SHE:301153 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	33.41	104.44	299.59	258.44	156.05	124.65
Depreciation & Amortization	10.38	10.38	7.98	5.66	4.47	0.41
Other Amortization	1.97	1.97	2.05	1.1	0.54	0.15
Loss (Gain) From Sale of Assets	-0.47	-0.47	0.13	-	-	0.01
Asset Writedown & Restructuring Costs	0.01	0.01	-	4.74	4.27	4.76
Loss (Gain) From Sale of Investments	0.26	0.26	-10.63	-14.51	-1.47	-5.99
Provision & Write-off of Bad Debts	40.97	40.97	20.74	-	-	3.91
Other Operating Activities	128.22	9.4	5.59	-6.07	1.31	1.15
Change in Accounts Receivable	-97.97	-97.97	-161.98	7.77	-30.29	-25.32
Change in Inventory	-6.37	-6.37	14.19	-22.81	9.46	-6.24
Change in Accounts Payable	-3.19	-3.19	-105.75	-2.17	69.69	113.61
Change in Other Net Operating Assets	41.2	41.2	71.35	-4.19	-	-
Operating Cash Flow	137.07	89.28	128.93	225.41	214.34	209.69
Operating Cash Flow Growth	208.34%	-30.75%	-42.80%	5.17%	2.22%	9.24%
Capital Expenditures	-0.56	-1.51	-5.59	-4.63	-5.36	-0.37
Sale of Property, Plant & Equipment	0.01	0.02	-	-	-	-
Cash Acquisitions	0	-29.06	-	12.88	-	-
Investment in Securities	-634.82	10.18	354.92	-180.04	-322.07	240
Other Investing Activities	6.02	5.02	13.79	8.88	2.94	7.75
Investing Cash Flow	-629.36	-15.36	363.12	-162.9	-324.48	247.38
Long-Term Debt Repaid	-	-7.52	-8.25	-5.6	-4.34	-
Net Debt Issued (Repaid)	-6.85	-7.52	-8.25	-5.6	-4.34	-
Issuance of Common Stock	31.47	-	-	909.36	-	-
Common Dividends Paid	-62.99	-194.4	-108	-108	-	-50
Other Financing Activities	0.63	-	-0.68	-68.3	-	-
Financing Cash Flow	-37.74	-201.92	-116.93	727.47	-4.34	-50
Net Cash Flow	-530.03	-128	375.12	789.97	-114.48	407.07
Free Cash Flow	136.5	87.76	123.33	220.78	208.98	209.32
Free Cash Flow Growth	221.34%	-28.84%	-44.14%	5.65%	-0.16%	9.56%
Free Cash Flow Margin	19.64%	10.64%	10.21%	24.19%	28.31%	35.65%
Free Cash Flow Per Share	0.38	0.25	0.35	0.70	0.80	0.80
Cash Income Tax Paid	40.08	49.99	58.02	54.44	31.41	33.88
Levered Free Cash Flow	174.94	14.52	-4.47	150.51	152.95	170.21
Unlevered Free Cash Flow	175.06	14.72	-4.21	150.72	153.31	170.21
Change in Working Capital	-77.68	-77.68	-196.52	-23.96	49.16	80.64

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