SHE:300022 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	-31.36	-31.22	-30.81	16.8	11.09	15.33
Depreciation & Amortization	23.54	23.54	22.94	23.22	21.52	15.93
Other Amortization	2.84	2.84	2.09	1.7	2.5	2.69
Loss (Gain) From Sale of Assets	0.05	0.05	-0.35	-0.96	-0.05	-0.11
Asset Writedown & Restructuring Costs	4.9	4.9	0.28	1.5	0.95	5.65
Loss (Gain) From Sale of Investments	1.8	1.8	-0.21	0.55	-0.05	-10.1
Provision & Write-off of Bad Debts	26.34	26.34	6.66	5.7	13.2	9.47
Other Operating Activities	145.11	60.07	53.01	83.48	110.09	108.19
Change in Accounts Receivable	-36.15	-36.15	-36.88	82.03	-117.53	113.08
Change in Inventory	20.93	20.93	-31.71	-217.55	46.74	-119.81
Change in Accounts Payable	83.18	83.18	34.82	47.26	28.19	-56.01
Change in Other Net Operating Assets	4.92	4.92	35.12	20.76	4.14	-
Operating Cash Flow	246.92	162.01	52.49	64.86	121.23	82.79
Operating Cash Flow Growth	119.02%	208.62%	-19.06%	-46.50%	46.43%	-37.16%
Capital Expenditures	-18.13	-19.3	-22.41	-9.11	-9.67	-16.53
Sale of Property, Plant & Equipment	0.22	0.13	0.95	1.35	0.2	0.7
Divestitures	3.38	3.38	-	-	5.31	24.25
Investment in Securities	-1.38	-0.56	0.03	2.21	12.64	0.21
Other Investing Activities	-	-	-	-	-	0.25
Investing Cash Flow	-15.72	-16.16	-21.3	-4.9	10.2	17.7
Long-Term Debt Issued	-	700.63	440.26	410.91	429.62	589.17
Total Debt Issued	665.61	700.63	440.26	410.91	429.62	589.17
Long-Term Debt Repaid	-	-616.45	-477.9	-779.95	-409.6	-533.41
Total Debt Repaid	-664.72	-616.45	-477.9	-779.95	-409.6	-533.41
Net Debt Issued (Repaid)	0.89	84.19	-37.64	-369.04	20.01	55.76
Common Dividends Paid	-28.84	-28.38	-32.99	-42.52	-10.45	-26.52
Other Financing Activities	-82.71	-59.72	-32.53	417.55	-81.25	-67.1
Financing Cash Flow	-110.65	-3.91	-103.16	5.99	-71.69	-37.86
Foreign Exchange Rate Adjustments	-0.17	-0.11	-	-	-	0
Net Cash Flow	120.37	141.83	-71.97	65.94	59.74	62.63
Free Cash Flow	228.78	142.7	30.09	55.74	111.56	66.27
Free Cash Flow Growth	157.12%	374.28%	-46.02%	-50.03%	68.35%	-23.23%
Free Cash Flow Margin	8.16%	5.16%	1.11%	2.10%	4.12%	2.78%
Free Cash Flow Per Share	0.46	0.29	0.06	0.12	0.29	0.17
Cash Income Tax Paid	27	26.1	25.24	39.32	22.47	31.83
Levered Free Cash Flow	250.35	142.39	93.42	24.83	-39.29	-90.49
Unlevered Free Cash Flow	258.55	150.59	100.97	40.58	-13.05	-57.76
Change in Working Capital	73.69	73.69	-1.1	-67.15	-38.03	-64.26

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