SHE:301531 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
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Net Income	133.52	124.22	98.89	87.03	78.05
Depreciation & Amortization	28.22	28.22	24.54	23.02	17.72
Other Amortization	1.21	1.21	0.97	0.87	0.43
Loss (Gain) From Sale of Assets	-1.64	-1.64	-0	-0.03	-
Asset Writedown & Restructuring Costs	0.16	0.16	0.11	0.22	-
Loss (Gain) From Sale of Investments	1.42	1.42	0.47	0.26	-0.09
Provision & Write-off of Bad Debts	1.74	1.74	6.09	0.99	0.04
Other Operating Activities	-1.42	15.65	13.13	12.83	12.17
Change in Accounts Receivable	4.23	4.23	-135.54	30.92	85.13
Change in Inventory	-47.52	-47.52	-0.13	-41.54	-13.53
Change in Accounts Payable	-8.24	-8.24	23.66	-80.72	-102.75
Operating Cash Flow	111.37	119.15	28.65	31.37	80.1
Operating Cash Flow Growth	92.47%	315.88%	-8.67%	-60.84%	-
Capital Expenditures	-123.47	-110.74	-64.48	-58.01	-34.37
Sale of Property, Plant & Equipment	2.67	2.95	0	0.01	-
Cash Acquisitions	-5.29	-5.29	-	-	-
Investment in Securities	-	-	-	0.01	-0.01
Other Investing Activities	-	-	-	-7.55	0
Investing Cash Flow	-126.09	-113.08	-64.48	-65.55	-34.38
Short-Term Debt Issued	-	14.86	30.22	20.2	62.8
Long-Term Debt Issued	-	310.56	173.25	124.49	-
Total Debt Issued	300.76	325.42	203.47	144.69	62.8
Short-Term Debt Repaid	-	-25	-30	-10	-102.58
Long-Term Debt Repaid	-	-189.16	-98.52	-83.08	-
Total Debt Repaid	-234.56	-214.16	-128.52	-93.08	-102.58
Net Debt Issued (Repaid)	66.19	111.26	74.95	51.61	-39.78
Issuance of Common Stock	-	-	-	-	7.97
Common Dividends Paid	-30.59	-30.81	-3.9	-2.33	-2.37
Other Financing Activities	12.92	-7.31	-	-	-35.33
Financing Cash Flow	48.53	73.14	71.06	49.28	-69.5
Foreign Exchange Rate Adjustments	-0.12	-0.06	0.07	0.06	0.17
Net Cash Flow	33.68	79.15	35.3	15.16	-23.6
Free Cash Flow	-12.1	8.41	-35.83	-26.64	45.73
Free Cash Flow Margin	-0.97%	0.73%	-3.33%	-2.87%	4.50%
Free Cash Flow Per Share	-0.07	0.05	-0.22	-0.16	0.28
Cash Income Tax Paid	44.04	33.3	41.72	32.69	32.3
Levered Free Cash Flow	-30.97	-1.23	-27.47	-16.96	-
Unlevered Free Cash Flow	-26.1	3.64	-24.34	-14.35	-
Change in Working Capital	-51.97	-51.97	-115.47	-94.02	-28.22

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