SHE:301632 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	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	133.78	116.22	107.13	99.21	102.52	154.06
Depreciation & Amortization	64.46	64.46	68.09	64.45	64.24	57.7
Other Amortization	11.17	11.17	10.03	16.37	16.89	13.59
Loss (Gain) From Sale of Assets	-0.79	-0.79	-0.2	-0.41	-0.02	-0.28
Asset Writedown & Restructuring Costs	-0.04	-0.04	-0	-0.1	-0.01	5.33
Loss (Gain) From Sale of Investments	-13.96	-13.96	-1.01	-4.03	-4.3	-69.6
Provision & Write-off of Bad Debts	85.96	85.96	97.68	83.01	54.31	31.52
Other Operating Activities	-34.41	2.52	1.2	2.48	1.32	1.08
Change in Accounts Receivable	-255.94	-255.94	-199.33	-260.82	-274.91	-25.41
Change in Inventory	-7.48	-7.48	0.64	11.83	9.99	14.84
Change in Accounts Payable	119.41	119.41	55.65	37.93	18.43	-116.31
Operating Cash Flow	89.55	108.91	123.73	40.35	-19.45	65.7
Operating Cash Flow Growth	-37.14%	-11.98%	206.64%	-	-	-58.70%
Capital Expenditures	-125.79	-124.91	-109.39	-84.27	-39.4	-173.84
Sale of Property, Plant & Equipment	0.12	0.12	0.03	0.17	0.01	0.31
Divestitures	-	-	-	-	-	60.68
Investment in Securities	-183.6	-193.6	15	77.52	-1.49	-70
Other Investing Activities	-37.29	-37.06	2.12	1.52	0.79	6.85
Investing Cash Flow	-346.56	-355.45	-92.24	-5.08	-40.09	-176.01
Long-Term Debt Repaid	-	-15.23	-14.77	-15.97	-15.18	-
Net Debt Issued (Repaid)	-15.23	-15.23	-14.77	-15.97	-15.18	-
Issuance of Common Stock	655.01	655.01	-	-	-	-
Common Dividends Paid	-	-	-	-62.78	-78.48	-78.48
Other Financing Activities	-19.34	-13.42	9.57	-35.58	20.5	-13.54
Financing Cash Flow	620.44	626.36	-5.2	-114.33	-73.16	-92.02
Foreign Exchange Rate Adjustments	-0.05	-0	0	-	-	-
Net Cash Flow	363.38	379.82	26.29	-79.05	-132.69	-202.32
Free Cash Flow	-36.24	-16	14.34	-43.92	-58.85	-108.14
Free Cash Flow Margin	-2.97%	-1.28%	1.20%	-3.81%	-5.49%	-9.37%
Free Cash Flow Per Share	-0.10	-0.04	0.05	-0.14	-0.19	-0.34
Cash Income Tax Paid	85.53	83.59	69.85	72.31	60.06	90.77
Levered Free Cash Flow	-84.07	-47.68	-9.9	-22.66	-119.64	-121.8
Unlevered Free Cash Flow	-82.43	-46.04	-8.57	-21.35	-118.39	-120.45
Change in Working Capital	-156.63	-156.63	-159.18	-220.63	-254.4	-127.7

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