Zhongmin Energy 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	570.05	651.15	678.47	728.84	681.52	485.89
Depreciation & Amortization	508.03	508.03	505.21	496.81	413.04	308.58
Other Amortization	5.09	5.09	4.49	4.43	3.72	3.67
Loss (Gain) on Sale of Assets	1.43	1.43	-0.67	0.01	0.57	5.52
Loss (Gain) on Sale of Investments	-34	-34	-25.22	-4.22	-2.66	2.93
Asset Writedown	49.21	49.21	19.3	-0	0.26	24.26
Change in Accounts Receivable	-528.25	-528.25	-318.73	-197.52	-535.37	-265.14
Change in Inventory	-7.3	-7.3	2.96	-7.04	-6.11	-4.2
Change in Accounts Payable	7.53	7.53	29.68	41.22	-7.21	9.95
Other Operating Activities	1,258	141.78	161.59	206.37	236.03	201.52
Operating Cash Flow	1,833	798.18	1,029	1,276	801.61	782.72
Operating Cash Flow Growth	95.91%	-22.46%	-19.31%	59.14%	2.41%	11.60%
Capital Expenditures	-135.59	-59.66	-92.99	-217.22	-544.27	-878.03
Sale of Property, Plant & Equipment	1.05	0.8	0.82	0.18	0.31	0.23
Investment in Securities	1,070	830.4	-901	-179	-110	-
Other Investing Activities	36.29	23.45	17.41	2.29	2.52	-
Investing Cash Flow	972.15	794.99	-975.76	-393.75	-651.45	-877.8
Long-Term Debt Issued	-	263.23	1,220	1,021	1,547	1,352
Long-Term Debt Repaid	-	-708.85	-1,802	-1,418	-1,590	-1,636
Net Debt Issued (Repaid)	-465.4	-445.62	-582.02	-396.72	-43.78	-283.58
Issuance of Common Stock	-	-	-	-	-	555.5
Common Dividends Paid	-267.02	-223.62	-295.5	-148.08	-168.92	-168.22
Other Financing Activities	35.65	-74.61	-42.66	-29.34	-30.57	-8.22
Financing Cash Flow	-696.77	-743.85	-920.17	-574.14	-243.27	95.48
Net Cash Flow	2,109	849.32	-866.56	307.81	-93.11	0.4
Free Cash Flow	1,698	738.52	936.39	1,058	257.34	-95.3
Free Cash Flow Growth	96.72%	-21.13%	-11.54%	311.32%	-	-
Free Cash Flow Margin	98.38%	42.42%	54.07%	59.10%	16.50%	-7.61%
Free Cash Flow Per Share	0.87	0.39	0.49	0.56	0.14	-0.05
Cash Income Tax Paid	308.31	206.52	199.21	175.27	123.26	82.42
Levered Free Cash Flow	1,424	417.02	604.45	615.82	-543.23	-850.62
Unlevered Free Cash Flow	1,475	477.4	676.28	709.87	-430.34	-755.4
Change in Working Capital	-539.94	-539.94	-288.54	-170.22	-559.51	-265.64

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