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	2015 - 2019
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	2015 - 2019
Net Income	1,735	937.29	1,800	590.21	3,200	2,525	Upgrade
Depreciation & Amortization, Total	488.96	488.96	575.86	503.54	440.5	203.98	Upgrade
Gain (Loss) On Sale of Investments	702.85	702.85	-1,874	1,561	-651.61	-1,426	Upgrade
Change in Accounts Receivable	-3,358	-3,358	1,182	3,798	-10,657	-7,498	Upgrade
Change in Accounts Payable	24,090	24,090	-5,474	-6,678	14,747	19,249	Upgrade
Other Operating Activities	-22,806	1,126	1,437	1,262	1,090	1,834	Upgrade
Operating Cash Flow	4,582	27,716	-724.28	16,520	2,272	2,149	Upgrade
Capital Expenditures	-431.03	-411.6	-938.46	-1,701	-2,497	-210.12	Upgrade
Cash Acquisitions	-	-	-293.23	-	278.84	-	Upgrade
Investment in Securities	-2,188	-7,603	1,085	-5,699	635.89	864.87	Upgrade
Other Investing Activities	864.35	839.71	1,026	964.29	1,410	1,079	Upgrade
Investing Cash Flow	-1,754	-7,175	896.98	-6,427	-151.02	1,770	Upgrade
Long-Term Debt Issued	-	43,528	37,724	42,475	45,965	76,168	Upgrade
Long-Term Debt Repaid	-	-43,034	-39,719	-44,129	-34,677	-66,739	Upgrade
Total Debt Repaid	-41,159	-43,034	-39,719	-44,129	-34,677	-66,739	Upgrade
Net Debt Issued (Repaid)	8,167	493.85	-1,995	-1,655	11,288	9,429	Upgrade
Issuance of Common Stock	2,000	2,000	-	3,000	-	2,924	Upgrade
Repurchase of Common Stock	-	-	-	-9	-	-6,000	Upgrade
Common Dividends Paid	-1,615	-2,413	-2,370	-2,614	-2,711	-2,180	Upgrade
Other Financing Activities	-2,269	-8.95	-7.69	-11.06	-12.37	-42.75	Upgrade
Financing Cash Flow	6,283	72.05	-4,373	-1,288	8,564	4,131	Upgrade
Foreign Exchange Rate Adjustments	-11.67	-24.18	2.9	50.42	-16.68	-76.6	Upgrade
Net Cash Flow	9,099	20,589	-4,197	8,855	10,669	7,973	Upgrade
Free Cash Flow	4,151	27,305	-1,663	14,819	-225.2	1,939	Upgrade
Free Cash Flow Growth	-83.84%	-	-	-	-	-82.36%	Upgrade
Free Cash Flow Margin	33.77%	254.18%	-13.26%	161.55%	-1.74%	18.87%	Upgrade
Free Cash Flow Per Share	0.52	3.20	-0.22	2.01	-0.03	0.28	Upgrade
Cash Interest Paid	3,465	3,190	2,741	3,161	3,550	3,187	Upgrade
Cash Income Tax Paid	1,197	690.85	891.39	1,236	1,604	1,174	Upgrade

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