PNGAY 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	134,778	126,607	85,665	111,008	101,618
Depreciation & Amortization	15,401	16,312	18,332	18,188	15,899
Other Amortization	2,689	3,257	2,921	2,165	2,522
Gain (Loss) on Sale of Assets	-325	-3	-563	-311	-14
Gain (Loss) on Sale of Investments	19,668	-31,295	23,273	43,074	61,795
Change in Accounts Receivable	443,458	385,290	318,179	-3,529	12,846
Reinsurance Recoverable	-296	-2,461	-1,332	-570	-6,633
Change in Insurance Reserves / Liabilities	-	-	-	275,281	330,878
Change in Other Net Operating Assets	201,893	-30,637	-28,053	84,122	-306,891
Other Operating Activities	-218,091	-148,697	-123,740	-119,705	-183,685
Operating Cash Flow	658,632	382,474	360,403	476,776	90,116
Operating Cash Flow Growth	72.20%	6.12%	-24.41%	429.07%	-71.12%
Capital Expenditures	-8,355	-6,678	-7,810	-8,871	-12,186
Sale of Property, Plant & Equipment	708	409	1,068	568	679
Cash Acquisitions	-949	-	-	-37,620	-366
Investment in Securities	-785,682	-617,459	-310,247	-394,271	-182,099
Other Investing Activities	224,837	207,477	212,923	223,927	233,027
Investing Cash Flow	-559,953	-416,251	-104,001	-215,760	27,933
Short-Term Debt Issued	230,683	156,749	-	-	-
Long-Term Debt Issued	971,318	988,302	1,172,109	1,077,521	1,450,141
Total Debt Issued	1,202,001	1,145,051	1,172,109	1,077,521	1,450,141
Total Debt Repaid	-1,087,996	-1,043,050	-1,289,571	-1,212,759	-1,512,681
Net Debt Issued (Repaid)	114,005	102,001	-117,462	-135,238	-62,540
Repurchases of Common Stock	-3,875	-3,540	-4,451	-5,540	-8,084
Common Dividends Paid	-56,052	-56,907	-50,707	-49,582	-46,942
Other Financing Activities	21,310	-10,603	-49,436	-40,513	-18,846
Financing Cash Flow	75,388	30,951	-222,056	-230,873	-136,412
Foreign Exchange Rate Adjustments	-2,888	1,399	1,924	8,580	-3,260
Net Cash Flow	171,179	-1,427	36,270	38,723	-21,623
Free Cash Flow	650,277	375,796	352,593	467,905	77,930
Free Cash Flow Growth	73.04%	6.58%	-24.64%	500.42%	-74.20%
Free Cash Flow Margin	68.04%	39.00%	38.88%	52.89%	6.12%
Free Cash Flow Per Share	35.91	20.75	19.51	26.42	4.38
Cash Interest Paid	21,094	17,762	22,380	28,218	45,887
Cash Income Tax Paid	26,854	17,877	26,658	28,647	26,961
Levered Free Cash Flow	-303,007	-389,998	-105,765	-347,104	13,297
Unlevered Free Cash Flow	-284,828	-373,513	-86,080	-332,918	30,848
Change in Working Capital	645,654	355,146	290,370	356,010	29,031

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.