SHE:300011 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	8.21	11.12	17.84	-196.48	19.93	-469.68
Depreciation & Amortization	74.59	74.59	94.2	84.79	84.87	76.71
Other Amortization	7.08	7.08	4.4	5.38	3.92	4.19
Loss (Gain) From Sale of Assets	0.11	0.11	-13.7	-0.34	-26.52	0.22
Asset Writedown & Restructuring Costs	1.98	1.98	1	41.74	0.06	413.62
Loss (Gain) From Sale of Investments	-2.53	-2.53	-5.29	-16.54	7.66	-29.75
Provision & Write-off of Bad Debts	19.91	19.91	14.57	35.68	29.12	17.83
Other Operating Activities	-30.89	59.92	53.65	92.41	52.89	92.57
Change in Accounts Receivable	-278.35	-278.35	-414.17	-291.61	-201.84	-298.2
Change in Inventory	-21.22	-21.22	-36.33	-14.64	10.31	-12.89
Change in Accounts Payable	289.27	289.27	408.87	139.95	10.37	235.75
Operating Cash Flow	57.12	150.84	118.96	-130.13	-13.24	46.67
Operating Cash Flow Growth	164.02%	26.80%	-	-	-	-56.55%
Capital Expenditures	-17.3	-28.54	-51.39	-21.76	-63.77	-70.56
Sale of Property, Plant & Equipment	0	0.18	89.47	9.44	15.77	0.06
Investment in Securities	7.78	-29.47	-	-	20.05	6.7
Other Investing Activities	-0.74	0.68	1.04	22.9	-	-
Investing Cash Flow	-10.25	-57.15	39.12	10.58	-27.96	-63.79
Long-Term Debt Issued	-	1,418	1,575	1,225	1,042	928.21
Long-Term Debt Repaid	-	-1,401	-1,698	-1,038	-1,085	-796.31
Net Debt Issued (Repaid)	94.66	16.18	-123.56	187.37	-43.35	131.9
Common Dividends Paid	-33.57	-34.02	-36.73	-40.5	-35	-39.05
Other Financing Activities	-13.04	-18.1	-3.29	32.21	9.82	31.94
Financing Cash Flow	48.06	-35.94	-163.58	179.08	-68.53	124.79
Foreign Exchange Rate Adjustments	0.3	-0.27	0.82	1.31	-0.94	0.24
Net Cash Flow	95.22	57.48	-4.69	60.84	-110.67	107.91
Free Cash Flow	39.82	122.3	67.57	-151.89	-77.01	-23.89
Free Cash Flow Growth	-	81.00%	-	-	-	-
Free Cash Flow Margin	2.44%	7.70%	4.45%	-11.97%	-5.57%	-1.96%
Free Cash Flow Per Share	0.07	0.22	0.12	-0.27	-0.14	-0.04
Cash Income Tax Paid	74.72	74.75	99.63	78.08	61.7	74.7
Levered Free Cash Flow	46.56	94.35	104.32	-169.81	-319.29	124.59
Unlevered Free Cash Flow	73.63	122.66	135.76	-133.19	-282.87	159.3
Change in Working Capital	-21.34	-21.34	-47.71	-176.77	-185.16	-59.05

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