SHE:003023 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	51.6	63.67	109.59	103.96	94.67	110.87
Depreciation & Amortization	35.24	35.24	32.66	29.99	29.77	30.01
Other Amortization	1.51	1.51	0.84	1.13	1.4	1.4
Loss (Gain) From Sale of Assets	3.83	3.83	-0.05	0.25	0.03	0.09
Asset Writedown & Restructuring Costs	0.06	0.06	1.19	0.06	0.12	1.16
Loss (Gain) From Sale of Investments	-5.46	-5.46	-2.55	-1.3	-1.69	-0.57
Provision & Write-off of Bad Debts	0.92	0.92	-1.52	5.04	6.55	-
Other Operating Activities	71.44	-4.19	-3.79	-1.39	-3.49	2.18
Change in Accounts Receivable	1.51	1.51	24.13	64.92	-47.55	20.39
Change in Inventory	24.39	24.39	-119.88	51.89	50.24	-107.12
Change in Accounts Payable	-165.59	-165.59	25.17	50.24	-20.48	4.95
Operating Cash Flow	19.22	-44.34	64.2	305.3	109.13	63.4
Operating Cash Flow Growth	5026.69%	-	-78.97%	179.76%	72.12%	-67.52%
Capital Expenditures	-37.71	-22.66	-33.21	-46.89	-58.72	-49.11
Sale of Property, Plant & Equipment	0.34	0.41	0.58	0.29	0.13	0.08
Investment in Securities	5.59	35.59	-224.01	-134.62	125.29	-331.46
Other Investing Activities	-10.92	4.85	1.63	1.39	2.26	2.41
Investing Cash Flow	-42.71	18.19	-255.01	-179.83	68.97	-378.09
Short-Term Debt Issued	-	13.01	4.21	-	8	-
Total Debt Issued	12.28	13.01	4.21	-	8	-
Short-Term Debt Repaid	-	-5.27	-1	-	-8	-8
Long-Term Debt Repaid	-	-0.66	-1.16	-1.53	-1.56	-1.84
Total Debt Repaid	-3.94	-5.93	-2.17	-1.53	-9.56	-9.84
Net Debt Issued (Repaid)	8.35	7.08	2.04	-1.53	-1.56	-9.84
Common Dividends Paid	-42.22	-42.21	-42.35	-36.87	-32.69	-33.09
Other Financing Activities	30.27	29.42	-12.29	-6.11	3.75	-14.86
Financing Cash Flow	-3.61	-5.7	-52.6	-44.51	-30.49	-57.79
Foreign Exchange Rate Adjustments	-0.29	-0.19	0.08	0.03	-0.01	-0
Net Cash Flow	-27.39	-32.05	-243.33	81	147.59	-372.47
Free Cash Flow	-18.49	-67	31	258.42	50.41	14.3
Free Cash Flow Growth	-	-	-88.00%	412.63%	252.64%	-91.16%
Free Cash Flow Margin	-1.59%	-5.85%	2.38%	19.97%	4.28%	1.25%
Free Cash Flow Per Share	-0.18	-0.64	0.29	2.45	0.48	0.14
Cash Income Tax Paid	98.98	99.56	111.31	117.24	84.5	107.52
Levered Free Cash Flow	-31.33	-76.08	0.31	216.73	13.51	-42.88
Unlevered Free Cash Flow	-31.12	-75.91	0.41	216.83	13.82	-42.64
Change in Working Capital	-139.92	-139.92	-72.16	167.56	-18.23	-81.73

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