SHE:300927 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	31.58	19.51	297.74	68.55	63.79	75.83
Depreciation & Amortization	60.3	60.3	35.35	37.19	34.38	34.04
Other Amortization	1.89	1.89	-	-	1.29	1.31
Loss (Gain) From Sale of Assets	-	-	-	-0.01	-	-
Asset Writedown & Restructuring Costs	0.05	0.05	0	0.03	0.94	0.58
Loss (Gain) From Sale of Investments	-3.53	-3.53	-3.18	-2.16	-2.71	-0.6
Provision & Write-off of Bad Debts	1.55	1.55	0.19	-0.14	0.01	0.16
Other Operating Activities	24.42	3.18	2.01	1.7	0.69	3.26
Change in Accounts Receivable	-125.59	-125.59	-38.35	-0.79	-1.98	-33.51
Change in Inventory	130.41	130.41	-9.5	5.06	-12.21	-9.4
Change in Accounts Payable	125.72	125.72	-12.39	-21.97	-4.19	-32.9
Change in Other Net Operating Assets	-	-	-255.28	-0.08	-0.24	-0.24
Operating Cash Flow	193.43	160.12	16.33	87.18	79.05	38.49
Operating Cash Flow Growth	192.31%	880.59%	-81.27%	10.30%	105.36%	-26.69%
Capital Expenditures	-190.31	-166.32	-266.88	-127.12	-14.7	-6.71
Sale of Property, Plant & Equipment	0.1	0.1	-	-	-	0.02
Cash Acquisitions	-	-	179.46	-	-	-
Investment in Securities	-1.85	-279.34	-10.2	-12.8	102	-125
Other Investing Activities	-65.73	1.43	114.19	57.72	2.85	56.01
Investing Cash Flow	-257.79	-444.14	16.56	-82.2	90.15	-75.68
Long-Term Debt Issued	-	135.4	331.78	53.39	-	1
Long-Term Debt Repaid	-	-81	-50	-21.5	-26	-34
Net Debt Issued (Repaid)	96.69	54.4	281.78	31.89	-26	-33
Common Dividends Paid	-23.23	-22.89	-26.29	-20.58	-24.64	-19.68
Other Financing Activities	-	-	64.63	-	-	-9.07
Financing Cash Flow	73.47	31.51	320.12	11.31	-50.64	-61.75
Foreign Exchange Rate Adjustments	-1.24	0.79	0.4	1.28	0.83	-0.52
Net Cash Flow	7.88	-251.72	353.41	17.57	119.38	-99.45
Free Cash Flow	3.12	-6.21	-250.55	-39.94	64.34	31.78
Free Cash Flow Growth	-	-	-	-	102.48%	-
Free Cash Flow Margin	0.20%	-0.40%	-36.40%	-5.63%	8.73%	4.48%
Free Cash Flow Per Share	0.02	-0.04	-1.74	-0.28	0.45	0.22
Cash Income Tax Paid	0.58	10.28	19.16	37.69	41.84	21.9
Levered Free Cash Flow	-25.16	-240.72	-107.18	36.08	58.02	4.44
Unlevered Free Cash Flow	-23.18	-238.98	-106.05	38	60.37	6.16
Change in Working Capital	77.17	77.17	-315.78	-17.97	-19.35	-76.08

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