79.39	170.15	49.72	236.52	-381.12
Change in Working Capital	-2.1	-2.1	-46.15	-21.28	184.5	78.11

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