SHE:300812 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	-60.74	-109.38	21.66	44.29	70.12	58.96
Depreciation & Amortization	21.4	21.4	23.93	19.35	14.07	7.43
Other Amortization	1.89	1.89	2.14	0.77	0.36	2.57
Loss (Gain) From Sale of Assets	-0.23	-0.23	-1.13	0.02	-	-0
Asset Writedown & Restructuring Costs	0	0	0.04	0.09	-	3.65
Loss (Gain) From Sale of Investments	0.61	0.61	-1.41	-1.46	-0.2	-2.95
Provision & Write-off of Bad Debts	32.47	32.47	-0.97	2.6	4.86	2.92
Other Operating Activities	190.66	53.71	2.68	5.2	7.51	-0.44
Change in Accounts Receivable	5.94	5.94	30.82	48.08	-58.28	-134.82
Change in Inventory	-62.27	-62.27	-4.83	-154.66	-162.89	-123.7
Change in Accounts Payable	70.5	70.5	-216.79	38.39	101.02	130.7
Change in Other Net Operating Assets	0.42	0.42	11.14	11.03	19.66	8.69
Operating Cash Flow	200.17	14.58	-149.18	5.13	-8.47	-49.38
Capital Expenditures	-3.48	-9.89	-38.45	-57.8	-67.09	-112.8
Sale of Property, Plant & Equipment	0.27	0.4	0.05	-	-	0.01
Divestitures	-	-	-	-	-	0.32
Investment in Securities	-82.55	-63.44	0.31	-	-4.42	-
Other Investing Activities	0.83	0.81	-	0.22	3.62	7.62
Investing Cash Flow	-84.93	-72.12	-38.09	-57.58	-67.88	-104.84
Long-Term Debt Issued	-	137.55	37.52	5	20	15
Total Debt Issued	136	137.55	37.52	5	20	15
Long-Term Debt Repaid	-	-37.11	-25.46	-16.07	-21.46	-10.03
Total Debt Repaid	-189.64	-37.11	-25.46	-16.07	-21.46	-10.03
Net Debt Issued (Repaid)	-53.64	100.44	12.05	-11.07	-1.46	4.97
Issuance of Common Stock	-	-	3.59	2.47	-	-
Repurchase of Common Stock	-0.99	-0.99	-	-	-	-
Common Dividends Paid	-1.82	-7.9	-0.78	-14.63	-12.44	-39.06
Other Financing Activities	6.79	8.55	65.7	31.75	38.08	-31.82
Financing Cash Flow	-49.66	100.1	80.57	8.53	24.17	-65.91
Foreign Exchange Rate Adjustments	0.61	0.62	0.15	1.54	0.14	-0.69
Net Cash Flow	66.19	43.18	-106.55	-42.38	-52.04	-220.83
Free Cash Flow	196.69	4.69	-187.62	-52.67	-75.56	-162.18
Free Cash Flow Margin	45.11%	1.20%	-34.70%	-8.04%	-15.62%	-37.69%
Free Cash Flow Per Share	1.41	0.03	-1.30	-0.38	-0.54	-1.16
Cash Income Tax Paid	19.19	27.7	11.24	17.98	12.25	27.27
Levered Free Cash Flow	143.16	0.94	-207.66	-106.67	-89.46	-156.78
Unlevered Free Cash Flow	144.55	2.54	-206.92	-105.76	-88.4	-156.58
Change in Working Capital	14.11	14.11	-196.12	-65.73	-105.19	-121.52

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