SHE:301103 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	10.62	-27.4	63.55	32.59	86.36	100.24
Depreciation & Amortization	107.57	107.57	110.68	105.07	98.61	40.49
Other Amortization	39.44	39.44	28.73	22.02	19.31	15.77
Loss (Gain) From Sale of Assets	-1.4	-1.4	-3.53	0.06	0.31	0.06
Asset Writedown & Restructuring Costs	2.28	2.28	5.16	1.91	1.6	1.79
Loss (Gain) From Sale of Investments	-1.45	-1.45	-3.17	-	-	-0.24
Other Operating Activities	-1.98	3.45	7.84	10.57	12.1	0.64
Change in Accounts Receivable	46.91	46.91	-54.47	-13.02	-1.66	-4.58
Change in Inventory	8.71	8.71	-2.52	-11.63	-2.83	1.83
Change in Accounts Payable	-22.23	-22.23	23.31	1.31	0.94	12.73
Change in Other Net Operating Assets	-0.23	-0.23	-0.55	-0.1	-0.24	1.36
Operating Cash Flow	188.24	155.65	176.77	147.98	213.61	169.74
Operating Cash Flow Growth	62.33%	-11.95%	19.46%	-30.72%	25.84%	40.98%
Capital Expenditures	-77.82	-116.33	-188.51	-49.11	-71.22	-93.16
Sale of Property, Plant & Equipment	-0.03	-	-	-	0.24	0.02
Investment in Securities	-1,067	-643.2	200	-200	-	-
Other Investing Activities	12.8	0.53	2.54	-	-	-
Investing Cash Flow	-1,132	-759	14.03	-249.11	-70.99	-93.14
Long-Term Debt Repaid	-	-60.76	-63.77	-64.19	-54.45	-
Net Debt Issued (Repaid)	-60.76	-60.76	-63.77	-64.19	-54.45	-
Issuance of Common Stock	0.24	-	-	1,198	-	-
Repurchase of Common Stock	-63.38	-63.38	-4.22	-	-	-
Common Dividends Paid	-23.3	-93.97	-158.03	-72.94	-	-
Other Financing Activities	69	-	-15.34	-20.05	-3.27	-6.24
Financing Cash Flow	-78.19	-218.1	-241.36	1,041	-57.72	-6.24
Foreign Exchange Rate Adjustments	0.07	0.01	0	-	-	-
Net Cash Flow	-1,021	-821.44	-50.56	939.92	84.9	70.36
Free Cash Flow	110.42	39.31	-11.74	98.87	142.38	76.58
Free Cash Flow Growth	-	-	-	-30.56%	85.92%	756.84%
Free Cash Flow Margin	10.17%	3.59%	-0.99%	10.35%	14.79%	9.13%
Free Cash Flow Per Share	0.69	0.25	-0.07	0.67	1.20	0.65
Cash Income Tax Paid	63.95	69.47	88.18	74.54	88.76	71.96
Levered Free Cash Flow	117.01	51.42	-31.3	100.52	130.65	53.2
Unlevered Free Cash Flow	123.02	58.51	-22.79	108.13	138.21	53.6
Change in Working Capital	33.16	33.16	-32.49	-24.25	-4.68	11.01

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