SHE:300071 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	-116.44	-124.49	-130.52	-21.45	29.22	229.52
Depreciation & Amortization	11.99	11.99	12.05	14.56	14.21	12.57
Other Amortization	0.12	0.12	0.74	15.97	0.62	1.21
Loss (Gain) From Sale of Assets	1.64	1.64	-0.09	0	-32.34	-
Asset Writedown & Restructuring Costs	24.3	24.3	3.75	-0.01	0.04	23.85
Loss (Gain) From Sale of Investments	-3.4	-3.4	-2.02	-0.02	2.14	-632.63
Provision & Write-off of Bad Debts	-	-	81.7	-1.89	-5	1.61
Other Operating Activities	137.71	76.62	39.45	-7.9	3.3	106.19
Change in Accounts Receivable	292.19	292.19	-4.7	-17.24	-92.88	-84.11
Change in Inventory	-0.25	-0.25	0.03	-0.33	-0.03	0.13
Change in Accounts Payable	-204.52	-204.52	-58.93	-14.9	192.76	393.05
Change in Other Net Operating Assets	3.61	3.61	-18.52	40	38.22	-
Operating Cash Flow	126.1	56.97	-107.02	3.22	144.46	38.87
Operating Cash Flow Growth	-	-	-	-97.77%	271.69%	-23.04%
Capital Expenditures	-0.41	-1.15	-0.99	-13.57	-8.66	-1.36
Sale of Property, Plant & Equipment	0.15	0.49	0.01	0	0.34	0.06
Divestitures	-	-	-	-	-	2.78
Investment in Securities	-	-	-2	-3.88	-8.5	-
Other Investing Activities	-	-	-	2.17	-	-
Investing Cash Flow	-0.26	-0.66	-2.99	-15.26	-16.82	1.49
Long-Term Debt Issued	-	305.82	419.67	27	-	-
Long-Term Debt Repaid	-	-380.26	-343.63	-28.71	-112.25	-42.51
Net Debt Issued (Repaid)	-145.52	-74.44	76.04	-1.71	-112.25	-42.51
Issuance of Common Stock	-	-	19.87	32.45	2.58	-
Common Dividends Paid	-14.92	-16.08	-4.74	-3.01	-3.14	-7.92
Other Financing Activities	72.04	73.67	9.87	2.4	-0.16	-4.34
Financing Cash Flow	-88.4	-16.85	101.04	30.12	-112.96	-54.78
Net Cash Flow	37.45	39.45	-8.97	18.08	14.68	-14.42
Free Cash Flow	125.7	55.82	-108.02	-10.35	135.8	37.51
Free Cash Flow Growth	-	-	-	-	262.06%	-23.97%
Free Cash Flow Margin	14.62%	5.48%	-8.85%	-0.75%	11.19%	3.62%
Free Cash Flow Per Share	0.13	0.06	-0.12	-0.01	0.14	0.04
Cash Income Tax Paid	33	35.06	33.91	17.59	20.93	22.99
Levered Free Cash Flow	152.83	148.2	-44.46	-14.65	67.13	-295.04
Unlevered Free Cash Flow	152.83	148.2	-39.6	-12.18	69.97	-228.66
Change in Working Capital	70.17	70.17	-112.09	3.95	132.26	296.54

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