SHE:301018 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	199.34	225.17	115.56	104.9	166.26	140.32
Depreciation & Amortization	110.05	110.05	78.35	72.27	53.03	29.92
Other Amortization	5.13	5.13	5.33	0.48	0.49	0.25
Loss (Gain) From Sale of Assets	25.29	25.29	0.97	0.64	2.06	-0.27
Asset Writedown & Restructuring Costs	10.26	10.26	5.48	22.3	0.67	0.32
Loss (Gain) From Sale of Investments	2.11	2.11	-1.4	-1.05	0.86	1.63
Provision & Write-off of Bad Debts	-	-	46.63	42.04	19.67	8.57
Other Operating Activities	11.44	89.88	34.85	34.42	41.92	15.52
Change in Accounts Receivable	-616.16	-616.16	-486.2	-335.34	-443.13	-183.15
Change in Inventory	-15.22	-15.22	-176.55	-110.11	41.62	-186.81
Change in Accounts Payable	487.64	487.64	518.23	189.99	183.94	214.8
Change in Other Net Operating Assets	13.22	13.22	-	-	-	-
Operating Cash Flow	220.67	324.94	135.32	13.85	62.27	38.02
Operating Cash Flow Growth	592.85%	140.13%	877.16%	-77.76%	63.77%	-80.57%
Capital Expenditures	-389.44	-375.35	-374.78	-221.73	-206.65	-366.94
Sale of Property, Plant & Equipment	1.05	1.05	0.38	8.15	1.11	0.26
Investment in Securities	-	-123	258	-338	-0.13	-
Other Investing Activities	1.29	1.06	6.85	0.72	0.02	0.63
Investing Cash Flow	-387.1	-496.23	-109.56	-550.87	-205.65	-366.04
Long-Term Debt Issued	-	990.17	490.52	357.52	514.48	385.95
Long-Term Debt Repaid	-	-642.1	-478.15	-295.83	-339.57	-481.05
Net Debt Issued (Repaid)	643.42	348.07	12.37	61.69	174.91	-95.1
Issuance of Common Stock	-	-	-	805.26	-	442.94
Common Dividends Paid	-72.02	-69.49	-67	-75.4	-64.85	-61.83
Other Financing Activities	-13.93	-21.22	4.81	7.37	-21.67	2.48
Financing Cash Flow	557.47	257.36	-49.83	798.92	88.39	288.5
Foreign Exchange Rate Adjustments	1.28	0.37	-0.02	0.21	-0.06	0.05
Net Cash Flow	392.32	86.42	-24.09	262.11	-55.05	-39.48
Free Cash Flow	-168.77	-50.42	-239.46	-207.89	-144.38	-328.91
Free Cash Flow Margin	-4.02%	-1.20%	-7.94%	-8.28%	-6.50%	-18.29%
Free Cash Flow Per Share	-0.64	-0.19	-0.89	-0.79	-0.60	-1.57
Cash Income Tax Paid	169.24	147.63	67.35	93.8	80.37	67.85
Levered Free Cash Flow	-313.61	-137.76	50.25	-628.88	-255.88	-454.1
Unlevered Free Cash Flow	-313.61	-137.76	65.5	-613.88	-245.78	-446.28
Change in Working Capital	-142.96	-142.96	-150.46	-262.15	-222.71	-158.24

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