SHE:301262 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	Dec '21 Dec 31, 2021
Net Income	387.84	415.01	400.26	410.03	413.96	439.77
Depreciation & Amortization	20.81	20.81	16.22	17.1	17.54	20.68
Other Amortization	3.29	3.29	6.96	5.82	5.33	7.05
Asset Writedown & Restructuring Costs	-20.22	-20.22	-	-	-	0.01
Loss (Gain) From Sale of Investments	-18.84	-18.84	-44.93	-41.34	-40.26	-31.75
Provision & Write-off of Bad Debts	-	-	18.03	3.18	5.86	1.87
Other Operating Activities	-361.24	-6.92	-0.15	-0.03	0.2	-0.02
Change in Accounts Receivable	93.85	93.85	-292.4	-51.35	-121.45	-33.73
Change in Inventory	0.28	0.28	-1.7	0.04	1.7	-1.75
Change in Accounts Payable	-46.21	-46.21	61.68	48.1	13	16.11
Change in Other Net Operating Assets	-16.16	-16.16	11.84	-2.26	-3.05	3.14
Operating Cash Flow	46.64	428.12	170.91	389.03	292.58	421.02
Operating Cash Flow Growth	-89.82%	150.50%	-56.07%	32.97%	-30.51%	3.44%
Capital Expenditures	-24.51	-34.5	-18.77	-8.25	-16.9	-13.29
Investment in Securities	-0.51	-	-238	-420	-217.5	-7.5
Other Investing Activities	1,036	486.96	44.05	39.45	37.06	-269.83
Investing Cash Flow	1,011	452.46	-212.72	-388.8	-197.34	-290.63
Issuance of Common Stock	-	-	-	1,181	-	-
Common Dividends Paid	-258.54	-187.65	-120.1	-354.45	-	-236
Other Financing Activities	0.25	0.25	-	-16.93	-	-
Financing Cash Flow	-258.29	-187.4	-120.1	810.1	-	-236
Net Cash Flow	799.2	693.18	-161.91	810.33	95.24	-105.61
Free Cash Flow	22.13	393.62	152.14	380.78	275.68	407.72
Free Cash Flow Growth	-94.84%	158.73%	-60.05%	38.13%	-32.39%	7.53%
Free Cash Flow Margin	2.37%	41.94%	15.55%	38.37%	27.00%	41.90%
Free Cash Flow Per Share	0.05	0.95	0.36	0.97	0.73	1.08
Cash Income Tax Paid	84.62	113.73	111.8	82.29	-	106.11
Levered Free Cash Flow	-63.1	497.03	48.53	269.66	169.62	282.61
Unlevered Free Cash Flow	-63.1	497.03	48.53	269.66	169.62	282.61
Change in Working Capital	34.99	34.99	-225.49	-5.73	-110.05	-16.59

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