SHE:301308 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	654.37	498.68	-827.81	72.8	1,013	276.24
Depreciation & Amortization	312.78	312.78	129.92	76.16	52.95	26.69
Other Amortization	145.67	145.67	4.58	2.79	2.41	1.58
Loss (Gain) From Sale of Assets	-1.47	-1.47	0.73	0.51	0.13	0.34
Asset Writedown & Restructuring Costs	-	-	-	-	-	21.32
Loss (Gain) From Sale of Investments	-289.46	-289.46	-38.83	-24.88	-83.65	-140.87
Stock-Based Compensation	232.17	232.17	198.08	-	-	162.03
Provision & Write-off of Bad Debts	1.73	1.73	1.14	0.29	-0.12	0.69
Other Operating Activities	2,713	841.09	447.7	208.8	97.69	17.42
Change in Accounts Receivable	-640.21	-640.21	-565.84	-361.49	-282.61	-30.77
Change in Inventory	-2,506	-2,506	-2,278	-313.36	-1,410	-441.91
Change in Accounts Payable	271.51	271.51	372.66	90.9	-167.9	523.09
Operating Cash Flow	837.99	-1,190	-2,798	-326.36	-811.25	424.44
Capital Expenditures	-771.12	-943.55	-498.99	-333.16	-275.24	-111.9
Sale of Property, Plant & Equipment	5.09	7.22	0	0.01	45	40.45
Cash Acquisitions	-210.46	-8.04	-1,727	-	-	-
Investment in Securities	60.44	-190.85	560	-634	-135	-
Other Investing Activities	-16.63	33.22	4.7	7.44	-4.73	17.52
Investing Cash Flow	-932.69	-1,102	-1,661	-959.72	-369.97	-53.93
Long-Term Debt Issued	-	7,949	6,115	2,637	2,583	1,549
Long-Term Debt Repaid	-	-5,553	-2,315	-2,057	-2,282	-1,512
Net Debt Issued (Repaid)	318.99	2,396	3,800	580.17	300.58	37.21
Issuance of Common Stock	233.86	112.91	-	2,338	-	-
Common Dividends Paid	-335.39	-366.69	-75.33	-226.31	-70.72	-
Other Financing Activities	-146.88	-1.42	-6.95	-135.85	-9.36	-12.46
Financing Cash Flow	70.58	2,141	3,718	2,556	220.5	24.75
Foreign Exchange Rate Adjustments	160	-35.12	34.27	29.49	-15.55	-8.28
Net Cash Flow	135.88	-186.11	-707.72	1,300	-976.27	386.99
Free Cash Flow	66.86	-2,133	-3,297	-659.53	-1,086	312.54
Free Cash Flow Margin	0.32%	-12.22%	-32.57%	-7.92%	-11.14%	4.30%
Free Cash Flow Per Share	0.16	-5.12	-7.99	-1.72	-2.93	0.84
Cash Interest Paid	-	-	-	-	-	11.1
Cash Income Tax Paid	-	-227.46	-6.8	-137.03	-131.97	-133.98
Levered Free Cash Flow	-238.17	-2,460	-3,019	-828.9	-1,333	366.62
Unlevered Free Cash Flow	-84.32	-2,290	-2,967	-809.92	-1,326	372.97
Change in Working Capital	-2,931	-2,931	-2,714	-662.83	-1,894	58.99

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