SHE:200011 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	Jan '24 Jan 1, 2024	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022	Dec '20 Dec 31, 2020
Net Income	-1,086	-1,115	464.01	537.29	1,025	798.57
Depreciation & Amortization	65.68	65.68	73.42	111.98	67.47	45.34
Other Amortization	9.32	9.32	8.11	8.01	5.6	4.01
Loss (Gain) From Sale of Assets	-0.09	-0.09	-0.83	-170.56	-0	-0
Asset Writedown & Restructuring Costs	0.19	0.19	0.13	0.2	0.07	0.27
Loss (Gain) From Sale of Investments	-185.62	-185.62	-705.76	-2.1	-6.8	-0.63
Provision & Write-off of Bad Debts	9.48	9.48	13.45	17.4	29.19	-4.62
Other Operating Activities	634.85	1,286	259.58	61.83	61.46	116.49
Change in Accounts Receivable	-79.18	-79.18	-69.3	611.49	-541.4	150.13
Change in Inventory	-495.13	-495.13	-485.8	-1,729	-3,692	-391.01
Change in Accounts Payable	-962.12	-962.12	64.91	761.69	1,551	-40.52
Operating Cash Flow	-2,046	-1,424	-264.09	105.23	-1,829	385.5
Operating Cash Flow Growth	-	-	-	-	-	-58.98%
Capital Expenditures	-8.03	-10.34	-7.64	-17.73	-24.85	-48.48
Sale of Property, Plant & Equipment	111.57	55.9	0.09	197.19	0.11	0.14
Cash Acquisitions	-	-	-	-	-4.29	-
Divestitures	-	-	634.58	-	-	-
Investment in Securities	-57.32	-57.32	0.06	-27.08	-	-
Other Investing Activities	-300.09	-	-	-	0.12	-
Investing Cash Flow	-253.87	-11.76	627.09	152.38	-28.91	-48.35
Long-Term Debt Issued	-	1,240	1,485	285.59	-	2,175
Long-Term Debt Repaid	-	-537.8	-219.46	-92.98	-51.05	-750.13
Net Debt Issued (Repaid)	3,332	702.15	1,265	192.61	-51.05	1,425
Common Dividends Paid	-210.13	-387.06	-402.73	-593.99	-482.14	-411.95
Other Financing Activities	-7.55	-2.72	-2.06	-259.07	-40.59	-463.99
Financing Cash Flow	3,115	312.37	860.33	-660.45	-573.78	548.93
Foreign Exchange Rate Adjustments	0.35	1.05	0.12	4.79	-1.49	-3.28
Net Cash Flow	815.01	-1,122	1,223	-398.05	-2,433	882.81
Free Cash Flow	-2,054	-1,434	-271.73	87.5	-1,854	337.01
Free Cash Flow Growth	-	-	-	-	-	-61.60%
Free Cash Flow Margin	-65.59%	-52.46%	-9.16%	2.36%	-37.75%	8.21%
Free Cash Flow Per Share	-3.45	-2.41	-0.46	0.15	-3.11	0.56
Cash Income Tax Paid	2,526	1,032	262.74	678.85	1,491	2,182
Levered Free Cash Flow	-2,340	-796.97	-362.96	-377.09	-1,577	-140.74
Unlevered Free Cash Flow	-2,277	-754.22	-328	-336.5	-1,530	-26.41
Change in Working Capital	-1,494	-1,494	-376.2	-458.81	-3,011	-573.93

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