SHE:301155 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	296.43	346.92	66.11	-88.05	204.79	1,113
Depreciation & Amortization	249.28	249.28	186.3	130.34	82.3	78.71
Other Amortization	1.97	1.97	3.1	3.05	4.06	4.56
Loss (Gain) From Sale of Assets	0.26	0.26	0.3	0.44	0.24	0.09
Loss (Gain) From Sale of Investments	-59.16	-59.16	-52.02	-30.78	-126.07	-0.7
Provision & Write-off of Bad Debts	75.07	75.07	-76.93	172.01	149.96	75.64
Other Operating Activities	197.68	38.47	42.49	30.47	10.44	86.92
Change in Accounts Receivable	-1,056	-1,056	252.76	-99.95	-180.08	-823.13
Change in Inventory	937.27	937.27	-1,204	-241.22	-368.79	1,322
Change in Accounts Payable	-533.52	-533.52	922.08	160.55	118.7	-1,148
Operating Cash Flow	111.63	2.91	80.69	9.86	-129.39	702.87
Operating Cash Flow Growth	35.87%	-96.39%	718.46%	-	-	1103.69%
Capital Expenditures	-478.26	-538.02	-789.85	-952.59	-550.13	-239.32
Sale of Property, Plant & Equipment	0.39	0.38	2.26	0.15	0.12	0.12
Investment in Securities	-16	-108.7	-62.33	-112.09	-792.02	-105.17
Other Investing Activities	0.38	0.38	0.25	0.24	0.23	0.33
Investing Cash Flow	-493.49	-645.96	-849.68	-1,064	-1,342	-344.04
Short-Term Debt Issued	-	-	-	-	0.3	104
Long-Term Debt Issued	-	1,780	1,713	730	286	387
Total Debt Issued	1,592	1,780	1,713	730	286.3	491
Short-Term Debt Repaid	-	-	-	-	-104.3	-
Long-Term Debt Repaid	-	-1,321	-988.86	-212.59	-406.43	-686.34
Total Debt Repaid	-1,261	-1,321	-988.86	-212.59	-510.73	-686.34
Net Debt Issued (Repaid)	331.46	458.7	723.83	517.41	-224.43	-195.34
Issuance of Common Stock	-	-	-	-	-	3,114
Common Dividends Paid	-54.2	-52.97	-21.72	-34.35	-199.16	-22.19
Other Financing Activities	150.91	24.79	-35.09	-3.14	-44.51	129.93
Financing Cash Flow	428.17	430.52	667.02	479.93	-468.1	3,026
Net Cash Flow	46.31	-212.53	-101.97	-574.5	-1,939	3,385
Free Cash Flow	-366.63	-535.11	-709.16	-942.74	-679.52	463.55
Free Cash Flow Margin	-8.56%	-11.53%	-52.36%	-55.94%	-41.62%	8.49%
Free Cash Flow Per Share	-1.69	-2.47	-3.22	-4.39	-3.12	2.77
Cash Income Tax Paid	85.63	70.82	36.63	159.04	142.26	379.22
Levered Free Cash Flow	-552.54	-580.48	-726.59	-921.53	-762.1	73.32
Unlevered Free Cash Flow	-530.86	-559.08	-711.5	-910.69	-757.8	88.37
Change in Working Capital	-649.89	-649.89	-88.68	-207.63	-455.11	-655.37

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