SHE:301234 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	21.31	18.89	39.97	60.27	70.93	68.39
Depreciation & Amortization	38.86	38.86	38.15	30.82	22.81	18.38
Other Amortization	0.03	0.03	0.64	0.03	0.09	0.15
Loss (Gain) From Sale of Assets	0.03	0.03	-0.01	-	-	0.47
Asset Writedown & Restructuring Costs	3.32	3.32	0.32	0.47	1.94	0.01
Loss (Gain) From Sale of Investments	-5.52	-5.52	-2.73	-2.21	6.08	-2.07
Provision & Write-off of Bad Debts	-	-	1.78	3.14	4.9	0.76
Other Operating Activities	-16.99	-1.95	-0.78	1.47	2.49	4.51
Change in Accounts Receivable	13.37	13.37	-17.35	-9.14	-3.45	-23.98
Change in Inventory	1.52	1.52	-0.66	1.61	-4.25	-8.18
Change in Accounts Payable	4.28	4.28	28.39	-10.7	12.42	5.68
Operating Cash Flow	60.76	73.38	88.9	81.79	111.45	62.58
Operating Cash Flow Growth	-10.47%	-17.45%	8.70%	-26.62%	78.10%	13.78%
Capital Expenditures	-20.88	-19.78	-37	-70.87	-163.96	-56.51
Sale of Property, Plant & Equipment	3.65	2.72	0.15	0.11	0.45	0.01
Investment in Securities	-146.5	-116.9	-145	184	-259	-
Other Investing Activities	4.8	5.52	1.84	3.62	-8.59	9.79
Investing Cash Flow	-158.94	-128.44	-180.01	116.86	-431.09	-46.71
Short-Term Debt Issued	-	-	-	-	54.73	32.45
Total Debt Issued	-	-	-	-	54.73	32.45
Short-Term Debt Repaid	-	-	-	-	-67.49	-51.93
Long-Term Debt Repaid	-	-	-0.72	-0.76	-0.18	-
Total Debt Repaid	-	-	-0.72	-0.76	-67.67	-51.93
Net Debt Issued (Repaid)	-	-	-0.72	-0.76	-12.94	-19.49
Issuance of Common Stock	-	-	-	-	410.88	-
Common Dividends Paid	-20.37	-20.37	-27.18	-34	-0.62	-
Other Financing Activities	-0.62	-0.62	-	-	-19.28	-1.03
Financing Cash Flow	-20.99	-20.99	-27.9	-34.76	378.04	-20.52
Foreign Exchange Rate Adjustments	-1.12	0.81	4.3	1.95	2.49	-0.93
Net Cash Flow	-120.29	-75.24	-114.71	165.84	60.88	-5.59
Free Cash Flow	39.87	53.61	51.9	10.92	-52.51	6.07
Free Cash Flow Growth	18.98%	3.29%	375.48%	-	-	-71.51%
Free Cash Flow Margin	8.77%	11.70%	10.87%	2.04%	-9.60%	1.18%
Free Cash Flow Per Share	0.59	0.79	0.76	0.16	-0.88	0.12
Cash Interest Paid	-	-	-	-	-	1.03
Cash Income Tax Paid	-	-29.71	-38.11	-42.52	-43.98	-34.66
Levered Free Cash Flow	39.01	45.43	16.23	-18.8	-100.15	-9.7
Unlevered Free Cash Flow	39.01	45.43	16.24	-18.79	-99.76	-9.05
Change in Working Capital	19.72	19.72	11.57	-12.2	2.21	-28.02

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