ZONQING Environmental Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	39.97	135.21	-96.34	33.56
Depreciation & Amortization	15.25	13.11	12.96	5.63
Loss (Gain) From Sale of Assets	0.3	-0.09	0.23	-0.11
Loss (Gain) on Equity Investments	27.63	3.02	3.07	-7.79
Provision & Write-off of Bad Debts	66.05	93.68	138.73	64.23
Other Operating Activities	29.9	99.47	27.36	11.21
Change in Accounts Receivable	-601.63	-336.37	-219.3	-317.84
Change in Inventory	13.11	-17.73	-0.23	6.32
Change in Accounts Payable	212.58	151.7	-99.07	138.35
Change in Unearned Revenue	122.28	19.04	357.45	-39.68
Change in Other Net Operating Assets	32.32	60.5	-25.51	4.39
Operating Cash Flow	-42.26	221.53	99.35	-101.72
Operating Cash Flow Growth	-	122.98%	-	-
Capital Expenditures	-7.1	-12.15	-13.05	-3.54
Sale of Property, Plant & Equipment	0.58	1.37	0.68	0.63
Cash Acquisitions	-84.62	-	-	-
Investment in Securities	-	-317.96	-12.88	-
Other Investing Activities	11.48	493.73	-58.77	-2.87
Investing Cash Flow	-79.65	164.98	-84.02	-5.78
Short-Term Debt Issued	166.44	617.53	336.74	143.6
Long-Term Debt Issued	1,542	1,337	1,206	440.2
Total Debt Issued	1,708	1,954	1,543	583.8
Short-Term Debt Repaid	-120.49	-699.16	-310.15	-203.6
Long-Term Debt Repaid	-1,496	-1,587	-1,050	-417.93
Total Debt Repaid	-1,617	-2,286	-1,360	-621.53
Net Debt Issued (Repaid)	91.29	-331.78	182.71	-37.73
Issuance of Common Stock	-	-	-	91.66
Common Dividends Paid	-4.08	-	-	-
Other Financing Activities	-52.95	-64.55	-66.67	-44.16
Financing Cash Flow	34.27	-396.33	116.04	9.77
Foreign Exchange Rate Adjustments	0.01	0	0	-0
Net Cash Flow	-87.63	-9.83	131.36	-97.73
Free Cash Flow	-49.36	209.37	86.3	-105.25
Free Cash Flow Growth	-	142.61%	-	-
Free Cash Flow Margin	-2.83%	8.89%	7.73%	-11.24%
Free Cash Flow Per Share	-0.06	0.25	0.10	-0.13
Cash Interest Paid	57.7	66.17	63.37	36.02
Cash Income Tax Paid	38.92	9.89	18.14	20.7
Levered Free Cash Flow	-130.13	495.93	-651.72	-211.07
Unlevered Free Cash Flow	-92.55	536.64	-610.47	-187.65
Change in Working Capital	-221.35	-122.87	13.34	-208.46

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.