SHE:301098 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	-272.66	-240.5	23.46	21.22	75.2	84.87
Depreciation & Amortization	5.59	5.59	6.58	6.55	5.47	5.3
Other Amortization	2.27	2.27	0.59	0.7	0.27	0.25
Loss (Gain) From Sale of Assets	-0.01	-0.01	-0.85	0.55	-0.01	-0.03
Asset Writedown & Restructuring Costs	6.04	6.04	2.85	0.01	73.78	57.12
Loss (Gain) From Sale of Investments	6.31	6.31	-0.79	-2.96	-1.53	-0.24
Provision & Write-off of Bad Debts	206.29	206.29	65.54	73.31	-	-
Other Operating Activities	64.53	38.96	50.41	33.01	18.67	14.55
Change in Accounts Receivable	36.89	36.89	-377.31	-422.51	-216.74	-475.71
Change in Inventory	7.07	7.07	-14.4	-56.07	4.82	-13.21
Change in Accounts Payable	2.07	2.07	83.66	55.31	-2.29	200.83
Change in Other Net Operating Assets	-	-	-	0.12	-0.01	-0.54
Operating Cash Flow	32.33	38.93	-171.03	-267.09	-64.73	-142.52
Capital Expenditures	-47.31	-53	-6.85	-23.51	-15.46	-3.85
Sale of Property, Plant & Equipment	0.05	0.05	0.94	0.82	0.06	0.16
Divestitures	-	-	-	-4.63	-	-
Investment in Securities	97.87	89.57	-200.03	-5.77	106.13	-145
Other Investing Activities	59.22	15.24	0.03	0.01	-	20.03
Investing Cash Flow	109.83	51.87	-205.91	-33.07	90.73	-128.67
Long-Term Debt Issued	-	410.4	462.04	913.27	272.62	219
Long-Term Debt Repaid	-	-475.9	-329.99	-302.4	-245.77	-180.56
Net Debt Issued (Repaid)	-98.38	-65.5	132.05	610.87	26.86	38.44
Issuance of Common Stock	-	-	13.41	-	-	306.79
Repurchase of Common Stock	-1.04	-	-25.79	-	-	-
Common Dividends Paid	-24.2	-28.38	-37.03	-23.92	-24.26	-11.34
Other Financing Activities	-17.56	-18.07	6.21	-10.52	6.27	-16.73
Financing Cash Flow	-141.19	-111.95	88.85	576.43	8.87	317.16
Net Cash Flow	0.97	-21.15	-288.09	276.27	34.86	45.98
Free Cash Flow	-14.98	-14.07	-177.87	-290.6	-80.2	-146.37
Free Cash Flow Margin	-2.27%	-2.03%	-19.63%	-29.09%	-8.22%	-15.27%
Free Cash Flow Per Share	-0.08	-0.08	-1.14	-1.78	-0.50	-1.20
Cash Income Tax Paid	39.27	41.11	44.9	51.07	77.05	62.31
Levered Free Cash Flow	170.41	58.37	-75.99	-337.98	-97.62	-154.71
Unlevered Free Cash Flow	189.02	76.81	-52.29	-320.49	-88.91	-145.88
Change in Working Capital	13.98	13.98	-318.81	-399.47	-236.58	-304.33

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