SHE:301211 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	37.82	91.55	176.12	125.79	121.65	168.07
Depreciation & Amortization	25.43	25.43	21.66	21.76	19.37	18.19
Other Amortization	0.29	0.29	0.1	-	-	-
Loss (Gain) From Sale of Assets	-	-	-0.18	-0.04	0.07	0.03
Asset Writedown & Restructuring Costs	0.11	0.11	2.58	0.66	0	0.35
Loss (Gain) From Sale of Investments	-19.03	-19.03	-4.02	-	-10.7	-5.59
Provision & Write-off of Bad Debts	0.07	0.07	-0.6	-1.72	1.02	0.43
Other Operating Activities	21.88	-1.76	-3.5	-4.59	4.42	4.99
Change in Accounts Receivable	1.27	1.27	49.31	31.65	-61.53	13.51
Change in Inventory	35.95	35.95	-59.1	-25.21	45.09	-60.49
Change in Accounts Payable	-39.44	-39.44	-46.29	100.9	3.92	-17.73
Operating Cash Flow	65.98	96.07	137.06	250.79	123.98	121.67
Operating Cash Flow Growth	-35.96%	-29.91%	-45.35%	102.28%	1.90%	-67.32%
Capital Expenditures	-87.6	-164.43	-186.53	-75.95	-21.07	-13.39
Sale of Property, Plant & Equipment	0.07	0.09	0.47	0.06	0.01	0.06
Investment in Securities	102.03	-949.58	-21.4	-103.98	240	57.68
Other Investing Activities	7.99	4.45	-	-	10.7	-
Investing Cash Flow	22.5	-1,109	-207.47	-179.86	229.65	44.35
Long-Term Debt Issued	-	-	-	-	-	60
Long-Term Debt Repaid	-	-	-	-1.33	-	-80
Net Debt Issued (Repaid)	-	-	-	-1.33	-	-20
Issuance of Common Stock	-	-	-	-	1,416	-
Common Dividends Paid	-72	-138.24	-96	-72	-	-
Other Financing Activities	-2.45	-1.63	-1.17	-4.06	-11.02	-103.37
Financing Cash Flow	-74.45	-139.87	-97.17	-77.39	1,405	-123.37
Foreign Exchange Rate Adjustments	1.04	2.07	3.81	4.93	-4.42	-2.76
Net Cash Flow	15.08	-1,151	-163.76	-1.53	1,754	39.89
Free Cash Flow	-21.61	-68.36	-49.47	174.84	102.92	108.28
Free Cash Flow Growth	-	-	-	69.89%	-4.96%	-68.15%
Free Cash Flow Margin	-5.02%	-15.33%	-7.46%	33.96%	19.04%	18.26%
Free Cash Flow Per Share	-0.05	-0.17	-0.12	0.42	0.33	0.34
Cash Interest Paid	-	-	-	-	-	2.28
Cash Income Tax Paid	8.41	8.79	32.92	8.73	32.4	29.73
Levered Free Cash Flow	-15.2	-93.94	-118.8	102.2	64.84	-39.97
Unlevered Free Cash Flow	-15.04	-93.75	-118.61	102.42	64.84	-38.54
Change in Working Capital	-0.59	-0.59	-55.1	108.93	-11.85	-64.8

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