SHE:300106 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	-13.16	-27.93	-118.81	-64.25	12.99	14.41
Depreciation & Amortization	46.88	46.88	45.8	43.63	44.5	44.79
Other Amortization	0.41	0.41	1.47	0.21	0.04	0.45
Loss (Gain) From Sale of Assets	-0.02	-0.02	0.05	-0.96	0.01	-0.31
Asset Writedown & Restructuring Costs	31.17	31.17	10.3	0	26.31	17.35
Loss (Gain) From Sale of Investments	-3.99	-3.99	16.96	34.38	7.6	-1
Provision & Write-off of Bad Debts	-	-	47.64	14.75	-	-
Other Operating Activities	55	41.95	54.83	64.55	42.52	41.43
Change in Accounts Receivable	75.19	75.19	-132.65	-149.79	-23.23	10.45
Change in Inventory	-12.97	-12.97	29.68	32.7	-42.49	1.2
Change in Accounts Payable	-71.59	-71.59	71.15	26.27	48.93	-37.95
Change in Other Net Operating Assets	-	-	-	-	-	2.58
Operating Cash Flow	106.99	79.17	24.89	5.09	115.06	92.54
Operating Cash Flow Growth	39.27%	218.02%	388.93%	-95.58%	24.34%	-40.45%
Capital Expenditures	-12.55	-17.06	-10.9	-25.09	-11.65	-33.88
Sale of Property, Plant & Equipment	-	-	-	1.55	0.02	1.05
Investing Cash Flow	-12.55	-17.06	-10.9	-23.54	-11.64	-32.84
Long-Term Debt Issued	-	214.2	157.73	257.27	240	222
Total Debt Issued	214.2	214.2	157.73	257.27	240	222
Long-Term Debt Repaid	-	-155.11	-195.6	-244.8	-232.5	-222
Total Debt Repaid	-148.9	-155.11	-195.6	-244.8	-232.5	-222
Net Debt Issued (Repaid)	65.3	59.09	-37.87	12.47	7.5	-
Common Dividends Paid	-7.25	-7.06	-9.68	-	-	-10.24
Other Financing Activities	-	-	-29.01	-29.62	-9.59	-16
Financing Cash Flow	58.05	52.03	-76.56	-17.15	-2.09	-26.24
Foreign Exchange Rate Adjustments	0	0	-	-	-	-0
Net Cash Flow	152.48	114.14	-62.56	-35.6	101.34	33.46
Free Cash Flow	94.44	62.11	14	-20	103.41	58.66
Free Cash Flow Growth	44.73%	343.74%	-	-	76.29%	-53.50%
Free Cash Flow Margin	9.65%	6.72%	1.49%	-1.78%	7.81%	5.20%
Free Cash Flow Per Share	0.45	0.29	0.07	-0.10	0.49	0.28
Cash Interest Paid	-	-	-	9.62	9.59	-
Cash Income Tax Paid	16.21	18.28	7.55	10.71	-16.55	15.36
Levered Free Cash Flow	110.28	-	45.6	-57.05	72.62	26
Unlevered Free Cash Flow	110.28	-	51.76	-51.04	78.61	32.45
Change in Working Capital	-9.31	-9.31	-33.35	-87.23	-18.91	-24.56

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