SHE:300169 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	30.99	11.62	-58.65	-160.23	-187.72	-164.09
Depreciation & Amortization	36.24	36.24	55.71	50.97	54.86	56.49
Other Amortization	3.19	3.19	3.04	5.31	7.1	9.85
Loss (Gain) From Sale of Assets	-171.72	-171.72	-0.02	-0.16	-0.03	0.16
Asset Writedown & Restructuring Costs	15.25	15.25	7.5	1.24	5.38	47.14
Loss (Gain) From Sale of Investments	10.44	10.44	-0.48	-1.6	-1.79	2.73
Provision & Write-off of Bad Debts	-	-	-4.44	60.51	46.69	35.85
Other Operating Activities	48.5	77.09	54.18	68.94	93.27	72.34
Change in Accounts Receivable	44.05	44.05	146.1	198.63	105.14	-43.25
Change in Inventory	1.6	1.6	59.21	11.43	38.53	-8.86
Change in Accounts Payable	-74.82	-74.82	-321.62	-86.08	-162.33	-26.97
Operating Cash Flow	-29.08	-19.87	-69.45	148.03	-9.3	-24.97
Capital Expenditures	-27.21	-27.2	-18.81	-10.08	-12.39	-29.11
Sale of Property, Plant & Equipment	244.92	244.91	0.11	0.83	0.24	0.91
Cash Acquisitions	-	-	-	-	0.08	-
Divestitures	-	-	-	-	0.15	-
Investment in Securities	17.5	16.83	-6.25	-5.33	0.49	-10.6
Other Investing Activities	-0.47	-0.42	0.75	0.34	0.03	0.05
Investing Cash Flow	234.74	234.12	-24.21	-14.24	-11.41	-38.77
Long-Term Debt Issued	-	345.4	461.1	560.07	630.95	704.78
Total Debt Issued	467.4	345.4	461.1	560.07	630.95	704.78
Long-Term Debt Repaid	-	-447.8	-489.15	-589.41	-671.6	-653.63
Total Debt Repaid	-629.8	-447.8	-489.15	-589.41	-671.6	-653.63
Net Debt Issued (Repaid)	-162.4	-102.4	-28.05	-29.34	-40.65	51.16
Common Dividends Paid	-22.05	-26.68	-31.46	-35.4	-30.06	-41.31
Other Financing Activities	-58.45	-39.53	9.79	40.32	47.51	109.72
Financing Cash Flow	-242.9	-168.61	-49.72	-24.42	-23.21	119.57
Foreign Exchange Rate Adjustments	-0.62	-0.25	0.23	0.46	5.82	-1.78
Net Cash Flow	-37.86	45.39	-143.15	109.83	-38.1	54.06
Free Cash Flow	-56.29	-47.07	-88.27	137.95	-21.69	-54.08
Free Cash Flow Margin	-12.47%	-10.50%	-16.62%	24.02%	-3.71%	-7.11%
Free Cash Flow Per Share	-0.17	-0.14	-0.27	0.42	-0.07	-0.17
Cash Income Tax Paid	31.51	31.29	32.37	32.23	21.01	30.73
Levered Free Cash Flow	1.93	-61.33	-88.37	219.82	77.85	39.71
Unlevered Free Cash Flow	1.93	-61.33	-63.57	246.15	103.98	65
Change in Working Capital	-1.97	-1.97	-126.3	123.05	-27.06	-85.43

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