GF Securities Cash Flow Statement

Financials in millions CNY. Fiscal year is October - September.

Millions CNY. Fiscal year is Oct - Sep.

Fiscal Year	FY 2025	FY 2024	FY 2024	FY 2023	FY 2022
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Sep '24 Sep 30, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Net Income	-	9,637	-	6,978	7,929
Depreciation & Amortization, Total	-	845.56	-	783.29	697.83
Gain (Loss) On Sale of Investments	-	-297.55	-	-139.05	2,206
Change in Accounts Receivable	-	4,062	-	-6,248	-251.32
Change in Accounts Payable	-	43,274	-	-5,610	10,377
Change in Other Net Operating Assets	-	-63,907	-	57,582	52,772
Other Operating Activities	-	1,053	-	1,932	1,502
Operating Cash Flow	-	-30,467	-	-2,352	40,163
Capital Expenditures	-	-735.8	-	-941.48	-717.79
Investment in Securities	-	20,505	-	-445.48	-34,348
Other Investing Activities	-	5,397	-	4,728	3,662
Investing Cash Flow	-	25,179	-	3,343	-31,401
Short-Term Debt Issued	-	123,702	-	86,738	100,805
Long-Term Debt Issued	-	58.46	-	2,457	3,836
Total Debt Issued	-	123,760	-	89,195	104,641
Short-Term Debt Repaid	-	-104,426	-	-95,568	-119,324
Long-Term Debt Repaid	-	-3,099	-	-631.15	-1,086
Total Debt Repaid	-	-107,525	-	-96,199	-120,410
Net Debt Issued (Repaid)	-	16,235	-	-7,004	-15,769
Issuance of Common Stock	-	4,092	-	11,488	9,998
Repurchase of Common Stock	-	-	-	-	-233.61
Common Dividends Paid	-	-4,269	-	-3,636	-4,412
Other Financing Activities	-	-340.79	-	788	-750.84
Financing Cash Flow	-	15,717	-	1,636	-11,168
Foreign Exchange Rate Adjustments	-	67.39	-	42.64	195.58
Net Cash Flow	-	10,497	-	2,669	-2,209
Free Cash Flow	-	-31,202	-	-3,294	39,446
Free Cash Flow Margin	-	-119.92%	-	-14.89%	173.86%
Free Cash Flow Per Share	-	-4.10	-	-0.43	5.18
Cash Interest Paid	-	5,656	-	5,517	3,542
Cash Income Tax Paid	-	1,231	-	1,667	2,581

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