SHE:002987 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	329.52	311.62	347.63	277.12	230.61	276.08
Depreciation & Amortization	32.17	32.17	27.13	27.99	21.91	11.79
Other Amortization	3.52	3.52	2.99	2.52	2.46	1.59
Loss (Gain) From Sale of Assets	0.02	0.02	-0.16	-0.05	0.19	0.27
Asset Writedown & Restructuring Costs	0.22	0.22	0.22	0.11	0.15	0.02
Loss (Gain) From Sale of Investments	-1.55	-1.55	-5.68	-9.6	-13.14	-8.18
Provision & Write-off of Bad Debts	23.9	23.9	31.51	7.5	24.77	14.16
Other Operating Activities	141.85	3.4	2.08	5.93	5.52	0.9
Change in Accounts Receivable	-144.41	-144.41	-320.31	-225.65	-373.06	-338.17
Change in Inventory	-14.69	-14.69	-1.59	5.65	-14.14	-3.72
Change in Accounts Payable	48.89	48.89	53.55	46.34	69.39	100.85
Change in Other Net Operating Assets	0.69	0.69	-2.8	-	0.09	0.41
Operating Cash Flow	417.42	261.07	131.03	134.85	-49.49	55.37
Operating Cash Flow Growth	438.86%	99.26%	-2.83%	-	-	-69.97%
Capital Expenditures	-46.9	-26.37	-350.49	-7.19	-13.61	-23.49
Sale of Property, Plant & Equipment	0.19	0.03	0.1	0.07	0.03	0.16
Divestitures	-	-	-	-2.14	-	-
Investment in Securities	-4	11	411	-296	320	-600
Other Investing Activities	2.34	1.8	7.1	9.8	16.79	4.93
Investing Cash Flow	-48.38	-13.55	67.72	-295.45	323.21	-618.39
Short-Term Debt Issued	-	115	180	257	130	20
Total Debt Issued	150	115	180	257	130	20
Short-Term Debt Repaid	-	-115	-180	-257	-130	-66
Long-Term Debt Repaid	-	-17.5	-14.45	-17.7	-6.72	-
Total Debt Repaid	-132.5	-132.5	-194.45	-274.7	-136.72	-66
Net Debt Issued (Repaid)	17.5	-17.5	-14.45	-17.7	-6.72	-46
Issuance of Common Stock	23.63	17.95	4.8	-	-	881.86
Common Dividends Paid	-156.14	-75.02	-34.29	-29.6	-34.56	-0.97
Other Financing Activities	-2.12	0.18	-1.04	-0.11	2.42	-16.53
Financing Cash Flow	-117.13	-74.38	-44.98	-47.4	-38.85	818.36
Net Cash Flow	251.92	173.15	153.77	-208.01	234.87	255.34
Free Cash Flow	370.53	234.7	-219.46	127.66	-63.1	31.89
Free Cash Flow Growth	825.17%	-	-	-	-	-81.93%
Free Cash Flow Margin	7.70%	5.06%	-5.17%	3.48%	-2.07%	1.39%
Free Cash Flow Per Share	0.42	0.27	-0.25	0.15	-0.07	0.04
Cash Income Tax Paid	277.54	272.74	252.98	211.08	175.94	116.8
Levered Free Cash Flow	124.12	118.58	-356.3	9.61	-147.15	-67.43
Unlevered Free Cash Flow	125.23	119.8	-353.78	13.83	-144.95	-66.89
Change in Working Capital	-112.23	-112.23	-274.7	-176.67	-321.95	-241.24

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