SHE:002178 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	-5.34	-21.3	22.51	-146.31	9	-271.76
Depreciation & Amortization	32.85	32.85	45.9	45.45	44.47	35.75
Other Amortization	10.55	10.55	1.74	1.6	1.21	1.41
Loss (Gain) From Sale of Assets	-0.04	-0.04	0.08	-0.12	-0.31	0.25
Asset Writedown & Restructuring Costs	0.74	0.74	0.01	0.02	-	84.28
Loss (Gain) From Sale of Investments	29.3	29.3	18.82	85.45	2.85	49.02
Provision & Write-off of Bad Debts	12.96	12.96	8.53	35.33	-10.3	102.24
Other Operating Activities	57.6	-9.18	-26.19	3.92	12.25	12.57
Change in Accounts Receivable	21.41	21.41	44.42	53.05	-16.23	27.29
Change in Inventory	17.49	17.49	15.26	-8.99	-25.69	35.9
Change in Accounts Payable	-120.88	-120.88	-104.19	-23.72	25.97	-23.65
Change in Other Net Operating Assets	-	-	-	-	-	-0.14
Operating Cash Flow	50.14	-32.59	28.24	36.84	43.88	31.05
Operating Cash Flow Growth	-	-	-23.35%	-16.05%	41.33%	155.08%
Capital Expenditures	-26.59	-29.93	-43.52	-47.36	-36.8	-39.2
Sale of Property, Plant & Equipment	0.08	0.08	0.05	0.32	2.03	1.02
Divestitures	-14.95	-14.95	0.18	-	-	5.62
Investment in Securities	-36.9	-35.93	-10.79	0.09	-0.25	-65
Other Investing Activities	20.31	2.33	3.59	3.72	34.58	-14.19
Investing Cash Flow	-58.04	-78.39	-50.49	-43.22	-0.44	-111.75
Short-Term Debt Issued	-	1.73	0.34	-	-	-
Long-Term Debt Issued	-	112.97	160.71	141	143.5	104.6
Total Debt Issued	142.4	114.7	161.05	141	143.5	104.6
Long-Term Debt Repaid	-	-153.17	-174.11	-153.48	-120.34	-74.47
Total Debt Repaid	-101.95	-153.17	-174.11	-153.48	-120.34	-74.47
Net Debt Issued (Repaid)	40.45	-38.48	-13.06	-12.48	23.16	30.13
Common Dividends Paid	-5.55	-4.6	-7.21	-6.97	-10.54	-6.45
Other Financing Activities	25.04	8.94	34.58	-7.53	-18.4	-4.18
Financing Cash Flow	59.94	-34.14	14.3	-26.98	-5.79	19.5
Foreign Exchange Rate Adjustments	0	0.01	0.01	0.07	-0.02	-0.05
Net Cash Flow	52.04	-145.12	-7.93	-33.29	37.63	-61.25
Free Cash Flow	23.54	-62.52	-15.28	-10.52	7.08	-8.15
Free Cash Flow Margin	5.25%	-11.39%	-2.26%	-1.68%	0.87%	-1.23%
Free Cash Flow Per Share	0.03	-0.09	-0.02	-0.01	0.01	-0.01
Cash Income Tax Paid	15.57	15.03	18.39	14.38	17.85	19.4
Levered Free Cash Flow	106.37	-48.18	-36.18	39.24	-17.22	75.64
Unlevered Free Cash Flow	109.59	-44.71	-31.44	43.58	-11.13	80.2
Change in Working Capital	-88.47	-88.47	-43.15	11.51	-15.28	12.67

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