SHE:301173 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	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	160.77	170.8	159.65	71.37	42.83	73.44
Depreciation & Amortization	64	64	64.19	53.74	41.15	29.78
Other Amortization	54.07	54.07	57.16	51.74	41.69	23.77
Loss (Gain) From Sale of Assets	-0.51	-0.51	0.12	-0.08	0.02	0.76
Asset Writedown & Restructuring Costs	5.67	5.67	1.22	0.42	0.23	3.93
Loss (Gain) From Sale of Investments	-3.94	-3.94	-0.22	-0.26	0.25	0.67
Provision & Write-off of Bad Debts	22.1	22.1	5.72	7.93	3	13.23
Other Operating Activities	271.05	29.15	14.7	15.35	9.61	10.13
Change in Accounts Receivable	527.09	527.09	-424.08	-285.36	-212.37	-336.97
Change in Inventory	-11.54	-11.54	-61.2	34.55	-60.67	14.35
Change in Accounts Payable	-765.32	-765.32	463.83	190.09	290.6	150.03
Change in Other Net Operating Assets	5.79	5.79	4.99	2.74	0.09	-
Operating Cash Flow	320.44	88.57	281.74	140.34	154.18	-18.19
Operating Cash Flow Growth	115.66%	-68.56%	100.76%	-8.98%	-	-
Capital Expenditures	-66.42	-113.84	-117.87	-45.61	-60.56	-70.93
Sale of Property, Plant & Equipment	1.47	0.63	1.71	0.97	2.83	1.39
Investment in Securities	-128.41	-107.06	-29.78	-28.11	-	-
Other Investing Activities	-373.03	-	-	-	-	-8.51
Investing Cash Flow	-566.38	-220.27	-145.95	-72.75	-57.73	-78.04
Long-Term Debt Issued	-	82.35	230.06	285	312	337
Long-Term Debt Repaid	-	-56.52	-409.39	-359.26	-281.57	-227
Net Debt Issued (Repaid)	-128.34	25.83	-179.33	-74.26	30.43	110
Issuance of Common Stock	578.54	-	-	120	42.4	-
Common Dividends Paid	-22.29	-3.2	-7.09	-13.61	-59.74	-21.14
Other Financing Activities	-39.42	27.75	-3.02	-33.12	24.35	6.2
Financing Cash Flow	388.5	50.37	-189.44	-0.99	37.44	95.06
Net Cash Flow	142.56	-81.33	-53.65	66.6	133.89	-1.17
Free Cash Flow	254.02	-25.28	163.86	94.73	93.62	-89.11
Free Cash Flow Growth	675.54%	-	72.99%	1.18%	-	-
Free Cash Flow Margin	10.73%	-1.05%	6.58%	4.69%	5.53%	-6.77%
Free Cash Flow Per Share	3.23	-0.38	2.49	1.57	1.67	-
Cash Income Tax Paid	125.19	126.4	146.46	62.55	44.15	17.83
Levered Free Cash Flow	-	-134.9	203.28	26.96	231.49	-
Unlevered Free Cash Flow	-	-134.13	206.71	34.7	238.64	-
Change in Working Capital	-252.76	-252.76	-20.82	-59.87	15.4	-173.88

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