SHE:301049 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	-121.9	-69.34	-119.82	-21.63	85.67	141.58
Depreciation & Amortization	68.48	68.48	63.63	44.05	20.17	18.99
Other Amortization	3.12	3.12	1.87	0.73	0.54	0.1
Loss (Gain) From Sale of Assets	0.19	0.19	0.15	-	0.23	-
Asset Writedown & Restructuring Costs	2.59	2.59	9.62	1.63	-	0.09
Provision & Write-off of Bad Debts	1.33	1.33	5.48	6	4.65	2.49
Other Operating Activities	126.13	10.2	10.72	8.3	5.36	1.99
Change in Accounts Receivable	-80.3	-80.3	-31.72	-94.78	70.57	-92.56
Change in Inventory	7.32	7.32	-15.35	-0.63	0.1	-4.24
Change in Accounts Payable	73.14	73.14	85.28	101.46	-46.92	46.18
Change in Other Net Operating Assets	0.91	0.91	1.18	1.49	2	1.24
Operating Cash Flow	81.01	17.65	18.15	40.82	143.04	115.51
Operating Cash Flow Growth	234.57%	-2.74%	-55.55%	-71.46%	23.84%	90.17%
Capital Expenditures	-46.53	-69.16	-220.54	-258.12	-189.44	-114.92
Sale of Property, Plant & Equipment	0.06	0.06	0.25	0.05	-	-
Investment in Securities	0.23	-	-	-	-	-
Other Investing Activities	-3.86	-1.86	4.5	-20.14	-	-0.65
Investing Cash Flow	-50.1	-70.96	-215.79	-278.21	-189.44	-115.57
Long-Term Debt Issued	-	156.71	205.7	40	50	72
Total Debt Issued	129.94	156.71	205.7	40	50	72
Long-Term Debt Repaid	-	-136.93	-83.91	-42.82	-57.64	-25.28
Total Debt Repaid	-160.19	-136.93	-83.91	-42.82	-57.64	-25.28
Net Debt Issued (Repaid)	-30.25	19.78	121.79	-2.82	-7.64	46.72
Issuance of Common Stock	-	-	-	-	409.88	-
Common Dividends Paid	-7.12	-7.68	-5.35	-25.8	-1.66	-15.07
Other Financing Activities	2.55	-	18.21	-5.02	-16.64	-2.7
Financing Cash Flow	-35.05	12.1	134.65	-33.65	383.95	28.95
Net Cash Flow	-4.14	-41.21	-62.99	-271.04	337.54	28.88
Free Cash Flow	34.48	-51.52	-202.4	-217.3	-46.4	0.59
Free Cash Flow Growth	-	-	-	-	-	-91.56%
Free Cash Flow Margin	16.04%	-17.73%	-76.79%	-102.94%	-20.51%	0.19%
Free Cash Flow Per Share	0.37	-0.55	-2.15	-2.31	-0.59	0.01
Cash Interest Paid	-	-	-	-	-	2.7
Cash Income Tax Paid	10.78	8.63	-15.39	7.63	13.46	12.1
Levered Free Cash Flow	106.27	13.31	-218.51	-213.06	-84.2	-46.41
Unlevered Free Cash Flow	111.35	18.62	-215.68	-210.37	-80.8	-45.09
Change in Working Capital	1.07	1.07	46.49	1.73	26.43	-49.73

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