SHE:300821 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	-28.97	56.76	-271.12	511.12	1,151	280.73
Depreciation & Amortization	355.38	355.38	330.14	264.98	117.96	120.56
Other Amortization	0.02	0.02	-	-	-	-
Loss (Gain) From Sale of Assets	0.27	0.27	-0.02	-0.14	4.18	-
Asset Writedown & Restructuring Costs	39.26	39.26	4.03	55.4	25.62	5.34
Loss (Gain) From Sale of Investments	-2.28	-2.28	-2.28	-1.14	-6.81	-17.78
Provision & Write-off of Bad Debts	1.12	1.12	-0.2	-	-	-
Other Operating Activities	157.53	1.96	44.79	-19.69	7.61	-
Change in Accounts Receivable	-362.79	-362.79	474.15	-1,670	-672.77	-182.21
Change in Inventory	12.88	12.88	-71.25	19.28	-829.07	-40.09
Change in Accounts Payable	110.93	110.93	-619.14	967.32	751.05	39.61
Change in Other Net Operating Assets	2.87	2.87	-	0.14	-	-
Operating Cash Flow	286.22	216.37	-134.62	134.89	554.57	209.91
Operating Cash Flow Growth	381.97%	-	-	-75.68%	164.19%	-59.09%
Capital Expenditures	-8.78	-16.73	-233.62	-573.34	-1,123	-170.12
Sale of Property, Plant & Equipment	0.18	0.17	-	0.79	0.36	0.45
Investment in Securities	-	-	-7.31	-6.5	684.31	-800
Other Investing Activities	1.14	2.28	2.28	1.14	-	17.78
Investing Cash Flow	-7.46	-14.28	-238.65	-577.91	-438.26	-951.89
Long-Term Debt Repaid	-	-	-	-0.73	-0.7	-
Net Debt Issued (Repaid)	-	-	-	-0.73	-0.7	-
Issuance of Common Stock	-	-	-	-	-	2,011
Common Dividends Paid	-18	-	-120	-456	-150.13	-300
Other Financing Activities	-0	-	-	3.5	-	-30.62
Financing Cash Flow	-18	-	-120	-453.23	-150.83	1,681
Foreign Exchange Rate Adjustments	2.63	5.97	-3.41	19.63	-	-
Net Cash Flow	263.39	208.07	-496.68	-876.62	-34.52	938.82
Free Cash Flow	277.44	199.64	-368.24	-438.45	-568.36	39.79
Free Cash Flow Growth	-	-	-	-	-	-91.63%
Free Cash Flow Margin	6.68%	3.88%	-7.67%	-6.51%	-13.12%	1.59%
Free Cash Flow Per Share	0.22	0.18	-0.31	-0.37	-0.47	0.04
Cash Income Tax Paid	18.49	-0.41	-128.41	36.61	120.45	29.23
Levered Free Cash Flow	475.51	410.25	-173.49	-251.52	-221.15	128.42
Unlevered Free Cash Flow	475.51	410.25	-173.48	-251.47	-221.07	143.22
Change in Working Capital	-236.12	-236.12	-239.95	-675.64	-744.62	-178.94

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