SHE:300970 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	Dec '21 Dec 31, 2021
Net Income	218.62	110.27	-47.57	30.35	78.25	15.5
Depreciation & Amortization	199.37	199.37	167.98	133.58	98.99	84.49
Other Amortization	0.65	0.65	0.23	0.27	0.26	0.02
Loss (Gain) From Sale of Assets	2.15	2.15	1.48	10.89	1.33	0.26
Asset Writedown & Restructuring Costs	0.67	0.67	0.4	-0.09	0.36	0.65
Loss (Gain) From Sale of Investments	-	-	-0.09	-0.37	-4.2	-2.25
Other Operating Activities	23.52	24.69	26.1	13.23	5.43	4.61
Change in Accounts Receivable	3.3	3.3	-0.19	-5.27	20.71	-22.5
Change in Inventory	-28.93	-28.93	-15.18	-31.12	-52.48	-24.1
Change in Accounts Payable	33.06	33.06	2.72	12.84	30.61	26.39
Change in Other Net Operating Assets	0.08	0.08	1.91	2.36	0.6	-
Operating Cash Flow	452.49	345.31	137.8	166.67	179.84	83.08
Operating Cash Flow Growth	220.37%	150.59%	-17.32%	-7.32%	116.46%	-58.27%
Capital Expenditures	-122.11	-123.12	-268.22	-224.15	-407.91	-204.09
Sale of Property, Plant & Equipment	0.11	0.09	0.06	1.34	0.13	-
Investment in Securities	-	-	-	99.7	398.12	-441.64
Other Investing Activities	-	-	-0.08	0.54	4.37	2.02
Investing Cash Flow	-122	-123.03	-268.24	-122.58	-5.29	-643.72
Long-Term Debt Issued	-	149.47	251.03	75.26	141.7	169.66
Long-Term Debt Repaid	-	-155.53	-135.46	-129.56	-157.07	-55.78
Net Debt Issued (Repaid)	-7.36	-6.06	115.57	-54.3	-15.37	113.88
Issuance of Common Stock	25.76	25.76	24.66	16.96	-	609.28
Repurchase of Common Stock	-	-	-30.01	-	-	-
Common Dividends Paid	-11.65	-11.54	-33.55	-35.55	-2.69	-35.77
Other Financing Activities	-13.76	-1.38	4.01	6.5	4.1	-7.69
Financing Cash Flow	-7	6.78	80.67	-66.39	-13.97	679.7
Foreign Exchange Rate Adjustments	-	-	-	-	-	0
Net Cash Flow	323.49	229.06	-49.77	-22.3	160.59	119.07
Free Cash Flow	330.38	222.19	-130.42	-57.48	-228.07	-121.01
Free Cash Flow Margin	23.02%	17.20%	-12.64%	-5.77%	-30.34%	-20.93%
Free Cash Flow Per Share	3.00	1.87	-1.12	-0.49	-1.95	-1.09
Cash Income Tax Paid	0.91	0.85	0.9	1.36	2.61	0.2
Levered Free Cash Flow	196.9	131.86	-106.77	-48.42	-255.83	-174.72
Unlevered Free Cash Flow	205.73	141.84	-99.78	-42.96	-254.15	-172.32
Change in Working Capital	7.52	7.52	-10.74	-21.2	-0.57	-20.2

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