Henan Huanghe Whirlwind Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	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	-949.85	-983.24	-798.49	30.82	43.02
Depreciation & Amortization	452.41	428.56	453.62	421.14	371.33
Other Amortization	5.69	7.78	4.38	4.72	1.3
Loss (Gain) From Sale of Assets	-3.08	1.87	9.81	1.44	6.52
Asset Writedown & Restructuring Costs	145.64	235.4	120.75	9.42	26.21
Loss (Gain) From Sale of Investments	5.42	-5.84	3.8	5.11	10.42
Provision & Write-off of Bad Debts	-	206.54	109.79	5.63	83.61
Other Operating Activities	533.05	390.19	459.87	351.95	318.62
Change in Accounts Receivable	-863.59	-1,066	-314.19	119.08	149.74
Change in Inventory	-96.15	72.41	27.21	-6.46	20.85
Change in Accounts Payable	644.9	826.3	402.22	-242.27	9.53
Operating Cash Flow	-150.65	41.29	438.81	705.66	978.65
Operating Cash Flow Growth	-	-90.59%	-37.81%	-27.89%	127.88%
Capital Expenditures	-145.38	-144.36	-230.02	-249.66	-616.73
Sale of Property, Plant & Equipment	0.2	3.6	0.05	0.46	5.07
Divestitures	-	232.48	-	-	-
Investment in Securities	-10.6	-10	-5.5	-16	-4
Other Investing Activities	-0.25	0.74	-	-	-
Investing Cash Flow	-156.02	82.46	-235.47	-265.2	-615.66
Short-Term Debt Issued	-	3,098	663.97	473.57	1,535
Long-Term Debt Issued	2,790	3,397	3,322	4,403	4,142
Total Debt Issued	2,790	6,495	3,986	4,877	5,677
Long-Term Debt Repaid	-2,976	-6,313	-3,856	-4,788	-4,109
Net Debt Issued (Repaid)	-185.75	182.4	129.77	88.98	1,568
Common Dividends Paid	-225.93	-127.74	-189.13	-222.62	-325.89
Other Financing Activities	651.47	-176.41	-192.73	-321.58	-1,717
Financing Cash Flow	239.79	-121.75	-252.09	-455.22	-474.96
Foreign Exchange Rate Adjustments	0.14	0.16	0.23	0.58	-0.07
Net Cash Flow	-66.74	2.16	-48.51	-14.18	-112.04
Free Cash Flow	-296.03	-103.07	208.79	456	361.91
Free Cash Flow Growth	-	-	-54.21%	26.00%	-
Free Cash Flow Margin	-21.82%	-7.92%	13.26%	18.92%	13.64%
Free Cash Flow Per Share	-0.21	-0.07	0.15	0.33	0.26
Cash Interest Paid	-	163.31	2.15	33.34	1.79
Cash Income Tax Paid	68.75	71.2	60.25	145.7	107.34
Levered Free Cash Flow	2,251	23.69	-432.71	264.35	-618.49
Unlevered Free Cash Flow	2,251	200.99	-213.04	482.61	-406.57
Change in Working Capital	-339.94	-239.98	75.28	-124.57	117.62

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