Noah Holdings 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	558.86	475.45	1,009	976.57	1,314
Depreciation & Amortization	156.9	156.68	158.08	155.97	146.57
Loss (Gain) From Sale of Assets	2.22	5.18	23.49	1.18	-6.06
Loss (Gain) From Sale of Investments	26.11	-6.81	63.97	-89.51	-59.94
Loss (Gain) on Equity Investments	34.85	160.61	-19.34	-33.71	-206.22
Stock-Based Compensation	66.88	109.03	11.53	42.3	70.95
Provision & Write-off of Bad Debts	52.23	23.88	-7.03	-0.42	112.96
Other Operating Activities	67.47	57.68	51.86	90.3	77.65
Change in Accounts Receivable	40.42	22.94	0.26	304.7	-363
Change in Unearned Revenue	-17.86	-0.57	4.86	4.34	-7.98
Change in Income Taxes	83.62	-25.8	-37.15	-63.41	49.48
Change in Other Net Operating Assets	-116.75	-630.81	-83.29	-477.63	527.72
Operating Cash Flow	976.61	387.34	1,318	632.9	1,522
Operating Cash Flow Growth	152.13%	-70.62%	108.30%	-58.41%	91.10%
Capital Expenditures	-134.14	-82.18	-157.92	-62.71	-2,271
Sale of Property, Plant & Equipment	-	-	-	-	38.85
Cash Acquisitions	-50.08	-	-24.98	-	-27.96
Investment in Securities	486.77	-954.28	-224.74	-26.27	20.16
Other Investing Activities	-29.41	62.16	-42.72	14.93	-10.53
Investing Cash Flow	299.45	-840.82	-247.14	74.29	-2,572
Issuance of Common Stock	-	-	0	248.51	11.11
Repurchase of Common Stock	-54.12	-60.7	-	-	-372.38
Common Dividends Paid	-546.77	-1,008	-177.5	-	-
Other Financing Activities	-34.65	-65.66	-22.34	-14.75	-151.86
Financing Cash Flow	-635.55	-1,134	-199.84	233.76	-513.12
Foreign Exchange Rate Adjustments	-99.49	72.16	48.1	81.05	-46.71
Net Cash Flow	541.03	-1,516	919.44	1,022	-1,610
Free Cash Flow	842.47	305.16	1,160	570.19	-749.38
Free Cash Flow Growth	176.07%	-73.70%	103.51%	-	-
Free Cash Flow Margin	32.27%	11.73%	35.22%	18.39%	-17.46%
Free Cash Flow Per Share	11.97	4.33	16.70	8.34	-11.09
Cash Income Tax Paid	187.46	203.67	285.51	407.49	364.12
Levered Free Cash Flow	625.94	475.72	580.22	867.21	-1,330
Unlevered Free Cash Flow	625.94	475.72	580.22	867.21	-1,330
Change in Working Capital	11.1	-594.36	26.26	-509.78	71.81

Source: S&P Global Market Intelligence. Standard template. Financial Sources.