SHE:301161 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	72.59	53.17	37.09	46.2	59.64	76.9
Depreciation & Amortization	29.34	29.34	13.02	10.94	6.84	3.63
Other Amortization	3	3	0.59	0.28	0.45	0.95
Loss (Gain) From Sale of Assets	0.48	0.48	0.02	0.01	0.17	0.06
Asset Writedown & Restructuring Costs	0.05	0.05	0.04	0.05	0.28	9.97
Loss (Gain) From Sale of Investments	-0.95	-0.95	-1.82	-0.8	-	-
Provision & Write-off of Bad Debts	1.81	1.81	0.28	7.94	0.42	-
Other Operating Activities	116.4	58.85	4	8.61	13.51	3.32
Change in Accounts Receivable	-89.61	-89.61	-10.37	-5.11	3.61	-116.82
Change in Inventory	14.6	14.6	-18.11	-10.45	-57.72	-11.86
Change in Accounts Payable	15.37	15.37	6.54	-33.39	-5.86	41.49
Change in Other Net Operating Assets	0.28	0.28	0.11	-0.21	-0.08	0.56
Operating Cash Flow	155.37	78.39	32.51	17.84	19.98	6.82
Operating Cash Flow Growth	202.75%	141.17%	82.23%	-10.72%	193.13%	26.08%
Capital Expenditures	-21.78	-18.18	-27.13	-28.64	-51.19	-54.21
Sale of Property, Plant & Equipment	0.64	0.65	0.16	0.03	0.03	0.41
Cash Acquisitions	-119.62	-119.62	-	-	-	-
Divestitures	-	-	-	-	-	1.09
Investment in Securities	188.26	8	-10	-	-	-
Other Investing Activities	0.17	0.7	1.82	0.8	-	-
Investing Cash Flow	47.66	-128.45	-35.15	-27.82	-51.16	-52.71
Long-Term Debt Issued	-	103.5	-	23.21	63	70.63
Long-Term Debt Repaid	-	-94.41	-1.82	-113.68	-44.72	-20
Net Debt Issued (Repaid)	-103.81	9.09	-1.82	-90.47	18.28	50.63
Issuance of Common Stock	9.6	-	-	515.02	-	-
Common Dividends Paid	-53.21	-51.94	-20.4	-4.6	-6.89	-23.23
Other Financing Activities	-225.72	0.2	0.2	-9.49	18.05	-5.01
Financing Cash Flow	-373.14	-42.66	-22.02	410.46	29.44	22.4
Foreign Exchange Rate Adjustments	-0.15	0	0.07	0.16	-0.05	-0.03
Net Cash Flow	-170.26	-92.72	-24.59	400.63	-1.8	-23.53
Free Cash Flow	133.59	60.21	5.38	-10.81	-31.21	-47.39
Free Cash Flow Growth	401.94%	1019.72%	-	-	-	-
Free Cash Flow Margin	17.33%	8.42%	1.48%	-3.17%	-7.60%	-11.70%
Free Cash Flow Per Share	1.10	0.50	0.04	-0.11	-0.34	-0.52
Cash Income Tax Paid	62.32	43.12	24.9	14.9	18.2	44.9
Levered Free Cash Flow	97.4	-51.1	-20.6	-0.69	-22.58	-93.55
Unlevered Free Cash Flow	99.75	-47.64	-20.43	2.12	-18.83	-91.65
Change in Working Capital	-67.36	-67.36	-20.72	-55.4	-61.33	-88.03

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