SHE:301449 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	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	120.74	111.06	101.25	84.39	52.02	41.84
Depreciation & Amortization	70.56	62.69	56.05	48.78	36.51	17.54
Other Amortization	6.6	5.44	4.93	3.32	1.92	2.36
Loss (Gain) From Sale of Assets	-0.13	0.03	0.67	-0.01	-0.09	0.01
Asset Writedown & Restructuring Costs	0.56	0.42	1.34	1.4	0.22	1.87
Loss (Gain) From Sale of Investments	-0.18	-0.24	-	-0.37	-1.86	-0.71
Provision & Write-off of Bad Debts	11.66	9.37	8.62	7.1	2.5	1.57
Other Operating Activities	2.06	1.55	1.69	1.42	1.42	0
Change in Accounts Receivable	-101.57	-70.65	-45.08	-66.51	-25.75	-33.44
Change in Inventory	0.11	-3.02	-2.57	-1.27	-0.43	0.08
Change in Accounts Payable	26.6	16.54	1.06	21.59	25.14	24.96
Change in Other Net Operating Assets	0.39	0.55	1.79	1.88	1.95	8.25
Operating Cash Flow	135.29	131.72	130.37	100.42	92.5	63.25
Operating Cash Flow Growth	-	1.03%	29.83%	8.56%	46.25%	42.71%
Capital Expenditures	-82.58	-58.58	-53.55	-70.78	-63.5	-30.73
Sale of Property, Plant & Equipment	0.28	0.18	0.19	0.01	0.15	-
Cash Acquisitions	-	-	-	-0.95	-1.04	-0.39
Investment in Securities	49.76	-	-	-	-	-
Other Investing Activities	-45.76	-45.76	-30.15	81.94	-15.47	-63.38
Investing Cash Flow	-78.29	-104.16	-83.51	10.21	-79.85	-94.5
Total Debt Repaid	-0.88	-	-	-	-	-
Net Debt Issued (Repaid)	-0.88	-	-	-	-	-
Issuance of Common Stock	-	-	-	-	-	3.43
Common Dividends Paid	-	-	-24.46	-	-	-
Other Financing Activities	-26.73	-27.26	-27.92	-22.8	-20.15	-0.2
Financing Cash Flow	-27.61	-27.26	-52.37	-22.8	-20.15	3.23
Net Cash Flow	29.39	0.3	-5.51	87.83	-7.51	-28.02
Free Cash Flow	52.71	73.14	76.83	29.63	29	32.52
Free Cash Flow Growth	-	-4.80%	159.26%	2.17%	-10.81%	224.60%
Free Cash Flow Margin	6.06%	9.14%	10.59%	4.96%	5.86%	8.26%
Free Cash Flow Per Share	1.08	1.50	1.57	0.61	0.89	0.99
Cash Income Tax Paid	47.62	51.93	55.18	32.87	22.69	26.46
Levered Free Cash Flow	-	53.16	32.66	6.13	5.13	-
Unlevered Free Cash Flow	-	54.1	33.48	6.98	6.02	-
Change in Working Capital	-76.58	-58.6	-44.19	-45.61	-0.14	-1.23

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