SHE:000065 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	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022	Dec '20 Dec 31, 2020
Net Income	776.64	1,026	918.06	636.16	623.71	751.38
Depreciation & Amortization	357.55	360.79	286.37	249.07	145.3	138.7
Other Amortization	7.17	3.93	4.37	6.24	7.11	7.54
Loss (Gain) From Sale of Assets	0.09	0.09	-1.9	-0.24	-0.1	-0.42
Asset Writedown & Restructuring Costs	1.45	91.13	0.06	0.76	0.47	0.71
Loss (Gain) From Sale of Investments	28.37	3.33	34.24	90.91	-186.45	-146.46
Provision & Write-off of Bad Debts	377.81	-	375.6	353.31	-15.05	9.24
Other Operating Activities	1,748	457.38	51.74	70.83	376.38	5.67
Change in Accounts Receivable	-346.8	-346.8	-704.28	-107.25	-63.85	-250.66
Change in Inventory	-246.57	-246.57	-411.57	35.18	-325.55	-186.2
Change in Accounts Payable	-595.55	-595.55	248.53	-531.54	920.25	-1,621
Operating Cash Flow	2,008	653.35	702.06	738.03	1,497	-1,274
Operating Cash Flow Growth	306.25%	-6.94%	-4.88%	-50.71%	-	-
Capital Expenditures	-244.91	-184.25	-187.16	-318.78	-698.95	-782.53
Sale of Property, Plant & Equipment	0.96	0.98	1.5	0.81	1.33	1.01
Investment in Securities	-283.79	-294.15	-619.4	-278.25	-1,449	-30.68
Other Investing Activities	101.61	310.74	8.54	8.3	2.68	16.03
Investing Cash Flow	-426.13	-166.67	-796.52	-587.91	-2,144	-796.17
Long-Term Debt Issued	-	2,254	2,652	2,851	2,299	5,279
Long-Term Debt Repaid	-	-1,806	-2,897	-2,472	-3,002	-1,043
Net Debt Issued (Repaid)	531.96	448.13	-244.89	379.11	-703.04	4,236
Issuance of Common Stock	30.19	-	-	1,168	-	-
Common Dividends Paid	-369.41	-293.53	-269.27	-233.96	-246.7	-187.72
Other Financing Activities	-70.09	-64.91	-22.13	-17.9	-0.24	-8.06
Financing Cash Flow	122.65	89.7	-536.28	1,295	-949.98	4,040
Foreign Exchange Rate Adjustments	41.72	1.6	-13.33	-23.22	-84.36	-103.36
Net Cash Flow	1,746	577.98	-644.08	1,422	-1,681	1,867
Free Cash Flow	1,763	469.1	514.9	419.26	798.49	-2,056
Free Cash Flow Growth	647.05%	-8.89%	22.81%	-47.49%	-	-
Free Cash Flow Margin	11.85%	2.46%	2.40%	3.12%	6.12%	-16.00%
Free Cash Flow Per Share	1.60	0.45	0.48	0.41	0.86	-2.46
Cash Income Tax Paid	232.36	163.43	1.73	-175.61	-278.04	-394.84
Levered Free Cash Flow	1,972	1,176	780.62	-240.47	846.48	-1,661
Unlevered Free Cash Flow	2,084	1,176	923.05	-125.42	952.23	-1,585
Change in Working Capital	-1,289	-1,289	-966.48	-669.01	546.05	-2,040

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.