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 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Jan '22 Jan 1, 2022
Net Income	95.07	83.32	-106.8	-162.13	-89.83	-177.3
Depreciation & Amortization	329.83	329.83	226.81	37.37	42.64	44.78
Other Amortization	0.6	0.6	0.02	0.11	0.32	0.33
Loss (Gain) From Sale of Assets	-108.21	-108.21	0.46	-0.93	-3.71	-0.02
Asset Writedown & Restructuring Costs	10.77	10.77	74.04	64.84	25.37	15.83
Loss (Gain) From Sale of Investments	-0.17	-0.17	-0.75	-0.19	-5.15	-
Provision & Write-off of Bad Debts	4.9	4.9	-7.23	5.97	-0.21	26.14
Other Operating Activities	224.06	116.72	109.92	37.08	24.01	45.58
Change in Accounts Receivable	673.28	673.28	-13	-5.33	-30.84	-11.31
Change in Inventory	231.66	231.66	31.4	43.16	2.8	-20.28
Change in Accounts Payable	-422.95	-422.95	-118.83	-49.4	-39.18	25.88
Change in Other Net Operating Assets	-285.34	-285.34	-	-	-	-
Operating Cash Flow	747.23	628.14	195.62	-29.71	-74.19	-50.29
Operating Cash Flow Growth	255.73%	221.10%	-	-	-	-
Capital Expenditures	-3,314	-4,274	-929.51	-13.02	-17.38	-15.95
Sale of Property, Plant & Equipment	-21.17	199.1	0.16	1.03	3.94	0.04
Investment in Securities	-	-	-40.02	-	-	-
Other Investing Activities	-131.26	-131.26	5.48	-	-	-
Investing Cash Flow	-3,466	-4,206	-963.89	-12	-13.45	-15.91
Long-Term Debt Issued	-	5,769	1,257	60	-	-
Long-Term Debt Repaid	-	-934.07	-703.31	-39.12	-24.57	-46.21
Net Debt Issued (Repaid)	3,937	4,835	553.29	20.88	-24.57	-46.21
Issuance of Common Stock	248	284.5	646.3	-	0.49	-
Common Dividends Paid	-166.87	-145.56	-102.72	-7.9	-8.24	-8.2
Other Financing Activities	-678.27	-636.18	-120.52	-6.25	-0.25	-10
Financing Cash Flow	3,340	4,337	976.35	6.73	-32.57	-64.41
Foreign Exchange Rate Adjustments	-	-	0	0	-	-
Net Cash Flow	620.91	759.4	208.08	-34.98	-120.2	-130.6
Free Cash Flow	-2,566	-3,646	-733.88	-42.73	-91.57	-66.23
Free Cash Flow Margin	-359.07%	-547.87%	-116.88%	-14.34%	-36.57%	-37.90%
Free Cash Flow Per Share	-2.15	-3.06	-0.62	-0.04	-0.08	-0.06
Cash Income Tax Paid	-	-14.33	-18.99	12.63	10.05	4.19
Levered Free Cash Flow	-2,839	-2,922	-980.75	2.37	-81.62	-18.57
Unlevered Free Cash Flow	-2,755	-2,838	-920.32	5.75	-78.59	-15.18
Change in Working Capital	190.37	190.37	-100.85	-11.81	-67.63	-5.63

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