Zhongtai 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	1,435	937.29	1,800	590.21	3,200
Depreciation & Amortization, Total	575.07	488.96	575.86	503.54	440.5
Gain (Loss) On Sale of Investments	-557.98	702.85	-1,874	1,561	-651.61
Change in Accounts Receivable	-3,561	-3,358	1,182	3,798	-10,657
Change in Accounts Payable	19,964	24,090	-5,474	-6,678	14,747
Other Operating Activities	1,088	1,126	1,437	1,262	1,090
Operating Cash Flow	11,584	27,716	-724.28	16,520	2,272
Capital Expenditures	-464.28	-411.6	-938.46	-1,701	-2,497
Cash Acquisitions	-	-	-293.23	-	278.84
Investment in Securities	2,569	-7,603	1,085	-5,699	635.89
Other Investing Activities	988.8	839.71	1,026	964.29	1,410
Investing Cash Flow	3,094	-7,175	896.98	-6,427	-151.02
Long-Term Debt Issued	44,917	43,528	37,724	42,475	45,965
Long-Term Debt Repaid	-42,774	-43,034	-39,719	-44,129	-34,677
Net Debt Issued (Repaid)	2,143	493.85	-1,995	-1,655	11,288
Issuance of Common Stock	6,632	2,000	-	3,000	-
Repurchase of Common Stock	-	-	-	-9	-
Common Dividends Paid	-2,068	-2,413	-2,370	-2,614	-2,711
Other Financing Activities	-594.49	-8.95	-7.69	-11.06	-12.37
Financing Cash Flow	6,113	72.05	-4,373	-1,288	8,564
Foreign Exchange Rate Adjustments	-21.67	-24.18	2.9	50.42	-16.68
Net Cash Flow	20,769	20,589	-4,197	8,855	10,669
Free Cash Flow	11,120	27,305	-1,663	14,819	-225.2
Free Cash Flow Growth	-59.28%	-	-	-	-
Free Cash Flow Margin	97.67%	254.18%	-13.26%	161.55%	-1.74%
Free Cash Flow Per Share	1.40	3.20	-0.22	2.01	-0.03
Cash Interest Paid	-	3,190	2,741	3,161	3,550
Cash Income Tax Paid	-	690.85	891.39	1,236	1,604

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