SHE:301638 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	696.76	629.8	570.31	377.44	653.25
Depreciation & Amortization	395.33	395.33	287.62	234.02	362.28
Other Amortization	37.83	37.83	15.53	21.55	23.43
Loss (Gain) From Sale of Assets	-7.95	-7.95	-0.56	-2.99	-6.36
Asset Writedown & Restructuring Costs	4.56	4.56	1.7	-0.02	0.07
Loss (Gain) From Sale of Investments	-19.83	-19.83	-22.29	-39.69	-162.03
Provision & Write-off of Bad Debts	14.37	14.37	12.23	14.52	28.28
Other Operating Activities	-199.47	12.37	74.42	9.71	53.81
Change in Accounts Receivable	65.1	65.1	392.75	2,275	-558.29
Change in Inventory	38.03	38.03	-60.21	-668.13	-231.44
Change in Accounts Payable	529.44	529.44	100.52	282.66	345.29
Operating Cash Flow	1,587	1,732	1,364	2,494	513.1
Operating Cash Flow Growth	209.34%	26.95%	-45.29%	386.08%	-
Capital Expenditures	-1,197	-1,387	-532.74	-311.6	-508.49
Sale of Property, Plant & Equipment	0.42	0.71	0.02	0.08	0.22
Divestitures	-	-	-	-	36.4
Investment in Securities	-2,000	-2,322	-18.7	-	-223.69
Other Investing Activities	11.39	5.87	28.69	-3.21	6.19
Investing Cash Flow	-3,185	-3,702	-522.72	-314.73	-689.37
Short-Term Debt Issued	-	-	-	100	449.99
Total Debt Issued	-	-	-	100	449.99
Short-Term Debt Repaid	-	-	-	-490.99	-60
Long-Term Debt Repaid	-	-93.43	-83.79	-55.57	-30.53
Total Debt Repaid	-93.43	-93.43	-83.79	-546.56	-90.53
Net Debt Issued (Repaid)	-93.43	-93.43	-83.79	-446.56	359.46
Issuance of Common Stock	2,666	2,666	-	3,208	50
Repurchase of Common Stock	-	-	-	-	-27.9
Common Dividends Paid	-82.16	-90	-	-304.78	-174.46
Other Financing Activities	-6.95	-7.84	3	-	-
Financing Cash Flow	2,484	2,475	-80.79	2,456	207.1
Net Cash Flow	885.77	504.83	760.94	4,636	30.83
Free Cash Flow	390.31	345.34	831.71	2,182	4.6
Free Cash Flow Growth	8377.17%	-58.48%	-61.89%	47300.72%	-
Free Cash Flow Margin	5.09%	4.78%	13.66%	51.54%	0.08%
Free Cash Flow Per Share	0.14	0.13	0.31	0.95	0.00
Cash Income Tax Paid	362.28	332.01	377.87	203.56	54.3
Levered Free Cash Flow	-	-209.6	1,075	1,898	-
Unlevered Free Cash Flow	-	-204.92	1,079	1,903	-
Change in Working Capital	665.62	665.62	425.49	1,880	-439.65

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