Noah Holdings 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	Jun '25 Jun 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	579.8	487	1,001	971.59	1,306	-743.52
Depreciation & Amortization	154	156.68	158.08	155.97	146.57	98.45
Stock-Based Compensation	88.34	109.03	11.53	42.3	70.95	1,351
Other Adjustments	208.74	228.98	121.43	-27.18	-73.57	129.05
Change in Receivables	5.89	22.94	0.26	304.7	-363	-219.33
Changes in Accrued Expenses	-21.92	-151.37	-104.9	-277.59	240.93	149.9
Changes in Income Taxes Payable	-20.83	-25.8	-37.15	-63.41	49.48	14.03
Changes in Unearned Revenue	-11.76	-0.57	4.86	4.34	-7.98	-29.08
Changes in Other Operating Activities	-182.87	-439.57	163.21	-477.81	152.38	46.24
Operating Cash Flow	800.4	387.34	1,318	632.9	1,522	796.35
Operating Cash Flow Growth	72.29%	-70.62%	108.30%	-58.41%	91.10%	-38.18%
Capital Expenditures	-95.71	-82.18	-157.92	-62.71	-2,271	-51.62
Sale of Property, Plant & Equipment	-	-	-	-	38.85	-
Purchases of Investments	-1,779	-1,745	-532.16	-81.73	-145.56	-231.45
Proceeds from Sale of Investments	1,412	778.29	297.18	63.54	138.2	275.6
Payments for Business Acquisitions	-	-	-55.41	-	-27.96	8.1
Proceeds from Business Divestments	-	-	30.43	-	-	20.33
Other Investing Activities	87.66	207.96	170.74	155.19	-304.41	331.63
Investing Cash Flow	-385.24	-840.82	-247.14	74.29	-2,572	352.58
Issuance of Common Stock	-	-	0	248.51	11.11	33.37
Repurchase of Common Stock	-110.44	-60.7	-	-	-372.38	-281.61
Net Common Stock Issued (Repurchased)	-110.44	-60.7	0	248.51	-361.26	-248.24
Common Dividends Paid	-	-1,008	-177.5	-	-	-
Other Financing Activities	-39.93	-65.66	-22.34	-14.75	-151.86	-123.18
Financing Cash Flow	-1,158	-1,134	-199.84	233.76	-513.12	-371.42
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-33.99	72.16	48.1	81.05	-46.71	-148.75
Net Cash Flow	-777.06	-1,516	919.44	1,022	-1,610	628.77
Free Cash Flow	704.69	305.16	1,160	570.19	-749.38	744.74
Free Cash Flow Growth	130.92%	-73.70%	103.51%	-	-	-39.10%
FCF Margin	27.32%	11.73%	35.22%	18.39%	-17.46%	22.53%
Free Cash Flow Per Share	9.99	4.33	16.70	8.34	-11.09	0.02
Levered Free Cash Flow	392.62	-67.35	1,036	255.35	-375.71	-517.29
Unlevered Free Cash Flow	10,584	1,611	-4,198	-2,894	-1,658	-1,758

Updated Jun 30, 2025. Data Source: Fiscal.ai. Capital Markets template. Financial Sources.