SHE:001400 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	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	110.97	154.87	145.7	138.58	103.46	69.92
Depreciation & Amortization	44.05	44.05	33.25	25.49	21.9	14.84
Other Amortization	2	2	1.98	1.39	1.48	2.44
Loss (Gain) From Sale of Assets	-8.27	-8.27	-0.21	-0.02	-0.22	-0.27
Asset Writedown & Restructuring Costs	0.02	0.02	0.31	0.07	0.07	0.1
Loss (Gain) From Sale of Investments	0	0	-0.1	-	-0.07	-0.53
Provision & Write-off of Bad Debts	5.96	5.96	1.86	2.88	2.6	1.12
Other Operating Activities	82.8	4.81	2.28	3.24	9.41	8.53
Change in Accounts Receivable	-123.13	-123.13	-112.48	-108.04	-113.62	-88.82
Change in Inventory	9.27	9.27	-3.58	3.56	-78.1	-46.28
Change in Accounts Payable	-68.23	-68.23	33.89	53.54	160.17	96.56
Change in Other Net Operating Assets	27.81	27.81	21.1	8.27	8.4	6.11
Operating Cash Flow	77.7	43.61	124.83	130.85	115.82	61.19
Operating Cash Flow Growth	-37.76%	-65.07%	-4.60%	12.98%	89.29%	6959.58%
Capital Expenditures	-69.23	-328.03	-47.61	-94.42	-10.06	-15.23
Sale of Property, Plant & Equipment	0.59	52.44	0.89	0.96	1.07	11.65
Other Investing Activities	2.37	1	0	25.98	-25.91	10.49
Investing Cash Flow	-150.77	-274.6	-46.72	-67.48	-34.89	6.92
Short-Term Debt Issued	-	-	-	-	-	155.5
Long-Term Debt Issued	-	264.3	63.8	123	120	-
Total Debt Issued	165	264.3	63.8	123	120	155.5
Short-Term Debt Repaid	-	-	-	-	-	-163.9
Long-Term Debt Repaid	-	-104.5	-59	-149	-190.5	-
Total Debt Repaid	-294.1	-104.5	-59	-149	-190.5	-163.9
Net Debt Issued (Repaid)	-129.1	159.8	4.8	-26	-70.5	-8.4
Issuance of Common Stock	513.01	-	-	-	-	16.37
Common Dividends Paid	-54.5	-6.61	-2.32	-4.33	-36.38	-34.55
Other Financing Activities	-56.44	-4.01	-4.5	-4.91	-6.96	-0.2
Financing Cash Flow	272.97	149.18	-2.02	-35.24	-113.84	-26.77
Foreign Exchange Rate Adjustments	1.75	1.07	1.44	1.59	0.76	0.16
Net Cash Flow	201.64	-80.74	77.52	29.71	-32.16	41.49
Free Cash Flow	8.47	-284.43	77.22	36.43	105.76	45.96
Free Cash Flow Growth	-89.03%	-	111.97%	-65.56%	130.12%	-
Free Cash Flow Margin	0.83%	-25.03%	7.41%	4.08%	14.26%	8.37%
Free Cash Flow Per Share	0.17	-6.32	1.72	0.81	2.35	1.02
Cash Income Tax Paid	27.35	64.58	63.65	38.03	42.32	38.16
Levered Free Cash Flow	-	-328.76	134.13	130.08	52.31	77.5
Unlevered Free Cash Flow	-	-324.91	135.66	133.36	56.63	82.86
Change in Working Capital	-159.83	-159.83	-60.25	-40.78	-22.8	-34.95

Source: S&P Global Market Intelligence. Standard template. Financial Sources.