SHE:301033 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	109.68	113.13	78.85	40.88	35.73	44.71
Depreciation & Amortization	27.49	27.49	26.73	25.33	15.16	8.19
Other Amortization	0.57	0.57	1.18	1.22	1.35	1.46
Loss (Gain) From Sale of Assets	-0.01	-0.01	-0	-	-0.17	-0.01
Asset Writedown & Restructuring Costs	2.51	2.51	0.48	0.22	1.25	0.01
Loss (Gain) From Sale of Investments	-2.94	-2.94	-3.59	-3.69	-7.99	-7.08
Provision & Write-off of Bad Debts	-	-	0.1	0.04	0.03	-0.05
Other Operating Activities	-20.41	2.15	-1.15	2.21	-1.93	1.1
Change in Accounts Receivable	-3.93	-3.93	-4.43	-7.14	-6.78	2.2
Change in Inventory	-5.29	-5.29	-8.15	3.19	-8.27	-4.64
Change in Accounts Payable	-3.41	-3.41	16.18	43.8	16.18	17.92
Change in Other Net Operating Assets	9.49	9.49	13.18	5.44	-0.2	-
Operating Cash Flow	113.86	139.87	116.38	107.69	48.31	66.51
Operating Cash Flow Growth	-12.21%	20.18%	8.08%	122.91%	-27.37%	96.15%
Capital Expenditures	-27.23	-23.82	-33.16	-40.09	-135.96	-152.71
Sale of Property, Plant & Equipment	0.08	0.08	0.03	0.03	0.06	0.01
Investment in Securities	-21.53	-121.88	24.8	-41.84	157.9	-162.23
Other Investing Activities	0.06	-	-	-	-3.45	-
Investing Cash Flow	-48.63	-145.62	-8.33	-81.9	18.55	-314.93
Long-Term Debt Issued	-	-	-	-	-	54.12
Long-Term Debt Repaid	-	-	-52.34	-28.62	-27.18	-2.77
Net Debt Issued (Repaid)	-	-	-52.34	-28.62	-27.18	51.34
Issuance of Common Stock	12.63	12.63	9.31	-	-	250.05
Repurchase of Common Stock	-	-	-11.51	-	-	-
Common Dividends Paid	-39.7	-39.7	-27.14	-15.28	-8.05	-
Other Financing Activities	-0.61	-1.12	-	-	-	-53.9
Financing Cash Flow	-27.68	-28.2	-81.67	-43.9	-35.23	247.49
Foreign Exchange Rate Adjustments	-0.21	0.32	0.16	0.02	2.97	-0.42
Net Cash Flow	37.35	-33.62	26.54	-18.09	34.61	-1.35
Free Cash Flow	86.63	116.05	83.22	67.6	-87.65	-86.2
Free Cash Flow Growth	-15.39%	39.44%	23.11%	-	-	-
Free Cash Flow Margin	23.20%	31.46%	29.89%	29.28%	-44.89%	-56.05%
Free Cash Flow Per Share	1.30	1.73	1.27	1.02	-1.32	-1.52
Cash Income Tax Paid	49.96	48.62	38.7	19.36	6.68	4.13
Levered Free Cash Flow	65.23	81.95	28.34	17.89	-118	-127.14
Unlevered Free Cash Flow	65.23	81.95	28.91	19.27	-116.88	-126.83
Change in Working Capital	-3.05	-3.05	13.78	41.48	4.87	18.17

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