SHE:002900 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	-190.75	58.68	73.66	30.21	350.95	29.32
Depreciation & Amortization	111.07	111.07	108.68	106.57	99.13	79.95
Other Amortization	5.6	5.6	5.35	3.78	4.02	11.21
Loss (Gain) From Sale of Assets	-0.19	-0.19	2.61	13.31	1.92	4.37
Asset Writedown & Restructuring Costs	1.31	1.31	-0.82	2.91	-0.69	-0.1
Loss (Gain) From Sale of Investments	-17.78	-17.78	-56.11	-59.83	-593.2	20.15
Provision & Write-off of Bad Debts	1.22	1.22	-2.86	0.59	1.8	4.06
Other Operating Activities	349.53	27.34	1.51	-2.38	16.1	6.63
Change in Accounts Receivable	-135.48	-135.48	-6.74	-10.03	49.61	49.09
Change in Inventory	-98.88	-98.88	-46.8	0.62	26.49	31.87
Change in Accounts Payable	76.7	76.7	-51.42	47.19	-63.69	-239.62
Operating Cash Flow	103.45	30.69	35.69	144.64	-12.53	-4.51
Operating Cash Flow Growth	-	-14.02%	-75.32%	-	-	-
Capital Expenditures	-235.14	-346.21	-299.58	-89.22	-73.95	-145.85
Sale of Property, Plant & Equipment	0.19	0.03	0.22	0.27	11.61	0.58
Cash Acquisitions	-	-	-15.98	-	-	-
Divestitures	-	-	-	-	-4.05	-
Investment in Securities	-35	-6.08	46.69	500	-227.73	318.74
Other Investing Activities	44.16	20.85	8.12	8.21	15.89	27.82
Investing Cash Flow	-225.79	-331.41	-260.52	419.25	-278.23	201.29
Long-Term Debt Issued	-	859.55	280	431	471.6	319.51
Total Debt Issued	948.19	859.55	280	431	471.6	319.51
Long-Term Debt Repaid	-	-643.77	-242.47	-274.74	-282.46	-230
Total Debt Repaid	-813	-643.77	-242.47	-274.74	-282.46	-230
Net Debt Issued (Repaid)	135.19	215.77	37.53	156.26	189.14	89.51
Repurchase of Common Stock	-0.22	-0.22	-1.17	-	-	-
Common Dividends Paid	-109.57	-104.56	-41.04	-109.34	-34.31	-95.79
Other Financing Activities	215	202.85	-10.41	-154.04	-198.53	3.73
Financing Cash Flow	240.4	313.85	-15.08	-107.12	-43.71	-2.56
Net Cash Flow	118.07	13.12	-239.91	456.77	-334.48	194.23
Free Cash Flow	-131.69	-315.52	-263.89	55.42	-86.48	-150.36
Free Cash Flow Margin	-15.06%	-27.86%	-22.23%	5.39%	-9.14%	-11.23%
Free Cash Flow Per Share	-0.42	-1.02	-0.86	0.18	-0.28	-0.46
Cash Income Tax Paid	41.13	42.26	92.12	85.85	74.74	130.31
Levered Free Cash Flow	-68.42	-366.52	-243.03	83.23	-28.2	-219.31
Unlevered Free Cash Flow	-51.05	-347.16	-228.72	97.37	-19.57	-213.48
Change in Working Capital	-156.54	-156.54	-96.32	49.49	107.42	-160.1

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