Xinjiang Daqo New Energy Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-2,718	5,763	19,121	5,724
Depreciation & Amortization	1,488	1,053	721.9	502.26
Other Amortization	21.24	4.69	-	-
Loss (Gain) From Sale of Assets	-	-	-	-0.05
Asset Writedown & Restructuring Costs	1,399	30.25	60.03	23.16
Loss (Gain) From Sale of Investments	-125.72	-	-7.09	-25.88
Stock-Based Compensation	-14.06	230.25	139.72	10.3
Other Operating Activities	1,854	119.51	125.97	98.8
Change in Accounts Receivable	-3,694	-1,088	-8,997	-4,730
Change in Inventory	-1,537	-138.46	894.43	-1,803
Change in Accounts Payable	-1,451	2,766	3,331	2,852
Change in Other Net Operating Assets	-11.19	9.35	0.15	-0.16
Operating Cash Flow	-5,386	8,741	15,367	2,644
Operating Cash Flow Growth	-	-43.12%	481.23%	534.87%
Capital Expenditures	-527.2	-5,219	-8,523	-1,897
Sale of Property, Plant & Equipment	-	0.14	-	0.1
Investment in Securities	-7,920	-	1,700	-1,700
Other Investing Activities	-15.37	129.08	-120.06	10.35
Investing Cash Flow	-8,463	-5,090	-6,943	-3,586
Short-Term Debt Issued	-	-	966.62	367.19
Long-Term Debt Issued	-	-	1,200	315
Total Debt Issued	-	-	2,167	682.19
Long-Term Debt Repaid	-	-	-1,200	-1,609
Total Debt Repaid	-	-	-1,200	-1,609
Net Debt Issued (Repaid)	-	-	966.62	-927.11
Issuance of Common Stock	7.77	221.72	10,945	6,104
Repurchase of Common Stock	-54.95	-259.93	-	-
Common Dividends Paid	-893.31	-7,708	-1,248	-44.7
Other Financing Activities	-	-	-13.43	-27.56
Financing Cash Flow	-940.49	-7,746	10,650	5,105
Foreign Exchange Rate Adjustments	0.22	-0.01	-	-0
Net Cash Flow	-14,789	-4,095	19,074	4,162
Free Cash Flow	-5,913	3,522	6,844	747.08
Free Cash Flow Growth	-	-48.54%	816.07%	-
Free Cash Flow Margin	-79.80%	21.57%	22.12%	6.90%
Free Cash Flow Per Share	-2.76	1.65	3.36	0.42
Cash Income Tax Paid	686.35	3,169	5,852	1,526
Levered Free Cash Flow	-2,393	6,401	2,854	1,322
Unlevered Free Cash Flow	-2,364	6,459	2,932	1,438
Change in Working Capital	-7,290	1,541	-4,794	-3,689

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