Naipu Mining Machinery 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	81.65	116.47	80.07	134.32	184.16
Depreciation & Amortization	105.38	81.94	68.2	48.44	26.79
Other Amortization	1.1	1.44	1.45	0.49	0.5
Loss (Gain) From Sale of Assets	-0	0.06	0.01	-89.31	-0.02
Asset Writedown & Restructuring Costs	2.5	0.25	13.92	0	-
Loss (Gain) From Sale of Investments	-1.1	-2.4	-3.71	-3.93	-1.85
Provision & Write-off of Bad Debts	-	3.5	0.32	3.35	-
Other Operating Activities	15	9.54	30.33	20.85	12.59
Change in Accounts Receivable	-106.74	-40.65	18.7	-105.91	212.94
Change in Inventory	-77.27	-12.09	-9.45	-41.14	-94.67
Change in Accounts Payable	71.25	-107.34	75.78	160.41	-377.36
Change in Other Net Operating Assets	0.28	-8.85	39.49	0.34	-17.03
Operating Cash Flow	89.84	30.28	304.37	127.94	-37.27
Operating Cash Flow Growth	196.70%	-90.05%	137.90%	-	-
Capital Expenditures	-456.46	-458.14	-187	-275.86	-325.65
Sale of Property, Plant & Equipment	0.06	0.18	0.04	42.76	0.05
Cash Acquisitions	-	-	-	2.24	-
Investment in Securities	-0.02	83.22	49.19	120.03	-243.79
Other Investing Activities	0.19	1.61	3.56	5.17	1.13
Investing Cash Flow	-456.23	-373.14	-134.22	-105.67	-568.26
Long-Term Debt Issued	759.94	286.38	105.51	50	457.95
Total Debt Issued	759.94	286.38	105.51	50	457.95
Long-Term Debt Repaid	-117.59	-50.65	-93.76	-37	-21.88
Total Debt Repaid	-117.59	-50.65	-93.76	-37	-21.88
Net Debt Issued (Repaid)	642.36	235.72	11.76	13	436.07
Issuance of Common Stock	-	0.36	-	7.5	-
Repurchase of Common Stock	-	-30.1	-	-	-45.68
Common Dividends Paid	-25.5	-39	-30.79	-1.94	-6.47
Other Financing Activities	-6.99	-2.84	-2.65	-2.39	-2.24
Financing Cash Flow	609.87	164.15	-21.69	16.17	381.69
Foreign Exchange Rate Adjustments	7.05	6.39	7.39	23.87	-10.87
Net Cash Flow	250.52	-172.33	155.86	62.31	-234.72
Free Cash Flow	-366.62	-427.87	117.36	-147.93	-362.92
Free Cash Flow Margin	-36.33%	-38.14%	12.52%	-19.76%	-34.47%
Free Cash Flow Per Share	-2.19	-2.80	0.81	-1.02	-2.49
Cash Interest Paid	-	2.93	3.35	1.86	-
Cash Income Tax Paid	-8.18	5.09	9.1	8.61	14.26
Levered Free Cash Flow	-410.4	-506.57	54.42	-143.78	-449.16
Unlevered Free Cash Flow	-410.4	-492.51	74.16	-125.95	-445.41
Change in Working Capital	-114.68	-180.53	113.78	13.72	-259.45

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