SHE:300806 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	66.18	60.59	54.88	56.07	168.09	209.94
Depreciation & Amortization	446.7	446.7	373.97	249.05	181.7	122.9
Other Amortization	1.86	1.86	2.41	0.95	1.01	0.98
Loss (Gain) From Sale of Assets	-1.47	-1.47	-4.18	-0.03	-0.01	-0.21
Asset Writedown & Restructuring Costs	64.74	64.74	-0.6	0.6	0.44	-0.57
Loss (Gain) From Sale of Investments	9.85	9.85	11.77	4.94	5.92	-0.13
Provision & Write-off of Bad Debts	-	-	24.11	3.83	7.41	8.68
Other Operating Activities	-63.62	123.43	176.44	94.27	59.92	36.4
Change in Accounts Receivable	-115.35	-115.35	-636.23	-371.34	-362.71	-168.68
Change in Inventory	-253.97	-253.97	-163.33	-217.56	-131.51	-129.16
Change in Accounts Payable	-39.76	-39.76	276.68	354.49	68.27	306.93
Change in Other Net Operating Assets	0.91	0.91	-2.94	2.07	17.31	25.86
Operating Cash Flow	87.49	268.95	89.8	142.4	-4.32	371.22
Operating Cash Flow Growth	-36.58%	199.50%	-36.94%	-	-	92.37%
Capital Expenditures	-42.69	-84.47	-268.7	-642.25	-1,396	-887.48
Sale of Property, Plant & Equipment	0.36	0.12	0.02	0.08	0.45	0.86
Investment in Securities	-13.61	-1.12	-34.42	-44.96	-49.47	-14.89
Other Investing Activities	-	-	2.5	4.43	6.98	5.78
Investing Cash Flow	-55.94	-85.46	-300.6	-682.72	-1,438	-895.73
Long-Term Debt Issued	-	2,277	2,167	1,584	2,950	2,038
Long-Term Debt Repaid	-	-2,491	-1,986	-1,261	-1,625	-1,403
Net Debt Issued (Repaid)	-77.7	-214.37	181.38	323	1,325	635.03
Issuance of Common Stock	-	-	-	-	498.65	-
Repurchase of Common Stock	-	-	-5	-31.55	-4.25	-1.09
Common Dividends Paid	-102.65	-104.53	-143.55	-153.2	-136.46	-91.1
Other Financing Activities	393.94	303.06	23.2	76.68	87.81	-191.91
Financing Cash Flow	213.59	-15.83	56.02	214.93	1,771	350.92
Foreign Exchange Rate Adjustments	-2.08	-1.02	1.92	4.26	5.25	-0.67
Net Cash Flow	243.06	166.64	-152.86	-321.13	333.43	-174.25
Free Cash Flow	44.8	184.49	-178.9	-499.85	-1,401	-516.25
Free Cash Flow Margin	1.44%	6.12%	-6.65%	-25.39%	-74.61%	-26.02%
Free Cash Flow Per Share	0.10	0.40	-0.39	-1.07	-3.25	-1.21
Cash Income Tax Paid	39.91	21.36	32.28	16.65	-50.68	35.67
Levered Free Cash Flow	329.66	302.39	-317.41	-660.58	-1,355	-812.91
Unlevered Free Cash Flow	329.66	302.39	-249.02	-611.29	-1,319	-788.44
Change in Working Capital	-436.74	-436.74	-549.01	-267.27	-428.81	-6.77

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