SHE:300806 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	46.38	54.88	56.07	168.09	209.94	181.63
Depreciation & Amortization	373.97	373.97	249.05	181.7	122.9	93.25
Other Amortization	2.41	2.41	0.95	1.01	0.98	0.93
Loss (Gain) From Sale of Assets	-4.18	-4.18	-0.03	-0.01	-0.21	0.02
Asset Writedown & Restructuring Costs	-0.6	-0.6	0.6	0.44	-0.57	29.08
Loss (Gain) From Sale of Investments	11.77	11.77	4.94	5.92	-0.13	-0.39
Provision & Write-off of Bad Debts	24.11	24.11	3.83	7.41	8.68	2.72
Other Operating Activities	310.88	176.44	94.27	59.92	36.4	36.01
Change in Accounts Receivable	-636.23	-636.23	-371.34	-362.71	-168.68	-177.18
Change in Inventory	-163.33	-163.33	-217.56	-131.51	-129.16	-96.34
Change in Accounts Payable	276.68	276.68	354.49	68.27	306.93	129.58
Change in Other Net Operating Assets	-2.94	-2.94	2.07	17.31	25.86	9.84
Operating Cash Flow	215.75	89.8	142.4	-4.32	371.22	192.97
Operating Cash Flow Growth	-40.48%	-36.94%	-	-	92.37%	98.24%
Capital Expenditures	-152.48	-268.7	-642.25	-1,396	-887.48	-700.43
Sale of Property, Plant & Equipment	0.07	0.02	0.08	0.45	0.86	1.82
Investment in Securities	-2.54	-34.42	-44.96	-49.47	-14.89	22
Other Investing Activities	2.5	2.5	4.43	6.98	5.78	7.14
Investing Cash Flow	-152.45	-300.6	-682.72	-1,438	-895.73	-669.47
Long-Term Debt Issued	-	2,167	1,584	2,950	2,038	1,618
Long-Term Debt Repaid	-	-1,986	-1,261	-1,625	-1,403	-1,013
Net Debt Issued (Repaid)	234.18	181.38	323	1,325	635.03	605.47
Issuance of Common Stock	-	-	-	498.65	-	40.29
Repurchase of Common Stock	-5	-5	-31.55	-4.25	-1.09	-
Common Dividends Paid	-144.86	-143.55	-153.2	-136.46	-91.1	-52.82
Other Financing Activities	46.31	23.2	76.68	87.81	-191.91	59.2
Financing Cash Flow	130.62	56.02	214.93	1,771	350.92	652.13
Foreign Exchange Rate Adjustments	1.54	1.92	4.26	5.25	-0.67	-1.16
Net Cash Flow	195.46	-152.86	-321.13	333.43	-174.25	174.47
Free Cash Flow	63.27	-178.9	-499.85	-1,401	-516.25	-507.45
Free Cash Flow Margin	2.17%	-6.65%	-25.39%	-74.61%	-26.02%	-32.96%
Free Cash Flow Per Share	0.14	-0.39	-1.07	-3.25	-1.21	-1.21
Cash Income Tax Paid	39.53	32.28	16.65	-50.68	35.67	36.15
Levered Free Cash Flow	-44.83	-317.41	-660.58	-1,355	-812.91	-341.61
Unlevered Free Cash Flow	27.2	-249.02	-611.29	-1,319	-788.44	-318.37
Change in Working Capital	-549.01	-549.01	-267.27	-428.81	-6.77	-150.27

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