Shenzhen Nanshan Power 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	Jan '24 Jan 1, 2024	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Net Income	161.04	21.91	4.16	-160.16	-439.45
Depreciation & Amortization	33.52	26.51	35.53	40.75	46.29
Other Amortization	1.79	2.71	0.92	0.5	0.44
Loss (Gain) on Sale of Assets	-284.41	-163.53	-1.89	-0.29	-0.97
Loss (Gain) on Sale of Investments	-28.49	-84.49	-35	-70.72	-45.98
Asset Writedown	26.37	64.1	0.01	10.41	327.67
Change in Accounts Receivable	-27.85	36.3	43.48	289.72	30.91
Change in Inventory	24.07	16.16	-1.02	5.5	-0.21
Change in Accounts Payable	-25.49	-19.15	-140.06	-	80.27
Change in Other Net Operating Assets	-	-	-	81.29	-
Other Operating Activities	101.5	50.91	-6.41	8.53	-39.32
Operating Cash Flow	-16.8	-37.64	-100.37	207.17	-39.26
Capital Expenditures	-199.61	-16.3	-10.54	-3.32	-44.86
Sale of Property, Plant & Equipment	69.34	77.3	104.55	1.34	1.81
Divestitures	-	57.63	-	-	-
Investment in Securities	6.75	176	174.01	-160	-176.22
Other Investing Activities	-263.12	5.52	24.66	57.2	57.65
Investing Cash Flow	-386.64	300.16	292.69	-104.78	-161.62
Long-Term Debt Issued	344.39	435.03	421.09	1,090	1,061
Total Debt Issued	344.39	435.03	421.09	1,090	1,061
Long-Term Debt Repaid	-268.56	-578.03	-939.6	-1,192	-909.09
Total Debt Repaid	-268.56	-578.03	-939.6	-1,192	-909.09
Net Debt Issued (Repaid)	75.84	-143.01	-518.5	-101.92	151.94
Issuance of Common Stock	-	49	-	0	0.04
Common Dividends Paid	-3.35	-8.22	-11.18	-15.05	-25.97
Other Financing Activities	-6.73	-	-	-27.47	-
Financing Cash Flow	65.76	-102.23	-529.69	-144.44	126.01
Foreign Exchange Rate Adjustments	-0.14	0.04	0.08	0.47	-0.13
Net Cash Flow	-337.81	160.33	-337.29	-41.58	-75
Free Cash Flow	-216.41	-53.93	-110.91	203.85	-84.12
Free Cash Flow Margin	-53.88%	-12.18%	-18.80%	29.36%	-11.11%
Free Cash Flow Per Share	-0.36	-0.09	-0.18	0.34	-0.14
Cash Income Tax Paid	-	29.33	31.93	-298.31	26
Levered Free Cash Flow	-657.19	-83.79	-129.93	114.92	-49.13
Unlevered Free Cash Flow	-654.53	-76.4	-118.26	140.63	-29.99
Change in Working Capital	-32.9	33.85	-97.6	376.44	112.07

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