SHE:301161 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	91.53	87.04	53.17	37.09	46.2	59.64
Depreciation & Amortization	32.98	32.98	29.34	13.02	10.94	6.84
Other Amortization	3.39	3.39	3	0.59	0.28	0.45
Loss (Gain) From Sale of Assets	0.27	0.27	0.48	0.02	0.01	0.17
Asset Writedown & Restructuring Costs	17.04	17.04	0.05	0.04	0.05	0.28
Loss (Gain) From Sale of Investments	-0.12	-0.12	-0.95	-1.82	-0.8	-
Stock-Based Compensation	2.87	2.87	-	-	-	-
Provision & Write-off of Bad Debts	-	-	1.81	0.28	7.94	0.42
Other Operating Activities	2.87	19.61	58.85	4	8.61	13.51
Change in Accounts Receivable	-13.42	-13.42	-89.61	-10.37	-5.11	3.61
Change in Inventory	-8	-8	14.6	-18.11	-10.45	-57.72
Change in Accounts Payable	15.9	15.9	15.37	6.54	-33.39	-5.86
Change in Other Net Operating Assets	0.3	0.3	0.28	0.11	-0.21	-0.08
Operating Cash Flow	145.43	157.67	78.39	32.51	17.84	19.98
Operating Cash Flow Growth	17.59%	101.13%	141.17%	82.23%	-10.72%	193.13%
Capital Expenditures	-25.75	-22.88	-18.18	-27.13	-28.64	-51.19
Sale of Property, Plant & Equipment	0.11	0.17	0.65	0.16	0.03	0.03
Cash Acquisitions	-	-	-119.62	-	-	-
Investment in Securities	18.32	19.63	8	-10	-	-
Other Investing Activities	0.24	0.23	0.7	1.82	0.8	-
Investing Cash Flow	-7.08	-2.86	-128.45	-35.15	-27.82	-51.16
Long-Term Debt Issued	-	-	103.5	-	23.21	63
Long-Term Debt Repaid	-	-3.5	-94.41	-1.82	-113.68	-44.72
Net Debt Issued (Repaid)	-16.08	-3.5	9.09	-1.82	-90.47	18.28
Issuance of Common Stock	19.6	9.6	-	-	515.02	-
Common Dividends Paid	-52.33	-52.43	-51.94	-20.4	-4.6	-6.89
Other Financing Activities	-221.9	-238.86	0.2	0.2	-9.49	18.05
Financing Cash Flow	-270.71	-285.2	-42.66	-22.02	410.46	29.44
Foreign Exchange Rate Adjustments	-0.04	0.11	0	0.07	0.16	-0.05
Net Cash Flow	-132.4	-130.27	-92.72	-24.59	400.63	-1.8
Free Cash Flow	119.67	134.79	60.21	5.38	-10.81	-31.21
Free Cash Flow Growth	15.57%	123.86%	1019.72%	-	-	-
Free Cash Flow Margin	15.11%	17.53%	8.42%	1.48%	-3.17%	-7.60%
Free Cash Flow Per Share	0.99	1.13	0.50	0.04	-0.11	-0.34
Cash Income Tax Paid	-	-	43.12	24.9	14.9	18.2
Levered Free Cash Flow	116.65	135.02	-51.1	-20.6	-0.69	-22.58
Unlevered Free Cash Flow	119.32	138.15	-47.64	-20.43	2.12	-18.83
Change in Working Capital	-5.41	-5.41	-67.36	-20.72	-55.4	-61.33

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