SHE:301098 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	-88.7	23.46	21.22	75.2	84.87	75.95
Depreciation & Amortization	6.58	6.58	6.55	5.47	5.3	3.79
Other Amortization	0.59	0.59	0.7	0.27	0.25	0.64
Loss (Gain) From Sale of Assets	-0.85	-0.85	0.55	-0.01	-0.03	0.02
Asset Writedown & Restructuring Costs	2.85	2.85	0.01	73.78	57.12	53.28
Loss (Gain) From Sale of Investments	-0.79	-0.79	-2.96	-1.53	-0.24	-0.06
Provision & Write-off of Bad Debts	65.54	65.54	73.31	-	-	-
Other Operating Activities	356.7	50.41	33.01	18.67	14.55	13
Change in Accounts Receivable	-377.31	-377.31	-422.51	-216.74	-475.71	-467.73
Change in Inventory	-14.4	-14.4	-56.07	4.82	-13.21	60.83
Change in Accounts Payable	83.66	83.66	55.31	-2.29	200.83	218.89
Change in Other Net Operating Assets	-	-	0.12	-0.01	-0.54	0.55
Operating Cash Flow	23.11	-171.03	-267.09	-64.73	-142.52	-52.81
Capital Expenditures	-13.14	-6.85	-23.51	-15.46	-3.85	-1.49
Sale of Property, Plant & Equipment	0.52	0.94	0.82	0.06	0.16	0
Divestitures	-	-	-4.63	-	-	-
Investment in Securities	-190.81	-200.03	-5.77	106.13	-145	0.11
Other Investing Activities	300.18	0.03	0.01	-	20.03	-
Investing Cash Flow	96.75	-205.91	-33.07	90.73	-128.67	-1.38
Long-Term Debt Issued	-	462.04	913.27	272.62	219	199.11
Long-Term Debt Repaid	-	-329.99	-302.4	-245.77	-180.56	-162.58
Net Debt Issued (Repaid)	-90.46	132.05	610.87	26.86	38.44	36.53
Issuance of Common Stock	17.4	13.41	-	-	306.79	-
Repurchase of Common Stock	-25.79	-25.79	-	-	-	-
Common Dividends Paid	-22.73	-37.03	-23.92	-24.26	-11.34	-9.77
Other Financing Activities	33	6.21	-10.52	6.27	-16.73	10.6
Financing Cash Flow	-88.57	88.85	576.43	8.87	317.16	37.36
Net Cash Flow	31.28	-288.09	276.27	34.86	45.98	-16.84
Free Cash Flow	9.96	-177.87	-290.6	-80.2	-146.37	-54.3
Free Cash Flow Margin	1.20%	-19.63%	-29.09%	-8.22%	-15.27%	-5.82%
Free Cash Flow Per Share	0.06	-1.14	-1.78	-0.50	-1.20	-0.46
Cash Income Tax Paid	40.2	44.9	51.07	77.05	62.31	54.23
Levered Free Cash Flow	46.75	-165.01	-337.98	-97.62	-154.71	4.21
Unlevered Free Cash Flow	66.04	-141.31	-320.49	-88.91	-145.88	11.69
Change in Working Capital	-318.81	-318.81	-399.47	-236.58	-304.33	-199.44

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