SHE:002172 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	42	40.56	49.68	-15.37	-1,039	-458.99
Depreciation & Amortization	63.53	63.53	72.43	76.23	221.21	305.87
Other Amortization	5.74	5.74	2.76	4.8	5.48	5.57
Loss (Gain) From Sale of Assets	0.06	0.06	-0.03	0.01	-8.8	-111.92
Asset Writedown & Restructuring Costs	0.14	0.14	1	0.05	745.14	50.88
Loss (Gain) From Sale of Investments	1.31	1.31	-20.77	22.2	3.98	-44.37
Provision & Write-off of Bad Debts	3.51	3.51	2.86	-45.12	52.35	85.34
Other Operating Activities	238.34	39.19	40.33	92.22	114.74	160.56
Change in Accounts Receivable	9.14	9.14	118.06	224.05	982.66	-1,345
Change in Inventory	33.94	33.94	-7.77	5.99	93.76	138.72
Change in Accounts Payable	-196.05	-196.05	-203.71	-396.23	-1,204	1,341
Operating Cash Flow	201.02	0.44	54.3	-33.8	-33.47	125.33
Operating Cash Flow Growth	1890.92%	-99.19%	-	-	-	-
Capital Expenditures	8.38	-28.64	-63.59	-193.17	-221.12	-177.22
Sale of Property, Plant & Equipment	0.05	0.03	0.11	1,031	495.65	192.59
Divestitures	-	-	24.41	25.6	-	-
Investment in Securities	0	-10.2	-4.76	32.89	-	112
Other Investing Activities	-	-	-	-	-	-185.68
Investing Cash Flow	8.43	-38.81	-43.84	896.52	274.54	-58.32
Long-Term Debt Issued	-	1,092	1,571	1,634	2,785	2,808
Long-Term Debt Repaid	-	-1,257	-1,674	-2,324	-3,192	-2,670
Net Debt Issued (Repaid)	-128.55	-165.31	-103.54	-690.53	-407.13	137.61
Issuance of Common Stock	0.16	-	-	-	-	-
Common Dividends Paid	-27.68	-32.65	-34.56	-48.22	-110.03	-119.25
Other Financing Activities	12.15	148.42	126.68	98.43	-55.04	-4
Financing Cash Flow	-143.92	-49.55	-11.43	-640.33	-572.19	14.37
Foreign Exchange Rate Adjustments	0.02	0.01	0.02	0.07	-0.03	0.01
Net Cash Flow	65.55	-87.9	-0.94	222.46	-331.15	81.39
Free Cash Flow	209.4	-28.2	-9.29	-226.97	-254.58	-51.9
Free Cash Flow Margin	11.21%	-1.40%	-0.43%	-11.23%	-17.81%	-2.75%
Free Cash Flow Per Share	0.26	-0.04	-0.01	-0.29	-0.33	-0.07
Cash Income Tax Paid	56.32	54.51	45.82	23.53	39.1	38.38
Levered Free Cash Flow	350.78	66.8	0.48	443.68	-1,506	1,067
Unlevered Free Cash Flow	369.47	91.41	27.47	482.78	-1,420	1,162
Change in Working Capital	-153.62	-153.62	-93.97	-168.83	-128.65	132.39

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