Shenwu Energy Saving 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	-123.56	-22.12	-17.04	-15.92	1,990
Depreciation & Amortization	1.62	0.51	0.49	0.47	0.47
Other Amortization	0.03	0.08	-	0.08	0.06
Loss (Gain) From Sale of Assets	-	0	-	0.01	-26.29
Asset Writedown & Restructuring Costs	24.27	28.1	0.02	4.81	17.8
Loss (Gain) From Sale of Investments	-	-	-9.35	-0.06	-1,559
Other Operating Activities	77.7	-5.5	1.99	-4.9	32.69
Change in Accounts Receivable	47.72	36.25	30.17	-61.67	-13.76
Change in Inventory	-19.47	-0.07	-1.66	-0.34	2.67
Change in Accounts Payable	-10.76	-82.99	-22.87	49.35	-567.93
Change in Other Net Operating Assets	-1.51	6.67	26.78	2.39	-
Operating Cash Flow	14.66	-43.24	9.44	-24.31	-144.4
Capital Expenditures	-1.38	-0.22	-0.02	-0.09	-0.4
Sale of Property, Plant & Equipment	-	0	-	0	27.55
Investment in Securities	-	-	-	6.29	-5.63
Other Investing Activities	-	0.09	-	0.06	0.01
Investing Cash Flow	-1.38	-0.13	-0.02	6.26	21.52
Short-Term Debt Issued	-	16	2	2.37	-
Long-Term Debt Issued	47.63	-	0.7	2.5	-
Total Debt Issued	47.63	16	2.7	4.87	-
Short-Term Debt Repaid	-	-2	-	-	-47.76
Long-Term Debt Repaid	-16	-	-	-	-
Total Debt Repaid	-16	-2	-	-	-47.76
Net Debt Issued (Repaid)	31.63	14	2.7	4.87	-47.76
Issuance of Common Stock	16.78	16.68	-	-	214
Common Dividends Paid	-1.02	-	-0.26	-0.1	-
Other Financing Activities	4.9	-0.53	-3.1	-	-21.45
Financing Cash Flow	52.29	30.15	-0.66	4.77	144.79
Foreign Exchange Rate Adjustments	-	-	-	0.06	-0.02
Net Cash Flow	65.56	-13.22	8.76	-13.22	21.9
Free Cash Flow	13.27	-43.46	9.42	-24.4	-144.8
Free Cash Flow Margin	4.01%	-35.23%	5.99%	-15.57%	-120.51%
Free Cash Flow Per Share	0.02	-0.07	0.01	-0.04	-0.23
Cash Interest Paid	-	0.53	-	-	-
Cash Income Tax Paid	7.72	4.48	5.76	11.69	4.38
Levered Free Cash Flow	113.53	-90.47	-32.33	-18.75	-846.68
Unlevered Free Cash Flow	113.53	-90.13	-32.24	-18.67	-839.96
Change in Working Capital	34.6	-44.3	33.33	-8.8	-599.77

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