SHE:002864 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	86.53	96.02	120.27	110.43	101.16	93.17
Depreciation & Amortization	36.82	36.82	32.95	31.05	18.31	16.85
Other Amortization	0.56	0.56	0.5	0.19	0.02	0.08
Loss (Gain) From Sale of Assets	-0.13	-0.13	0.01	-0.17	-	-
Asset Writedown & Restructuring Costs	0.18	0.18	2.62	5.7	0.08	0
Loss (Gain) From Sale of Investments	0.13	0.13	-0.63	1.56	0.11	-
Provision & Write-off of Bad Debts	-	-	-	-	8.36	4.61
Other Operating Activities	103	26.47	1.21	5.6	12.25	5.89
Change in Accounts Receivable	-121.29	-121.29	-12.48	-46.14	-94.42	-56.67
Change in Inventory	-15.41	-15.41	-18.21	4.97	-28.1	-0.46
Change in Accounts Payable	46.85	46.85	29.16	-14.63	104.67	55.81
Change in Other Net Operating Assets	-2.76	-2.76	-0.89	1.96	1.69	-
Operating Cash Flow	130.05	63.01	156.59	104.05	125.36	116.04
Operating Cash Flow Growth	9.21%	-59.76%	50.50%	-17.00%	8.04%	25.80%
Capital Expenditures	-28.46	-42.41	-82.05	-62.51	-55.84	-80.68
Sale of Property, Plant & Equipment	0.28	0.28	0	0.15	0.03	0.03
Cash Acquisitions	-	-	-23.49	-	-	-5.1
Divestitures	-	-	0.03	-	-	-
Investment in Securities	-	-	-	2.39	-10	-
Other Investing Activities	-	-	2	-2.44	28.24	-
Investing Cash Flow	-28.18	-42.12	-103.51	-62.41	-37.57	-85.75
Long-Term Debt Issued	-	50	150	134.17	431.69	50.74
Total Debt Issued	150	50	150	134.17	431.69	50.74
Long-Term Debt Repaid	-	-101	-100.9	-169.89	-108.93	-14.17
Total Debt Repaid	-149	-101	-100.9	-169.89	-108.93	-14.17
Net Debt Issued (Repaid)	1	-51	49.1	-35.73	322.77	36.57
Issuance of Common Stock	-	-	-	297.25	15.07	-
Repurchase of Common Stock	-	-	-10.3	-0.06	-	-10.1
Common Dividends Paid	-38.55	-43.89	-24.52	-24.3	-21.09	-17.89
Other Financing Activities	0.09	-0.48	-	-0.24	-0.4	-1.56
Financing Cash Flow	-37.45	-95.37	14.28	236.93	316.35	7.01
Net Cash Flow	64.42	-74.48	67.36	278.57	404.14	37.3
Free Cash Flow	101.59	20.6	74.54	41.53	69.53	35.36
Free Cash Flow Growth	154.08%	-72.36%	79.47%	-40.26%	96.63%	67.91%
Free Cash Flow Margin	9.13%	1.81%	7.65%	4.23%	7.14%	3.98%
Free Cash Flow Per Share	0.97	0.20	0.71	0.42	0.80	0.41
Cash Income Tax Paid	109.47	99.63	98.83	95.65	93.22	84.74
Levered Free Cash Flow	96.72	-	4.53	-2.9	72.68	-17.87
Unlevered Free Cash Flow	96.72	-	5.5	0.92	81.38	-15.68
Change in Working Capital	-97.04	-97.04	-0.35	-50.31	-14.94	-4.57

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