Guotai Haitong Securities Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	25,575	13,024	9,374	11,509	15,013	11,122
Depreciation & Amortization, Total	1,191	1,191	1,402	1,208	1,134	1,195
Gain (Loss) On Sale of Investments	-2,553	-2,553	1,353	1,860	1,130	159.12
Stock-Based Compensation	46.35	46.35	142.16	276.22	307.48	-
Change in Accounts Receivable	-45,110	-45,110	-47,721	-38,726	-94,679	-82,445
Change in Accounts Payable	86,701	86,701	40,576	78,125	88,620	90,388
Change in Other Net Operating Assets	-	-	-	-	143.56	-
Other Operating Activities	-13,611	2,290	1,812	-3,392	-2,234	974.84
Operating Cash Flow	52,755	56,105	7,204	50,732	10,366	22,230
Capital Expenditures	-1,382	-1,160	-1,165	-1,784	-853.84	-796.34
Cash Acquisitions	182,041	-	-	-963.61	-	-
Investment in Securities	-70,577	-26,168	-28,511	-12,613	-20,733	-25,572
Other Investing Activities	4,579	4,553	3,401	3,834	-12,142	3,248
Investing Cash Flow	115,010	-22,659	-26,260	-11,516	-33,717	-22,381
Long-Term Debt Issued	-	182,661	180,394	113,651	200,885	149,907
Total Debt Issued	291,701	182,661	180,394	113,651	200,885	149,907
Long-Term Debt Repaid	-	-162,297	-167,218	-140,425	-172,133	-96,728
Total Debt Repaid	-205,534	-162,297	-167,218	-140,425	-172,133	-96,728
Net Debt Issued (Repaid)	86,167	20,364	13,176	-26,775	28,751	53,179
Issuance of Common Stock	-	-	5,000	4,995	79.5	5,547
Repurchase of Common Stock	-1,225	-	-	-48.95	-12.59	-1,543
Common Dividends Paid	-17,006	-11,784	-11,214	-11,891	-9,953	-8,381
Other Financing Activities	8,542	-1,070	-1,019	-915.23	9,575	-10,718
Financing Cash Flow	76,477	7,509	5,943	-34,635	28,440	38,085
Foreign Exchange Rate Adjustments	49.16	97.47	296.28	1,781	-540.97	-1,391
Net Cash Flow	244,290	41,052	-12,817	6,363	4,548	36,544
Free Cash Flow	51,372	54,945	6,038	48,948	9,512	21,434
Free Cash Flow Growth	-21.46%	809.96%	-87.66%	414.60%	-55.62%	-38.08%
Free Cash Flow Margin	80.88%	129.74%	17.19%	139.76%	22.78%	63.25%
Free Cash Flow Per Share	3.86	6.19	0.67	5.30	1.03	2.32
Cash Interest Paid	20,919	12,975	10,799	8,862	9,155	6,951
Cash Income Tax Paid	12,104	4,719	5,240	5,472	5,463	5,360

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Capital Markets template. Financial Sources.