SHE:002863 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	78.97	66.99	73.81	112.88	135.19	64.74
Depreciation & Amortization	274.29	274.29	248.96	184.37	168.49	131.26
Other Amortization	67.5	67.5	52.43	52.68	43.82	41.69
Loss (Gain) From Sale of Assets	0.01	0.01	-37.17	-0.24	-62.51	-0.91
Asset Writedown & Restructuring Costs	26.13	26.13	24.27	3.73	2.14	3.36
Loss (Gain) From Sale of Investments	0.6	0.6	-4.7	1.69	-4.04	0.13
Provision & Write-off of Bad Debts	7.85	7.85	2.76	-	-	-
Other Operating Activities	340.29	178.09	180.16	148.57	140.7	146.22
Change in Accounts Receivable	-220.17	-220.17	-102.02	-109.11	-154.52	-57.28
Change in Inventory	-313.84	-313.84	-209.69	-37.73	-64.07	-91.69
Change in Accounts Payable	314.64	314.64	55.26	53.91	59.87	-13.87
Change in Other Net Operating Assets	2.72	2.72	3.41	4.55	-0.98	8.69
Operating Cash Flow	577.19	403	262.97	406	249.41	234.43
Operating Cash Flow Growth	-	53.25%	-35.23%	62.79%	6.39%	-3.23%
Capital Expenditures	-1,076	-1,038	-645.88	-614.45	-715.43	-592.16
Sale of Property, Plant & Equipment	145.51	141.97	0.3	15.58	304.12	11.46
Other Investing Activities	0.94	0.86	-0	-0.21	0.45	-0.28
Investing Cash Flow	-929.16	-895.09	-645.59	-599.09	-410.86	-580.98
Long-Term Debt Issued	-	4,275	4,047	3,851	3,435	2,853
Long-Term Debt Repaid	-	-3,968	-3,798	-3,374	-3,278	-2,667
Net Debt Issued (Repaid)	602.69	307.23	248.95	476.83	157.28	185.6
Issuance of Common Stock	-	-	512.94	38.52	-	591.51
Repurchase of Common Stock	-	-	-	-15.48	-39.53	-
Common Dividends Paid	-149.51	-123.73	-118.12	-109.89	-92.95	-89.1
Other Financing Activities	-109.18	-85.47	58.29	-23.75	-1.28	-104.07
Financing Cash Flow	344	98.03	702.05	366.24	23.51	583.94
Foreign Exchange Rate Adjustments	11.67	22.83	-8.62	11.43	-12.56	-18.09
Net Cash Flow	3.7	-371.23	310.82	184.58	-150.51	219.29
Free Cash Flow	-498.42	-634.92	-382.91	-208.46	-466.03	-357.73
Free Cash Flow Margin	-8.94%	-12.96%	-8.68%	-4.94%	-11.78%	-11.48%
Free Cash Flow Per Share	-0.83	-1.06	-0.78	-0.42	-0.93	-0.94
Cash Income Tax Paid	-	-39.82	-48.26	-131.93	-43.39	-11.31
Levered Free Cash Flow	-512.26	-798.22	-1,280	-357.64	-554.25	-584.98
Unlevered Free Cash Flow	-402.52	-697.34	-1,181	-258.6	-463.64	-492.71
Change in Working Capital	-218.46	-218.46	-277.55	-97.68	-174.38	-152.06

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