SHE:200992 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	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	34.28	34.54	39.6	30.24	35.53	29.54
Depreciation & Amortization	83.34	83.34	74.11	60.94	56.05	51.5
Other Amortization	0.84	0.84	0.17	0.12	0.18	0.33
Loss (Gain) From Sale of Assets	-	-	-0.01	-5.08	-3.49	-0.05
Asset Writedown & Restructuring Costs	0.14	0.14	0.1	0.05	0.05	-9.73
Loss (Gain) From Sale of Investments	0.67	0.67	0.57	-0.77	0.08	-0.02
Provision & Write-off of Bad Debts	0.45	0.45	-0.29	0.74	-1.56	0.45
Other Operating Activities	50.89	-4.71	25.25	62.49	9.28	22.33
Change in Accounts Receivable	-87.99	-87.99	-12.1	-16.14	20.66	23.24
Change in Inventory	61.73	61.73	-84.85	-207.17	58	34.24
Change in Accounts Payable	28.99	28.99	38.99	87.39	-6.29	-40.16
Operating Cash Flow	173.26	117.92	81.54	12.73	169.9	113.25
Operating Cash Flow Growth	117.17%	44.62%	540.37%	-92.51%	50.02%	2.67%
Capital Expenditures	-142.94	-89.87	-195.95	-240.96	-336.95	-33.19
Sale of Property, Plant & Equipment	0.01	-	0.13	8.05	5.12	21.65
Investment in Securities	-	-	-	-2.29	5	-5
Other Investing Activities	-	-	-	6.08	0.05	0.02
Investing Cash Flow	-142.94	-89.87	-195.82	-229.12	-326.78	-16.52
Long-Term Debt Issued	-	70.18	223.04	354.3	227.14	51.87
Total Debt Issued	128.29	70.18	223.04	354.3	227.14	51.87
Long-Term Debt Repaid	-	-86.12	-76.1	-219.39	-109.27	-62.62
Total Debt Repaid	-92.32	-86.12	-76.1	-219.39	-109.27	-62.62
Net Debt Issued (Repaid)	35.97	-15.94	146.94	134.91	117.87	-10.75
Common Dividends Paid	-15.66	-17.49	-16.47	-9.96	-2.31	-2.16
Other Financing Activities	0.56	10.04	-	100	-	-
Financing Cash Flow	20.87	-23.39	130.47	224.96	115.56	-12.91
Foreign Exchange Rate Adjustments	5.34	1.65	-0.32	9.05	-4.76	-12.69
Net Cash Flow	56.53	6.31	15.86	17.62	-46.09	71.13
Free Cash Flow	30.31	28.05	-114.42	-228.22	-167.05	80.06
Free Cash Flow Growth	123.14%	-	-	-	-	130.99%
Free Cash Flow Margin	1.87%	2.03%	-9.99%	-23.16%	-17.88%	8.29%
Free Cash Flow Per Share	0.11	0.10	-0.43	-0.86	-0.61	0.30
Cash Income Tax Paid	-	-18.47	-17.33	-29.33	-30.3	-41.35
Levered Free Cash Flow	-6.4	21	-180.74	-196.13	-183.54	70.25
Unlevered Free Cash Flow	1.23	29.68	-173.59	-194.28	-182.5	71.67
Change in Working Capital	2.65	2.65	-57.96	-135.99	73.79	18.88

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