SHE:300565 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	-145.35	-205.77	-223.66	-13.13	-120.14	12.42
Depreciation & Amortization	53.26	53.26	57.17	42.41	29.2	23.39
Other Amortization	4.55	4.55	4.64	3.05	1.22	1.18
Loss (Gain) From Sale of Assets	0.12	0.12	0.17	0.22	1.1	-1.96
Asset Writedown & Restructuring Costs	30.14	30.14	19.55	-	11.77	0.67
Loss (Gain) From Sale of Investments	-1.17	-1.17	1.8	2.46	-0.42	-0.99
Provision & Write-off of Bad Debts	-1.47	-1.47	-4.45	-1.19	3.76	4.27
Other Operating Activities	36.18	50.62	96.67	31.81	24.81	15.2
Change in Accounts Receivable	-105.2	-105.2	93.34	13.15	140.92	-243.6
Change in Inventory	104.69	104.69	15.12	-78.16	-19.47	-21.78
Change in Accounts Payable	-48.29	-48.29	-47.6	-12.49	-196.82	178.14
Change in Other Net Operating Assets	5.36	5.36	-	-	-	-
Operating Cash Flow	-51.13	-97.11	-11.51	-24.13	-140.06	-30.88
Capital Expenditures	-42.03	-77.1	-66.73	-163.65	-370.63	-136.45
Sale of Property, Plant & Equipment	1.81	0.09	0.64	0.21	0.22	4
Cash Acquisitions	-	-	-	-	-	-0.8
Divestitures	-	-	1.38	-	-	-
Investment in Securities	200	-215	-	2.15	-11	-15
Other Investing Activities	4.08	2.43	20.9	-	3.19	1.17
Investing Cash Flow	163.86	-289.57	-43.8	-161.29	-378.22	-147.08
Long-Term Debt Issued	-	514	550.82	595.37	616.33	289.4
Total Debt Issued	434	514	550.82	595.37	616.33	289.4
Short-Term Debt Repaid	-	-	-	-	-0.01	-
Long-Term Debt Repaid	-	-660.49	-562.08	-283.15	-176.51	-118
Total Debt Repaid	-498.76	-660.49	-562.08	-283.15	-176.52	-118
Net Debt Issued (Repaid)	-64.76	-146.49	-11.27	312.22	439.81	171.4
Issuance of Common Stock	-	519.32	-	-	-	-
Common Dividends Paid	-30.23	-32.99	-36.64	-33.74	-15.65	-5.12
Other Financing Activities	9.2	7.81	13.12	-12.19	28.29	-34.18
Financing Cash Flow	-85.79	347.66	-34.78	266.29	452.44	132.09
Foreign Exchange Rate Adjustments	1.89	0.87	-1.61	11.51	-4.14	-3.91
Net Cash Flow	28.84	-38.15	-91.71	92.38	-69.97	-49.78
Free Cash Flow	-93.16	-174.2	-78.24	-187.79	-510.69	-167.33
Free Cash Flow Margin	-14.55%	-31.28%	-15.27%	-22.51%	-72.44%	-21.19%
Free Cash Flow Per Share	-0.38	-0.71	-0.38	-0.90	-2.46	-0.81
Cash Income Tax Paid	6.61	-5.2	-10.79	-46.99	-33.25	-7.97
Levered Free Cash Flow	103.35	-189.65	27.06	-153.52	-420.99	-198.04
Unlevered Free Cash Flow	123.75	-168.25	50.69	-138.75	-414.56	-195.72
Change in Working Capital	-27.4	-27.4	36.59	-89.76	-91.35	-85.06

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