SHE:300092 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	41.29	64.02	169.29	163.51	121.23	93.47
Depreciation & Amortization	23.29	23.29	20.29	17.09	23.61	24.44
Other Amortization	1.05	1.05	-	-	0.26	-
Loss (Gain) From Sale of Assets	0.06	0.06	-0	-0.18	0	-0.09
Asset Writedown & Restructuring Costs	1.42	1.42	0	-	0.01	0.35
Loss (Gain) From Sale of Investments	-7.49	-7.49	-8.6	-3.22	-1.45	-0.5
Provision & Write-off of Bad Debts	61.71	61.71	8.03	20.87	15.89	12.63
Other Operating Activities	110.39	14.21	13.32	3.14	1.61	-3.24
Change in Accounts Receivable	11.63	11.63	-95.78	-75.32	-150.21	-111.71
Change in Inventory	-11.19	-11.19	136.17	-3.76	-208.77	-49.73
Change in Accounts Payable	-83.73	-83.73	-139.82	-109.25	271.33	94.95
Change in Other Net Operating Assets	-8.77	-8.77	2.5	1.03	-0.83	-0.94
Operating Cash Flow	128.42	54.97	102.17	10.35	70.18	60.27
Operating Cash Flow Growth	98.31%	-46.20%	886.70%	-85.25%	16.45%	-
Capital Expenditures	-121.11	-85.97	-57.64	-67.89	-15.55	-14.79
Sale of Property, Plant & Equipment	0.44	0.2	0.47	0.29	0.02	0.06
Divestitures	-	-	-	-	-2.33	-
Investment in Securities	119	119	154	-494.32	-0.68	15
Other Investing Activities	-143.12	7.84	8.62	4.24	0.14	0.5
Investing Cash Flow	-144.79	41.07	105.46	-557.67	-19.9	0.78
Long-Term Debt Repaid	-	-	-	-	-1.05	-
Total Debt Repaid	-	-	-	-	-1.05	-
Net Debt Issued (Repaid)	-	-	-	-	-1.05	-
Issuance of Common Stock	-	-	-	567.53	-	-
Common Dividends Paid	-65.19	-65.19	-63	-54.78	-12.95	-11.7
Other Financing Activities	-	-	-	-0.39	-2.21	14.23
Financing Cash Flow	-65.19	-65.19	-63	512.35	-16.21	2.53
Foreign Exchange Rate Adjustments	-0.06	-0.02	0	0	0	-0
Net Cash Flow	-81.62	30.82	144.64	-34.97	34.07	63.58
Free Cash Flow	7.32	-31.01	44.54	-57.53	54.63	45.48
Free Cash Flow Growth	-55.51%	-	-	-	20.12%	-
Free Cash Flow Margin	0.66%	-2.70%	3.66%	-3.84%	5.08%	4.80%
Free Cash Flow Per Share	0.03	-0.11	0.16	-0.22	0.24	0.20
Cash Income Tax Paid	60.22	48.82	98.82	99.96	65.52	52.58
Levered Free Cash Flow	25.44	-26.19	-74.71	-70.32	142.49	31.32
Unlevered Free Cash Flow	25.44	-26.19	-74.71	-69.95	142.61	31.45
Change in Working Capital	-103.31	-103.31	-100.15	-190.86	-90.97	-66.79

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