SHE:301133 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	45.33	85.58	90.88	52.32	41.58	48.7
Depreciation & Amortization	40.36	40.36	34.36	28.07	21.52	17.86
Other Amortization	13.46	13.46	11.62	8.86	4.93	0.19
Loss (Gain) From Sale of Assets	-0	-0	-0.01	-0.01	0.12	-
Asset Writedown & Restructuring Costs	0.03	0.03	1.07	0.1	-	2.88
Loss (Gain) From Sale of Investments	4.26	4.26	2.17	0.82	-	-0.01
Provision & Write-off of Bad Debts	4.56	4.56	2.45	3.4	1.97	-
Other Operating Activities	-125.38	16.85	8.05	2.05	5	4.98
Change in Accounts Receivable	-330.74	-330.74	-61.46	-74.35	-83.06	-77.12
Change in Inventory	-22.08	-22.08	-1.39	-24.61	-71.15	-17.11
Change in Accounts Payable	413.53	413.53	36.83	64	55.48	62.43
Change in Other Net Operating Assets	4.89	4.89	7.53	-	-	-
Operating Cash Flow	38.3	220.78	126.87	60.34	-25.92	41.73
Operating Cash Flow Growth	-69.55%	74.01%	110.25%	-	-	-29.23%
Capital Expenditures	-313.29	-547.84	-150.51	-158.06	-52.06	-46.84
Sale of Property, Plant & Equipment	0.01	0	0.29	0	0.25	-
Investment in Securities	111.75	110	-130	43.32	-100	-
Other Investing Activities	-58.56	2.98	1.24	2.5	-	0.01
Investing Cash Flow	-260.08	-434.86	-278.99	-112.24	-151.82	-46.83
Long-Term Debt Issued	-	280	445.13	96.9	44.18	11.71
Long-Term Debt Repaid	-	-104.85	-99	-77.31	-6.12	-1.13
Net Debt Issued (Repaid)	240.11	175.15	346.13	19.59	38.06	10.58
Issuance of Common Stock	0.5	8.25	1.25	-	380.17	-
Common Dividends Paid	-28.19	-25.12	-16.2	-11.84	-0.46	-15
Other Financing Activities	-0.53	1.31	-5.43	-0.47	-48.23	-5.54
Financing Cash Flow	211.89	159.58	325.75	7.28	369.55	-9.96
Foreign Exchange Rate Adjustments	2.99	3.8	1.69	4.23	-1.08	-5.09
Net Cash Flow	-6.91	-50.71	175.33	-40.38	190.73	-20.16
Free Cash Flow	-274.99	-327.07	-23.64	-97.71	-77.98	-5.11
Free Cash Flow Margin	-24.58%	-28.84%	-2.55%	-13.40%	-14.19%	-1.29%
Free Cash Flow Per Share	-2.54	-3.06	-0.22	-0.92	-0.96	-0.06
Cash Income Tax Paid	16.39	8.56	13.82	-4.83	-2.94	-1.82
Levered Free Cash Flow	-379.72	-394.48	-65.87	-128.11	-87.29	-34.48
Unlevered Free Cash Flow	-373.67	-390.58	-63.93	-127.21	-86.75	-34.48
Change in Working Capital	55.67	55.67	-23.72	-35.27	-101.05	-32.87

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