CECEP Solar 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	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Net Income	822.65	1,225	1,579	1,388	1,189
Depreciation & Amortization	1,681	1,465	1,397	1,434	1,373
Other Amortization	10.27	7.69	7.77	6.97	6.34
Loss (Gain) on Sale of Assets	-42.81	-2.64	1.63	-3.71	-0
Loss (Gain) on Sale of Investments	-3.59	-20.58	-51.99	-29.01	5.29
Asset Writedown	217.45	175.18	90.08	41.03	154.59
Change in Accounts Receivable	453.22	-1,083	-1,367	186.17	-1,862
Change in Inventory	48.81	222.32	-64.49	-114.76	-24.36
Change in Accounts Payable	364.04	-698.31	73.33	1,368	147.31
Other Operating Activities	624.86	587.36	720.84	863.61	991.46
Operating Cash Flow	4,133	1,890	2,377	5,099	2,055
Operating Cash Flow Growth	118.72%	-20.51%	-53.37%	148.13%	-3.07%
Capital Expenditures	-3,857	-3,629	-3,197	-2,173	-780.5
Sale of Property, Plant & Equipment	122.98	6.71	12.31	5.17	1.2
Cash Acquisitions	-132.26	-89.8	-53.51	-92.73	-104.84
Divestitures	-	-	1.08	6.82	92.36
Investment in Securities	-100	1,580	1,120	-2,716	54.32
Other Investing Activities	15.66	19.85	55.52	49.96	12.89
Investing Cash Flow	-3,951	-2,112	-2,062	-4,921	-724.57
Long-Term Debt Issued	6,633	6,967	5,007	6,042	4,616
Long-Term Debt Repaid	-5,661	-6,053	-6,389	-7,764	-4,338
Net Debt Issued (Repaid)	971.97	914.13	-1,382	-1,721	277.71
Issuance of Common Stock	28.78	29.82	28.4	5,973	-
Repurchase of Common Stock	-49.87	-	-	-	-
Common Dividends Paid	-971.65	-1,166	-1,097	-1,224	-1,296
Other Financing Activities	86.65	26.66	-11.37	-15.16	-341.33
Financing Cash Flow	65.88	-195.82	-2,462	3,012	-1,359
Foreign Exchange Rate Adjustments	0.76	1.48	-1.3	0.25	-0.08
Net Cash Flow	249.33	-417	-2,148	3,190	-29.26
Free Cash Flow	276.31	-1,739	-819.73	2,925	1,274
Free Cash Flow Growth	-	-	-	129.55%	102.62%
Free Cash Flow Margin	5.57%	-28.80%	-8.59%	31.67%	18.14%
Free Cash Flow Per Share	0.07	-0.44	-0.21	0.86	0.42
Cash Interest Paid	-	-	-	13.1	11.26
Cash Income Tax Paid	754.92	803.67	919.54	137.45	390.32
Levered Free Cash Flow	-313.8	-2,465	-1,585	1,301	-668.34
Unlevered Free Cash Flow	72.17	-2,101	-1,174	1,837	-49.52
Change in Working Capital	837.17	-1,560	-1,373	1,443	-1,776

Source: S&P Global Market Intelligence. Utility template. Financial Sources.