SHE:002724 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	53.13	88.06	-146.7	43.67	139.06	392.33
Depreciation & Amortization	52.74	52.74	55.03	49.49	42.33	39.7
Other Amortization	1.04	1.04	2.29	1.04	0.29	0.11
Loss (Gain) From Sale of Assets	0	0	0.18	0.14	-0.04	0.74
Asset Writedown & Restructuring Costs	-31.09	-31.09	99.96	51.49	1.2	36.24
Loss (Gain) From Sale of Investments	-1.15	-1.15	-40.37	-41.61	-105.24	-28.22
Provision & Write-off of Bad Debts	-	-	373.88	104.26	64.2	-
Other Operating Activities	-8.18	-4.69	-188.41	-33.14	3.63	32.7
Change in Accounts Receivable	103.41	103.41	131.24	-36.48	-341.99	-396.42
Change in Inventory	3.47	3.47	3.71	29.57	111.9	34.45
Change in Accounts Payable	-33.91	-33.91	71.78	-22.41	90.02	108.63
Change in Other Net Operating Assets	21.13	21.13	4.76	-	-	-
Operating Cash Flow	159.3	197.72	355.98	142.27	-9.36	214.16
Operating Cash Flow Growth	-48.06%	-44.46%	150.21%	-	-	-28.42%
Capital Expenditures	-35.78	-35.14	-14.25	-5.89	-28.65	-59.33
Sale of Property, Plant & Equipment	0.16	0.15	0.38	0.47	0.51	0.03
Investment in Securities	-111.16	-195	-125.82	-190.71	135.82	-433.82
Other Investing Activities	1.16	10.6	36.61	36.81	21.09	22.36
Investing Cash Flow	-145.63	-219.38	-103.07	-159.32	128.77	-470.76
Short-Term Debt Issued	-	-	91.08	83.69	20	10.27
Long-Term Debt Issued	-	10	-	-	-	-
Total Debt Issued	10	10	91.08	83.69	20	10.27
Short-Term Debt Repaid	-	-	-107.34	-43.82	-8	-20
Long-Term Debt Repaid	-	-38.81	-14.02	-9.57	-1.69	-1.84
Total Debt Repaid	-9.81	-38.81	-121.36	-53.38	-9.69	-21.84
Net Debt Issued (Repaid)	0.19	-28.81	-30.28	30.31	10.31	-11.57
Issuance of Common Stock	-	-	14.34	-	-	-
Repurchase of Common Stock	-	-	-89.94	-	-	-
Common Dividends Paid	-39.6	-39.77	-31.98	-54.94	-155.97	-120
Other Financing Activities	22.57	39.82	15.88	43.26	13.09	48.03
Financing Cash Flow	-16.85	-28.76	-121.97	18.64	-132.57	-83.54
Foreign Exchange Rate Adjustments	-3.38	-1.73	0.39	2.08	5.39	-1.77
Net Cash Flow	-6.56	-52.16	131.33	3.67	-7.76	-341.91
Free Cash Flow	123.52	162.58	341.73	136.39	-38.01	154.84
Free Cash Flow Growth	-57.72%	-52.43%	150.56%	-	-	-46.23%
Free Cash Flow Margin	7.32%	9.44%	19.94%	8.02%	-2.19%	7.33%
Free Cash Flow Per Share	0.16	0.21	0.44	0.18	-0.05	0.20
Cash Interest Paid	-	-	-	-	0.7	0.79
Cash Income Tax Paid	161.09	153.61	130.69	152.76	149.93	165.24
Levered Free Cash Flow	121.22	150.75	444.81	162.05	-47.02	23.53
Unlevered Free Cash Flow	121.88	150.75	445.92	162.74	-46.6	23.98
Change in Working Capital	92.81	92.81	200.13	-33.06	-154.79	-259.42

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