SHE:301215 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	204.74	166.65	164.96	142.26	103.17	100.13
Depreciation & Amortization	83.65	83.65	66.6	65.86	62.37	58.79
Other Amortization	2.75	2.75	0.38	0.16	0.16	0.12
Loss (Gain) From Sale of Assets	-0.01	-0.01	-0.08	-	-	-1.68
Asset Writedown & Restructuring Costs	0.29	0.29	0.4	2.43	-0.53	6.3
Loss (Gain) From Sale of Investments	-10.82	-10.82	-19.2	-18.85	0	-
Provision & Write-off of Bad Debts	9.8	9.8	0.54	0.23	-	-
Other Operating Activities	30.8	0.01	0.04	1.1	6.63	7.91
Change in Accounts Receivable	-26.8	-26.8	-0.87	-33.13	38.6	81.87
Change in Inventory	0.35	0.35	0.14	-0.25	-0.41	0.2
Change in Accounts Payable	12.77	12.77	-6.33	-37.71	26.35	-88.46
Change in Other Net Operating Assets	6.31	6.31	22.59	-5.01	136.09	63.15
Operating Cash Flow	311.51	242.63	224.79	116.77	336.67	211.87
Operating Cash Flow Growth	28.69%	7.94%	92.51%	-65.32%	58.90%	33.80%
Capital Expenditures	-193.66	-373.16	-394.54	-253.09	-267.64	-232.31
Sale of Property, Plant & Equipment	0.02	0.04	0.34	0	0	15.73
Investment in Securities	-29	300	209	-900	-	-
Other Investing Activities	16.66	15.23	24.81	8.45	-	-
Investing Cash Flow	-317.43	-57.89	-160.4	-1,145	-267.64	-216.58
Short-Term Debt Issued	-	-	-	-	-	100
Long-Term Debt Issued	-	-	-	-	-	180
Total Debt Issued	-	-	-	-	-	280
Long-Term Debt Repaid	-	-0.98	-0.78	-33.35	-146.65	-120
Net Debt Issued (Repaid)	-0.98	-0.98	-0.78	-33.35	-146.65	160
Issuance of Common Stock	5.58	-	-	1,199	-	-
Common Dividends Paid	-109.74	-133.6	-71.41	-31.67	-17.92	-8.17
Other Financing Activities	-8.28	-	-	-109.78	-4.55	-1.45
Financing Cash Flow	-113.43	-134.58	-72.19	1,024	-169.12	150.38
Net Cash Flow	-119.35	50.16	-7.81	-3.77	-100.09	145.67
Free Cash Flow	117.85	-130.53	-169.76	-136.33	69.03	-20.44
Free Cash Flow Margin	24.80%	-32.62%	-47.59%	-41.98%	23.18%	-6.97%
Free Cash Flow Per Share	0.09	-0.10	-0.12	-0.10	0.07	-0.02
Cash Income Tax Paid	31.12	22.8	34.38	80.69	46.71	107.06
Levered Free Cash Flow	9.98	-264.01	-35.98	-166.51	-117.06	-245.64
Unlevered Free Cash Flow	9.98	-264.01	-35.96	-165.83	-112.92	-240.7
Change in Working Capital	-9.7	-9.7	11.14	-76.42	164.87	40.29

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