SHE:301259 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	-4.71	-30.84	-27.55	73.96	70.65	58.9
Depreciation & Amortization	11.91	11.91	7.71	4.15	1.19	1.07
Other Amortization	4.37	4.37	2.35	0.27	-	-
Loss (Gain) From Sale of Assets	-1.99	-1.99	-0.03	-	-	-
Asset Writedown & Restructuring Costs	2.98	2.98	2.14	0.25	-	0
Loss (Gain) From Sale of Investments	-2.57	-2.57	-1.59	-1.21	-	-
Provision & Write-off of Bad Debts	50.61	50.61	25.99	29.37	15.74	15.72
Other Operating Activities	-6.48	3.8	-7.4	2.95	2.41	0.07
Change in Accounts Receivable	-33.65	-33.65	280.25	-219.23	-131.7	-118.13
Change in Inventory	10.97	10.97	-11.98	1.85	-4.23	86.14
Change in Accounts Payable	129.48	129.48	-134.84	0.31	93.91	-1.9
Change in Other Net Operating Assets	-	-	-	-	1.01	1.14
Operating Cash Flow	150.16	134.3	128.97	-112.02	46.65	40.81
Operating Cash Flow Growth	64.14%	4.14%	-	-	14.32%	2593.15%
Capital Expenditures	-180.49	-171.28	-129.2	-56.8	-82.81	-77.64
Sale of Property, Plant & Equipment	0.15	0.23	0.07	-	-	-
Cash Acquisitions	-	-	-0.1	-4.9	-	-
Investment in Securities	-236.73	-51.84	-123.26	-274.4	-	-
Other Investing Activities	13.55	20.36	21.34	3.43	0.96	-
Investing Cash Flow	-403.52	-202.54	-231.15	-332.67	-81.85	-77.64
Long-Term Debt Issued	-	140.66	60	118.48	86.12	-
Long-Term Debt Repaid	-	-17.93	-30.52	-108.93	-10.12	-
Net Debt Issued (Repaid)	73.51	122.72	29.48	9.55	76	-
Issuance of Common Stock	46	46	-	507.56	-	-
Common Dividends Paid	-10.72	-6.49	-7.73	-40	-	-
Other Financing Activities	54.47	-	-	-18.08	-2.99	3.86
Financing Cash Flow	163.26	162.23	21.75	459.04	73.01	3.86
Net Cash Flow	-90.1	94	-80.44	14.36	37.81	-32.97
Free Cash Flow	-30.33	-36.98	-0.23	-168.82	-36.16	-36.84
Free Cash Flow Margin	-11.29%	-20.03%	-0.13%	-35.48%	-6.93%	-7.49%
Free Cash Flow Per Share	-0.19	-0.24	-0.00	-1.18	-0.31	-0.32
Cash Interest Paid	-	-	-	-	1.98	-
Cash Income Tax Paid	9.38	6.41	25.1	22.18	18.87	23.89
Levered Free Cash Flow	-42.41	-194.91	-46.13	-27.22	-126.34	45.6
Unlevered Free Cash Flow	-35.76	-189.21	-43.19	-24.29	-125.1	45.6
Change in Working Capital	96.03	96.03	127.34	-221.75	-43.33	-34.95

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