SHE:300516 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	Dec '22 Dec 31, 2022	Jan '22 Jan 1, 2022
Net Income	14.94	24.16	30.98	82.92	82.1	78.09
Depreciation & Amortization	29.28	29.28	30.15	29.31	30.69	31.04
Other Amortization	2.4	2.4	1.48	1.98	2.53	2.95
Loss (Gain) From Sale of Assets	-0.03	-0.03	-	-	-0	-
Asset Writedown & Restructuring Costs	0.68	0.68	0.02	0.03	0.11	22.64
Loss (Gain) From Sale of Investments	-1.83	-1.83	-	-	-	-
Provision & Write-off of Bad Debts	66.31	66.31	27.18	11.72	-	-
Other Operating Activities	74.93	30.66	10.85	22.61	33.19	0.19
Change in Accounts Receivable	-155.2	-155.2	42.15	-328.68	-131.22	-184.62
Change in Inventory	18.75	18.75	20.8	-49.03	27.85	-27.92
Change in Accounts Payable	192.3	192.3	-18.35	171.53	-72.94	35.61
Change in Other Net Operating Assets	2.35	2.35	3.38	3.2	-	-
Operating Cash Flow	235.27	200.22	141.15	-59.56	-30.91	-44.95
Operating Cash Flow Growth	34.38%	41.85%	-	-	-	-
Capital Expenditures	-12.9	-11.04	-19.86	-19.65	-17.23	-41.88
Sale of Property, Plant & Equipment	0.05	0.03	0	0	0	0
Investment in Securities	-100	-100	-	-	-	-
Other Investing Activities	100	-	-	-	-	-
Investing Cash Flow	-12.85	-111.01	-19.86	-19.64	-17.23	-41.88
Long-Term Debt Repaid	-	-1.02	-0.3	-0.41	-	-
Net Debt Issued (Repaid)	-1.02	-1.02	-0.3	-0.41	-	-
Common Dividends Paid	-12.42	-12.42	-63.36	-22.5	-21.42	-18.54
Financing Cash Flow	-13.44	-13.44	-63.66	-22.91	-21.42	-18.54
Foreign Exchange Rate Adjustments	0.01	0.02	-0.01	0.01	0	-0.19
Net Cash Flow	208.98	75.78	57.62	-102.1	-69.55	-105.56
Free Cash Flow	222.37	189.17	121.28	-79.2	-48.14	-86.83
Free Cash Flow Growth	44.52%	55.97%	-	-	-	-
Free Cash Flow Margin	33.45%	27.67%	22.70%	-10.29%	-6.47%	-11.91%
Free Cash Flow Per Share	1.24	1.05	0.67	-0.44	-0.27	-0.48
Cash Income Tax Paid	30.21	25.44	16.51	25.53	18.9	34.62
Levered Free Cash Flow	217.56	181.88	118.92	-113.16	-85.75	-125.9
Unlevered Free Cash Flow	217.57	181.89	118.94	-113.13	-85.75	-125.9
Change in Working Capital	48.58	48.58	40.49	-208.13	-179.53	-179.87

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