SHE:301046 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	Jan '24 Jan 1, 2024	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022	Dec '20 Dec 31, 2020
Net Income	24.56	52.54	58.19	26.14	104	90.19
Depreciation & Amortization	15.7	15.7	14.36	11.96	10.91	9.92
Other Amortization	0.73	0.73	-	-	-	-
Loss (Gain) From Sale of Assets	-	-	-0.03	-0.11	-	-
Asset Writedown & Restructuring Costs	-	-	-	0.04	0.6	0.39
Loss (Gain) From Sale of Investments	-2.92	-2.92	1.15	-3.27	-4.39	-2.4
Provision & Write-off of Bad Debts	15.16	15.16	19.31	19.47	13.04	-3.68
Other Operating Activities	468.78	17.07	11.55	-0.42	0.24	-0.19
Change in Accounts Receivable	-295.29	-295.29	-256.29	-69.57	-283.42	38.85
Change in Inventory	-121.55	-121.55	-82.53	19.26	-48.77	7.97
Change in Accounts Payable	159.89	159.89	87.8	-122.41	236.26	-70.04
Change in Other Net Operating Assets	-	-	-11.06	10.1	-4.19	-4.19
Operating Cash Flow	263.17	-160.56	-160.35	-114.32	21.82	67.57
Operating Cash Flow Growth	-	-	-	-	-67.71%	-59.23%
Capital Expenditures	0.52	-23.74	-36.09	-44.93	-3.95	-4.08
Sale of Property, Plant & Equipment	-	-	0.06	0.16	-	-
Investment in Securities	-162.63	108.24	-163.59	98.18	25.5	39.99
Other Investing Activities	1.44	1.17	3.45	3.62	4.12	-
Investing Cash Flow	-160.67	85.67	-196.17	57.03	25.66	35.91
Long-Term Debt Issued	-	104.95	100	-	-	-
Long-Term Debt Repaid	-	-105.28	-1.5	-1.07	-1.53	-
Net Debt Issued (Repaid)	-120.23	-0.33	98.5	-1.07	-1.53	-
Issuance of Common Stock	27.77	-	-	9.19	267.67	-
Common Dividends Paid	-47.41	-49.05	-2.36	-59.79	-	-
Other Financing Activities	-26.96	25.86	338.42	-10.81	-10.94	18.7
Financing Cash Flow	-166.82	-23.52	434.56	-62.47	255.2	18.7
Net Cash Flow	-64.34	-98.42	78.05	-119.76	302.68	122.18
Free Cash Flow	263.69	-184.31	-196.43	-159.25	17.86	63.49
Free Cash Flow Growth	-	-	-	-	-71.87%	-60.94%
Free Cash Flow Margin	21.57%	-16.80%	-33.25%	-41.72%	3.01%	15.14%
Free Cash Flow Per Share	1.72	-1.23	-1.32	-1.04	0.14	0.56
Cash Income Tax Paid	40.19	25.55	11.13	0.88	31.82	23.04
Levered Free Cash Flow	226.11	-222.81	-193.42	-210.78	46.81	42.06
Unlevered Free Cash Flow	235.52	-212.38	-186.49	-210.52	47	42.06
Change in Working Capital	-258.84	-258.84	-264.89	-168.13	-102.58	-26.65

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