SHE:301678 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	83.87	125.29	185.97	152.34	109.93	102.15
Depreciation & Amortization	53.23	53.23	52.84	56.85	55.9	45.81
Other Amortization	0.37	0.37	0.47	0.35	0.21	0.09
Loss (Gain) From Sale of Assets	-2.88	-2.88	0.1	0.03	0.26	-0
Asset Writedown & Restructuring Costs	11.37	11.37	2.16	0.1	0	0.2
Loss (Gain) From Sale of Investments	-1.88	-1.88	-	-	-	-
Provision & Write-off of Bad Debts	-	-	3.03	9.02	6.35	0.95
Other Operating Activities	-40.53	13.36	11.27	8.44	5.35	5.33
Change in Accounts Receivable	10.9	10.9	-32.7	-74.6	-96.82	-50.85
Change in Inventory	-62.1	-62.1	-13.42	-30.07	-11.82	-46.45
Change in Accounts Payable	18.11	18.11	16.36	-20.05	27.74	43.69
Change in Other Net Operating Assets	15.92	15.92	1.84	0.74	-0.25	1.35
Operating Cash Flow	84.43	179.75	226.33	101.3	94.63	100.37
Operating Cash Flow Growth	-63.73%	-20.58%	123.42%	7.05%	-5.72%	26.99%
Capital Expenditures	-133.72	-119.76	-14.4	-21.49	-64.92	-144.72
Sale of Property, Plant & Equipment	0.01	0.01	0	0.07	0.08	0
Other Investing Activities	-327.6	1.75	-	-	-	-1.77
Investing Cash Flow	-461.3	-118	-14.39	-21.42	-64.83	-146.49
Short-Term Debt Issued	-	-	30	20	86.24	85
Long-Term Debt Issued	-	70	-	-	-	-
Total Debt Issued	120	70	30	20	86.24	85
Short-Term Debt Repaid	-	-	-50	-56.24	-115	-5
Long-Term Debt Repaid	-	-30	-0.92	-0.72	-0.88	-0.84
Total Debt Repaid	-70	-30	-50.92	-56.96	-115.88	-5.84
Net Debt Issued (Repaid)	50	40	-20.92	-36.96	-29.64	79.16
Issuance of Common Stock	766.58	766.58	-	-	-	-
Common Dividends Paid	-120.38	-120.33	-	-1.9	-2.68	-1.22
Other Financing Activities	-82.91	-82.89	-5.11	-2.34	-2.86	1.48
Financing Cash Flow	613.29	603.36	-26.03	-41.2	-35.18	79.42
Foreign Exchange Rate Adjustments	-19.18	-12.42	4.99	2.93	10.75	-1.1
Net Cash Flow	217.24	652.69	190.89	41.62	5.36	32.21
Free Cash Flow	-49.29	59.99	211.93	79.81	29.71	-44.35
Free Cash Flow Growth	-	-71.69%	165.54%	168.65%	-	-
Free Cash Flow Margin	-5.16%	6.50%	25.17%	10.41%	4.35%	-8.13%
Free Cash Flow Per Share	-0.22	0.28	1.18	0.44	0.17	-0.25
Cash Interest Paid	-	-	0.51	-	-	-
Cash Income Tax Paid	5.32	14.92	34.92	47	11.52	20.34
Levered Free Cash Flow	-90.08	8.89	142.2	30	-16.9	-2.35
Unlevered Free Cash Flow	-90.08	8.89	142.51	31.16	-15.25	-1.93
Change in Working Capital	-19.12	-19.12	-29.52	-125.84	-83.38	-54.17

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