CITIC Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	58,202	57,594	64,931	57,208
Depreciation & Amortization	27,560	23,059	20,240	16,315
Other Amortization	28	23	12	979.24
Loss (Gain) From Sale of Assets	-3,793	-74	-10,977	-1,135
Asset Writedown & Restructuring Costs	329	711	5,225	309.58
Loss (Gain) From Sale of Investments	-26,365	-42,921	-23,346	5,513
Loss (Gain) on Equity Investments	-6,630	-9,403	-11,166	-14,308
Provision & Write-off of Bad Debts	3,501	11,324	5,023	2,464
Other Operating Activities	97,534	80,281	79,293	62,022
Change in Accounts Receivable	-55,106	-22,898	-49,513	-3,874
Change in Inventory	9,423	-14,348	-7,381	-27,054
Change in Accounts Payable	-12,683	-25,992	2,662	17,879
Change in Unearned Revenue	-10,383	1,886	-667	4,397
Change in Other Net Operating Assets	-204,555	32,125	16,497	-190,757
Operating Cash Flow	-65,719	-22,798	166,193	-33,152
Capital Expenditures	-28,647	-24,304	-20,267	-19,955
Sale of Property, Plant & Equipment	1,568	1,627	1,059	1,796
Cash Acquisitions	-	1,973	165,918	-235.44
Divestitures	-	-1	-1	-197.15
Investment in Securities	-84,694	-24,995	-104,593	-206,658
Other Investing Activities	5,598	7,420	6,229	5,787
Investing Cash Flow	-106,175	-38,280	48,345	-219,463
Long-Term Debt Issued	2,115,232	1,630,176	1,080,173	1,026,959
Long-Term Debt Repaid	-1,877,404	-1,563,352	-1,101,536	-842,505
Net Debt Issued (Repaid)	237,828	66,824	-21,363	184,453
Common Dividends Paid	-15,272	-17,300	-16,404	-12,750
Other Financing Activities	-28,734	-60,582	-56,037	-2,125
Financing Cash Flow	193,822	-11,058	-93,804	169,578
Foreign Exchange Rate Adjustments	4,088	3,710	11,254	3,996
Net Cash Flow	26,016	-68,426	131,988	-79,041
Free Cash Flow	-94,366	-47,102	145,926	-53,107
Free Cash Flow Margin	-9.94%	-5.34%	17.27%	-7.20%
Free Cash Flow Per Share	-3.24	-1.62	5.02	-1.83
Cash Interest Paid	49,169	43,735	41,865	33,470
Cash Income Tax Paid	22,113	29,910	28,967	18,702
Levered Free Cash Flow	-210,346	-379,353	-557,019	-286,831
Unlevered Free Cash Flow	-88,716	-252,947	-443,856	-185,516
Change in Working Capital	-270,913	-192,964	-26,087	-215,931

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