SHE:002596 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	-235.7	-241.53	-506.84	-493.23	-1,141	41.44
Depreciation & Amortization	99.29	99.29	108.83	126.72	141.32	121.03
Other Amortization	16.68	16.68	28.2	27.57	26.59	22.93
Loss (Gain) From Sale of Assets	-20.51	-20.51	4.17	10.99	0.54	-2.7
Asset Writedown & Restructuring Costs	2.45	2.45	252.29	94.96	654.47	2.32
Loss (Gain) From Sale of Investments	-14.63	-14.63	-2.3	-237.87	15.08	-3.32
Provision & Write-off of Bad Debts	-28.81	-28.81	116.24	550.85	388.86	156.64
Other Operating Activities	65.97	120.52	120.67	62.67	103.55	102.52
Change in Accounts Receivable	243.73	243.73	1.25	-79.98	-414.12	-269.89
Change in Inventory	23.96	23.96	10.69	65.9	28.61	13.43
Change in Accounts Payable	-139.15	-139.15	-30.14	-125.83	138.75	97.37
Operating Cash Flow	39.29	88.01	95.23	-26.96	-25.76	257.56
Operating Cash Flow Growth	-64.52%	-7.58%	-	-	-	9.65%
Capital Expenditures	-8.04	-22.07	-21.11	-35.68	-102.13	-122.25
Sale of Property, Plant & Equipment	16.64	94.6	9.61	0.24	2.11	1.79
Divestitures	-	-	2.86	257.68	18	5
Investment in Securities	-20	-20	-0.49	85.5	-17	-
Other Investing Activities	31.76	-	2.25	-	25	-30
Investing Cash Flow	18.23	50.4	-6.87	307.74	-74.02	-145.46
Long-Term Debt Issued	-	214.83	194.89	191.54	310.13	741.42
Total Debt Issued	233.07	214.83	194.89	191.54	310.13	741.42
Long-Term Debt Repaid	-	-276.14	-272.58	-370.28	-293.2	-442.01
Total Debt Repaid	-259.12	-276.14	-272.58	-370.28	-293.2	-442.01
Net Debt Issued (Repaid)	-26.05	-61.32	-77.69	-178.74	16.94	299.4
Issuance of Common Stock	-	-	-	-	-	0.01
Common Dividends Paid	-31.96	-64.34	-70.86	-80.84	-130.34	-109.22
Other Financing Activities	-21.35	0.04	0.25	-54.51	-68.53	-242.95
Financing Cash Flow	-79.36	-125.61	-148.3	-314.09	-181.93	-52.76
Net Cash Flow	-21.84	12.8	-59.95	-33.3	-281.71	59.34
Free Cash Flow	31.26	65.95	74.12	-62.64	-127.89	135.32
Free Cash Flow Growth	-63.87%	-11.03%	-	-	-	174.14%
Free Cash Flow Margin	2.69%	5.06%	4.33%	-3.24%	-4.60%	4.66%
Free Cash Flow Per Share	0.03	0.06	0.06	-0.06	-0.11	0.13
Cash Income Tax Paid	81.33	84.74	99.1	86.03	163.73	173.67
Levered Free Cash Flow	74.55	168.09	101.04	84.78	-720.97	341.24
Unlevered Free Cash Flow	125.65	220.42	161.13	152.87	-645.59	405.2
Change in Working Capital	154.56	154.56	-26.03	-169.61	-215.45	-183.29

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