SHE:300514 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	28.92	69.95	198.17	191.59	98.76	57.56
Depreciation & Amortization	24.79	24.79	17.73	19.43	16.6	12.41
Other Amortization	8.14	8.14	10.4	7.06	4.28	4.27
Loss (Gain) From Sale of Assets	-0.3	-0.3	-0.03	0.31	-0.1	-
Asset Writedown & Restructuring Costs	-0.11	-0.11	-	0.07	5.62	8.47
Loss (Gain) From Sale of Investments	-10.17	-10.17	-7.02	-1.37	-1.94	-5.05
Provision & Write-off of Bad Debts	-	-	0.61	-7.32	-	-
Other Operating Activities	24.7	-2.17	4.05	4.51	2.74	1.69
Change in Accounts Receivable	39.36	39.36	-9.47	141.6	13.56	25.78
Change in Inventory	-1.29	-1.29	48.67	32.83	5.05	-98.5
Change in Accounts Payable	13.13	13.13	90.33	-16.6	-159.16	191.22
Change in Other Net Operating Assets	-0.91	-0.91	-4.02	-5.55	-	-
Operating Cash Flow	128.32	142.48	349.87	368.82	-13.5	196.58
Operating Cash Flow Growth	-61.27%	-59.27%	-5.14%	-	-	82.97%
Capital Expenditures	-40.04	-38.28	-33.16	-29.78	-59.92	-31.41
Sale of Property, Plant & Equipment	0.58	0.53	0.41	0	-	-
Investment in Securities	-	-	-120	-190	-65	-60.49
Other Investing Activities	32.11	23.25	-	1.65	0.73	4.84
Investing Cash Flow	-7.35	-14.5	-152.75	-218.13	-124.19	-87.06
Short-Term Debt Issued	-	-	-	-	30	-
Total Debt Issued	-	-	-	-	30	-
Short-Term Debt Repaid	-	-	-	-30	-	-45.4
Long-Term Debt Repaid	-	-	-3.7	-2.49	-	-
Total Debt Repaid	-	-	-3.7	-32.49	-	-45.4
Net Debt Issued (Repaid)	-	-	-3.7	-32.49	30	-45.4
Common Dividends Paid	-60	-60	-40	-30.71	-21.07	-11.82
Other Financing Activities	-3.14	-3.07	1.99	6.81	31.64	24.8
Financing Cash Flow	-63.14	-63.07	-41.71	-56.39	40.56	-32.43
Foreign Exchange Rate Adjustments	-0.6	-0.36	-0.06	0.23	1.47	-0.18
Net Cash Flow	57.24	64.56	155.35	94.53	-95.65	76.92
Free Cash Flow	88.29	104.21	316.72	339.04	-73.42	165.18
Free Cash Flow Growth	-69.90%	-67.10%	-6.58%	-	-	274.99%
Free Cash Flow Margin	11.65%	13.08%	31.35%	30.89%	-7.19%	19.07%
Free Cash Flow Per Share	0.44	0.52	1.58	1.70	-0.36	0.83
Cash Income Tax Paid	43.44	39.87	65.26	62.02	43.35	3.38
Levered Free Cash Flow	-138.56	-151.42	261.75	283.51	-114.45	142.79
Unlevered Free Cash Flow	-138.56	-151.42	261.75	283.77	-113.78	143.96
Change in Working Capital	52.36	52.36	125.97	154.53	-139.46	117.22

Updated Mar 31, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.