SHE:301211 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	33.8	34.91	91.55	176.12	125.79	121.65
Depreciation & Amortization	43.37	43.37	25.43	21.66	21.76	19.37
Other Amortization	0.29	0.29	0.29	0.1	-	-
Loss (Gain) From Sale of Assets	-0.01	-0.01	-	-0.18	-0.04	0.07
Asset Writedown & Restructuring Costs	0.02	0.02	0.11	2.58	0.66	0
Loss (Gain) From Sale of Investments	-29.14	-29.14	-19.03	-4.02	-	-10.7
Provision & Write-off of Bad Debts	0.23	0.23	0.07	-0.6	-1.72	1.02
Other Operating Activities	-1.74	5.67	-1.76	-3.5	-4.59	4.42
Change in Accounts Receivable	-14.14	-14.14	1.27	49.31	31.65	-61.53
Change in Inventory	10.83	10.83	35.95	-59.1	-25.21	45.09
Change in Accounts Payable	-45.26	-45.26	-39.44	-46.29	100.9	3.92
Operating Cash Flow	-0.97	7.55	96.07	137.06	250.79	123.98
Operating Cash Flow Growth	-	-92.14%	-29.91%	-45.35%	102.28%	1.90%
Capital Expenditures	-44.75	-52.33	-164.43	-186.53	-75.95	-21.07
Sale of Property, Plant & Equipment	0.03	0.03	0.09	0.47	0.06	0.01
Investment in Securities	29.25	-0.75	-949.58	-21.4	-103.98	240
Other Investing Activities	13.62	15.76	4.45	-	-	10.7
Investing Cash Flow	-1.86	-37.29	-1,109	-207.47	-179.86	229.65
Long-Term Debt Repaid	-	-1.4	-1.63	-	-1.33	-
Net Debt Issued (Repaid)	-1.4	-1.4	-1.63	-	-1.33	-
Issuance of Common Stock	-	-	-	-	-	1,416
Common Dividends Paid	-72	-72	-138.24	-96	-72	-
Other Financing Activities	-	-	-	-1.17	-4.06	-11.02
Financing Cash Flow	-73.4	-73.4	-139.87	-97.17	-77.39	1,405
Foreign Exchange Rate Adjustments	-2.02	-1.14	2.07	3.81	4.93	-4.42
Net Cash Flow	-78.25	-104.28	-1,151	-163.76	-1.53	1,754
Free Cash Flow	-45.72	-44.78	-68.36	-49.47	174.84	102.92
Free Cash Flow Growth	-	-	-	-	69.89%	-4.96%
Free Cash Flow Margin	-9.96%	-9.88%	-15.33%	-7.46%	33.96%	19.04%
Free Cash Flow Per Share	-0.11	-0.10	-0.16	-0.12	0.42	0.33
Cash Income Tax Paid	6.79	8.67	8.79	32.92	8.73	32.4
Levered Free Cash Flow	-48.35	-57.02	-94.01	-118.8	102.2	64.84
Unlevered Free Cash Flow	-48.24	-56.91	-93.82	-118.61	102.42	64.84
Change in Working Capital	-47.79	-47.79	-0.59	-55.1	108.93	-11.85

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