Guotai Haitong Securities Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	21,956	27,809	13,024	9,374	11,509	15,013
Depreciation & Amortization, Total	2,394	2,394	1,191	1,156	1,208	1,134
Gain (Loss) On Sale of Investments	-1,089	-1,089	-2,553	1,353	1,860	1,130
Stock-Based Compensation	3.13	3.13	46.35	142.16	276.22	307.48
Change in Accounts Receivable	-278,310	-278,310	-45,110	-47,721	-38,726	-94,679
Change in Accounts Payable	329,559	329,559	86,748	40,576	78,125	88,620
Change in Other Net Operating Assets	-8,827	-8,827	-	-	-	143.56
Other Operating Activities	116,018	6,053	2,243	1,812	-3,392	-2,234
Operating Cash Flow	185,250	81,138	56,105	7,204	50,732	10,366
Capital Expenditures	-1,665	-1,645	-1,160	-1,165	-1,784	-853.84
Cash Acquisitions	-	-	-	-	-963.61	-
Investment in Securities	-118,190	-63,469	-26,168	-28,511	-12,613	-20,733
Other Investing Activities	13,699	187,541	4,553	3,401	3,834	-12,142
Investing Cash Flow	-105,456	123,202	-22,659	-26,260	-11,516	-33,717
Long-Term Debt Issued	-	396,064	182,661	180,394	113,651	200,885
Total Debt Issued	434,201	396,064	182,661	180,394	113,651	200,885
Long-Term Debt Repaid	-	-322,302	-162,297	-167,218	-140,425	-172,133
Total Debt Repaid	-350,229	-322,302	-162,297	-167,218	-140,425	-172,133
Net Debt Issued (Repaid)	83,972	73,762	20,364	13,176	-26,775	28,751
Issuance of Common Stock	-	1,702	-	5,000	4,995	79.5
Repurchase of Common Stock	-9,480	-1,231	-13.51	-	-48.95	-12.59
Common Dividends Paid	-18,489	-18,662	-11,784	-11,214	-11,891	-9,953
Other Financing Activities	8,333	8,240	-1,057	-1,019	-915.23	9,575
Financing Cash Flow	64,336	63,811	7,509	5,943	-34,635	28,440
Foreign Exchange Rate Adjustments	-1,468	-400.78	97.47	296.28	1,781	-540.97
Net Cash Flow	142,662	267,750	41,052	-12,817	6,363	4,548
Free Cash Flow	183,584	79,493	54,945	6,038	48,948	9,512
Free Cash Flow Growth	920.45%	44.68%	809.96%	-87.66%	414.60%	-55.62%
Free Cash Flow Margin	275.70%	130.83%	169.11%	17.19%	139.76%	22.78%
Free Cash Flow Per Share	10.46	5.05	6.19	0.67	5.30	1.03
Cash Interest Paid	27,988	23,288	12,975	10,799	8,862	9,155
Cash Income Tax Paid	10,774	13,992	4,719	5,240	5,472	5,463

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