SHE:000417 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	154.08	190.57	264.03	171.01	180.85	137.06
Depreciation & Amortization	414.76	414.76	379.67	383.7	381.8	223.54
Other Amortization	28.36	28.36	29.5	44.56	40.05	53.7
Loss (Gain) From Sale of Assets	-9.71	-9.71	-109.98	2.5	-7.15	0.32
Asset Writedown & Restructuring Costs	-0.09	-0.09	0.25	0.44	-0.58	0.26
Loss (Gain) From Sale of Investments	-74.75	-74.75	-95.59	-110.11	-92.5	-61.1
Provision & Write-off of Bad Debts	1.72	1.72	-1.93	0.76	0.99	0.48
Other Operating Activities	-305.32	140.18	150.02	153.56	164.97	99.92
Change in Accounts Receivable	28.35	28.35	48.87	27.3	-124.96	527.53
Change in Inventory	-45.05	-45.05	49.94	11.88	-213.12	-591.27
Change in Accounts Payable	-3.63	-3.63	98.97	-105.66	613.44	-121.86
Operating Cash Flow	205.11	687.1	835.35	595.77	967.91	273.17
Operating Cash Flow Growth	-18.31%	-17.75%	40.21%	-38.45%	254.32%	-
Capital Expenditures	-204.78	-167.57	-485.18	-374.8	-211.54	-146.96
Sale of Property, Plant & Equipment	7.42	1.24	111.7	4.31	7.29	0.87
Investment in Securities	-435.18	-716.15	-902.52	-62	-178.74	200
Other Investing Activities	582.73	35.15	55.95	34.16	27.42	30.95
Investing Cash Flow	-49.8	-847.33	-1,220	-398.33	-355.57	84.86
Long-Term Debt Issued	-	277.08	690.19	1,369	783.4	687.03
Long-Term Debt Repaid	-	-884.28	-1,195	-1,426	-953.32	-327.24
Net Debt Issued (Repaid)	-72.27	-607.2	-504.49	-57.16	-169.92	359.79
Common Dividends Paid	-72.85	-103.41	-97.95	-93.5	-89.76	-107.48
Other Financing Activities	27.36	-1.47	-1.7	-10.68	-8.72	-13.54
Financing Cash Flow	-117.77	-712.08	-604.15	-161.33	-268.39	238.77
Foreign Exchange Rate Adjustments	-0.02	-0.03	0.01	-	-	-
Net Cash Flow	37.51	-872.33	-988.84	36.11	343.95	596.8
Free Cash Flow	0.32	519.53	350.16	220.97	756.37	126.21
Free Cash Flow Growth	-99.02%	48.37%	58.47%	-70.79%	499.28%	-
Free Cash Flow Margin	0.01%	7.38%	5.24%	3.51%	11.93%	1.99%
Free Cash Flow Per Share	-	0.67	0.45	0.28	0.97	0.16
Cash Income Tax Paid	373.18	358.19	389.43	409.14	473.99	422.09
Levered Free Cash Flow	-63.2	601.95	189.74	106.1	544.52	-378.44
Unlevered Free Cash Flow	-25.7	638.08	236.79	162.17	603.92	-351.67
Change in Working Capital	-3.94	-3.94	219.38	-50.67	299.5	-181

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