Zhongtai Securities 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	Sep '25 Sep 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	1,735	937.29	1,800	590.21	3,200	2,525
Depreciation & Amortization, Total	488.96	488.96	575.86	503.54	440.5	203.98
Gain (Loss) On Sale of Investments	702.85	702.85	-1,874	1,561	-651.61	-1,426
Change in Accounts Receivable	-3,358	-3,358	1,182	3,798	-10,657	-7,498
Change in Accounts Payable	24,090	24,090	-5,474	-6,678	14,747	19,249
Other Operating Activities	-22,806	1,126	1,437	1,262	1,090	1,834
Operating Cash Flow	4,582	27,716	-724.28	16,520	2,272	2,149
Capital Expenditures	-431.03	-411.6	-938.46	-1,701	-2,497	-210.12
Cash Acquisitions	-	-	-293.23	-	278.84	-
Investment in Securities	-2,188	-7,603	1,085	-5,699	635.89	864.87
Other Investing Activities	864.35	839.71	1,026	964.29	1,410	1,079
Investing Cash Flow	-1,754	-7,175	896.98	-6,427	-151.02	1,770
Long-Term Debt Issued	-	43,528	37,724	42,475	45,965	76,168
Long-Term Debt Repaid	-	-43,034	-39,719	-44,129	-34,677	-66,739
Total Debt Repaid	-41,159	-43,034	-39,719	-44,129	-34,677	-66,739
Net Debt Issued (Repaid)	8,167	493.85	-1,995	-1,655	11,288	9,429
Issuance of Common Stock	2,000	2,000	-	3,000	-	2,924
Repurchase of Common Stock	-	-	-	-9	-	-6,000
Common Dividends Paid	-1,615	-2,413	-2,370	-2,614	-2,711	-2,180
Other Financing Activities	-2,269	-8.95	-7.69	-11.06	-12.37	-42.75
Financing Cash Flow	6,283	72.05	-4,373	-1,288	8,564	4,131
Foreign Exchange Rate Adjustments	-11.67	-24.18	2.9	50.42	-16.68	-76.6
Net Cash Flow	9,099	20,589	-4,197	8,855	10,669	7,973
Free Cash Flow	4,151	27,305	-1,663	14,819	-225.2	1,939
Free Cash Flow Growth	-83.84%	-	-	-	-	-82.36%
Free Cash Flow Margin	33.77%	254.18%	-13.26%	161.55%	-1.74%	18.87%
Free Cash Flow Per Share	0.52	3.20	-0.22	2.01	-0.03	0.28
Cash Interest Paid	3,465	3,190	2,741	3,161	3,550	3,187
Cash Income Tax Paid	1,197	690.85	891.39	1,236	1,604	1,174

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