SHE:300394 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	2,172	2,017	1,344	729.88	402.94	306.39
Depreciation & Amortization	174.74	174.74	123.11	89.61	83.13	70.4
Other Amortization	3.28	3.28	2.41	2.36	2.6	4
Loss (Gain) From Sale of Assets	-0.65	-0.65	0.01	-0.87	-0.14	-0.43
Asset Writedown & Restructuring Costs	8.67	8.67	0.68	20.25	2.02	0.3
Loss (Gain) From Sale of Investments	-9.8	-9.8	-7.24	-16.78	-28.93	-17.44
Provision & Write-off of Bad Debts	18.61	18.61	18.41	6.46	-0.59	3.76
Other Operating Activities	-186.08	79.84	-3.64	13.81	14.89	14.52
Change in Accounts Receivable	-518.25	-518.25	-362.37	-89.92	-55.56	0.23
Change in Inventory	-139.5	-139.5	-111.54	-85.76	-28.75	-11.32
Change in Accounts Payable	249.86	249.86	276.55	241.54	74.03	1.47
Operating Cash Flow	1,757	1,868	1,263	901.87	463.66	369.75
Operating Cash Flow Growth	23.76%	47.98%	39.99%	94.51%	25.40%	54.36%
Capital Expenditures	-436.59	-417.51	-451.48	-204.48	-111.59	-124.25
Sale of Property, Plant & Equipment	3.85	3.87	0.09	0.28	0.41	0.51
Cash Acquisitions	-	-	-	-	-	3.02
Investment in Securities	360	140	85	445	-95	-558
Other Investing Activities	7.74	9.11	8.56	17.69	25.99	18.44
Investing Cash Flow	-65	-264.52	-357.82	258.49	-180.19	-660.28
Long-Term Debt Issued	-	-	40	-	-	-
Long-Term Debt Repaid	-	-41.73	-1.91	-2.62	-3.2	-10.11
Net Debt Issued (Repaid)	-41.73	-41.73	38.09	-2.62	-3.2	-10.11
Issuance of Common Stock	35.92	35.92	17.12	32.53	31.97	789.71
Repurchase of Common Stock	-	-	-	-	-	-0.42
Common Dividends Paid	-666.99	-667.32	-673.61	-197.55	-157.06	-130.28
Other Financing Activities	-0.01	-	-163.59	158.2	-	-14.46
Financing Cash Flow	-672.81	-673.13	-781.99	-9.44	-128.29	634.45
Foreign Exchange Rate Adjustments	-92.4	-45.3	28.08	4.18	2.39	-6.22
Net Cash Flow	926.67	885.25	150.79	1,155	157.56	337.7
Free Cash Flow	1,320	1,451	811.04	697.38	352.07	245.49
Free Cash Flow Growth	40.22%	78.87%	16.30%	98.08%	43.41%	130.28%
Free Cash Flow Margin	23.79%	28.10%	24.94%	35.97%	29.43%	23.78%
Free Cash Flow Per Share	1.69	1.86	1.04	0.90	0.46	0.32
Cash Income Tax Paid	457.28	364.93	237.04	65.92	46.66	67.28
Levered Free Cash Flow	889.95	1,009	370.12	518.61	200.38	131.98
Unlevered Free Cash Flow	890.47	1,010	370.93	518.95	201.34	133.27
Change in Working Capital	-423.75	-423.75	-214.75	57.15	-12.27	-11.76

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