SHE:002910 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	-80.13	-74.58	-166.21	-81.48	60.94	53.53
Depreciation & Amortization	102.48	102.48	102.82	104.56	105.53	117.6
Other Amortization	1.62	1.62	2.12	0.72	0.58	0.75
Loss (Gain) From Sale of Assets	-0.11	-0.11	-0.65	-	0.02	0.57
Asset Writedown & Restructuring Costs	67.89	67.89	68.8	79.48	-19.66	0.37
Loss (Gain) From Sale of Investments	-	-	-	-	0.79	3.34
Provision & Write-off of Bad Debts	-	-	1.94	0.25	0.18	0.37
Other Operating Activities	51.63	16.27	26.76	18.38	30.38	18.62
Change in Accounts Receivable	-45.66	-45.66	-16.48	18.13	-27.12	27.4
Change in Inventory	0.07	0.07	-11.66	13.07	-48.02	-62.83
Change in Accounts Payable	66.1	66.1	72.01	13.13	76.46	47.5
Operating Cash Flow	169.44	139.64	62.98	161.5	179.95	206.99
Operating Cash Flow Growth	138.73%	121.73%	-61.00%	-10.26%	-13.06%	46.13%
Capital Expenditures	-113.46	-114.72	-110.83	-132.08	-205.24	-374.86
Sale of Property, Plant & Equipment	31.16	32.64	45.5	29.88	20.16	27.91
Other Investing Activities	-	-	-	-	0	14.11
Investing Cash Flow	-82.29	-82.08	-65.34	-102.19	-185.09	-332.85
Long-Term Debt Issued	-	938.13	899.34	699.21	1,110	468
Long-Term Debt Repaid	-	-999.61	-841.65	-729.83	-887.31	-826.88
Net Debt Issued (Repaid)	-48.49	-61.48	57.69	-30.62	222.69	-358.88
Issuance of Common Stock	-	-	0.9	-	-	-
Repurchase of Common Stock	-	-	-15.13	-7.85	-336.64	-9.3
Common Dividends Paid	-33	-31.45	-35.48	-50.4	-45.5	-26.43
Other Financing Activities	14.53	15.45	-12.5	2.4	37.6	251.82
Financing Cash Flow	-66.97	-77.48	-4.52	-86.47	-121.85	-142.79
Foreign Exchange Rate Adjustments	-0.03	-0.03	0	-0	18.09	-0.01
Net Cash Flow	20.15	-19.95	-6.88	-27.16	-108.89	-268.66
Free Cash Flow	55.98	24.92	-47.85	29.42	-25.29	-167.87
Free Cash Flow Margin	5.86%	2.71%	-5.38%	3.08%	-2.41%	-16.43%
Free Cash Flow Per Share	0.29	0.13	-0.25	0.15	-0.12	-0.72
Cash Income Tax Paid	40.88	40.88	38.58	42.91	41.79	35.02
Levered Free Cash Flow	20.51	-23.33	-138.9	-62.19	-293.93	-581.42
Unlevered Free Cash Flow	20.51	-23.33	-121.77	-50.66	-271.02	-567.46
Change in Working Capital	26.07	26.07	27.39	39.59	1.2	11.83

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