SHE:301049 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	-129.95	-141.18	-69.34	-119.82	-21.63	85.67
Depreciation & Amortization	68.69	68.69	68.56	63.63	44.05	20.17
Other Amortization	3.79	3.79	3.05	1.87	0.73	0.54
Loss (Gain) From Sale of Assets	-	-	0.19	0.15	-	0.23
Asset Writedown & Restructuring Costs	2.85	2.85	2.59	9.62	1.63	-
Provision & Write-off of Bad Debts	-0.02	-0.02	1.33	5.48	6	4.65
Other Operating Activities	11.7	16.14	10.2	10.72	8.3	5.36
Change in Accounts Receivable	-13.91	-13.91	-80.3	-31.72	-94.78	70.57
Change in Inventory	-8.24	-8.24	7.32	-15.35	-0.63	0.1
Change in Accounts Payable	95.89	95.89	73.14	85.28	101.46	-46.92
Change in Other Net Operating Assets	1.9	1.9	0.91	1.18	1.49	2
Operating Cash Flow	33.96	27.17	17.65	18.15	40.82	143.04
Operating Cash Flow Growth	4.29%	53.99%	-2.74%	-55.55%	-71.46%	23.84%
Capital Expenditures	-19.33	-34.12	-69.16	-220.54	-258.12	-189.44
Sale of Property, Plant & Equipment	-	-	0.06	0.25	0.05	-
Investment in Securities	2.27	2	-2	-	-	-
Other Investing Activities	-	-	0.14	4.5	-20.14	-
Investing Cash Flow	-17.06	-32.12	-70.96	-215.79	-278.21	-189.44
Long-Term Debt Issued	-	160.36	156.71	205.7	40	50
Total Debt Issued	190.01	160.36	156.71	205.7	40	50
Long-Term Debt Repaid	-	-160.91	-136.93	-83.91	-42.82	-57.64
Total Debt Repaid	-203.23	-160.91	-136.93	-83.91	-42.82	-57.64
Net Debt Issued (Repaid)	-13.22	-0.55	19.78	121.79	-2.82	-7.64
Issuance of Common Stock	-	-	-	-	-	409.88
Common Dividends Paid	-6.16	-6.39	-7.68	-5.35	-25.8	-1.66
Other Financing Activities	-	-	-	18.21	-5.02	-16.64
Financing Cash Flow	-19.65	-6.94	12.1	134.65	-33.65	383.95
Net Cash Flow	-2.76	-11.88	-41.21	-62.99	-271.04	337.54
Free Cash Flow	14.63	-6.94	-51.52	-202.4	-217.3	-46.4
Free Cash Flow Margin	8.23%	-3.56%	-17.73%	-76.79%	-102.94%	-20.51%
Free Cash Flow Per Share	0.15	-0.07	-0.55	-2.15	-2.31	-0.59
Cash Income Tax Paid	8.98	9.43	8.63	-15.39	7.63	13.46
Levered Free Cash Flow	85.49	96.36	13.31	-218.51	-213.06	-84.2
Unlevered Free Cash Flow	90.2	101.17	18.62	-215.68	-210.37	-80.8
Change in Working Capital	76.89	76.89	1.07	46.49	1.73	26.43

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