SHE:002689 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	Dec '21 Dec 31, 2021
Net Income	103.58	100.66	18.12	31.01	-111.4	-28.11
Depreciation & Amortization	37.97	37.97	44.97	44.09	48.69	52.25
Other Amortization	0.95	0.95	-	-	0	-
Loss (Gain) From Sale of Assets	-0.01	-0.01	0.77	-0.02	-0.13	0.09
Asset Writedown & Restructuring Costs	5.86	5.86	13.89	2.25	10.9	0.02
Loss (Gain) From Sale of Investments	-21.49	-21.49	-34.38	-15.78	-30.2	-8.62
Provision & Write-off of Bad Debts	31.03	31.03	18.16	6.46	38.84	-5.1
Other Operating Activities	9.83	2.09	3.49	0.86	10.55	-0.03
Change in Accounts Receivable	-60.23	-60.23	-104.52	70.64	-82	110.94
Change in Inventory	62.74	62.74	-3.72	150.36	-3.34	-100.9
Change in Accounts Payable	62.79	62.79	-58.28	-170.15	-39.83	17.93
Change in Other Net Operating Assets	-11.41	-11.41	-15.31	-21.68	-8.3	-9.74
Operating Cash Flow	223.47	212.8	-109.51	106.68	-168.84	30.96
Operating Cash Flow Growth	-	-	-	-	-	-71.27%
Capital Expenditures	-12.01	-9.02	-4.18	-5.9	-2.12	-0.56
Sale of Property, Plant & Equipment	2.35	1.56	4.51	5.38	1.51	1.4
Divestitures	-	-	18	13.37	102.32	1.03
Investment in Securities	-24.19	-51.01	70.86	-58.1	-30	-
Other Investing Activities	0.04	0.03	0.07	1.09	0	0.72
Investing Cash Flow	-33.8	-58.43	89.26	-44.15	71.71	2.6
Other Financing Activities	-61.74	-12.92	-41.75	-46.76	-4.94	3.71
Financing Cash Flow	-61.74	-12.92	-41.75	-46.76	-4.94	3.71
Foreign Exchange Rate Adjustments	-2.28	0.16	3.58	2.1	1.98	-1.3
Net Cash Flow	125.65	141.61	-58.42	17.86	-100.09	35.97
Free Cash Flow	211.46	203.78	-113.69	100.78	-170.96	30.41
Free Cash Flow Growth	-	-	-	-	-	-62.20%
Free Cash Flow Margin	14.47%	14.82%	-9.45%	7.54%	-17.30%	3.70%
Free Cash Flow Per Share	0.20	0.20	-0.11	0.10	-0.16	0.03
Cash Income Tax Paid	-	-5.07	-8.52	-2.14	5.65	25.24
Levered Free Cash Flow	177.5	172.13	-93.95	126.04	-159.65	75.72
Unlevered Free Cash Flow	177.57	172.24	-93.76	126.19	-159.65	75.72
Change in Working Capital	55.75	55.75	-174.53	37.81	-136.1	20.47

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