SHE:301528 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	60.11	66.49	51.6	77.81	85.39	63.81
Depreciation & Amortization	7.27	7.27	5.48	3.79	3.1	2.42
Other Amortization	0.35	0.35	-	-	-	0.08
Loss (Gain) From Sale of Assets	-0.01	-0.01	-0	-	0	0.01
Asset Writedown & Restructuring Costs	0.02	0.02	0	0	-2.66	1.85
Loss (Gain) From Sale of Investments	-22.19	-22.19	-32.61	-10.03	0.03	-0.75
Provision & Write-off of Bad Debts	6.59	6.59	10.44	9.28	7.61	1.32
Other Operating Activities	14.05	3.93	2.05	1.53	1.26	1.41
Change in Accounts Receivable	12.4	12.4	19.16	-29.11	-82.78	-35.98
Change in Inventory	-0.35	-0.35	-2.27	-9.24	-1.26	-8.68
Change in Accounts Payable	11.53	11.53	-2.18	-3.72	15.75	-0.15
Change in Other Net Operating Assets	3.47	3.47	-	-	-	-
Operating Cash Flow	91.8	88.07	50.1	39.6	24.86	24.89
Operating Cash Flow Growth	33.86%	75.78%	26.54%	59.25%	-0.09%	-26.53%
Capital Expenditures	-87.67	-47.02	-48.16	-5.34	-8.07	-3.55
Sale of Property, Plant & Equipment	-	-	0.02	-	0.01	0.03
Investment in Securities	-170.33	-336.82	377.03	-1,055	-	0.98
Other Investing Activities	-90.99	-45.46	14.15	-	-	-
Investing Cash Flow	-349	-429.3	343.03	-1,060	-8.06	-2.54
Short-Term Debt Issued	-	0.5	-	-	-	-
Total Debt Issued	0.5	0.5	-	-	-	-
Short-Term Debt Repaid	-	-0.5	-	-	-	-
Long-Term Debt Repaid	-	-2.92	-2.61	-1.98	-1.72	-1.63
Total Debt Repaid	-3.42	-3.42	-2.61	-1.98	-1.72	-1.63
Net Debt Issued (Repaid)	-2.92	-2.92	-2.61	-1.98	-1.72	-1.63
Issuance of Common Stock	-	-	-	1,031	-	-
Common Dividends Paid	-10.04	-10.03	-7.8	-	-	-
Other Financing Activities	-0.11	0.1	-	-18.88	-	0.51
Financing Cash Flow	-13.07	-12.85	-10.41	1,010	-1.72	-1.12
Foreign Exchange Rate Adjustments	-2.42	-1.6	0.94	0.68	1.19	-0.5
Net Cash Flow	-272.69	-355.67	383.67	-9.63	16.28	20.72
Free Cash Flow	4.13	41.05	1.94	34.25	16.8	21.34
Free Cash Flow Growth	-83.41%	2011.38%	-94.32%	103.92%	-21.29%	-31.69%
Free Cash Flow Margin	1.92%	18.20%	1.20%	17.19%	8.31%	14.23%
Free Cash Flow Per Share	0.07	0.66	0.03	0.66	0.36	0.46
Cash Income Tax Paid	15.54	16.98	16.97	29.25	19.53	19.04
Levered Free Cash Flow	-20.14	26.91	-13.7	9.14	-12.73	0.19
Unlevered Free Cash Flow	-20.04	27.01	-13.53	9.33	-12.5	0.45
Change in Working Capital	25.61	25.61	13.14	-42.78	-69.87	-45.27

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