SHE:300867 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	245.87	182.11	146.52	180.19	480.38	303.7
Depreciation & Amortization	280.25	280.25	273.57	247.27	194.78	143.54
Other Amortization	32.2	32.2	32.58	28.52	24.23	17.45
Loss (Gain) on Sale of Assets	-0.14	-0.14	0.29	0.23	0.02	-
Loss (Gain) on Sale of Investments	-23.11	-23.11	-19.24	-12.93	-92.47	-7.32
Asset Writedown	12.91	12.91	5.32	1.05	2.3	11.46
Change in Accounts Receivable	-280.61	-280.61	-306.83	36.8	-443.23	-170.9
Change in Inventory	4.19	4.19	0.27	-14.31	-20.71	-8.44
Change in Accounts Payable	26.25	26.25	28.54	94.58	38.85	57.32
Change in Other Net Operating Assets	8.49	8.49	6.89	0.69	-	-
Other Operating Activities	352.36	188.65	191.58	200.93	159.81	141.96
Operating Cash Flow	733.11	505.63	386.28	767.57	385.62	483.24
Operating Cash Flow Growth	65.89%	30.90%	-49.68%	99.05%	-20.20%	8.89%
Capital Expenditures	-505.49	-427.65	-345.93	-840.44	-1,109	-1,434
Sale of Property, Plant & Equipment	0.27	0.12	0.5	0.31	0.06	-
Cash Acquisitions	-	-	-	-2.37	-0.45	-
Investment in Securities	43.52	69.32	-31.17	168.11	228.51	-701.16
Other Investing Activities	0.18	0.18	-	0.4	5	0.4
Investing Cash Flow	-461.51	-358.03	-376.61	-673.98	-875.48	-2,135
Long-Term Debt Issued	-	1,487	716.17	1,021	970.82	1,281
Long-Term Debt Repaid	-	-1,349	-781.26	-569.62	-409.11	-506.27
Net Debt Issued (Repaid)	180.82	138.79	-65.09	451.16	561.7	774.62
Issuance of Common Stock	-	-	-	-	-	1,254
Common Dividends Paid	-176.56	-194.75	-215.92	-267.25	-228.67	-146.81
Other Financing Activities	-219.82	-19.26	-1.96	-5	-4.8	-20.94
Financing Cash Flow	-215.56	-75.22	-282.97	178.91	328.23	1,861
Net Cash Flow	56.04	72.37	-273.3	272.5	-161.62	209.23
Free Cash Flow	227.62	77.98	40.34	-72.87	-722.99	-950.9
Free Cash Flow Growth	79.13%	93.30%	-	-	-	-
Free Cash Flow Margin	14.46%	4.93%	2.31%	-4.16%	-30.98%	-91.99%
Free Cash Flow Per Share	0.84	0.29	0.15	-0.27	-2.66	-4.20
Cash Income Tax Paid	125.29	129.2	92.77	77.92	103.33	59.9
Levered Free Cash Flow	-193.28	-308.04	-159.01	-501.73	-1,116	-1,005
Unlevered Free Cash Flow	-89.04	-190.37	-37.08	-374.24	-1,016	-915.79
Change in Working Capital	-270.04	-270.04	-294.29	110.95	-417.97	-127.54

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