SHE:300823 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	60.32	42.65	44.81	57.54	35.44	90.56
Depreciation & Amortization	40.67	40.67	34.5	28.91	24.23	27.87
Other Amortization	-	-	0.16	0.03	0.04	0.04
Loss (Gain) From Sale of Assets	-0.2	-0.2	-0.52	-0.37	-0.64	-1.97
Asset Writedown & Restructuring Costs	8.32	8.32	-	0.02	0.57	0.03
Loss (Gain) From Sale of Investments	-3.28	-3.28	-2.75	-	-	-
Provision & Write-off of Bad Debts	-	-	6.46	16.81	1.95	0.32
Other Operating Activities	-9.91	17.74	16.26	17.47	16.77	14.35
Change in Accounts Receivable	-3.57	-3.57	-24.26	-76.2	35.17	-28.37
Change in Inventory	-60.64	-60.64	16.01	-33.18	23.24	-58.53
Change in Accounts Payable	75.66	75.66	-18.24	35.53	-20.83	21.43
Change in Other Net Operating Assets	-	-	-	-	0.12	3.67
Operating Cash Flow	101.17	111.14	71.23	50.64	119.91	71.11
Operating Cash Flow Growth	5.80%	56.03%	40.68%	-57.77%	68.63%	10.28%
Capital Expenditures	-10.64	-9.56	-26.83	-140.61	-68.25	-81.99
Sale of Property, Plant & Equipment	0.21	0.31	0.93	1.64	0.92	2.5
Investment in Securities	-95	-39	-90	-	-	-
Other Investing Activities	3.07	3.28	2.75	30.72	-	-
Investing Cash Flow	-102.35	-44.97	-113.15	-108.25	-67.33	-79.49
Long-Term Debt Issued	-	-	-	-	-	38.52
Total Debt Issued	-	-	-	-	-	38.52
Long-Term Debt Repaid	-	-4.62	-9.24	-9.24	-4.62	-11.04
Total Debt Repaid	-	-4.62	-9.24	-9.24	-4.62	-11.04
Net Debt Issued (Repaid)	-	-4.62	-9.24	-9.24	-4.62	27.47
Common Dividends Paid	-42.72	-42.73	-55.36	-52.11	-51.04	-40.32
Dividends Paid	-42.72	-42.73	-55.36	-52.11	-51.04	-40.32
Other Financing Activities	-3.77	-4.16	-3.44	-0.29	-2.24	0.53
Financing Cash Flow	-46.49	-51.51	-68.05	-61.64	-57.9	-12.31
Foreign Exchange Rate Adjustments	-0.11	0.17	0.29	0.86	0.58	-0.07
Net Cash Flow	-47.77	14.84	-109.68	-118.39	-4.73	-20.76
Free Cash Flow	90.54	101.59	44.4	-89.97	51.66	-10.88
Free Cash Flow Growth	12.81%	128.78%	-	-	-	-
Free Cash Flow Margin	20.82%	24.83%	9.84%	-19.52%	11.81%	-2.26%
Free Cash Flow Per Share	0.74	0.78	0.34	-0.69	0.40	-0.08
Cash Income Tax Paid	25.11	18.57	23.83	16.18	22.97	27.9
Levered Free Cash Flow	132.97	145.01	32.28	-109.7	30.35	-74.09
Unlevered Free Cash Flow	132.97	145.01	32.45	-109.53	30.97	-74.09
Change in Working Capital	5.25	5.25	-27.68	-69.77	41.55	-60.08

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