SHE:000665 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	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	-832.7	-794.63	-651.71	-595.27	-446.16	-690.29
Depreciation & Amortization	548.72	548.72	574.14	588.41	562.15	545.76
Other Amortization	107.88	107.88	116.78	232.46	178.63	164.46
Loss (Gain) From Sale of Assets	0.02	0.02	-0.02	-2.86	-14.74	0
Asset Writedown & Restructuring Costs	24.73	24.73	0.13	0.08	1.43	209.38
Loss (Gain) From Sale of Investments	17.83	17.83	1.09	-13.51	-7.62	-0.05
Provision & Write-off of Bad Debts	79.14	79.14	83.93	91.3	23.46	37.55
Other Operating Activities	382.46	92.93	78.66	60.29	45.68	56.67
Change in Accounts Receivable	-168.01	-168.01	-121.89	-357.14	-21.81	-99.87
Change in Inventory	60.36	60.36	-35.02	25.02	-62.33	-37.93
Change in Accounts Payable	56.05	56.05	-307.68	81.45	51.07	430.64
Change in Other Net Operating Assets	0.86	0.86	0.42	0.63	0.53	1.03
Operating Cash Flow	272.94	21.47	-267.52	111.05	312.51	614.38
Operating Cash Flow Growth	-	-	-	-64.46%	-49.13%	111.71%
Capital Expenditures	-136.06	-112.56	-418	-593.48	-630.63	-751.9
Sale of Property, Plant & Equipment	0.69	0.52	0.04	2.59	0.05	0
Cash Acquisitions	-0.91	-0.86	-	-0.21	-3	-
Divestitures	-	-	123.35	-	-	-
Investment in Securities	-16.5	72.09	-0.14	2.09	35.3	-270.12
Other Investing Activities	0.17	0.17	12.24	0.77	1.91	2.48
Investing Cash Flow	-152.61	-40.65	-282.51	-588.25	-596.38	-1,020
Short-Term Debt Issued	-	50	-	-	-	-
Long-Term Debt Issued	-	2,707	1,862	1,919	1,652	2,177
Total Debt Issued	4,194	2,757	1,862	1,919	1,652	2,177
Long-Term Debt Repaid	-	-2,623	-1,462	-1,362	-1,074	-1,842
Total Debt Repaid	-4,019	-2,623	-1,462	-1,362	-1,074	-1,842
Net Debt Issued (Repaid)	175.18	133.89	399.85	556.51	578.74	335.47
Common Dividends Paid	-154.95	-151.13	-116.05	-96.27	-90.55	-74.31
Other Financing Activities	11.52	9.85	0.98	-	-	-
Financing Cash Flow	25.81	-7.4	284.78	460.24	488.19	261.16
Net Cash Flow	146.13	-26.57	-265.25	-16.95	204.33	-144
Free Cash Flow	136.87	-91.08	-685.53	-482.43	-318.12	-137.52
Free Cash Flow Margin	9.66%	-5.73%	-34.83%	-22.18%	-14.65%	-5.77%
Free Cash Flow Per Share	0.12	-0.08	-0.60	-0.45	-0.32	-0.14
Cash Income Tax Paid	0.16	-8.15	-6.22	-75.85	4.21	3.12
Levered Free Cash Flow	282.17	656.97	-596.59	-480.79	-314.47	-253.79
Unlevered Free Cash Flow	346.11	712.97	-551.34	-446.77	-290.18	-230.84
Change in Working Capital	-55.15	-55.15	-470.53	-249.85	-30.31	290.9

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