Houpu Clean Energy Group 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	9.16	-82.39	-70.2	-135.59	10.92
Depreciation & Amortization	52	43.96	44.87	44.8	40.47
Other Amortization	0.43	1.34	0.34	0.67	3.23
Loss (Gain) From Sale of Assets	0.18	-0.17	-10.13	4.2	-0.19
Asset Writedown & Restructuring Costs	-3.56	-0.01	10.21	21.25	-3.46
Loss (Gain) From Sale of Investments	-0.12	6.07	2.03	-0.43	-0.96
Provision & Write-off of Bad Debts	-	9.27	2.19	6.78	-9.41
Other Operating Activities	5.74	-3.01	39.29	26.37	19.99
Change in Accounts Receivable	-25.88	0.3	-145.01	30.01	-88.58
Change in Inventory	-3.3	6.77	259.77	-138.78	-125.04
Change in Accounts Payable	177.14	134.49	-18.17	96.16	126.41
Operating Cash Flow	211.54	116.06	117.13	-44.11	-27.71
Operating Cash Flow Growth	82.27%	-0.91%	-	-	-
Capital Expenditures	-53.52	-89.81	-92.86	-94.76	-51.76
Sale of Property, Plant & Equipment	0.05	0.39	21.86	0.22	0.5
Cash Acquisitions	-	-	-19	-4	-21.9
Divestitures	-	-	-	3.39	-
Investment in Securities	-257.48	-9.1	-7.84	-	-
Other Investing Activities	15.82	-0.05	0.38	2.45	0.52
Investing Cash Flow	-295.13	-98.57	-97.46	-92.7	-72.64
Short-Term Debt Issued	-	-	14.45	10	-
Long-Term Debt Issued	350	277	307.35	364.6	276.1
Total Debt Issued	350	277	321.8	374.6	276.1
Short-Term Debt Repaid	-	-	-20	-	-
Long-Term Debt Repaid	-316	-402.42	-371.99	-370.09	-173.25
Total Debt Repaid	-316	-402.42	-391.99	-370.09	-173.25
Net Debt Issued (Repaid)	34	-125.42	-70.19	4.51	102.85
Issuance of Common Stock	416.99	-	216	153.12	-
Common Dividends Paid	-8.15	-9.99	-16.54	-15.85	-14.53
Dividends Paid	-8.15	-9.99	-16.54	-15.85	-14.53
Other Financing Activities	-24.9	-34.54	18.38	5.96	1.9
Financing Cash Flow	417.94	-169.95	147.65	147.74	90.21
Foreign Exchange Rate Adjustments	0.1	0.21	0.01	0.19	0.01
Net Cash Flow	334.46	-152.24	167.33	11.11	-10.12
Free Cash Flow	158.03	26.25	24.27	-138.87	-79.47
Free Cash Flow Growth	502.05%	8.16%	-	-	-
Free Cash Flow Margin	14.65%	4.16%	2.59%	-19.46%	-9.08%
Free Cash Flow Per Share	0.38	0.07	0.06	-0.36	-0.22
Cash Income Tax Paid	34.49	40.54	37.6	16.41	12.26
Levered Free Cash Flow	93.86	15.55	64.22	-160.04	-86.66
Unlevered Free Cash Flow	93.86	21.09	75.07	-148.95	-77.04
Change in Working Capital	147.7	141.01	98.51	-12.16	-88.28

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