SHE:301022 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	43.74	15.76	23.29	54.37	60.32	68.37
Depreciation & Amortization	44.62	44.62	37.82	23.11	20.1	16.19
Other Amortization	2.48	2.48	0.13	1.06	1.28	0.86
Loss (Gain) From Sale of Assets	-0.02	-0.02	-0.11	-0.33	-1.7	-0.01
Asset Writedown & Restructuring Costs	2.04	2.04	37.75	18.75	13.01	10.99
Loss (Gain) From Sale of Investments	-8.36	-8.36	-4.4	-5.9	-8.88	-
Provision & Write-off of Bad Debts	-	-	-	-	5.59	-
Other Operating Activities	-2.35	32.43	13.03	-3.48	5.5	3.78
Change in Accounts Receivable	30.73	30.73	-141.88	-7.84	-86.15	-53.42
Change in Inventory	-92.19	-92.19	-100.6	-89.25	0.36	-59.47
Change in Accounts Payable	57.34	57.34	96.02	1.76	50.48	53.05
Change in Other Net Operating Assets	11.65	11.65	6.04	0.33	2.43	1.3
Operating Cash Flow	79.45	86.25	-42.88	-9.65	60.41	39.13
Operating Cash Flow Growth	53.42%	-	-	-	54.38%	19.09%
Capital Expenditures	-281.94	-178.42	-160.71	-191.24	-56.14	-25.04
Sale of Property, Plant & Equipment	3.15	0.08	1.34	1.11	3.27	-
Investment in Securities	110	110.89	-208.69	71.99	-215	-
Other Investing Activities	4.06	9.14	5.89	11.38	6.49	0.38
Investing Cash Flow	-164.73	-58.3	-362.17	-106.76	-261.38	-24.66
Short-Term Debt Issued	-	-	-	-	-	7.31
Long-Term Debt Issued	-	123	420.67	-	-	-
Total Debt Issued	171.27	123	420.67	-	-	7.31
Short-Term Debt Repaid	-	-	-	-	-	-1.67
Long-Term Debt Repaid	-	-127.08	-33.15	-5.14	-12.54	-
Total Debt Repaid	-92.08	-127.08	-33.15	-5.14	-12.54	-1.67
Net Debt Issued (Repaid)	79.18	-4.08	387.52	-5.14	-12.54	5.64
Issuance of Common Stock	16.99	8.58	-	-	468.3	-
Common Dividends Paid	-29.05	-24.95	-19.28	-19.43	-0.55	-1.4
Other Financing Activities	1.06	-	-1.05	-1.41	-16.96	-1.47
Financing Cash Flow	68.18	-20.45	367.2	-25.98	438.24	2.77
Foreign Exchange Rate Adjustments	0.24	-1.92	1.54	4.34	-6.04	-1.7
Net Cash Flow	-16.86	5.57	-36.31	-138.05	231.23	15.55
Free Cash Flow	-202.49	-92.17	-203.59	-200.89	4.27	14.09
Free Cash Flow Growth	-	-	-	-	-69.72%	-
Free Cash Flow Margin	-25.71%	-13.58%	-35.57%	-40.15%	0.72%	3.09%
Free Cash Flow Per Share	-2.38	-1.10	-2.44	-2.41	0.06	0.23
Cash Income Tax Paid	-	-1.78	-13.44	-10.83	-0.23	8.84
Levered Free Cash Flow	-240.28	-134.52	-227.29	-267.44	-12.06	-13.86
Unlevered Free Cash Flow	-226.92	-114.6	-217.05	-267.06	-10.89	-12.32
Change in Working Capital	-2.7	-2.7	-150.37	-97.24	-34.82	-61.04

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