SHE:301113 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	Dec '22 Dec 31, 2022	Jan '22 Jan 1, 2022
Net Income	2.5	7.58	11.17	18.77	49.03	93.8
Depreciation & Amortization	23.86	23.86	20.46	11.98	5.38	4.59
Other Amortization	0.04	0.04	-	-	0.04	0
Loss (Gain) From Sale of Assets	0.18	0.18	-0.01	-0.04	-0.01	-0.04
Asset Writedown & Restructuring Costs	2.1	2.1	0.12	0.37	-2.64	0.28
Loss (Gain) From Sale of Investments	-19.64	-19.64	-4.23	1.23	-0.1	-1.16
Provision & Write-off of Bad Debts	-0.48	-0.48	0.54	0.52	-	-
Other Operating Activities	40.59	9.15	0.82	1.56	-4.25	2.69
Change in Accounts Receivable	18.96	18.96	0.38	-16.3	80.54	4.57
Change in Inventory	6.27	6.27	-68.38	-12.32	28.91	-24.26
Change in Accounts Payable	-28.07	-28.07	17.84	22.87	-18.19	-5.26
Operating Cash Flow	50.9	24.54	-23.92	27.83	139.75	75.29
Operating Cash Flow Growth	-	-	-	-80.09%	85.61%	34.18%
Capital Expenditures	-8.34	-15.63	-59.52	-89.11	-224.36	-6.93
Sale of Property, Plant & Equipment	0.51	0.51	0.02	0.15	-	0.06
Investment in Securities	55.6	56.68	-151.14	-20.44	-39.34	18.01
Other Investing Activities	-89.63	2.46	1.85	0.54	0.11	1.1
Investing Cash Flow	-41.86	44.02	-208.8	-108.86	-263.58	12.24
Long-Term Debt Repaid	-	-0.08	-0.08	-	-	-0.19
Net Debt Issued (Repaid)	-0.08	-0.08	-0.08	-	-	-0.19
Issuance of Common Stock	-	-	-	-	-	515.44
Common Dividends Paid	-43.18	-49	-2.1	-	-91	-
Dividends Paid	-43.18	-49	-2.1	-	-91	-
Other Financing Activities	-1.25	-	-	-	-4.25	-15.61
Financing Cash Flow	-44.51	-49.08	-2.18	-	-95.25	499.64
Foreign Exchange Rate Adjustments	-2.28	-0.34	1	-0.55	0.46	-0.87
Net Cash Flow	-37.75	19.14	-233.9	-81.58	-218.63	586.29
Free Cash Flow	42.55	8.9	-83.44	-61.28	-84.61	68.36
Free Cash Flow Growth	-	-	-	-	-	66.46%
Free Cash Flow Margin	12.30%	2.50%	-28.21%	-38.79%	-48.68%	15.25%
Free Cash Flow Per Share	0.42	0.09	-0.90	-0.68	-0.93	1.00
Cash Income Tax Paid	-	-5.87	-10.61	-1.84	-8.93	-8.3
Levered Free Cash Flow	33.89	1.91	-110.76	-54.74	-125.96	54.55
Unlevered Free Cash Flow	33.89	1.91	-110.76	-54.74	-125.96	54.55
Change in Working Capital	1.76	1.76	-52.79	-6.57	92.31	-24.88

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