SHE:300491 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	46.37	40.15	23.94	102.57	44.35	32.51
Depreciation & Amortization	38.98	38.98	34.09	23.23	21.76	23.85
Other Amortization	1.1	1.1	0.3	1.06	0.64	0.36
Loss (Gain) From Sale of Assets	0.3	0.3	0.12	0.02	0.03	0.14
Asset Writedown & Restructuring Costs	-	-	15.52	12.5	-	-
Loss (Gain) From Sale of Investments	-1.12	-1.12	-	-	-1.44	-0.03
Provision & Write-off of Bad Debts	16.87	16.87	22.03	13.02	5.86	5.7
Other Operating Activities	93.27	23.23	13.95	21.13	9.5	5.2
Change in Accounts Receivable	-244.07	-244.07	-116.96	-348.89	-193.06	-69.95
Change in Inventory	-81.11	-81.11	-2.94	-53.14	-99.16	-38.35
Change in Accounts Payable	287.51	287.51	75.01	240.83	207.55	46.98
Operating Cash Flow	149.91	73.66	58.39	14.7	-5.63	1.94
Operating Cash Flow Growth	89.90%	26.15%	297.10%	-	-	-
Capital Expenditures	-97.3	-85.31	-57.8	-186.69	-61.15	-20.63
Sale of Property, Plant & Equipment	0.1	0.1	0.2	0.14	0.05	0.46
Cash Acquisitions	-	-	-	-1.35	-	-
Divestitures	-	-	-	-	-	5.32
Investment in Securities	-	-	-	-	-	-0.11
Other Investing Activities	101.15	1.18	-0.01	-0.36	1.44	-
Investing Cash Flow	3.95	-84.03	-57.61	-188.26	-59.66	-14.96
Long-Term Debt Issued	-	250.08	253.74	210.35	107.5	87.39
Total Debt Issued	256.04	250.08	253.74	210.35	107.5	87.39
Long-Term Debt Repaid	-	-193.86	-190.77	-134.62	-85.88	-63.57
Total Debt Repaid	-200.7	-193.86	-190.77	-134.62	-85.88	-63.57
Net Debt Issued (Repaid)	55.34	56.23	62.97	75.73	21.62	23.81
Issuance of Common Stock	10.82	10.82	4.65	4	-	244.23
Common Dividends Paid	-18.08	-18.35	-28.08	-14.13	-8.93	-7.13
Other Financing Activities	-9.38	-	-	-	-	1.05
Financing Cash Flow	38.69	48.69	39.55	65.6	12.69	261.97
Net Cash Flow	192.55	38.31	40.33	-107.96	-52.6	248.95
Free Cash Flow	52.61	-11.65	0.59	-171.98	-66.79	-18.69
Free Cash Flow Margin	3.21%	-0.75%	0.05%	-17.05%	-10.45%	-4.44%
Free Cash Flow Per Share	0.30	-0.07	0.00	-0.99	-0.39	-0.12
Cash Income Tax Paid	22.72	22.65	26.8	27.47	7.18	13.93
Levered Free Cash Flow	26.88	-14.68	-33.07	-174.21	-87.63	-28.13
Unlevered Free Cash Flow	30.87	-10.69	-28.66	-171.01	-85.35	-26.03
Change in Working Capital	-45.85	-45.85	-51.55	-158.82	-86.32	-65.8

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