Noah Holdings 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	FY 2020
Period Ending	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	475.45	1,009	976.57	1,314	-745.23
Depreciation & Amortization	156.68	158.08	155.97	146.57	98.45
Loss (Gain) From Sale of Assets	5.18	23.49	1.18	-6.06	2.45
Loss (Gain) From Sale of Investments	-6.81	63.97	-89.51	-59.94	97.26
Loss (Gain) on Equity Investments	160.61	-19.34	-33.71	-206.22	-60.4
Stock-Based Compensation	109.03	11.53	42.3	70.95	1,351
Provision & Write-off of Bad Debts	23.88	-7.03	-0.42	112.96	8.08
Other Operating Activities	57.68	51.86	90.3	77.65	83.36
Change in Accounts Receivable	22.94	0.26	304.7	-363	-219.33
Change in Unearned Revenue	-0.57	4.86	4.34	-7.98	-29.08
Change in Income Taxes	-25.8	-37.15	-63.41	49.48	14.03
Change in Other Net Operating Assets	-630.81	-83.29	-477.63	527.72	263.48
Operating Cash Flow	387.34	1,318	632.9	1,522	796.35
Operating Cash Flow Growth	-70.62%	108.30%	-58.41%	91.10%	-38.18%
Capital Expenditures	-82.18	-157.92	-62.71	-2,271	-51.62
Sale of Property, Plant & Equipment	-	-	-	38.85	-
Cash Acquisitions	-	-55.41	-	-27.96	8.1
Divestitures	-	30.43	-	-	20.33
Investment in Securities	-954.28	-224.74	-26.27	20.16	144.63
Other Investing Activities	62.16	-42.72	14.93	-10.53	9.53
Investing Cash Flow	-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	-60.7	-	-	-372.38	-281.61
Common Dividends Paid	-1,008	-177.5	-	-	-
Other Financing Activities	-65.66	-22.34	-14.75	-151.86	-123.18
Financing Cash Flow	-1,134	-199.84	233.76	-513.12	-371.42
Foreign Exchange Rate Adjustments	72.16	48.1	81.05	-46.71	-148.75
Net Cash Flow	-1,516	919.44	1,022	-1,610	628.77
Free Cash Flow	305.16	1,160	570.19	-749.38	744.74
Free Cash Flow Growth	-73.70%	103.51%	-	-	-39.10%
Free Cash Flow Margin	11.73%	35.22%	18.39%	-17.46%	22.53%
Free Cash Flow Per Share	4.33	16.70	8.34	-11.09	12.00
Cash Income Tax Paid	203.67	285.51	407.49	364.12	310.59
Levered Free Cash Flow	475.72	580.22	867.21	-1,330	2,602
Unlevered Free Cash Flow	475.72	580.22	867.21	-1,330	2,602
Change in Working Capital	-594.36	26.26	-509.78	71.81	-38.23

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