SHE:300407 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	96.37	93.89	96.31	88.99	67.38	85.17
Depreciation & Amortization	92.73	92.73	81.73	74.31	69.87	48.26
Other Amortization	4.36	4.36	0.6	0.47	0.43	0.43
Loss (Gain) From Sale of Assets	0.13	0.13	0	0.01	0.07	-0.04
Asset Writedown & Restructuring Costs	0.12	0.12	0.03	0.17	0.08	0.17
Loss (Gain) From Sale of Investments	-0.24	-0.24	1.06	0.37	-1.13	-1.51
Provision & Write-off of Bad Debts	17.52	17.52	2.88	58.72	23.38	32.6
Other Operating Activities	69.07	1.61	10.19	20.92	11.59	20.27
Change in Accounts Receivable	7.64	7.64	13.96	-231.25	-71.36	-60.06
Change in Inventory	-73.89	-73.89	-94.45	63	-105.06	35.51
Change in Accounts Payable	109.4	109.4	96.18	45.36	141.06	8.47
Change in Other Net Operating Assets	1.77	1.77	9.55	2.16	-6.87	-2.97
Operating Cash Flow	321.5	251.56	217.11	114.86	125.57	161.21
Operating Cash Flow Growth	-9.27%	15.87%	89.02%	-8.53%	-22.11%	-31.65%
Capital Expenditures	-52.82	-60.74	-76.15	-55.83	-68.99	-65.34
Sale of Property, Plant & Equipment	0.07	0.04	0.04	0.02	0.09	0.05
Cash Acquisitions	-3.42	-	-	-0.98	-	-
Investment in Securities	-70.3	-54.01	12.01	-8.61	-14.54	-
Other Investing Activities	26.93	0.74	0.12	0.59	1.13	1.51
Investing Cash Flow	-99.54	-113.98	-63.98	-64.82	-82.32	-63.79
Short-Term Debt Issued	-	-	-	-	124.56	-
Long-Term Debt Issued	-	191.16	156.33	177.45	-	169.81
Total Debt Issued	205.47	191.16	156.33	177.45	124.56	169.81
Short-Term Debt Repaid	-	-	-	-	-142.59	-
Long-Term Debt Repaid	-	-218.77	-241.51	-158.96	-23.83	-167.94
Total Debt Repaid	-170.78	-218.77	-241.51	-158.96	-166.42	-167.94
Net Debt Issued (Repaid)	34.69	-27.61	-85.17	18.5	-41.86	1.87
Issuance of Common Stock	9.35	-	1.05	-	-	-
Common Dividends Paid	-35.46	-44.33	-39.06	-15.4	-28.04	-14.7
Other Financing Activities	24.28	-	-	-	-	-
Financing Cash Flow	32.85	-71.94	-123.18	3.1	-69.9	-12.83
Foreign Exchange Rate Adjustments	38.34	-20.84	23.49	11.44	-32.05	5.74
Net Cash Flow	293.16	44.81	53.43	64.59	-58.7	90.33
Free Cash Flow	268.69	190.82	140.96	59.03	56.58	95.86
Free Cash Flow Growth	1.31%	35.37%	138.80%	4.33%	-40.98%	-28.15%
Free Cash Flow Margin	10.35%	8.63%	7.05%	3.08%	2.98%	4.92%
Free Cash Flow Per Share	0.86	0.61	0.45	0.19	0.18	0.32
Cash Income Tax Paid	-	-42.74	-21.45	-4.66	-8.82	-7.66
Levered Free Cash Flow	212.11	156.69	74.18	1.68	48.38	6.34
Unlevered Free Cash Flow	215.85	161.14	82.29	12.38	57.76	15.77
Change in Working Capital	41.43	41.43	24.31	-129.1	-46.1	-24.15

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