SHE:301041 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	22.41	20.16	39.06	39.64	33.87	51.4
Depreciation & Amortization	25.7	25.7	26.63	24.83	22.29	19.69
Other Amortization	10.84	10.84	3.85	7.88	6.46	5.2
Loss (Gain) From Sale of Assets	0.06	0.06	-0.02	0.44	0.55	0.04
Asset Writedown & Restructuring Costs	0.06	0.06	0.06	0.02	0.71	-
Loss (Gain) From Sale of Investments	-9.74	-9.74	-5.67	-1.81	-0.94	-0.52
Provision & Write-off of Bad Debts	2.36	2.36	2.5	0.05	6.61	1.63
Other Operating Activities	-6.29	1.22	2.15	1.17	0.11	2.52
Change in Accounts Receivable	-1.73	-1.73	-27.97	18.77	26.88	27.18
Change in Inventory	-17.85	-17.85	2.65	12.28	-9.89	-25.64
Change in Accounts Payable	59.09	59.09	6.12	1.15	-55.55	-35.16
Operating Cash Flow	82.3	87.56	47.52	104.61	27.46	49.05
Operating Cash Flow Growth	43.21%	84.27%	-54.58%	280.93%	-44.01%	-42.30%
Capital Expenditures	-26.43	-17.9	-14.97	-31.51	-70.83	-48.11
Sale of Property, Plant & Equipment	0.2	0.23	0.08	0.11	0.15	0.25
Investment in Securities	-30.79	-94.4	35.64	-140.6	-6.16	7.29
Other Investing Activities	5.31	4.77	5.32	2.48	0.55	0.52
Investing Cash Flow	-51.71	-107.3	26.08	-169.53	-76.28	-40.05
Long-Term Debt Issued	-	-	-	40	-	-
Total Debt Issued	-	-	-	40	-	-
Short-Term Debt Repaid	-	-	-	-	-	-25
Long-Term Debt Repaid	-	-4.4	-45.17	-5.77	-11.96	-10.01
Total Debt Repaid	-4.4	-4.4	-45.17	-5.77	-11.96	-35.01
Net Debt Issued (Repaid)	-4.4	-4.4	-45.17	34.23	-11.96	-35.01
Issuance of Common Stock	-	-	-	-	-	172.03
Repurchase of Common Stock	-14.96	-14.96	-15.05	-	-	-
Common Dividends Paid	-12.2	-12.2	-8.2	-5.29	-7.79	-
Other Financing Activities	15.62	-	-	-	-	-18.81
Financing Cash Flow	-15.95	-31.56	-68.42	28.95	-19.75	118.22
Foreign Exchange Rate Adjustments	-0.92	-0.27	1.38	1.9	3.01	-0.93
Net Cash Flow	13.72	-51.58	6.55	-34.08	-65.56	126.27
Free Cash Flow	55.87	69.65	32.55	73.1	-43.37	0.94
Free Cash Flow Growth	40.83%	114.01%	-55.47%	-	-	-98.23%
Free Cash Flow Margin	7.71%	9.94%	4.77%	11.50%	-6.65%	0.13%
Free Cash Flow Per Share	0.53	0.66	0.31	0.68	-0.41	0.01
Cash Interest Paid	-	-	-	-	-	1.21
Cash Income Tax Paid	21.7	21.7	23.57	13.66	15.7	24.22
Levered Free Cash Flow	44.6	54.9	17.03	43.64	-59.39	-23.51
Unlevered Free Cash Flow	44.74	55.04	18.19	44.31	-59.09	-22.77
Change in Working Capital	36.89	36.89	-21.05	32.39	-42.22	-30.92

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