SHE:300172 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	79.31	81.69	74.16	85.82	76.25	106.56
Depreciation & Amortization	70.04	70.04	105.01	113.21	123.19	91.57
Other Amortization	0.45	0.45	-	-	-	-
Loss (Gain) From Sale of Assets	0	0	0	-0	0	-0
Asset Writedown & Restructuring Costs	22.82	22.82	25.74	26.46	42.63	0.02
Loss (Gain) From Sale of Investments	-15.04	-15.04	-19.95	-31.23	-29.37	-27.19
Provision & Write-off of Bad Debts	-14.72	-14.72	15.86	27.72	16.41	21.68
Other Operating Activities	-115.46	1.86	10.8	4.01	8.02	15.92
Change in Accounts Receivable	-120.47	-120.47	-114.19	140.19	-356.14	5.56
Change in Inventory	136.11	136.11	110.84	-90.47	-80.52	5.14
Change in Accounts Payable	223.93	223.93	36.9	-185.75	310.89	-100.2
Operating Cash Flow	270.34	390.05	242.67	86.22	107.5	116.56
Operating Cash Flow Growth	2.91%	60.73%	181.48%	-19.80%	-7.77%	28.56%
Capital Expenditures	-4.05	-2.04	-3.63	-5.85	-22.06	-88.75
Sale of Property, Plant & Equipment	0	0	0	0	0.01	0
Investment in Securities	-423.09	-269.69	-175.94	59.98	82.11	-145.94
Other Investing Activities	12.34	8.43	17.64	30.03	28.28	27.32
Investing Cash Flow	-414.8	-263.3	-161.93	84.16	88.34	-207.37
Long-Term Debt Issued	-	2	2	148.5	60.02	63.82
Long-Term Debt Repaid	-	-9	-165.12	-148.33	-143.49	-17.42
Net Debt Issued (Repaid)	-6	-7	-163.12	0.17	-83.47	46.4
Repurchase of Common Stock	-	-	-	-	-	-0.65
Common Dividends Paid	-42.97	-40.97	-25.63	-55.4	-49.07	-40.89
Other Financing Activities	-	-	-1.25	-	-1.05	-
Financing Cash Flow	-48.97	-47.97	-190	-55.23	-133.59	4.87
Foreign Exchange Rate Adjustments	-	0.03	0.12	0	-	-
Net Cash Flow	-193.43	78.81	-109.13	115.15	62.25	-85.95
Free Cash Flow	266.29	388.01	239.04	80.36	85.44	27.81
Free Cash Flow Growth	2.63%	62.32%	197.47%	-5.94%	207.24%	-55.78%
Free Cash Flow Margin	36.78%	54.16%	28.55%	7.99%	8.35%	3.18%
Free Cash Flow Per Share	0.39	0.57	0.35	0.12	0.12	0.04
Cash Income Tax Paid	40.25	35.52	22.43	53.95	30.58	50.1
Levered Free Cash Flow	-302.73	361.03	168.17	56.66	197.04	-31.68
Unlevered Free Cash Flow	-301.34	362.45	171.41	62.74	205.7	-22.65
Change in Working Capital	242.93	242.93	31.06	-139.78	-129.63	-92

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