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 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	559.12	400.18	502.4	294.71	75.04
Depreciation & Amortization	173.86	118.41	91.9	56.07	35.46
Other Amortization	26.58	36.92	16.73	6.89	2.65
Loss (Gain) From Sale of Assets	-2.84	-0.39	18.66	0.29	0.03
Asset Writedown & Restructuring Costs	34.49	0.06	1.31	0.02	25.51
Loss (Gain) From Sale of Investments	-20.61	-15.9	0.99	0.82	1.01
Provision & Write-off of Bad Debts	-	39.53	30.64	32.14	-
Other Operating Activities	6.27	59.62	36.67	65.37	-0.11
Change in Accounts Receivable	205.29	-326.25	-473.87	-612.98	-573.42
Change in Inventory	-241.74	273.11	-173.87	-497.11	-343.47
Change in Accounts Payable	77.59	434.04	666.54	740.18	918.14
Change in Other Net Operating Assets	13.11	8.93	8.76	8.61	14.1
Operating Cash Flow	831.25	1,027	727.39	96.35	154.6
Operating Cash Flow Growth	-19.09%	41.24%	654.95%	-37.68%	269.03%
Capital Expenditures	-422.56	-268.72	-518	-367.05	-132.3
Sale of Property, Plant & Equipment	0.01	0.81	0.16	0.04	0.01
Cash Acquisitions	-	-	-5.18	-	-14.83
Divestitures	-	-2.57	-	-	-
Investment in Securities	325.4	-609.44	-1,177	43	-37.63
Other Investing Activities	30.82	33.92	2.61	0.7	-130.99
Investing Cash Flow	-66.32	-846	-1,697	-323.31	-315.74
Long-Term Debt Issued	434.48	269.7	544.8	438.99	274.67
Total Debt Issued	434.48	269.7	544.8	438.99	274.67
Long-Term Debt Repaid	-520.4	-275.66	-451.02	-199.56	-214.71
Total Debt Repaid	-520.4	-275.66	-451.02	-199.56	-214.71
Net Debt Issued (Repaid)	-85.92	-5.96	93.77	239.43	59.96
Issuance of Common Stock	-	-	1,877	-	245
Repurchase of Common Stock	-	-35.3	-	-	-
Common Dividends Paid	-151.19	-363.4	-15.25	-14.21	-10.51
Other Financing Activities	-84.5	-74	-44.39	4.6	-7.86
Financing Cash Flow	-321.6	-478.67	1,911	229.82	286.59
Foreign Exchange Rate Adjustments	0.69	5.97	3.38	-0.28	-0.13
Net Cash Flow	444.02	-291.36	944.06	2.57	125.32
Free Cash Flow	408.69	758.61	209.39	-270.7	22.3
Free Cash Flow Growth	-46.13%	262.29%	-	-	-
Free Cash Flow Margin	6.44%	12.51%	4.09%	-7.06%	1.31%
Free Cash Flow Per Share	0.97	1.80	0.53	-0.72	0.06
Cash Income Tax Paid	241.26	186.4	43.72	39.91	31.29
Levered Free Cash Flow	340.94	754.34	8.46	-126.27	-26.88
Unlevered Free Cash Flow	340.94	760.41	18.63	-115.91	-24.15
Change in Working Capital	54.39	388.9	28.1	-359.94	15

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