Ningxia Guoyun New Energy Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Jan '22 Jan 1, 2022	Dec '20 Dec 31, 2020
Net Income	-19.84	-167.04	-162.13	-89.83	-177.3	10.8
Depreciation & Amortization	33.11	33.11	37.37	42.64	44.78	44.86
Other Amortization	0.14	0.14	0.11	0.32	0.33	0.23
Loss (Gain) From Sale of Assets	0.46	0.46	-0.93	-3.71	-0.02	0.85
Asset Writedown & Restructuring Costs	72.85	72.85	64.84	25.37	15.83	68.93
Loss (Gain) From Sale of Investments	-0.75	-0.75	-0.19	-5.15	-	-
Provision & Write-off of Bad Debts	-7.99	-7.99	5.97	-0.21	26.14	2.94
Other Operating Activities	61.81	22.18	37.08	24.01	45.58	60.37
Change in Accounts Receivable	48.21	48.21	-5.33	-30.84	-11.31	-21.49
Change in Inventory	34.09	34.09	43.16	2.8	-20.28	40.62
Change in Accounts Payable	-70.46	-70.46	-49.4	-39.18	25.88	-403.12
Operating Cash Flow	151.57	-35.25	-29.71	-74.19	-50.29	-194.18
Operating Cash Flow Growth	-19.75%	-	-	-	-	-
Capital Expenditures	-3,462	-37.45	-13.02	-17.38	-15.95	-0.28
Sale of Property, Plant & Equipment	200.12	0.16	1.03	3.94	0.04	-
Cash Acquisitions	-117	-	-	-	-	-
Divestitures	-	-	-	-	-	38.96
Other Investing Activities	7.3	-	-	-	-	-
Investing Cash Flow	-3,371	-37.3	-12	-13.45	-15.91	38.68
Long-Term Debt Issued	-	300	60	-	-	-
Long-Term Debt Repaid	-	-244.71	-39.12	-24.57	-46.21	-
Net Debt Issued (Repaid)	2,684	55.29	20.88	-24.57	-46.21	-
Issuance of Common Stock	-	-	-	0.49	-	484.3
Repurchase of Common Stock	-80	-	-	-	-	-22.96
Common Dividends Paid	-44.59	-19.81	-7.9	-8.24	-8.2	-
Other Financing Activities	634.53	-	-6.25	-0.25	-10	-
Financing Cash Flow	3,194	35.49	6.73	-32.57	-64.41	461.34
Foreign Exchange Rate Adjustments	0	0	0	-	-	0.01
Net Cash Flow	-25.65	-37.06	-34.98	-120.2	-130.6	305.84
Free Cash Flow	-3,310	-72.71	-42.73	-91.57	-66.23	-194.47
Free Cash Flow Margin	-1211.81%	-30.68%	-14.34%	-36.57%	-37.90%	-94.91%
Free Cash Flow Per Share	-2.62	-0.07	-0.04	-0.08	-0.06	-0.18
Cash Income Tax Paid	15.96	12.95	12.63	10.05	4.19	33.39
Levered Free Cash Flow	-2,541	-133.44	2.37	-81.62	-18.57	-324.91
Unlevered Free Cash Flow	-2,530	-127.88	5.75	-78.59	-15.18	-313.76
Change in Working Capital	11.79	11.79	-11.81	-67.63	-5.63	-383.16

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