HKG:1339 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	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	46,207	42,151	22,322	25,382	21,476
Depreciation & Amortization	3,869	3,570	3,820	4,145	3,996
Other Amortization	1,239	1,431	1,236	1,007	770
Gain (Loss) on Sale of Assets	-110	-174	-209	-321	-330
Gain (Loss) on Sale of Investments	1,839	-1,754	1,428	95	-
Change in Accounts Receivable	133,279	97,825	80,310	76,779	-5,822
Change in Insurance Reserves / Liabilities	-1,292	186	356	1,539	98,585
Change in Other Net Operating Assets	4,614	3,612	-1,206	3,881	3,785
Other Operating Activities	-57,068	-45,385	-22,759	-26,165	-36,562
Operating Cash Flow	118,689	87,990	70,549	71,121	72,731
Operating Cash Flow Growth	34.89%	24.72%	-0.80%	-2.21%	128.23%
Capital Expenditures	-	-4,397	-3,573	-6,576	-3,655
Sale of Property, Plant & Equipment	706	478	298	464	494
Investment in Securities	-184,753	-105,706	-115,409	-115,449	-119,745
Other Investing Activities	33,087	32,026	47,757	48,806	41,945
Investing Cash Flow	-155,744	-77,599	-70,927	-72,755	-81,555
Short-Term Debt Issued	69,527	2,303	7,885	23,292	-
Long-Term Debt Issued	-	12,138	24,292	3,215	2,292
Total Debt Issued	69,527	14,441	32,177	26,507	2,292
Total Debt Repaid	-9,361	-1,371	-31,408	-4,953	-24,646
Net Debt Issued (Repaid)	60,166	13,070	769	21,554	-22,354
Issuance of Common Stock	-	-	2,500	-	-
Common Dividends Paid	-13,301	-11,866	-11,215	-6,501	-6,059
Other Financing Activities	6,520	3,656	-3,537	-6,496	-7,448
Financing Cash Flow	53,385	4,860	-11,483	8,557	-35,861
Foreign Exchange Rate Adjustments	-588	46	97	400	-248
Net Cash Flow	15,742	15,297	-11,764	7,323	-44,933
Free Cash Flow	118,689	83,593	66,976	64,545	69,076
Free Cash Flow Growth	41.98%	24.81%	3.77%	-6.56%	241.10%
Free Cash Flow Margin	18.99%	14.37%	12.75%	13.10%	11.62%
Free Cash Flow Per Share	2.68	1.89	1.51	1.46	1.56
Cash Interest Paid	3,415	2,970	3,723	4,195	4,062
Cash Income Tax Paid	9,071	9,352	6,623	7,486	5,835
Levered Free Cash Flow	-337,395	125,054	-80,819	-333,696	56,075
Unlevered Free Cash Flow	-335,332	125,973	-79,904	-332,317	59,488
Change in Working Capital	136,601	101,623	79,460	82,199	96,548

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