SHE:300176 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	48.12	49.23	27.82	15.5	10.63	-47.52
Depreciation & Amortization	138.8	138.8	134.78	150.38	131.14	136.32
Other Amortization	28.25	28.25	27.26	26.32	18.21	16.68
Loss (Gain) From Sale of Assets	-27.76	-27.76	-4.3	-9.58	-8.03	0.29
Asset Writedown & Restructuring Costs	24.33	24.33	7.82	8.54	4.77	10.15
Loss (Gain) From Sale of Investments	-0.08	-0.08	0.9	0.05	-	-
Provision & Write-off of Bad Debts	-	-	-0.23	-2.48	1.97	1.82
Other Operating Activities	4.65	22.48	40.05	41.96	30.64	40.71
Change in Accounts Receivable	-32.51	-32.51	-10.99	-0.87	-9.54	-24.17
Change in Inventory	-6.28	-6.28	-23.89	35.43	-24.43	-98.51
Change in Accounts Payable	18.27	18.27	33.19	-53.85	54.11	32.68
Operating Cash Flow	197.16	216.1	229.67	207.09	206.22	64.33
Operating Cash Flow Growth	2.51%	-5.91%	10.90%	0.43%	220.54%	-45.80%
Capital Expenditures	-454.8	-431.61	-156.76	-126.16	-346.65	-93.76
Sale of Property, Plant & Equipment	95.39	98.7	20.03	8.22	28.13	0.19
Investment in Securities	-135	-	-	-	-	4.5
Other Investing Activities	-30	-30	-	-	-	-
Investing Cash Flow	-524.41	-362.91	-136.73	-117.94	-318.53	-89.07
Long-Term Debt Issued	-	918.15	487.79	608.87	673.25	576.88
Long-Term Debt Repaid	-	-649.52	-604.54	-593.1	-550.98	-591.42
Net Debt Issued (Repaid)	396.59	268.63	-116.75	15.77	122.27	-14.54
Common Dividends Paid	-34.75	-33.92	-27.88	-33.49	-29.16	-24.4
Other Financing Activities	-2.29	-1.88	-	-	-	-
Financing Cash Flow	359.55	232.83	-144.63	-17.72	93.11	-38.94
Foreign Exchange Rate Adjustments	-2.67	0.51	5.96	4.55	12.83	-2.66
Net Cash Flow	29.63	86.53	-45.73	75.98	-6.37	-66.33
Free Cash Flow	-257.65	-215.51	72.9	80.93	-140.44	-29.42
Free Cash Flow Growth	-	-	-9.92%	-	-	-
Free Cash Flow Margin	-14.02%	-11.69%	4.22%	4.77%	-9.25%	-2.29%
Free Cash Flow Per Share	-0.67	-0.56	0.19	0.21	-0.36	-0.08
Cash Income Tax Paid	-	-41.42	-30.94	-41.44	-50.15	-12.43
Levered Free Cash Flow	19.3	11.63	50.27	-6.39	-142.84	-39.78
Unlevered Free Cash Flow	19.3	11.63	68.04	14.94	-124.14	-23.98
Change in Working Capital	-19.15	-19.15	-4.45	-23.6	16.89	-94.12

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