Shahe Industrial Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	-62.66	16.45	521.77	248.68	35.42	4.37
Depreciation & Amortization	13.37	13.37	11.58	11.9	11.76	6.51
Other Amortization	1.36	1.36	1.71	1.91	1.64	0.99
Loss (Gain) From Sale of Assets	-	-	-	-	0.01	-
Asset Writedown & Restructuring Costs	0.01	0.01	0.06	0.04	-	0.07
Provision & Write-off of Bad Debts	0.03	0.03	0.01	-0.01	-0.3	-
Other Operating Activities	244.63	5.39	9.57	15.61	45.96	6.02
Change in Accounts Receivable	-4.23	-4.23	118.53	-1.39	-4.81	151.17
Change in Inventory	98.88	98.88	338.16	-118.29	-207.68	-270.84
Change in Accounts Payable	-280.51	-280.51	-506.99	173.71	69.43	364.09
Operating Cash Flow	18.4	-141.73	479.91	352.48	-72.48	259.15
Operating Cash Flow Growth	-80.58%	-	36.15%	-	-	697.70%
Capital Expenditures	-0.3	-0.88	-12.74	-18.71	-19.48	-6.56
Sale of Property, Plant & Equipment	0.01	0	0	0.01	0.05	0.01
Investing Cash Flow	-0.29	-0.88	-12.73	-18.71	-19.44	-6.55
Long-Term Debt Issued	-	-	-	100	118	153.16
Long-Term Debt Repaid	-	-5.45	-465.09	-25.35	-210.3	-70
Net Debt Issued (Repaid)	-5.45	-5.45	-465.09	74.65	-92.3	83.16
Common Dividends Paid	-	-52.28	-35.65	-33.13	-20.21	-10.67
Other Financing Activities	0.6	-	-	-12.21	-7.55	19.59
Financing Cash Flow	-4.85	-57.73	-500.74	29.32	-120.06	92.08
Foreign Exchange Rate Adjustments	-	0	0	0	-0	-0
Net Cash Flow	13.26	-200.35	-33.56	363.09	-211.98	344.69
Free Cash Flow	18.11	-142.62	467.18	333.77	-91.97	252.59
Free Cash Flow Growth	-80.61%	-	39.97%	-	-	685.84%
Free Cash Flow Margin	33.75%	-39.85%	33.63%	43.71%	-14.33%	72.86%
Free Cash Flow Per Share	0.07	-0.59	1.93	1.38	-0.38	1.04
Cash Income Tax Paid	13.46	85.79	312.12	128.22	89.23	76.3
Levered Free Cash Flow	131.84	-91.31	328.26	74.38	96.69	256.61
Unlevered Free Cash Flow	132.1	-91.06	329.07	74.61	97.26	257.4
Change in Working Capital	-178.34	-178.34	-64.78	74.36	-166.98	240.36

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