SHE:300733 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	93.89	103.94	50.61	-105.68	36.99	20.04
Depreciation & Amortization	170.24	170.24	155.06	137.99	127.1	100.68
Other Amortization	1.69	1.69	1.86	0.75	0.51	1.53
Loss (Gain) From Sale of Assets	-0.1	-0.1	-2.05	-0.14	0.12	-0.1
Asset Writedown & Restructuring Costs	26.3	26.3	0.32	73.52	0.77	0.24
Loss (Gain) From Sale of Investments	4.69	4.69	2.73	3.71	-	0.27
Provision & Write-off of Bad Debts	-	-	11.22	8.97	10.27	1.39
Other Operating Activities	51.62	17.38	42.99	46.64	42.01	38.21
Change in Accounts Receivable	-84.67	-84.67	-280.93	-162.68	-204.14	-66.59
Change in Inventory	-122.53	-122.53	-72.04	-43.86	-77.3	-82.84
Change in Accounts Payable	-114.47	-114.47	142.97	180.84	96.82	17.38
Change in Other Net Operating Assets	-	-	0.4	-1.3	8.98	12.09
Operating Cash Flow	19.79	-4.41	52.6	127.53	37.53	36.17
Operating Cash Flow Growth	-	-	-58.76%	239.82%	3.75%	2711.89%
Capital Expenditures	-134.14	-117.12	-69.32	-105.04	-205.77	-239.64
Sale of Property, Plant & Equipment	-	0	-	-	0.01	0.5
Cash Acquisitions	-	-	-	-	-	-153.63
Investment in Securities	-5.05	14	30	-48.48	13.8	30
Other Investing Activities	0.13	0.19	0.97	2.33	-	-1.85
Investing Cash Flow	-139.06	-102.93	-38.35	-151.18	-191.96	-364.62
Long-Term Debt Issued	-	753.92	379.25	399	583.19	638.97
Total Debt Issued	662.34	753.92	379.25	399	583.19	638.97
Long-Term Debt Repaid	-	-500.36	-449.31	-565.61	-441.17	-411.25
Total Debt Repaid	-470.05	-500.36	-449.31	-565.61	-441.17	-411.25
Net Debt Issued (Repaid)	192.29	253.56	-70.06	-166.61	142.03	227.71
Issuance of Common Stock	-	-	-	14.78	329.16	149.58
Repurchase of Common Stock	-	-	-10	-20	-	-
Common Dividends Paid	-27.02	-27.21	-13.78	-39.28	-20.34	-6.19
Other Financing Activities	-10.1	-9.49	0.28	-0.65	-3.03	33.86
Financing Cash Flow	155.17	216.85	-93.56	-211.76	447.82	404.96
Foreign Exchange Rate Adjustments	-0.1	0.1	0.13	0.09	0	-0.06
Net Cash Flow	35.8	109.61	-79.18	-235.32	293.39	76.45
Free Cash Flow	-114.35	-121.53	-16.72	22.49	-168.24	-203.47
Free Cash Flow Margin	-5.76%	-6.30%	-0.95%	1.48%	-15.20%	-27.13%
Free Cash Flow Per Share	-0.40	-0.44	-0.06	0.07	-0.61	-0.75
Cash Income Tax Paid	94.26	92.14	-100.93	-107.71	-3.52	6.78
Levered Free Cash Flow	40.25	9.55	35.88	145.57	-171.43	-217.79
Unlevered Free Cash Flow	40.25	9.55	46.7	161.71	-153.73	-206.91
Change in Working Capital	-328.53	-328.53	-210.15	-38.24	-180.25	-126.09

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