GoodWe Technologies 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	-61.81	852.1	649.29	279.54
Depreciation & Amortization	160.64	117.37	74.02	42.54
Other Amortization	24.53	20.56	7.88	3.82
Loss (Gain) From Sale of Assets	3.16	0.02	0.1	0.05
Asset Writedown & Restructuring Costs	14.02	1.07	9.29	0.12
Loss (Gain) From Sale of Investments	-66.2	2.27	-16.85	-5.7
Provision & Write-off of Bad Debts	27.88	17.89	24.13	7.64
Other Operating Activities	184.2	23.23	-62.89	39.52
Change in Accounts Receivable	-336.71	-246.42	-235.77	-317.96
Change in Inventory	-802.06	-467.87	-736.9	-535.84
Change in Accounts Payable	183.13	610.07	1,149	763.52
Change in Other Net Operating Assets	24.01	90.02	55.9	24.52
Operating Cash Flow	-792.97	1,034	874.5	296.06
Operating Cash Flow Growth	-	18.25%	195.38%	-32.68%
Capital Expenditures	-495.33	-565.3	-486.02	-318.66
Sale of Property, Plant & Equipment	3.69	0.04	0.05	0.67
Cash Acquisitions	-	-	-	0.54
Investment in Securities	-20.72	14.75	-28.8	356.83
Other Investing Activities	6.83	7.83	11.77	11.4
Investing Cash Flow	-505.53	-542.68	-503.01	50.78
Long-Term Debt Issued	1,602	225.6	80	-
Long-Term Debt Repaid	-650.14	-138.02	-30	-
Net Debt Issued (Repaid)	951.74	87.59	50	-
Issuance of Common Stock	6.79	6.92	-	-
Repurchase of Common Stock	-10	-	-	-
Common Dividends Paid	-141.71	-201.45	-105.96	-105.69
Dividends Paid	-141.71	-201.45	-105.96	-105.69
Other Financing Activities	-217.55	-106.35	4.06	-5.02
Financing Cash Flow	589.27	-213.29	-51.9	-110.71
Foreign Exchange Rate Adjustments	5.46	69.67	60.11	-26.25
Net Cash Flow	-703.77	347.78	379.7	209.88
Free Cash Flow	-1,288	468.78	388.48	-22.6
Free Cash Flow Growth	-	20.67%	-	-
Free Cash Flow Margin	-19.12%	6.38%	8.25%	-0.84%
Free Cash Flow Per Share	-5.42	1.93	1.60	-0.09
Cash Income Tax Paid	92.11	3.33	-262.48	-103.14
Levered Free Cash Flow	-1,765	-225.95	296.64	36.8
Unlevered Free Cash Flow	-1,739	-216.32	300.24	37.19
Change in Working Capital	-1,079	-0.43	189.53	-71.46

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