SHE:300172 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	78.51	74.16	85.82	76.25	106.56	177.01
Depreciation & Amortization	104.57	104.57	113.21	123.19	91.57	88.4
Other Amortization	0.44	0.44	-	-	-	-
Loss (Gain) From Sale of Assets	0	0	-0	0	-0	0.08
Asset Writedown & Restructuring Costs	25.74	25.74	26.46	42.63	0.02	-
Loss (Gain) From Sale of Investments	-19.95	-19.95	-31.23	-29.37	-27.19	-23.76
Provision & Write-off of Bad Debts	15.86	15.86	27.72	16.41	21.68	12.14
Other Operating Activities	87.32	10.8	4.01	8.02	15.92	17.17
Change in Accounts Receivable	-114.19	-114.19	140.19	-356.14	5.56	-164.19
Change in Inventory	110.84	110.84	-90.47	-80.52	5.14	10.62
Change in Accounts Payable	36.9	36.9	-185.75	310.89	-100.2	-8.37
Change in Other Net Operating Assets	-	-	-	-	-	-14.01
Operating Cash Flow	323.55	242.67	86.22	107.5	116.56	90.66
Operating Cash Flow Growth	26.07%	181.48%	-19.80%	-7.77%	28.56%	26.10%
Capital Expenditures	-3.59	-3.63	-5.85	-22.06	-88.75	-27.78
Sale of Property, Plant & Equipment	0	0	0	0.01	0	0.08
Divestitures	-0.03	-	-	-	-	-
Investment in Securities	69.06	-175.94	59.98	82.11	-145.94	-92.77
Other Investing Activities	6	17.64	30.03	28.28	27.32	44.82
Investing Cash Flow	71.44	-161.93	84.16	88.34	-207.37	-75.66
Long-Term Debt Issued	-	2	148.5	60.02	63.82	80
Long-Term Debt Repaid	-	-165.12	-148.33	-143.49	-17.42	-51
Net Debt Issued (Repaid)	-7.01	-163.12	0.17	-83.47	46.4	29
Repurchase of Common Stock	-	-	-	-	-0.65	-4.82
Common Dividends Paid	-41.12	-25.63	-55.4	-49.07	-40.89	-41.6
Other Financing Activities	-1.25	-1.25	-	-1.05	-	-
Financing Cash Flow	-49.38	-190	-55.23	-133.59	4.87	-17.42
Foreign Exchange Rate Adjustments	0.08	0.12	0	-	-	-0
Net Cash Flow	345.69	-109.13	115.15	62.25	-85.95	-2.42
Free Cash Flow	319.96	239.04	80.36	85.44	27.81	62.88
Free Cash Flow Growth	25.52%	197.47%	-5.94%	207.24%	-55.78%	533.93%
Free Cash Flow Margin	42.12%	28.55%	7.99%	8.35%	3.18%	6.84%
Free Cash Flow Per Share	0.47	0.35	0.12	0.12	0.04	0.09
Cash Income Tax Paid	32.87	22.43	53.95	30.58	50.1	46.9
Levered Free Cash Flow	295.66	168.17	56.66	197.04	-31.68	63.54
Unlevered Free Cash Flow	297.19	171.41	62.74	205.7	-22.65	72.1
Change in Working Capital	31.06	31.06	-139.78	-129.63	-92	-180.38

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