Shenzhen VMAX 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	400.18	502.4	294.71	75.04
Depreciation & Amortization	118.41	91.9	56.07	35.46
Other Amortization	36.92	16.73	6.89	2.65
Loss (Gain) From Sale of Assets	-0.39	18.66	0.29	0.03
Asset Writedown & Restructuring Costs	0.06	1.31	0.02	25.51
Loss (Gain) From Sale of Investments	-15.9	0.99	0.82	1.01
Provision & Write-off of Bad Debts	39.53	30.64	32.14	-
Other Operating Activities	59.62	36.67	65.37	-0.11
Change in Accounts Receivable	-326.25	-473.87	-612.98	-573.42
Change in Inventory	273.11	-173.87	-497.11	-343.47
Change in Accounts Payable	434.04	666.54	740.18	918.14
Change in Other Net Operating Assets	8.93	8.76	8.61	14.1
Operating Cash Flow	1,027	727.39	96.35	154.6
Operating Cash Flow Growth	41.24%	654.95%	-37.68%	269.03%
Capital Expenditures	-268.72	-518	-367.05	-132.3
Sale of Property, Plant & Equipment	0.81	0.16	0.04	0.01
Cash Acquisitions	-	-5.18	-	-14.83
Divestitures	-2.57	-	-	-
Investment in Securities	-609.44	-1,177	43	-37.63
Other Investing Activities	33.92	2.61	0.7	-130.99
Investing Cash Flow	-846	-1,697	-323.31	-315.74
Long-Term Debt Issued	269.7	544.8	438.99	274.67
Total Debt Issued	269.7	544.8	438.99	274.67
Long-Term Debt Repaid	-275.66	-451.02	-199.56	-214.71
Total Debt Repaid	-275.66	-451.02	-199.56	-214.71
Net Debt Issued (Repaid)	-5.96	93.77	239.43	59.96
Issuance of Common Stock	-	1,877	-	245
Repurchase of Common Stock	-35.3	-	-	-
Common Dividends Paid	-363.4	-15.25	-14.21	-10.51
Other Financing Activities	-74	-44.39	4.6	-7.86
Financing Cash Flow	-478.67	1,911	229.82	286.59
Foreign Exchange Rate Adjustments	5.97	3.38	-0.28	-0.13
Net Cash Flow	-291.36	944.06	2.57	125.32
Free Cash Flow	758.61	209.39	-270.7	22.3
Free Cash Flow Growth	262.29%	-	-	-
Free Cash Flow Margin	12.51%	4.09%	-7.06%	1.31%
Free Cash Flow Per Share	1.80	0.53	-0.72	0.06
Cash Income Tax Paid	186.4	43.72	39.91	31.29
Levered Free Cash Flow	754.34	8.46	-126.27	-26.88
Unlevered Free Cash Flow	760.41	18.63	-115.91	-24.15
Change in Working Capital	388.9	28.1	-359.94	15

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