SHE:000088 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	1,416	1,349	1,108	471.87	461.41	391.73
Depreciation & Amortization	225.96	225.96	208.5	178.32	136.61	133.72
Other Amortization	9.84	9.84	7.63	6.45	4.65	3.9
Loss (Gain) From Sale of Assets	-187.86	-187.86	-0.13	-0.06	-0.01	-1.07
Asset Writedown & Restructuring Costs	0.02	0.02	0.12	0.5	-0.24	0.01
Loss (Gain) From Sale of Investments	-1,164	-1,164	-1,091	-504.88	-422.72	-370.84
Provision & Write-off of Bad Debts	-0.46	-0.46	1.02	0.13	-3.63	0.29
Other Operating Activities	-106.64	45.47	74.68	125.32	84.01	48.54
Change in Accounts Receivable	29.17	29.17	-91.03	231.09	234.63	66.53
Change in Inventory	0.19	0.19	0.46	-5.21	-2.63	-0.82
Change in Accounts Payable	-24.09	-24.09	267.45	159.73	-169.12	3.05
Operating Cash Flow	197.14	282.37	472.19	657.5	323.9	273.34
Operating Cash Flow Growth	-60.73%	-40.20%	-28.18%	102.99%	18.50%	5.32%
Capital Expenditures	-737.38	-887.55	-955.43	-1,374	-2,000	-706.4
Sale of Property, Plant & Equipment	207.04	161.58	2.07	0.09	0.36	1.37
Investment in Securities	-4,132	-2,362	-40	-100	957.69	-870.53
Other Investing Activities	654.73	1,533	2,544	544.82	439.15	410.13
Investing Cash Flow	-4,008	-1,555	1,550	-929.23	-603.14	-1,165
Long-Term Debt Issued	-	684.85	1,975	1,803	768.13	2,077
Long-Term Debt Repaid	-	-105.04	-2,678	-170.02	-404.82	-1,790
Net Debt Issued (Repaid)	-1,626	579.81	-703.51	1,633	363.31	286.83
Issuance of Common Stock	3,972	3,972	5	-	-	1,184
Common Dividends Paid	-772.3	-905.29	-253.21	-231.28	-150.26	-125.18
Other Financing Activities	-15.27	-10.96	2.88	19.03	54.15	181.92
Financing Cash Flow	1,558	3,636	-948.84	1,421	267.19	1,528
Foreign Exchange Rate Adjustments	-	-	-	-	-0	-0.01
Net Cash Flow	-2,252	2,363	1,074	1,149	-12.05	635.75
Free Cash Flow	-540.24	-605.17	-483.24	-716.63	-1,676	-433.06
Free Cash Flow Margin	-67.82%	-76.26%	-54.10%	-89.85%	-246.58%	-81.53%
Free Cash Flow Per Share	-0.11	-0.14	-0.11	-0.17	-0.76	-0.20
Cash Income Tax Paid	95.58	110.29	44.81	-165.68	44.22	22.49
Levered Free Cash Flow	-4,997	-2,345	882.18	-1,083	-690.15	-1,417
Unlevered Free Cash Flow	-4,942	-2,281	952.62	-1,022	-640.91	-1,366
Change in Working Capital	3.78	3.78	163.18	379.84	63.8	67.06

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