Guoguang Electric Company 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	-112.13	252.98	360.71	178.32	40.14
Depreciation & Amortization	214.36	170.24	153.73	149.63	132.67
Other Amortization	10.29	10.36	5.27	3.95	2.51
Loss (Gain) From Sale of Assets	-0.52	0.84	-4.9	-1.83	-7.98
Asset Writedown & Restructuring Costs	53.47	32.48	24.92	54.85	18.52
Loss (Gain) From Sale of Investments	-88.25	-3.53	-113.82	-13.99	-6.25
Other Operating Activities	184.04	-16.87	21.27	-21.4	34.1
Change in Accounts Receivable	465.08	-684.41	297.38	-311.12	-246.52
Change in Inventory	41.36	-576.21	145	66.88	-199.32
Change in Accounts Payable	-524.88	998.48	-55.74	-28.19	135.18
Change in Other Net Operating Assets	-1.61	-	-	-	-
Operating Cash Flow	172.86	151.7	821.12	52.61	-128.19
Operating Cash Flow Growth	13.95%	-81.53%	1460.86%	-	-
Capital Expenditures	-881.29	-583.64	-230.51	-150.27	-205.52
Sale of Property, Plant & Equipment	10.15	41.3	26.62	9.51	62.87
Divestitures	-	-	-	-	8.42
Investment in Securities	25.02	-1,427	-264.76	109.7	134.19
Other Investing Activities	16.05	-48.21	5.87	-1.55	-54.87
Investing Cash Flow	-830.06	-2,018	-462.78	-32.61	-54.9
Long-Term Debt Issued	4,597	3,498	1,500	1,243	1,437
Long-Term Debt Repaid	-3,087	-2,362	-1,393	-1,128	-1,047
Net Debt Issued (Repaid)	1,510	1,136	107.5	115.38	389.71
Issuance of Common Stock	-	10.9	1,504	44.19	-
Repurchase of Common Stock	-	-	-247.9	-	-70
Common Dividends Paid	-67.63	-57.43	-40.23	-40.48	-30.79
Other Financing Activities	127.09	7.54	16.88	-1.01	-6.01
Financing Cash Flow	1,569	1,097	1,341	118.08	282.91
Foreign Exchange Rate Adjustments	-50.39	2.9	1.03	15.86	-2.48
Net Cash Flow	861.78	-765.55	1,700	153.93	97.33
Free Cash Flow	-708.43	-431.94	590.61	-97.66	-333.7
Free Cash Flow Margin	-8.96%	-5.47%	9.95%	-1.63%	-6.93%
Free Cash Flow Per Share	-1.26	-0.79	1.28	-0.22	-0.75
Cash Income Tax Paid	-432.01	-343.72	-333.04	-247.82	-225.42
Levered Free Cash Flow	-1,304	-1,417	407.02	-185.69	-497.17
Unlevered Free Cash Flow	-1,304	-1,383	431.52	-159.82	-477.18
Change in Working Capital	-88.41	-294.78	373.95	-296.92	-341.89

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