SHE:002538 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	216.68	311.42	130.96	530.57	456.61	294.82
Depreciation & Amortization	181.82	181.82	192.45	212.47	211.74	167.86
Other Amortization	24.78	24.78	22.07	46.91	36.16	13.01
Loss (Gain) From Sale of Assets	0.96	0.96	0.01	-0.08	0.79	-0.02
Asset Writedown & Restructuring Costs	4.2	4.2	7.88	0.28	18.33	14.04
Loss (Gain) From Sale of Investments	-12.32	-12.32	-13.01	-22.29	44.51	0.02
Provision & Write-off of Bad Debts	5.01	5.01	-0.34	1.61	8.73	3.99
Other Operating Activities	8.04	21.82	-13.5	-7.51	54.49	46.3
Change in Accounts Receivable	-453.55	-453.55	28.34	67.23	112.3	7.58
Change in Inventory	21.59	21.59	-141.55	552.23	-887.48	454.62
Change in Accounts Payable	0.85	0.85	-242.38	-364.2	-5.76	150.87
Change in Other Net Operating Assets	-	-	-	-0.66	-9.46	-
Operating Cash Flow	-0.32	108.19	-46.84	998.16	21.96	1,154
Operating Cash Flow Growth	-	-	-	4445.01%	-98.10%	301.90%
Capital Expenditures	-155.02	-176.95	-76.06	-79.37	-175.08	-117.67
Sale of Property, Plant & Equipment	16.36	15.52	14.18	0.53	3.81	0.23
Cash Acquisitions	-	-	-	-100	-283.06	-
Divestitures	-	4.28	5.2	20.8	-6.79	-
Investment in Securities	190	350	-350.13	55.11	575.01	-945.74
Other Investing Activities	-0.89	17.69	31.2	57.74	48.95	42.19
Investing Cash Flow	58.45	218.54	-325.61	-45.19	162.84	-1,021
Long-Term Debt Issued	-	-	-	430	1,206	697.04
Total Debt Issued	-	-	-	430	1,206	697.04
Long-Term Debt Repaid	-	-50	-260	-860	-902.33	-542.15
Total Debt Repaid	-	-50	-260	-860	-902.33	-542.15
Net Debt Issued (Repaid)	-	-50	-260	-430	303.67	154.89
Common Dividends Paid	-127.88	-205.23	-228.12	-323.15	-168.06	-59.83
Financing Cash Flow	-127.88	-255.23	-488.12	-753.15	135.61	95.06
Foreign Exchange Rate Adjustments	-1.32	2.39	2.56	39.25	-6.35	-1.76
Net Cash Flow	-71.07	73.91	-858.01	239.07	314.06	225.98
Free Cash Flow	-155.34	-68.75	-122.9	918.79	-153.11	1,036
Free Cash Flow Growth	-	-	-	-	-	1191.84%
Free Cash Flow Margin	-3.50%	-1.60%	-3.14%	18.81%	-3.84%	27.32%
Free Cash Flow Per Share	-0.18	-0.08	-0.14	1.08	-0.18	1.33
Cash Income Tax Paid	250.9	213.08	253.86	273.57	236.59	69.15
Levered Free Cash Flow	-154.84	-130.94	21.78	623.79	475.72	873.49
Unlevered Free Cash Flow	-154.36	-130.09	26.76	639.87	509.61	902.88
Change in Working Capital	-429.49	-429.49	-373.36	236.2	-809.41	613.63

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