SHE:301487 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	70.09	27.19	-71.3	60.01	92.33	104.53
Depreciation & Amortization	103.21	103.21	97.18	96.54	78.77	49.25
Other Amortization	4.44	4.44	3.64	2.56	2.16	2.43
Loss (Gain) From Sale of Assets	-0.1	-0.1	0.51	-	1.33	-0.06
Asset Writedown & Restructuring Costs	8.85	8.85	1.8	0.06	0.07	0.47
Loss (Gain) From Sale of Investments	-	-	-0.37	-	-	-
Provision & Write-off of Bad Debts	4.07	4.07	69.74	2.3	13.15	6.87
Other Operating Activities	-82.75	34.01	43.95	55.36	55.19	40.81
Change in Accounts Receivable	-105.55	-105.55	698.2	17.25	-204.55	-647.71
Change in Inventory	-382.36	-382.36	-192.92	310	104.2	-414.46
Change in Accounts Payable	667.8	667.8	-511.33	-195.43	-101.85	738.94
Change in Other Net Operating Assets	-	-	-	0.18	0.74	1.97
Operating Cash Flow	272.25	346.1	114.83	351.14	17.37	-109.1
Operating Cash Flow Growth	20.36%	201.41%	-67.30%	1921.50%	-	-
Capital Expenditures	-42.97	-43.37	-88.08	-25.54	-118.27	-192.65
Sale of Property, Plant & Equipment	-	1.42	0.11	-	1.59	0.08
Divestitures	-	-	6.7	-	-	-
Investing Cash Flow	-42.97	-41.95	-81.26	-25.54	-116.68	-192.58
Long-Term Debt Issued	-	100.63	259.99	425.91	1,241	701.67
Long-Term Debt Repaid	-	-294.24	-350.41	-825	-1,042	-385
Net Debt Issued (Repaid)	-81.11	-193.6	-90.41	-399.08	198.79	316.67
Issuance of Common Stock	-	-	-	272.56	-	-
Common Dividends Paid	-15.4	-16.95	-34.11	-47.52	-56.31	-33.92
Other Financing Activities	-	-	-	-	11.76	-13.8
Financing Cash Flow	-96.51	-210.55	-124.53	-174.05	154.24	268.95
Foreign Exchange Rate Adjustments	-0	-0	0	-0.01	-0	0
Net Cash Flow	132.77	93.6	-90.97	151.55	54.93	-32.73
Free Cash Flow	229.28	302.74	26.75	325.6	-100.9	-301.76
Free Cash Flow Growth	53.89%	1031.70%	-91.78%	-	-	-
Free Cash Flow Margin	8.52%	13.04%	1.49%	13.80%	-3.12%	-10.67%
Free Cash Flow Per Share	0.50	0.66	0.06	0.77	-0.25	-0.75
Cash Income Tax Paid	-	0.4	-9.4	57.84	-36.17	22.61
Levered Free Cash Flow	309.52	198.05	368	274.13	-319.59	-355.97
Unlevered Free Cash Flow	313.05	201.58	375.76	295.02	-301.8	-350.89
Change in Working Capital	165.59	165.59	-32.8	134.32	-225.63	-313.4

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