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 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	503.03	557.93	651.15	678.47	728.84	681.52
Depreciation & Amortization	511.81	511.81	508.03	505.21	496.81	413.04
Other Amortization	4.44	4.44	5.09	4.49	4.43	3.72
Loss (Gain) on Sale of Assets	-0.14	-0.14	1.43	-0.67	0.01	0.57
Loss (Gain) on Sale of Investments	-22.94	-22.94	-34	-25.22	-4.22	-2.66
Asset Writedown	63.07	63.07	49.21	19.3	-0	0.26
Change in Accounts Receivable	831.26	831.26	-528.25	-318.73	-197.52	-535.37
Change in Inventory	-0.67	-0.67	-7.3	2.96	-7.04	-6.11
Change in Accounts Payable	11.77	11.77	7.53	29.68	41.22	-7.21
Other Operating Activities	33.21	54.07	141.78	161.59	206.37	236.03
Operating Cash Flow	1,930	2,006	798.18	1,029	1,276	801.61
Operating Cash Flow Growth	138.82%	151.31%	-22.46%	-19.31%	59.14%	2.41%
Capital Expenditures	-191.15	-194.12	-59.66	-92.99	-217.22	-544.27
Sale of Property, Plant & Equipment	0.33	0.33	0.8	0.82	0.18	0.31
Cash Acquisitions	-28.41	-28.41	-	-	-	-
Investment in Securities	-1,585	330	830.4	-901	-179	-110
Other Investing Activities	42.6	44.21	23.45	17.41	2.29	2.52
Investing Cash Flow	-1,761	152.02	794.99	-975.76	-393.75	-651.45
Long-Term Debt Issued	-	494.31	263.23	1,220	1,021	1,547
Long-Term Debt Repaid	-	-1,518	-708.85	-1,802	-1,418	-1,590
Net Debt Issued (Repaid)	-1,006	-1,023	-445.62	-582.02	-396.72	-43.78
Common Dividends Paid	-203.44	-225.59	-223.62	-295.5	-148.08	-168.92
Other Financing Activities	-22.21	-0.78	-74.61	-42.66	-29.34	-30.57
Financing Cash Flow	-1,232	-1,250	-743.85	-920.17	-574.14	-243.27
Net Cash Flow	-1,063	908.38	849.32	-866.56	307.81	-93.11
Free Cash Flow	1,739	1,812	738.52	936.39	1,058	257.34
Free Cash Flow Growth	133.38%	145.33%	-21.13%	-11.54%	311.32%	-
Free Cash Flow Margin	111.71%	112.73%	42.42%	54.07%	59.10%	16.50%
Free Cash Flow Per Share	0.90	0.94	0.39	0.49	0.56	0.14
Cash Income Tax Paid	309.65	323.17	206.52	199.21	175.27	123.26
Levered Free Cash Flow	1,518	1,534	417.02	604.45	615.82	-543.23
Unlevered Free Cash Flow	1,518	1,534	477.4	676.28	709.87	-430.34
Change in Working Capital	837.69	837.69	-539.94	-288.54	-170.22	-559.51

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