SHE:002181 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	184.31	29.99	8.36	38.49	89.67	313.5
Depreciation & Amortization	63.33	63.33	58.83	54.21	50.42	41.9
Other Amortization	16.51	16.51	8.14	17.4	5.08	3.57
Loss (Gain) From Sale of Assets	-10.99	-10.99	-2.75	-27.36	-0.21	-5.23
Asset Writedown & Restructuring Costs	0.08	0.08	0.47	0.52	6.62	75.96
Loss (Gain) From Sale of Investments	-98.79	-98.79	-71.53	-14.84	-63.57	-290.91
Provision & Write-off of Bad Debts	-0.71	-0.71	-1.85	1.02	-	-
Other Operating Activities	22.31	20.38	15.05	6.32	0.53	0.23
Change in Accounts Receivable	-30.62	-30.62	-18.7	-578.19	-611.56	-168.66
Change in Inventory	-3.7	-3.7	3.32	-7.11	15.38	30.86
Change in Accounts Payable	-14.14	-14.14	7.6	-18.93	23.58	85.92
Operating Cash Flow	133.13	-23.12	-5.89	-527.9	-483.81	86.41
Operating Cash Flow Growth	-	-	-	-	-	565.94%
Capital Expenditures	-75.74	-37.82	-80.99	-65.32	-252.86	-109.04
Sale of Property, Plant & Equipment	24.18	35.22	8.72	41.83	3.74	22.28
Divestitures	-	-	-	-	-	-1.81
Investment in Securities	-58.41	-331.94	449.5	545.3	505.7	-797.83
Other Investing Activities	48.06	72.18	112.3	104.36	93.17	243.7
Investing Cash Flow	-61.92	-262.36	489.53	626.17	349.75	-642.71
Long-Term Debt Issued	-	446	15.77	66.41	221.5	66.93
Total Debt Issued	15.9	446	15.77	66.41	221.5	66.93
Long-Term Debt Repaid	-	-584.91	-112.59	-13.64	-11.6	-
Total Debt Repaid	-136.11	-584.91	-112.59	-13.64	-11.6	-
Net Debt Issued (Repaid)	-120.21	-138.91	-96.82	52.77	209.89	66.93
Common Dividends Paid	-87.33	-75.48	-48.89	-74.85	-86.28	-100.9
Other Financing Activities	25.24	24.5	-	-	-	-1.6
Financing Cash Flow	-182.3	-189.89	-145.71	-22.08	123.62	-35.58
Net Cash Flow	-111.09	-475.37	337.93	76.2	-10.44	-591.87
Free Cash Flow	57.39	-60.94	-86.88	-593.21	-736.67	-22.63
Free Cash Flow Margin	9.48%	-10.21%	-15.55%	-108.62%	-134.93%	-4.46%
Free Cash Flow Per Share	0.05	-0.05	-0.07	-0.51	-0.63	-0.02
Cash Income Tax Paid	34.26	46.79	29.59	13.38	17.95	28.26
Levered Free Cash Flow	-78.19	-23.15	-34.37	-27.76	-202.04	4.3
Unlevered Free Cash Flow	-69.39	-11.93	-24.99	-24.24	-201.8	4.3
Change in Working Capital	-42.93	-42.93	-20.62	-603.66	-572.36	-52.61

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