SHE:301632 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	139.32	107.13	99.21	102.52	154.06	118.12
Depreciation & Amortization	65.84	65.84	64.45	64.24	57.7	37.8
Other Amortization	12.28	12.28	16.37	16.89	13.59	5.36
Loss (Gain) From Sale of Assets	-0.2	-0.2	-0.41	-0.02	-0.28	0.01
Asset Writedown & Restructuring Costs	-0	-0	-0.1	-0.01	5.33	1.03
Loss (Gain) From Sale of Investments	-1.01	-1.01	-4.03	-4.3	-69.6	-1.03
Provision & Write-off of Bad Debts	97.68	97.68	83.01	54.31	31.52	17.61
Other Operating Activities	50.7	1.2	2.48	1.32	1.08	2.67
Change in Accounts Receivable	-199.33	-199.33	-260.82	-274.91	-25.41	-55.09
Change in Inventory	0.64	0.64	11.83	9.99	14.84	-20.43
Change in Accounts Payable	55.65	55.65	37.93	18.43	-116.31	67.38
Operating Cash Flow	205.42	123.73	40.35	-19.45	65.7	159.09
Operating Cash Flow Growth	409.09%	206.64%	-	-	-58.70%	-17.81%
Capital Expenditures	-121.45	-109.39	-84.27	-39.4	-173.84	-111.04
Sale of Property, Plant & Equipment	0.11	0.03	0.17	0.01	0.31	0.41
Divestitures	-	-	-	-	60.68	-
Investment in Securities	-29.85	15	77.52	-1.49	-70	-60
Other Investing Activities	2.56	2.12	1.52	0.79	6.85	0.61
Investing Cash Flow	-148.62	-92.24	-5.08	-40.09	-176.01	-170.01
Long-Term Debt Repaid	-	-14.77	-15.97	-15.18	-	-
Net Debt Issued (Repaid)	-14.77	-14.77	-15.97	-15.18	-	-
Issuance of Common Stock	655.01	-	-	-	-	-
Common Dividends Paid	-	-	-62.78	-78.48	-78.48	-84.44
Other Financing Activities	-0.19	9.57	-35.58	20.5	-13.54	-
Financing Cash Flow	640.06	-5.2	-114.33	-73.16	-92.02	-84.44
Foreign Exchange Rate Adjustments	-0	0	-	-	-	-
Net Cash Flow	696.85	26.29	-79.05	-132.69	-202.32	-95.37
Free Cash Flow	83.97	14.34	-43.92	-58.85	-108.14	48.05
Free Cash Flow Growth	-	-	-	-	-	-56.38%
Free Cash Flow Margin	7.13%	1.20%	-3.81%	-5.49%	-9.37%	4.31%
Free Cash Flow Per Share	0.21	0.05	-0.14	-0.19	-0.34	0.15
Cash Income Tax Paid	86.95	69.85	72.31	60.06	90.77	80.79
Levered Free Cash Flow	-	-9.9	-22.66	-119.64	-121.8	16.34
Unlevered Free Cash Flow	-	-8.57	-21.35	-118.39	-120.45	16.35
Change in Working Capital	-159.18	-159.18	-220.63	-254.4	-127.7	-22.49

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