SHE:002877 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	5.96	22.7	104.96	83.63	63.27	57.08
Depreciation & Amortization	78.95	78.95	67.44	59.93	53.68	32.47
Other Amortization	1.6	1.6	-	-	-	-
Loss (Gain) From Sale of Assets	-0.22	-0.22	0.15	0.07	-0.01	0.03
Asset Writedown & Restructuring Costs	-	-	-0.13	0	7.54	7.77
Loss (Gain) From Sale of Investments	1.29	1.29	2.2	1	0.2	-0.13
Provision & Write-off of Bad Debts	28.53	28.53	-3.29	11.76	-	-
Other Operating Activities	133.01	30.75	29.57	29.64	10.42	3.86
Change in Accounts Receivable	-216.94	-216.94	-53.57	-307.54	-168.62	-101.05
Change in Inventory	48.87	48.87	-169.73	-109.66	-32.96	-100.07
Change in Accounts Payable	-24.79	-24.79	22.9	80.88	23.38	48.33
Change in Other Net Operating Assets	-0.36	-0.36	2.52	4.01	1.5	7.04
Operating Cash Flow	45.91	-39.61	2.2	-143.74	-41.27	-48.29
Capital Expenditures	-23.23	-32.21	-48	-112.19	-50.34	-129.77
Sale of Property, Plant & Equipment	-0.01	0.16	0.01	0	0.56	0.02
Investment in Securities	38.01	100	-100	-	-	70
Other Investing Activities	0.42	1.31	0.6	1.09	-	0.13
Investing Cash Flow	15.18	69.26	-147.4	-111.1	-49.78	-59.62
Long-Term Debt Issued	-	497.62	433.39	565.23	341.92	160
Total Debt Issued	721.04	497.62	433.39	565.23	341.92	160
Long-Term Debt Repaid	-	-400.84	-443.16	-299.3	-200.66	-109.5
Total Debt Repaid	-724.8	-400.84	-443.16	-299.3	-200.66	-109.5
Net Debt Issued (Repaid)	-3.76	96.79	-9.78	265.93	141.25	50.5
Issuance of Common Stock	-	-	177	-	1.72	-
Repurchase of Common Stock	-	-	-	-	-3.27	-10
Common Dividends Paid	-40.87	-31.55	-32.95	-34.3	-22.17	-17.1
Other Financing Activities	1.2	-	-0.85	-0.05	-	-
Financing Cash Flow	-43.43	65.24	133.41	231.57	117.53	23.39
Foreign Exchange Rate Adjustments	0	0	0	0	-0	0
Net Cash Flow	17.67	94.89	-11.78	-23.26	26.48	-84.52
Free Cash Flow	22.68	-71.82	-45.8	-255.93	-91.61	-178.06
Free Cash Flow Margin	2.05%	-6.57%	-4.47%	-29.67%	-12.48%	-32.27%
Free Cash Flow Per Share	0.06	-0.19	-0.14	-0.77	-0.26	-0.50
Cash Income Tax Paid	63.04	55.09	53.91	36.79	40.94	9.55
Levered Free Cash Flow	41.89	-59.67	-60.58	-181.74	2.61	-193.5
Unlevered Free Cash Flow	71.3	-40.92	-46.51	-167.74	9.13	-190.8
Change in Working Capital	-203.22	-203.22	-198.7	-329.76	-176.38	-149.36

Source: S&P Global Market Intelligence. Standard template. Financial Sources.