SHE:002037 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	-1.92	39.27	-662.32	-785.77	-59.24	125.88
Depreciation & Amortization	212.32	212.32	210.69	200.73	189.37	169.92
Other Amortization	17.24	17.24	20.01	15.71	15.98	11.63
Loss (Gain) From Sale of Assets	-3.52	-3.52	-7.11	-0.01	-0.34	0.74
Asset Writedown & Restructuring Costs	75.47	75.47	203.18	44.52	0.41	9.04
Loss (Gain) From Sale of Investments	-6.19	-6.19	-2.33	5.83	0.25	-4.89
Provision & Write-off of Bad Debts	8.13	8.13	369.79	479.28	318.32	130.69
Other Operating Activities	310.29	152.68	383.96	414.12	371.02	274.87
Change in Accounts Receivable	-129	-129	-367.19	-631.43	-589.46	-520.53
Change in Inventory	14.42	14.42	-24.45	-36.4	-90.06	-50.04
Change in Accounts Payable	-16.76	-16.76	-257.01	59.05	-154.2	361.72
Change in Other Net Operating Assets	6.19	6.19	-	-	-	-
Operating Cash Flow	498.38	381.95	-218.54	-310.95	-37.09	491.9
Operating Cash Flow Growth	-	-	-	-	-	48.04%
Capital Expenditures	-198.25	-241.23	-594.89	-209.78	-130.72	-1,268
Sale of Property, Plant & Equipment	39.84	3.16	2.16	0.3	5.24	0.87
Cash Acquisitions	-	-	-	10.61	6.85	2.46
Divestitures	-0.24	-	1.69	1.17	-	-
Investment in Securities	-5.61	-0.08	3.19	-84.54	-145.57	-44.89
Other Investing Activities	5.72	12.63	3.4	4.57	5.92	5.34
Investing Cash Flow	-158.55	-225.52	-566.44	-277.66	-258.27	-1,304
Long-Term Debt Issued	-	6,230	5,449	5,225	3,656	4,310
Long-Term Debt Repaid	-	-6,127	-4,848	-4,221	-2,898	-3,267
Net Debt Issued (Repaid)	1,301	103.33	601.02	1,004	758.05	1,042
Common Dividends Paid	-286.34	-313.99	-332.84	-322.4	-283.15	-296.37
Other Financing Activities	-1,225	334.95	359.26	-413.45	0.55	-275.38
Financing Cash Flow	-210	124.29	627.44	268.07	475.45	470.67
Foreign Exchange Rate Adjustments	1.51	2.24	-1.76	0.84	0.72	-1.52
Net Cash Flow	131.34	282.96	-159.31	-319.7	180.81	-342.68
Free Cash Flow	300.13	140.73	-813.43	-520.72	-167.81	-775.61
Free Cash Flow Margin	4.38%	2.18%	-12.00%	-8.18%	-2.78%	-12.97%
Free Cash Flow Per Share	0.62	0.29	-1.68	-1.07	-0.34	-1.60
Cash Income Tax Paid	337.91	288.31	314	243.57	312.72	309.67
Levered Free Cash Flow	394.08	1,455	53.78	927.17	126.52	-1,482
Unlevered Free Cash Flow	629.19	1,672	263.25	1,125	288.17	-1,363
Change in Working Capital	-113.43	-113.43	-734.41	-685.35	-872.86	-225.97

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