HKG:2328 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	40,370	32,173	24,585	29,163	22,360
Depreciation & Amortization	3,839	3,801	3,750	3,717	3,496
Other Amortization	-	-	-	-	268
Gain (Loss) on Sale of Assets	-49	-84	-110	-118	-111
Gain (Loss) on Sale of Investments	-13,058	-8,750	4,300	3,545	-3,703
Change in Accounts Receivable	-	-	-	-	-5,390
Reinsurance Recoverable	-2,822	-1,176	-2,043	-5,227	-
Change in Insurance Reserves / Liabilities	33,701	29,080	18,301	33,572	21,697
Change in Other Net Operating Assets	6,754	5,200	1,031	3,922	-1,794
Other Operating Activities	-18,632	-16,892	-23,968	-21,307	-16,828
Operating Cash Flow	43,048	36,464	20,542	42,710	16,336
Operating Cash Flow Growth	18.06%	77.51%	-51.90%	161.45%	27.52%
Capital Expenditures	-3,442	-3,182	-2,734	-5,563	-2,417
Sale of Property, Plant & Equipment	241	288	218	203	340
Investment in Securities	-60,786	-43,307	-30,486	-34,910	-38,898
Other Investing Activities	20,867	18,655	21,872	20,657	23,999
Investing Cash Flow	-43,120	-27,546	-11,130	-32,188	-8,158
Short-Term Debt Issued	26,138	-	-	3,705	8,957
Long-Term Debt Issued	-	11,988	-	-	-
Total Debt Issued	26,138	11,988	-	3,705	8,957
Total Debt Repaid	-8,826	-1,247	-2,532	-927	-15,924
Net Debt Issued (Repaid)	17,312	10,741	-2,532	2,778	-6,967
Common Dividends Paid	-12,723	-15,503	-10,632	-9,053	-8,342
Other Financing Activities	-577	-1,288	-1,059	-722	-1,536
Financing Cash Flow	4,012	-6,050	-14,223	-6,997	-16,845
Foreign Exchange Rate Adjustments	-35	7	49	311	-111
Net Cash Flow	3,905	2,875	-4,762	3,836	-8,778
Free Cash Flow	39,606	33,282	17,808	37,147	13,919
Free Cash Flow Growth	19.00%	86.89%	-52.06%	166.88%	359.22%
Free Cash Flow Margin	7.27%	6.47%	3.76%	8.42%	3.33%
Free Cash Flow Per Share	1.78	1.50	0.80	1.67	0.63
Cash Interest Paid	1,271	1,113	1,059	893	1,775
Cash Income Tax Paid	7,892	4,561	8,578	6,730	4,771
Levered Free Cash Flow	-303	42,574	-118,802	-147,963	24,323
Unlevered Free Cash Flow	5,757	49,493	-111,832	-141,633	25,189
Change in Working Capital	37,633	33,104	17,289	32,267	15,191

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