SHE:002856 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	-240.85	-257.05	-173.51	-142.6	-161.15	15.41
Depreciation & Amortization	21.23	21.23	14.02	11.62	9.52	5.38
Other Amortization	2.3	2.3	9.42	6.63	1.17	1.83
Loss (Gain) From Sale of Assets	1.08	1.08	0.02	-0.23	-0.47	-0.04
Asset Writedown & Restructuring Costs	43.92	43.92	23.57	0	-	0.01
Loss (Gain) From Sale of Investments	5.61	5.61	-25.06	-3.2	2.99	-16.82
Provision & Write-off of Bad Debts	39.34	39.34	40.49	164.82	39.21	34.59
Other Operating Activities	30.27	17.97	14.36	50.01	26.31	20.31
Change in Accounts Receivable	31.58	31.58	243.44	-435.97	86.86	-127.02
Change in Inventory	-3.68	-3.68	-3.62	2.83	16.05	-14.16
Change in Accounts Payable	39.61	39.61	-196.64	346.95	-20.54	21.65
Change in Other Net Operating Assets	7.85	7.85	-5.8	10.46	-2.58	1.64
Operating Cash Flow	-19.98	-48.48	-74.28	-28	-55.92	-65.71
Capital Expenditures	-1.18	-1.94	-7.12	-8.33	-3.87	-2.41
Sale of Property, Plant & Equipment	0.65	0.74	0.01	0	0.07	0.06
Cash Acquisitions	-	-	3.51	-51.82	-	-
Investment in Securities	0.12	0.12	-	-	15.24	-
Other Investing Activities	-	-	-	-	0.15	-15.24
Investing Cash Flow	-0.42	-1.09	-3.6	-60.15	11.59	-17.59
Short-Term Debt Issued	-	81.38	78.88	73.55	175	-
Long-Term Debt Issued	-	113.5	243.26	360.72	87	350.65
Total Debt Issued	-66.39	194.88	322.14	434.27	262	350.65
Long-Term Debt Repaid	-	-167.31	-164.06	-345.1	-267.53	-417.32
Total Debt Repaid	67.34	-167.31	-164.06	-345.1	-267.53	-417.32
Net Debt Issued (Repaid)	0.95	27.57	158.07	89.16	-5.53	-66.67
Issuance of Common Stock	-	-	-	-	-	177
Common Dividends Paid	-6.68	-15.99	-12.84	-15.49	-5.97	-14.56
Other Financing Activities	27.69	8.6	-17.23	-26.21	12.78	-38
Financing Cash Flow	13.14	20.18	128	47.46	1.27	57.76
Net Cash Flow	-7.26	-29.39	50.12	-40.68	-43.06	-25.54
Free Cash Flow	-21.16	-50.43	-81.39	-36.33	-59.79	-68.12
Free Cash Flow Margin	-5.15%	-7.17%	-9.27%	-2.18%	-10.17%	-5.46%
Free Cash Flow Per Share	-0.16	-0.37	-0.60	-0.26	-0.44	-0.53
Cash Interest Paid	-	-	15.91	23.38	3.36	-
Cash Income Tax Paid	16.67	16.03	18.38	21.03	20.7	22.44
Levered Free Cash Flow	15.5	20.97	79.55	28.27	17.49	-180.84
Unlevered Free Cash Flow	26.62	43.22	97.84	45.57	24.82	-172.65
Change in Working Capital	77.11	77.11	22.42	-115.04	26.49	-126.4

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