Gansu Golden Solar 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	203.12	-795.25	-361.76	-269.36	-202.14
Depreciation & Amortization	164.68	131.3	76.27	64.78	35.12
Other Amortization	1.68	3.28	1.44	1.39	1.08
Loss (Gain) From Sale of Assets	0.46	2.18	0.24	0.28	9.6
Asset Writedown & Restructuring Costs	144.51	151.22	33.04	0.49	125.22
Loss (Gain) From Sale of Investments	-874.88	-1.65	-4.63	-15.65	-
Provision & Write-off of Bad Debts	-	15.62	3.58	69.95	-
Other Operating Activities	230.58	181.83	126.51	115.31	23.62
Change in Accounts Receivable	-62.48	21.67	235.22	-469.94	-79.78
Change in Inventory	14.6	18.62	-65.56	-56.55	-49.67
Change in Accounts Payable	-41.31	-51.07	-171.75	245.22	84.28
Operating Cash Flow	-205.72	-306.77	-126.53	-311.22	-40.77
Capital Expenditures	-253.11	-50.69	-773.45	-638.55	-696.29
Sale of Property, Plant & Equipment	-	0.99	1.73	0.16	4.99
Cash Acquisitions	-	-	-5.98	-5	-
Divestitures	-	-	0.52	-4.41	-
Investment in Securities	-	-	0.09	-	-
Other Investing Activities	-	-	-	-	0.03
Investing Cash Flow	-253.11	-49.7	-777.08	-647.79	-691.27
Short-Term Debt Issued	-	19.56	39.08	50	1,171
Long-Term Debt Issued	408.45	1,059	1,976	2,272	135
Total Debt Issued	408.45	1,078	2,015	2,322	1,306
Short-Term Debt Repaid	-	-	-	-	-468.08
Long-Term Debt Repaid	-1,577	-674.67	-1,022	-1,344	-6.01
Total Debt Repaid	-1,577	-674.67	-1,022	-1,344	-474.09
Net Debt Issued (Repaid)	-1,168	403.7	993.56	978.29	832.29
Issuance of Common Stock	1,804	-	-	49	-
Common Dividends Paid	-143.73	-38.24	-79.29	-8.95	-10.57
Other Financing Activities	-1.34	-0.01	-24.92	-71.34	-68.42
Financing Cash Flow	490.79	365.45	889.35	947.01	753.3
Foreign Exchange Rate Adjustments	0.86	-0.26	-0.8	0.19	-0.01
Net Cash Flow	32.82	8.73	-15.07	-11.81	21.25
Free Cash Flow	-458.83	-357.46	-899.98	-949.76	-737.06
Free Cash Flow Margin	-152.42%	-289.03%	-155.05%	-181.94%	-229.80%
Free Cash Flow Per Share	-1.90	-1.66	-4.17	-4.40	-3.41
Cash Interest Paid	-	-	-	1.34	5.1
Cash Income Tax Paid	14.13	-15.56	-120.52	-30.22	19.2
Levered Free Cash Flow	-851.97	122.88	-792.23	-103	-780.92
Unlevered Free Cash Flow	-851.97	223.79	-729.88	-70.29	-765.54
Change in Working Capital	-75.86	4.71	-1.22	-278.41	-33.28

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.