SHE:200056 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	-2,823	-640.43	-1,127	-1,228	-1,157	-292.2
Depreciation & Amortization	53.53	53.53	55.48	35.55	32.44	5.65
Other Amortization	12.94	12.94	26.48	19.85	22.79	24.68
Gain (Loss) on Sale of Assets	-48	-48	-6.75	-0.05	-0.12	-0.28
Gain (Loss) on Sale of Investments	1.85	1.85	4.38	-0.42	-1.21	5.11
Asset Writedown	271.18	271.18	562.6	805.99	827.01	166.25
Change in Accounts Receivable	37.03	37.03	-769.86	-425.23	-57.49	212.38
Change in Other Net Operating Assets	-117.72	-117.72	868.66	388.58	218.85	-54.76
Other Operating Activities	2,799	742.75	644.3	1,015	779.63	406.54
Operating Cash Flow	208.42	334.83	313.3	385.29	408.37	475.41
Operating Cash Flow Growth	-42.96%	6.87%	-18.68%	-5.65%	-14.10%	59.38%
Acquisition of Real Estate Assets	-0.65	-7.2	-9.57	-	-11.79	-21.14
Sale of Real Estate Assets	0	0	0.81	-	4.42	0.35
Net Sale / Acq. of Real Estate Assets	-0.65	-7.2	-8.76	-	-7.37	-20.78
Cash Acquisition	-	-	-41.5	-39.56	-	-207.19
Investment in Marketable & Equity Securities	69	64	4.79	-2.1	-17.78	-96.25
Other Investing Activities	0.18	-	-	-	-	-
Investing Cash Flow	68.53	56.8	-45.52	-41.66	-25.15	-102.22
Long-Term Debt Issued	-	40	486.06	-	134.6	1,129
Long-Term Debt Repaid	-	-190.79	-564.76	-85.51	-267.67	-1,180
Net Debt Issued (Repaid)	-25.62	-150.79	-78.7	-85.51	-133.07	-50.87
Issuance of Common Stock	-	-	88.9	-	-	-
Repurchase of Common Stock	-15.12	-12.87	-25.9	-19.95	-9.11	-14.37
Common Dividends Paid	-306.18	-302.02	-217.92	-180.39	-251.19	-364.4
Other Financing Activities	68.41	16.79	37.06	-34.03	-72.71	88.63
Foreign Exchange Rate Adjustments	0.01	0.01	0.06	-0.02	-0.01	-0
Net Cash Flow	-1.56	-57.25	71.29	23.73	-82.86	32.19
Cash Income Tax Paid	36.62	43.26	58.42	60.23	67.15	37.91
Levered Free Cash Flow	1,547	472.12	-127.37	682.51	434.99	760.87
Unlevered Free Cash Flow	1,922	883.46	288.4	1,045	909.24	990.13
Change in Working Capital	-111.21	-111.21	108.76	-336.05	-131.34	119.91

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