SHE:200706 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	Dec '22 Dec 31, 2022	Jan '22 Jan 1, 2022	Dec '20 Dec 31, 2020
Net Income	-91.43	-110.21	-99.48	-139.9	-205.74	-380.23
Depreciation & Amortization	67.64	67.64	66	86.04	86.38	86.42
Other Amortization	2.57	2.57	-	-	0.32	0.35
Loss (Gain) From Sale of Assets	-0.89	-0.89	-1.41	-2.11	-3.28	0.94
Asset Writedown & Restructuring Costs	0.61	0.61	0.45	16.61	11.74	32.99
Loss (Gain) From Sale of Investments	-18.11	-18.11	-12.91	-6.81	54.66	-0.06
Provision & Write-off of Bad Debts	17.61	17.61	8.02	-13.45	60.63	19.23
Other Operating Activities	244	65.75	52.72	85.14	44.05	280.82
Change in Accounts Receivable	-41.22	-41.22	80.1	-88.9	-53.44	-388.52
Change in Inventory	-62.53	-62.53	59.67	59.7	54.66	-151.14
Change in Accounts Payable	184.56	184.56	-68.79	88	27.76	560.47
Operating Cash Flow	302.75	105.72	84.32	84.27	77.68	61.22
Operating Cash Flow Growth	0.26%	25.37%	0.07%	8.48%	26.87%	-61.23%
Capital Expenditures	-3.38	-6	-5.43	-12.86	-4.75	-3.58
Sale of Property, Plant & Equipment	1.74	0.7	0.47	1.77	2.1	2.4
Other Investing Activities	1	1	2	0.02	-	-
Investing Cash Flow	-0.64	-4.29	-2.96	-11.06	-2.66	-1.18
Short-Term Debt Issued	-	-	-	-	776	829
Long-Term Debt Issued	-	708	848	1,018	-	-
Total Debt Issued	410	708	848	1,018	776	829
Short-Term Debt Repaid	-	-737.1	-849.55	-	-769	-826.11
Long-Term Debt Repaid	-	-	-	-996	-	-
Total Debt Repaid	-834.9	-737.1	-849.55	-996	-769	-826.11
Net Debt Issued (Repaid)	-424.9	-29.1	-1.55	22	7	2.89
Common Dividends Paid	-16.54	-30.78	-34.68	-29.83	-38.69	-68.74
Other Financing Activities	65.92	6.27	-164.85	-50.31	5.6	35
Financing Cash Flow	-375.52	-53.61	-201.07	-58.14	-26.09	-30.85
Foreign Exchange Rate Adjustments	2.12	2.42	3.02	2.45	-2.81	-2.79
Net Cash Flow	-71.28	50.24	-116.69	17.51	46.12	26.4
Free Cash Flow	299.37	99.72	78.89	71.4	72.92	57.65
Free Cash Flow Growth	1.44%	26.40%	10.49%	-2.08%	26.51%	-63.13%
Free Cash Flow Margin	12.99%	4.86%	3.60%	3.04%	3.15%	3.10%
Free Cash Flow Per Share	0.74	0.25	0.20	0.18	0.18	0.14
Cash Interest Paid	5.09	5.09	5.73	2.24	-	-
Cash Income Tax Paid	57.25	29.24	46.83	23.55	37.37	56.64
Levered Free Cash Flow	295.85	128.1	-13.5	142	158.61	102.62
Unlevered Free Cash Flow	310.34	149.07	11.54	164.63	181.52	125.65
Change in Working Capital	80.75	80.75	70.92	58.74	28.93	20.76

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