SHE:301051 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	-234.67	-353.38	40.5	-152.47	155.83	218.87
Depreciation & Amortization	226.75	226.75	177.59	148.97	109.19	50.26
Other Amortization	32.57	32.57	21.65	23.81	16.33	10.26
Loss (Gain) From Sale of Assets	-0.08	-0.08	0.64	27.43	-0.18	-0.88
Asset Writedown & Restructuring Costs	2.12	2.12	2.74	15.04	7.86	2.51
Loss (Gain) From Sale of Investments	-24.63	-24.63	-15.63	-24.77	10.8	-
Provision & Write-off of Bad Debts	22.5	22.5	6.71	2.88	-9.18	1.8
Other Operating Activities	-271.59	100.1	33.81	43.18	45.86	8.03
Change in Accounts Receivable	-103.73	-103.73	-62.03	84.39	-47.39	13.2
Change in Inventory	22.97	22.97	-13.16	63.24	-94.77	-93.27
Change in Accounts Payable	36.03	36.03	-87.16	-177.36	131.72	-103.37
Change in Other Net Operating Assets	24.98	24.98	26.53	-	-	-
Operating Cash Flow	-343.08	-90.09	126.23	-0.05	326.95	113.51
Operating Cash Flow Growth	-	-	-	-	188.03%	-67.64%
Capital Expenditures	-438.84	-506.87	-409.52	-563.74	-332.43	-278.57
Sale of Property, Plant & Equipment	53.13	0.18	5.03	24.5	1.42	0.8
Cash Acquisitions	-1.68	-1.68	-14.79	-	-359.08	-
Divestitures	-11	53.45	-	-	-	-
Investment in Securities	432.12	-218.26	-249	155.82	-864.31	-
Other Investing Activities	20.36	9.51	15.15	19.35	-48.01	-
Investing Cash Flow	54.09	-663.67	-653.14	-364.07	-1,602	-277.76
Long-Term Debt Issued	-	1,511	775.7	2,211	252.12	334.18
Long-Term Debt Repaid	-	-1,232	-802.08	-1,347	-306.49	-75.82
Net Debt Issued (Repaid)	242.41	278.36	-26.38	863.49	-54.37	258.36
Issuance of Common Stock	4.55	17.15	-	-	1,907	-
Common Dividends Paid	-18.46	-34.64	-12.95	-100.9	-16.07	-65.08
Other Financing Activities	55.67	57.53	120.2	42.07	32.96	-2.17
Financing Cash Flow	284.17	318.41	80.86	804.67	1,869	191.11
Foreign Exchange Rate Adjustments	-3.16	-1.34	-1.42	8.63	-7.29	-3.62
Net Cash Flow	-7.98	-436.71	-447.46	449.18	586.62	23.24
Free Cash Flow	-781.92	-596.96	-283.29	-563.79	-5.47	-165.05
Free Cash Flow Margin	-44.46%	-35.38%	-16.33%	-35.43%	-0.29%	-12.38%
Free Cash Flow Per Share	-3.85	-2.96	-1.41	-2.79	-0.03	-1.09
Cash Interest Paid	31.44	31.44	-	1.91	6.51	-
Cash Income Tax Paid	17.36	43.13	15.35	-90.77	-17.14	49.09
Levered Free Cash Flow	89.99	-380.54	-361.31	-649.92	13.13	-333.28
Unlevered Free Cash Flow	107.72	-359.5	-341.42	-631.5	23.05	-330.26
Change in Working Capital	-96.05	-96.05	-141.78	-84.13	-9.56	-177.33

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