Wolong New Energy Group 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	-186.97	87.69	164.41	311.68	474.66
Depreciation & Amortization	109.71	96.71	5.47	1.3	-
Other Amortization	1.09	0.13	0.2	0.68	-
Loss (Gain) From Sale of Assets	-0	-0.02	-	-0	-
Asset Writedown & Restructuring Costs	263.64	194.17	0.3	-0.1	-
Loss (Gain) From Sale of Investments	-41.03	7.06	90.79	196.81	-
Provision & Write-off of Bad Debts	10.13	5.35	2.06	3.27	-
Other Operating Activities	111.85	98.85	78.83	5.82	-245.02
Change in Accounts Receivable	151.86	-776.3	-42.66	-188.02	-
Change in Inventory	600.9	-75.5	-31.73	-412.49	-
Change in Accounts Payable	-55.23	-83.85	-557	-1,026	-
Change in Other Net Operating Assets	8.44	6.69	1.02	-2.69	-
Operating Cash Flow	996.22	-449.83	-293.73	-1,132	229.63
Capital Expenditures	-1,014	-240.62	-219.74	-71.37	-50.31
Sale of Property, Plant & Equipment	1.87	1.49	0	0.14	0.17
Cash Acquisitions	-0.47	-4.55	-	-68	-
Divestitures	-	0.02	-	-	-
Investment in Securities	6.19	13.24	-14.92	-136.46	524.09
Other Investing Activities	14.48	7.54	8.15	10.56	24.86
Investing Cash Flow	-991.67	-222.88	-226.51	-265.13	498.82
Short-Term Debt Issued	-	-	-	-	133.46
Long-Term Debt Issued	1,302	940.4	266.94	119.79	-
Total Debt Issued	1,302	940.4	266.94	119.79	133.46
Short-Term Debt Repaid	-	-	-	-	-141.13
Long-Term Debt Repaid	-891.88	-529.63	-167.3	-165.13	-0.55
Total Debt Repaid	-891.88	-529.63	-167.3	-165.13	-141.68
Net Debt Issued (Repaid)	409.83	410.77	99.64	-45.34	-8.22
Issuance of Common Stock	-	15.63	-	-	-
Repurchase of Common Stock	-	-35	-	-	-1.29
Common Dividends Paid	-37.91	-68.4	-72.71	-106.4	-105.84
Other Financing Activities	-470.43	27.09	6.95	-0.33	-
Financing Cash Flow	-98.52	350.1	33.88	-152.07	-115.35
Foreign Exchange Rate Adjustments	-0.62	1.09	0.35	1.89	-2.44
Net Cash Flow	-94.59	-321.52	-486.01	-1,547	610.66
Free Cash Flow	-17.53	-690.45	-513.47	-1,203	179.33
Free Cash Flow Margin	-0.58%	-14.14%	-10.80%	-25.41%	5.27%
Free Cash Flow Per Share	-0.03	-1.02	-0.73	-1.72	0.26
Cash Income Tax Paid	311.09	355.78	259.71	462.31	517.51
Levered Free Cash Flow	316.69	-957.54	-185.21	-1,282	5.3
Unlevered Free Cash Flow	334.64	-938.47	-182.52	-1,281	5.77
Change in Working Capital	727.79	-939.78	-635.8	-1,651	-

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