SHE:301213 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	16.14	10.29	-8.71	-2.09	17.62	58.29
Depreciation & Amortization	11.66	11.66	9.43	4.25	3.54	3.55
Other Amortization	2.04	2.04	2.94	0.95	1.34	1.44
Loss (Gain) From Sale of Assets	-0.16	-0.16	-0.08	-0.08	-0.07	-
Asset Writedown & Restructuring Costs	1.65	1.65	-	-	-	-0.02
Loss (Gain) From Sale of Investments	-0.02	-0.02	-	-	-0	-
Provision & Write-off of Bad Debts	-	-	47.99	26.39	13.29	7.56
Other Operating Activities	162.45	34.68	1.82	0.14	2.21	1.82
Change in Accounts Receivable	-12.23	-12.23	-60.33	-52.49	-69.42	-83.71
Change in Inventory	-23.19	-23.19	-48.01	-41.38	-32.96	-4.11
Change in Accounts Payable	-73.16	-73.16	78.74	-4.52	9.28	-3.5
Change in Other Net Operating Assets	-1.53	-1.53	-1.68	-	-	-
Operating Cash Flow	80.97	-52.65	13.98	-73.49	-58.71	-19.8
Capital Expenditures	-140.41	-128.13	-44.01	-9.75	-16.68	-5.37
Sale of Property, Plant & Equipment	0	0	-	0	-	-
Divestitures	-	-	-	-	0	-
Investment in Securities	-17.5	-22	-4.77	-	-	-
Other Investing Activities	0.07	0.04	-	-	-	-
Investing Cash Flow	-157.83	-150.08	-48.78	-9.74	-16.68	-5.37
Short-Term Debt Issued	-	-	-	-	22	73.96
Long-Term Debt Issued	-	199.22	22.1	20	-	-
Total Debt Issued	152.6	199.22	22.1	20	22	73.96
Short-Term Debt Repaid	-	-	-	-	-56.7	-27.26
Long-Term Debt Repaid	-	-158.67	-19.29	-23.87	-1.53	-3.73
Total Debt Repaid	-182.07	-158.67	-19.29	-23.87	-58.23	-30.99
Net Debt Issued (Repaid)	-29.47	40.55	2.81	-3.87	-36.23	42.97
Issuance of Common Stock	-	-	-	-	-	589.55
Common Dividends Paid	-2.09	-2	-8.87	-7.95	-24.89	-1.46
Dividends Paid	-2.09	-2	-8.87	-7.95	-24.89	-1.46
Other Financing Activities	-2.15	-1.08	12	3	-10.56	-9.68
Financing Cash Flow	-33.71	37.47	5.94	-8.81	-71.68	621.37
Net Cash Flow	-110.57	-165.26	-28.86	-92.04	-147.08	596.21
Free Cash Flow	-59.44	-180.78	-30.03	-83.23	-75.4	-25.16
Free Cash Flow Margin	-27.91%	-89.98%	-19.71%	-81.27%	-78.51%	-15.99%
Free Cash Flow Per Share	-0.74	-2.26	-0.38	-1.04	-0.94	-0.41
Cash Income Tax Paid	-	19.18	3.72	3.65	5.07	12.38
Levered Free Cash Flow	-43.66	-	-31.96	-93.14	-77.6	-34.91
Unlevered Free Cash Flow	-43.66	-	-31.31	-92.94	-77.36	-34.11
Change in Working Capital	-112.8	-112.8	-39.41	-103.06	-96.64	-92.43

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