SHE:002298 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	-1,146	-1,549	-590.12	-859.79	205.65	299.66
Depreciation & Amortization	106.56	106.56	160.4	186.48	119.18	114.98
Other Amortization	4.66	4.66	1.89	1.41	1.47	1.81
Loss (Gain) From Sale of Assets	-3	-3	0.82	-5.83	-0.13	-10.28
Asset Writedown & Restructuring Costs	657.7	657.7	309.8	559.48	-	17.39
Loss (Gain) From Sale of Investments	9.76	9.76	1.53	-6.91	-3.35	-6.16
Provision & Write-off of Bad Debts	435.88	435.88	311.89	223.74	60.8	94.16
Other Operating Activities	79.13	471.85	35.21	20.18	54.63	72.42
Change in Accounts Receivable	-199.93	-199.93	-234.6	-213.42	-715.97	-648.67
Change in Inventory	46.22	46.22	-4.59	-38.91	-8.47	-59.08
Change in Accounts Payable	112.78	112.78	102.65	229.6	296.54	223.29
Change in Other Net Operating Assets	-33.32	-33.32	-12.34	-	-	-
Operating Cash Flow	90.81	80.31	41.79	16.54	-22.53	59.22
Operating Cash Flow Growth	-47.41%	92.16%	152.61%	-	-	-
Capital Expenditures	-67.6	-14.78	-71.2	-171.36	-218.26	-36.3
Sale of Property, Plant & Equipment	132.72	13.63	1.16	12.94	1.02	39.09
Cash Acquisitions	-	-	-1.93	-	-	-
Divestitures	23.56	14.57	-	19.09	-	5.71
Investment in Securities	4.65	-12.53	-0.15	8.16	30.12	19.37
Other Investing Activities	1	0.61	1.55	3.58	8.6	3.65
Investing Cash Flow	94.34	1.5	-70.57	-127.59	-178.52	31.53
Long-Term Debt Issued	-	947.89	974.49	967.24	846.5	1,229
Long-Term Debt Repaid	-	-997.29	-1,057	-844.15	-946.03	-1,048
Net Debt Issued (Repaid)	-247.78	-49.4	-82.41	123.08	-99.53	180.78
Issuance of Common Stock	-	-	-	12.66	-	-
Repurchase of Common Stock	-	-	-0.5	-	-	-
Common Dividends Paid	-32.92	-31.65	-40.12	-46.08	-55.47	-83.91
Other Financing Activities	215.88	-0.98	-0.84	-10.65	327.2	-58.01
Financing Cash Flow	-64.82	-82.03	-123.86	79.02	172.19	38.87
Foreign Exchange Rate Adjustments	-0.14	-0.14	0.28	0.06	-0.02	-2.29
Net Cash Flow	120.18	-0.37	-152.36	-31.96	-28.89	127.32
Free Cash Flow	23.21	65.52	-29.41	-154.82	-240.8	22.92
Free Cash Flow Growth	-81.92%	-	-	-	-	-
Free Cash Flow Margin	1.08%	3.36%	-1.31%	-6.41%	-8.69%	0.83%
Free Cash Flow Per Share	0.03	0.09	-0.04	-0.22	-0.34	0.03
Cash Income Tax Paid	98.35	89.28	94.6	98.1	166.25	149.43
Levered Free Cash Flow	474.69	587.1	-777.92	-9.94	-171.45	835.73
Unlevered Free Cash Flow	503.03	617.4	-745.57	18.81	-145	866.58
Change in Working Capital	-54.36	-54.36	-189.64	-102.23	-460.78	-524.77

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