SHE:001338 Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	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	299.4	173.57	156.03	148.93	135.04
Depreciation & Amortization	95.27	86.2	75.19	68.44	61.63
Other Amortization	5.88	3.63	3.21	2.83	2.83
Loss (Gain) From Sale of Assets	-0.02	0.01	-	0.02	0.33
Asset Writedown & Restructuring Costs	1.21	1.9	1.27	0.52	19.99
Loss (Gain) From Sale of Investments	-4.35	-17.68	-0.63	-0.11	-
Provision & Write-off of Bad Debts	0.51	1.75	2.04	-0.3	-0.68
Other Operating Activities	60.37	103.06	63.62	1,828	1,969
Change in Accounts Receivable	70.98	-186.99	-216.42	-29.15	27.04
Change in Inventory	416.27	70.52	-544.02	-320.47	-30.91
Change in Accounts Payable	-332.68	422.34	66.63	24.99	-69.54
Change in Other Net Operating Assets	1,831	2,427	2,457	-	-
Operating Cash Flow	2,444	3,085	2,064	1,723	2,115
Operating Cash Flow Growth	-20.78%	49.47%	19.77%	-18.53%	67.69%
Capital Expenditures	-111.35	-182.53	-202.69	-215.83	-103.37
Sale of Property, Plant & Equipment	1.12	1.36	2.64	0.2	0.43
Investment in Securities	72	-92	-	-	-
Other Investing Activities	13.89	0.91	0.63	0.11	0.47
Investing Cash Flow	-24.35	-272.27	-199.42	-215.53	-102.47
Short-Term Debt Issued	-	207.4	-	-	-
Long-Term Debt Issued	698.08	1,602	838.89	259.99	-
Total Debt Issued	698.08	1,809	838.89	259.99	-
Short-Term Debt Repaid	-167.4	-40	-	-	-
Long-Term Debt Repaid	-2,533	-4,589	-3,007	-1,846	-1,888
Total Debt Repaid	-2,700	-4,629	-3,007	-1,846	-1,888
Net Debt Issued (Repaid)	-2,002	-2,819	-2,168	-1,586	-1,888
Issuance of Common Stock	-	-	808.92	2.66	42.84
Common Dividends Paid	-73.88	-74.22	-23.53	-2.83	-141.9
Other Financing Activities	1.05	-45	-9.71	-3.95	-
Financing Cash Flow	-2,075	-2,939	-1,393	-1,590	-1,988
Foreign Exchange Rate Adjustments	2.5	-4.47	0.58	0.22	-1.48
Net Cash Flow	346.87	-130.5	472.37	-81.98	23.54
Free Cash Flow	2,332	2,902	1,861	1,507	2,012
Free Cash Flow Growth	-19.64%	55.94%	23.47%	-25.07%	71.89%
Free Cash Flow Margin	54.47%	59.96%	44.40%	49.83%	71.19%
Free Cash Flow Per Share	4.67	5.85	4.77	4.05	5.36
Cash Income Tax Paid	-34.94	-68.45	-38.5	44.52	23.91
Levered Free Cash Flow	332.23	297.84	-650.83	-281.24	-35.4
Unlevered Free Cash Flow	346.66	324.83	-637.62	-279.76	-30.44
Change in Working Capital	1,985	2,732	1,763	-324.72	-73.5

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