SHE:301202 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	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	91.61	91.22	61.92	57.8	59.65	58.29
Depreciation & Amortization	45.29	45.29	39.02	39.22	38.9	28.05
Other Amortization	1.88	1.88	0.61	0.12	0.24	0.33
Loss (Gain) From Sale of Assets	2.32	2.32	-0.14	0.18	0.21	-0.21
Asset Writedown & Restructuring Costs	4.44	4.44	0.06	-	2.58	1.47
Loss (Gain) From Sale of Investments	-10.25	-10.25	-4.22	-0.03	-0.01	-0.08
Provision & Write-off of Bad Debts	11.29	11.29	6.48	4.71	1.38	0.27
Other Operating Activities	138.83	6.57	7.08	13.93	19.32	15.94
Change in Accounts Receivable	-223.54	-223.54	-55.93	53.71	-103.05	-68.57
Change in Inventory	-45.56	-45.56	-40.33	6.41	-34.15	-24.53
Change in Accounts Payable	162.48	162.48	30.55	-62.48	23.78	64.63
Operating Cash Flow	175.99	43.34	46.64	113.09	8.45	75.71
Operating Cash Flow Growth	151.80%	-7.07%	-58.76%	1238.98%	-88.84%	34.50%
Capital Expenditures	-232.53	-60.31	-50.19	-22.84	-24.88	-114.24
Sale of Property, Plant & Equipment	3.01	3.14	0.67	0.62	0.49	0.72
Investment in Securities	166.57	113.57	-535.12	-	-	-
Other Investing Activities	35.08	-18.42	0.09	0.03	0.01	1.08
Investing Cash Flow	-27.87	37.97	-584.54	-22.19	-24.37	-112.44
Long-Term Debt Issued	-	254.8	242.9	286.67	278.3	268.55
Total Debt Issued	396.1	254.8	242.9	286.67	278.3	268.55
Long-Term Debt Repaid	-	-176.4	-397.23	-390.43	-205.73	-205.86
Total Debt Repaid	-285.34	-176.4	-397.23	-390.43	-205.73	-205.86
Net Debt Issued (Repaid)	110.76	78.4	-154.33	-103.77	72.57	62.69
Issuance of Common Stock	-	-	756.49	-	-	-
Common Dividends Paid	-48.05	-58.24	-61.72	-12.56	-17.06	-12.44
Dividends Paid	-48.05	-58.24	-61.72	-12.56	-17.06	-12.44
Other Financing Activities	0.51	-	-15.55	-2.51	-3.25	-
Financing Cash Flow	63.23	20.16	524.89	-118.84	52.27	50.25
Foreign Exchange Rate Adjustments	-0.04	4.15	3.69	3.08	-0.69	-3.35
Net Cash Flow	211.31	105.63	-9.33	-24.86	35.65	10.16
Free Cash Flow	-56.53	-16.97	-3.55	90.25	-16.43	-38.53
Free Cash Flow Margin	-4.36%	-1.32%	-0.39%	10.09%	-1.60%	-5.38%
Free Cash Flow Per Share	-0.41	-0.13	-0.03	0.89	-0.16	-0.38
Cash Income Tax Paid	2.43	-8.92	4.24	-1.6	-1.96	7.83
Levered Free Cash Flow	298.58	-20.27	-26.18	42.23	-58.34	-49.02
Unlevered Free Cash Flow	302.69	-17.54	-21.42	49.81	-48.29	-41.64
Change in Working Capital	-109.42	-109.42	-64.18	-2.85	-113.82	-28.35

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