Hengsheng Energy 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	159.95	136.59	135.81	137.05	124.56
Depreciation & Amortization	107.16	59.1	51.3	53.89	55.23
Other Amortization	1.02	1.85	1.96	0.56	0.52
Loss (Gain) on Sale of Assets	0.04	-42.9	-0.01	0	-1.07
Loss (Gain) on Sale of Investments	-2.66	0.16	0.09	-2.2	-1.42
Asset Writedown	2.23	0.29	0.03	27.51	-0.22
Change in Accounts Receivable	32.43	-44.6	-62.83	-123.99	-126.56
Change in Inventory	-42.89	-56.94	22.6	-24.84	7.59
Change in Accounts Payable	74.11	18.22	45.42	-15.29	83.95
Change in Other Net Operating Assets	-0.68	-0.64	1.25	0.26	-
Other Operating Activities	44.04	9.47	5.82	3.08	5.49
Operating Cash Flow	358.42	91.11	202.55	48.95	155.49
Operating Cash Flow Growth	293.38%	-55.02%	313.80%	-68.52%	49.16%
Capital Expenditures	-156.16	-113.18	-308.35	-139.45	-53.66
Sale of Property, Plant & Equipment	17.03	63.73	0.02	0.13	1.74
Cash Acquisitions	-83.34	-	-	-	-
Investment in Securities	-	-	-8.4	211.6	-220
Other Investing Activities	-	-	-5	10.95	0.91
Investing Cash Flow	-222.47	-49.45	-321.73	83.23	-271
Long-Term Debt Issued	598.64	232.41	309.36	116.5	159.08
Total Debt Issued	598.64	232.41	309.36	116.5	159.08
Long-Term Debt Repaid	-484.83	-227.78	-108.1	-80	-347.21
Total Debt Repaid	-484.83	-227.78	-108.1	-80	-347.21
Net Debt Issued (Repaid)	113.81	4.63	201.26	36.5	-188.14
Issuance of Common Stock	-	-	-	-	389.65
Common Dividends Paid	-82.59	-106.73	-125.02	-103.23	-5.66
Dividends Paid	-82.59	-106.73	-125.02	-103.23	-5.66
Other Financing Activities	-168.53	-	-0.22	50	-22.83
Financing Cash Flow	-137.32	-102.1	76.02	-16.73	173.02
Foreign Exchange Rate Adjustments	0.01	-	-	-	-
Net Cash Flow	-1.36	-60.44	-43.16	115.46	57.51
Free Cash Flow	202.25	-22.07	-105.8	-90.5	101.84
Free Cash Flow Growth	-	-	-	-	67.37%
Free Cash Flow Margin	19.81%	-2.71%	-13.41%	-10.20%	13.21%
Free Cash Flow Per Share	0.73	-0.08	-0.38	-0.32	0.44
Cash Income Tax Paid	60.69	74.46	58	61.96	43.17
Levered Free Cash Flow	328.67	7.06	-132.34	-113.29	76.54
Unlevered Free Cash Flow	328.67	11.42	-129.47	-111.26	79.98
Change in Working Capital	46.64	-85.73	-7.83	-170.93	-37.9

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