SHE:301007 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	51.34	53.98	53.35	46.92	49.41	50.75
Depreciation & Amortization	55.31	55.31	50.63	44.34	39.36	32.98
Other Amortization	0.39	0.39	0.38	0.23	0.11	-
Loss (Gain) From Sale of Assets	0.08	0.08	-0.02	0.03	-0.01	-0
Asset Writedown & Restructuring Costs	0.84	0.84	0	0.06	-0.32	1
Provision & Write-off of Bad Debts	-1.61	-1.61	1.41	2.16	-	-
Other Operating Activities	14.48	7.91	8.69	4.58	6.81	7.65
Change in Accounts Receivable	7.64	7.64	-41.65	-87.13	-12.37	-22.89
Change in Inventory	0.75	0.75	-18.39	2.7	-36.93	-5.33
Change in Accounts Payable	-16.54	-16.54	44.02	82.2	-27.09	7.55
Operating Cash Flow	117.09	113.16	102.86	99.45	23.16	72.03
Operating Cash Flow Growth	29.59%	10.01%	3.43%	329.35%	-67.84%	-16.73%
Capital Expenditures	-39.05	-47.48	-85.54	-49.99	-104.37	-57.13
Sale of Property, Plant & Equipment	0.31	0.43	0.17	0.08	0.16	0.03
Investing Cash Flow	-38.75	-47.05	-85.37	-49.9	-104.21	-57.1
Short-Term Debt Issued	-	143	92	83	178	-
Long-Term Debt Issued	-	-	-	-	-	155
Total Debt Issued	120	143	92	83	178	155
Short-Term Debt Repaid	-	-106	-90	-93	-245.8	-
Long-Term Debt Repaid	-	-	-	-	-	-160
Total Debt Repaid	-102	-106	-90	-93	-245.8	-160
Net Debt Issued (Repaid)	18	37	2	-10	-67.8	-5
Issuance of Common Stock	-	-	-	-	179.82	-
Common Dividends Paid	-25.83	-38.12	-25.3	-19.64	-6.45	-17.21
Other Financing Activities	-1.82	-0.97	-0.1	-	-	-
Financing Cash Flow	-9.65	-2.09	-23.4	-29.64	105.57	-22.21
Foreign Exchange Rate Adjustments	1.87	1.63	1.03	0.79	-0.36	-0.21
Net Cash Flow	70.57	65.66	-4.88	20.7	24.16	-7.49
Free Cash Flow	78.04	65.68	17.32	49.47	-81.21	14.9
Free Cash Flow Growth	71.42%	279.21%	-64.99%	-	-	-52.37%
Free Cash Flow Margin	12.16%	9.51%	2.68%	8.59%	-15.86%	3.36%
Free Cash Flow Per Share	0.50	0.43	0.11	0.33	-0.61	0.13
Cash Income Tax Paid	18.48	12.76	9.14	5.06	6.19	15.52
Levered Free Cash Flow	27.23	46.19	-12.55	61.39	-113.5	4.43
Unlevered Free Cash Flow	28.61	47.48	-10.78	63.71	-110.07	9.08
Change in Working Capital	-3.74	-3.74	-11.57	1.13	-72	-21.18

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