SHE:301696 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	468.95	421.37	332.5	172.31	112.85
Depreciation & Amortization	17.83	17.83	15.64	12.29	9.17
Other Amortization	0.84	0.84	0.21	2.45	2.59
Loss (Gain) From Sale of Assets	0.12	0.12	-0.03	-	0.02
Asset Writedown & Restructuring Costs	-	-	0.12	0.02	0.11
Loss (Gain) From Sale of Investments	-11.09	-11.09	-8.37	-3.05	-1.59
Provision & Write-off of Bad Debts	1.88	1.88	0.51	0.14	-0.03
Other Operating Activities	-54.97	14.25	-0.2	3.35	3.46
Change in Accounts Receivable	-24.52	-24.52	-15.43	-7.6	4.26
Change in Inventory	-37.92	-37.92	-54.7	-16.8	-21.83
Change in Accounts Payable	29.26	29.26	45.94	28.91	48.27
Change in Other Net Operating Assets	11.1	11.1	4.27	6.3	0.83
Operating Cash Flow	398.23	419.86	320.32	198.52	157.3
Operating Cash Flow Growth	153.16%	31.08%	61.36%	26.20%	-
Capital Expenditures	-65.24	-65.74	-24.02	-90.84	-23.31
Sale of Property, Plant & Equipment	0.13	0.13	0.05	-	0
Investment in Securities	-272.24	-262.73	-282.99	-70.71	-39.7
Other Investing Activities	-26.15	-5.57	1.64	2.07	2.77
Investing Cash Flow	-363.51	-333.92	-305.31	-159.48	-60.23
Short-Term Debt Issued	-	0.22	-	-	-
Total Debt Issued	0.22	0.22	-	-	-
Long-Term Debt Repaid	-	-5.05	-2.8	-4.17	-6.94
Net Debt Issued (Repaid)	-4.83	-4.83	-2.8	-4.17	-6.94
Issuance of Common Stock	-	-	-	60	-
Common Dividends Paid	-44.95	-40	-	-130	-
Other Financing Activities	-1.79	-3.73	-	-0.24	-0.52
Financing Cash Flow	-52.07	-48.56	-2.8	-74.41	-7.47
Foreign Exchange Rate Adjustments	-3.28	-0.38	6.23	1.81	1
Net Cash Flow	-20.63	37.01	18.43	-33.55	90.6
Free Cash Flow	333	354.12	296.31	107.67	134
Free Cash Flow Growth	148.51%	19.51%	175.19%	-19.64%	-
Free Cash Flow Margin	27.40%	32.95%	35.64%	20.17%	37.06%
Free Cash Flow Per Share	0.92	0.98	0.82	0.30	-
Cash Income Tax Paid	108.09	108.09	77.2	43.44	1.58
Levered Free Cash Flow	-	235.28	205.76	57.95	-
Unlevered Free Cash Flow	-	235.5	206.09	58.5	-
Change in Working Capital	-25.33	-25.33	-20.06	11.01	30.72

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