SHE:002177 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	10.04	10.91	15.45	54.17	-63.19	71.76
Depreciation & Amortization	22.03	22.03	22.21	21.88	18.17	22.23
Other Amortization	2.32	2.32	2.5	2.88	2.73	2.43
Loss (Gain) From Sale of Assets	-0.01	-0.01	-20.86	-0.52	0.45	-0.29
Asset Writedown & Restructuring Costs	11.56	11.56	0.67	0.69	3.01	4.28
Loss (Gain) From Sale of Investments	-1.19	-1.19	19.58	-24.07	28.37	-55.91
Provision & Write-off of Bad Debts	-1.62	-1.62	0.79	0.65	-1.39	-11.02
Other Operating Activities	5.81	0.54	1.2	-0.31	2.93	8
Change in Accounts Receivable	-10.3	-10.3	4.6	12.68	18.75	56.51
Change in Inventory	0.9	0.9	-0.01	0.74	22.3	22.14
Change in Accounts Payable	-1.11	-1.11	-14.53	-3.79	-38.06	-70.05
Operating Cash Flow	38.4	34	25	35.67	8.78	58.63
Operating Cash Flow Growth	7.94%	36.04%	-29.93%	306.09%	-85.02%	-42.74%
Capital Expenditures	-10.93	-12.4	-14.99	-26.59	-115.61	-91.49
Sale of Property, Plant & Equipment	0.94	1.59	55.95	0.89	-	-
Investment in Securities	-22.37	-69.16	-470.38	362.31	86.82	-40.72
Other Investing Activities	-	-	0.18	24.95	6.3	40.66
Investing Cash Flow	-32.36	-79.98	-429.24	361.57	-22.48	-91.54
Long-Term Debt Issued	-	-	-	-	991.46	65.36
Long-Term Debt Repaid	-	-	-	-71	-924.28	-71.36
Net Debt Issued (Repaid)	-	-	-	-71	67.18	-6.01
Common Dividends Paid	-2.27	-10.66	-	-7.76	-12.86	-0.12
Other Financing Activities	-	-	-	1.43	-	-
Financing Cash Flow	-2.27	-10.66	-	-77.33	54.32	-6.12
Foreign Exchange Rate Adjustments	0.28	0.24	0.05	0.43	-0.27	-1.04
Net Cash Flow	4.04	-56.39	-404.2	320.34	40.36	-40.07
Free Cash Flow	27.47	21.6	10	9.08	-106.82	-32.86
Free Cash Flow Growth	-0.56%	115.92%	10.18%	-	-	-
Free Cash Flow Margin	45.73%	32.30%	14.28%	13.34%	-124.38%	-18.02%
Free Cash Flow Per Share	0.04	0.03	0.01	0.01	-0.14	-0.04
Cash Income Tax Paid	12.27	12.79	21.37	12.8	8.59	11.62
Levered Free Cash Flow	364.63	8.37	142.58	-113.54	-121.75	-52.86
Unlevered Free Cash Flow	364.63	8.37	142.58	-113.54	-120.05	-51.76
Change in Working Capital	-10.54	-10.54	-16.53	-19.71	17.71	17.15

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