JoulWatt Technology 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	-717.12	-603.37	-531.41	137.16	141.98
Depreciation & Amortization	107.05	59.58	38.13	30.11	18.77
Other Amortization	4.68	3.2	1.26	0.26	-
Loss (Gain) From Sale of Assets	-0	-	-	-	-
Asset Writedown & Restructuring Costs	-0.76	-0.33	2.75	33.98	10.59
Loss (Gain) From Sale of Investments	-7.5	0.42	-1.34	0.52	-
Provision & Write-off of Bad Debts	15.43	9.29	7.61	-	-
Other Operating Activities	192.41	237.08	225.46	15.47	2.15
Change in Accounts Receivable	-22.39	-52.18	130.4	-588.77	-349.33
Change in Inventory	-157.03	-181.31	-297.6	-527.32	-190.06
Change in Accounts Payable	168.98	181.45	72.37	61.78	30.87
Change in Other Net Operating Assets	92.75	-14.27	61.18	13.34	13.69
Operating Cash Flow	-323.5	-360.44	-291.43	-823.49	-321.35
Capital Expenditures	-216	-199.49	-124.65	-89.07	-129.14
Sale of Property, Plant & Equipment	0.47	0.01	0.87	4.6	-
Cash Acquisitions	-362.82	6.48	-	-	-
Divestitures	-	-	-3.45	-	-
Investment in Securities	-590.07	-309.03	-176	-53.72	-
Other Investing Activities	12.83	1.64	3.22	2.07	-
Investing Cash Flow	-1,147	-500.4	-300.02	-136.13	-129.14
Long-Term Debt Issued	1,722	973.63	878.1	1,092	1
Long-Term Debt Repaid	-1,106	-697.71	-600.66	-231.02	-20.99
Net Debt Issued (Repaid)	615.96	275.92	277.44	860.48	-19.99
Issuance of Common Stock	32.25	-	-	2,081	320
Common Dividends Paid	-52.37	-39.45	-24.69	-21.7	-1.22
Other Financing Activities	118.01	-	-23.95	-9.66	-
Financing Cash Flow	713.85	236.47	228.8	2,910	298.8
Foreign Exchange Rate Adjustments	0.48	3.48	0.07	4.6	-0.97
Net Cash Flow	-755.87	-620.89	-362.57	1,955	-152.67
Free Cash Flow	-539.5	-559.93	-416.07	-912.56	-450.49
Free Cash Flow Margin	-20.32%	-33.35%	-32.09%	-63.04%	-43.25%
Free Cash Flow Per Share	-1.20	-1.25	-0.93	-2.33	-1.24
Cash Income Tax Paid	-25.42	-37.04	-3.36	-20.17	-1.01
Levered Free Cash Flow	-727.22	-480.92	-467.97	-677.25	-403.02
Unlevered Free Cash Flow	-689.18	-455.77	-452.57	-664.86	-402.19
Change in Working Capital	82.32	-66.31	-33.88	-1,041	-494.83

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