SPIC Green 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	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Net Income	165.87	514.83	1,099	908.42	674.62	500.04
Depreciation & Amortization	4,146	4,146	3,860	3,529	3,340	2,831
Other Amortization	44.69	44.69	31.68	24.33	19.88	6.04
Loss (Gain) on Sale of Assets	2.66	2.66	-7.26	6.44	0.01	-13.18
Loss (Gain) on Sale of Investments	-58.49	-58.49	-27.63	-65.69	-82.73	-22.33
Asset Writedown	77.08	77.08	116.52	28.91	57.67	37.24
Change in Accounts Receivable	-338.51	-338.51	-2,110	1,187	515.03	-1,802
Change in Inventory	10.11	10.11	-160.13	125.29	144.74	-121.44
Change in Accounts Payable	758.99	758.99	602.65	-2,569	268.21	-74.35
Change in Other Net Operating Assets	4.67	4.67	0.32	16.65	7.7	56.84
Other Operating Activities	2,236	1,895	2,047	2,149	2,351	2,012
Operating Cash Flow	7,028	7,036	5,474	5,445	7,328	3,437
Operating Cash Flow Growth	21.54%	28.52%	0.54%	-25.70%	113.21%	3.02%
Capital Expenditures	-5,384	-5,787	-6,893	-6,785	-6,692	-7,077
Sale of Property, Plant & Equipment	31.96	16.43	7.21	31.03	1.53	65.61
Cash Acquisitions	-	-	-46.76	-535.41	-52.14	-153.7
Investment in Securities	13.55	5.65	-12.83	-190.46	-495.77	-79.99
Other Investing Activities	11.71	11.75	5.38	1,671	-	28.36
Investing Cash Flow	-5,327	-5,754	-6,940	-5,810	-7,239	-7,217
Long-Term Debt Issued	-	29,152	28,404	33,885	38,640	36,399
Long-Term Debt Repaid	-	-28,768	-28,974	-30,374	-41,255	-32,825
Net Debt Issued (Repaid)	-1,010	384.1	-569.52	3,510	-2,616	3,574
Issuance of Common Stock	-	-	4,184	-	-	-
Common Dividends Paid	-1,122	-1,121	-1,674	-1,413	-1,807	-1,530
Other Financing Activities	-786.31	885.39	-698.73	-1,829	4,591	2,153
Financing Cash Flow	-2,918	148.64	1,242	268.26	168.24	4,197
Net Cash Flow	-1,217	1,431	-224.17	-96.17	258.09	417.85
Free Cash Flow	1,644	1,249	-1,419	-1,340	636.24	-3,640
Free Cash Flow Margin	12.78%	9.52%	-10.32%	-9.28%	4.25%	-27.46%
Free Cash Flow Per Share	0.45	0.34	-0.49	-0.49	0.23	-1.38
Cash Income Tax Paid	1,160	1,105	1,070	950.29	-42.12	540.56
Levered Free Cash Flow	649.63	-199.46	-3,580	-1,816	-1,396	-5,620
Unlevered Free Cash Flow	1,426	591.69	-2,671	-882.07	-246.21	-4,585
Change in Working Capital	402.42	402.42	-1,711	-1,249	913.3	-1,929

Updated Mar 31, 2026. Source: S&P Global Market Intelligence. Utility template. Financial Sources.