SHE:002999 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	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	70.16	75.99	22.24	100.16	106.06	98.02
Depreciation & Amortization	92.66	92.66	63.42	58.31	46.74	40
Other Amortization	8.75	8.75	10.31	10.46	6.36	5.72
Loss (Gain) From Sale of Assets	-0.96	-0.96	-0.23	-0.57	1.99	-0.29
Asset Writedown & Restructuring Costs	59.62	59.62	1.36	0.5	72.23	67.74
Loss (Gain) From Sale of Investments	-1.83	-1.83	-2.64	33.13	12.53	-0.5
Provision & Write-off of Bad Debts	-	-	6.24	4.86	-6.04	-
Other Operating Activities	61.26	93.06	109.11	100.19	89.68	103.87
Change in Accounts Receivable	-681.98	-681.98	269.25	-198.26	-779.54	91.52
Change in Inventory	605.5	605.5	-634.31	-370.76	-214.15	-367.25
Change in Accounts Payable	71.21	71.21	-348.49	106.28	894.79	589.49
Operating Cash Flow	271.85	309.49	-515.85	-177.39	213.17	618.43
Operating Cash Flow Growth	-66.36%	-	-	-	-65.53%	-20.20%
Capital Expenditures	-113.64	-138.64	-220.43	-138.45	-302.84	-278.65
Sale of Property, Plant & Equipment	-0.11	1.26	3.07	24.72	0.13	0.84
Cash Acquisitions	-	-	-0.6	-	-	-
Divestitures	-	-	0.87	-	-	-
Investment in Securities	-1.61	-2.71	-	-2	-6.32	-15
Other Investing Activities	-29.02	-4.14	-8.87	1.24	1.35	0.53
Investing Cash Flow	-144.39	-144.24	-225.96	-114.5	-307.68	-292.28
Long-Term Debt Issued	-	3,681	4,821	3,857	2,489	2,527
Long-Term Debt Repaid	-	-4,223	-3,451	-3,751	-2,529	-2,624
Net Debt Issued (Repaid)	-83.53	-542.75	1,369	105.79	-40.17	-96.47
Issuance of Common Stock	-	-	0.94	-	-	0.55
Common Dividends Paid	-125.99	-114.7	-113.81	-88.69	-81.79	-83.46
Other Financing Activities	-27.69	-27.69	257.1	-33.66	-66.17	16.9
Financing Cash Flow	-237.36	-685.14	1,514	-16.56	-188.13	-162.49
Foreign Exchange Rate Adjustments	0.06	0.06	-0.06	0.22	0.23	-0.02
Net Cash Flow	-109.84	-519.84	771.66	-308.22	-282.42	163.64
Free Cash Flow	158.21	170.85	-736.28	-315.84	-89.67	339.79
Free Cash Flow Growth	-75.00%	-	-	-	-	-7.34%
Free Cash Flow Margin	1.16%	1.26%	-5.09%	-2.04%	-0.62%	2.61%
Free Cash Flow Per Share	0.43	0.49	-1.99	-0.91	-0.26	0.97
Cash Income Tax Paid	98.85	98.85	103.85	113.6	136.95	98.86
Levered Free Cash Flow	223.83	92.41	-927.63	-293.95	-201.25	171.83
Unlevered Free Cash Flow	223.83	92.41	-897.82	-272.02	-175.63	198.34
Change in Working Capital	-17.8	-17.8	-725.68	-484.41	-116.38	303.87

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