SHE:300712 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	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	39.8	36.3	54.33	83.91	40.77	50.92
Depreciation & Amortization	42.07	42.07	32.29	29.02	22.48	19.11
Other Amortization	6.8	6.8	0.18	0.15	0.32	0.27
Loss (Gain) From Sale of Assets	-0.23	-0.23	-0.01	-0.8	0.01	0.11
Asset Writedown & Restructuring Costs	1.92	1.92	0.15	2.29	1.06	2.52
Loss (Gain) From Sale of Investments	-1.65	-1.65	-19.47	-26.32	-21.72	-13.83
Provision & Write-off of Bad Debts	36.83	36.83	29.34	24.05	22.97	10.36
Other Operating Activities	434.01	10.06	18.59	61.84	21.62	34.8
Change in Accounts Receivable	-176.03	-176.03	-185.91	-400.58	-467	48.55
Change in Inventory	-233.77	-233.77	-48.95	213.49	-8.84	-203.39
Change in Accounts Payable	154.7	154.7	71.18	166.05	522.05	134.88
Change in Other Net Operating Assets	0.25	0.25	-30.25	39.42	60.07	-0.39
Operating Cash Flow	308.63	-118.82	-80.88	184.41	181.2	82.99
Operating Cash Flow Growth	-	-	-	1.77%	118.34%	-
Capital Expenditures	-128.21	-61.38	-103.5	-85.92	-43.56	-19.64
Sale of Property, Plant & Equipment	0.03	0.05	0.42	0.15	0.35	0.04
Cash Acquisitions	-0	-0	-	-	-31.64	3.89
Divestitures	0.03	0.03	-	-	-9.5	-
Investment in Securities	-60.89	-67.25	-20.71	4.42	-82.92	-0.32
Other Investing Activities	11.3	4.64	5.24	2.93	-	11
Investing Cash Flow	-177.75	-123.91	-118.55	-78.42	-167.27	-5.03
Short-Term Debt Issued	-	-	-	-	146.48	90
Long-Term Debt Issued	-	1,230	1,004	676.91	773.27	669.86
Total Debt Issued	1,396	1,230	1,004	676.91	919.75	759.86
Short-Term Debt Repaid	-	-73.22	-70	-80	-130.49	-79.5
Long-Term Debt Repaid	-	-1,099	-411.67	-771.33	-609.19	-584.75
Total Debt Repaid	-1,384	-1,172	-481.66	-851.33	-739.68	-664.25
Net Debt Issued (Repaid)	11.41	58.02	522.17	-174.42	180.07	95.61
Issuance of Common Stock	-	-	27.03	37.71	-	0.07
Repurchase of Common Stock	-59	-59	-	-	-	-
Common Dividends Paid	-55.9	-61.93	-46.65	-47.45	-46.35	-50.67
Other Financing Activities	43.53	26.42	-0.3	-4.24	7.67	-
Financing Cash Flow	-59.95	-36.49	502.24	-188.4	141.39	45.01
Foreign Exchange Rate Adjustments	-0.07	-1.76	0.89	0.4	-3.01	-2.18
Net Cash Flow	70.85	-280.99	303.7	-82.01	152.32	120.79
Free Cash Flow	180.41	-180.2	-184.38	98.49	137.64	63.35
Free Cash Flow Growth	-	-	-	-28.44%	117.27%	-
Free Cash Flow Margin	9.69%	-8.83%	-9.06%	4.49%	8.78%	6.46%
Free Cash Flow Per Share	0.96	-0.96	-0.99	0.53	0.73	0.35
Cash Income Tax Paid	18.85	36.89	43.81	27.24	57.57	15.01
Levered Free Cash Flow	120.38	-257.53	-218.03	143.08	230.84	-38.88
Unlevered Free Cash Flow	155.96	-222.42	-199.37	161.97	249.44	-18.82
Change in Working Capital	-250.92	-250.92	-196.28	10.28	93.69	-21.26

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