China Galaxy Securities 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	12,520	10,031	7,879	7,768	10,430
Depreciation & Amortization, Total	865.79	828.77	882.45	806.18	658.09
Gain (Loss) On Sale of Investments	3,349	-1,699	-2,907	4,900	-1,570
Change in Accounts Receivable	-60,329	-20,648	-2,210	-999.79	-40,555
Change in Accounts Payable	71,408	46,196	6,472	10,742	87,771
Change in Other Net Operating Assets	-	-	-3,571	53,944	-
Other Operating Activities	-3,435	-907.4	-4,470	-6,561	-359.08
Operating Cash Flow	24,936	34,797	-30,193	28,826	57,085
Capital Expenditures	-843.53	-770.64	-695.16	-1,157	-599.07
Cash Acquisitions	-	-	-1,217	-	-301.82
Investment in Securities	-14,049	-21,236	8,241	-29,364	-34,764
Other Investing Activities	5,780	5,287	6,271	5,710	4,263
Investing Cash Flow	-9,097	-16,706	12,624	-24,811	-31,400
Short-Term Debt Issued	110,416	60,672	-	-	75,364
Long-Term Debt Issued	47,044	33,050	89,564	105,806	46,299
Total Debt Issued	157,460	93,722	89,564	105,806	121,663
Long-Term Debt Repaid	-122,525	-76,642	-79,904	-95,310	-121,440
Total Debt Repaid	-122,525	-76,642	-79,904	-95,310	-121,440
Net Debt Issued (Repaid)	34,936	17,080	9,661	10,497	223.21
Issuance of Common Stock	5,000	-	14,942	-	9,924
Common Dividends Paid	-7,651	-8,615	-3,070	-3,771	-7,013
Other Financing Activities	-5,089	-143.8	-4,502	-4,268	-259.92
Financing Cash Flow	27,196	8,321	17,031	2,458	2,874
Foreign Exchange Rate Adjustments	-74.06	136.85	94.49	665.02	-171.22
Net Cash Flow	42,962	26,549	-444.13	7,138	28,388
Free Cash Flow	24,092	34,026	-30,888	27,668	56,486
Free Cash Flow Growth	-29.19%	-	-	-51.02%	51.52%
Free Cash Flow Margin	85.41%	149.59%	-89.28%	80.02%	157.38%
Free Cash Flow Per Share	2.20	3.11	-2.83	2.58	5.57
Cash Interest Paid	6,962	8,132	10,271	8,936	6,057
Cash Income Tax Paid	2,340	1,527	218.85	1,030	3,513

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