Industrial 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	2,870	2,164	1,964	2,637	4,743
Depreciation & Amortization, Total	417.91	782.92	771.28	686.29	566.84
Gain (Loss) On Sale of Investments	282.65	-472.59	-727.5	-339.24	-736.49
Change in Accounts Receivable	-20,880	5,495	-3,647	849.98	-7,666
Change in Accounts Payable	42,077	12,242	10,580	19,616	25,610
Other Operating Activities	618.05	768.03	1,084	1,697	1,896
Operating Cash Flow	19,332	24,143	-10,360	22,656	15,206
Capital Expenditures	-315.15	-451.2	-704.56	-578	-530.8
Investment in Securities	-6,737	-24,431	-12,375	-10,394	-1,675
Other Investing Activities	2,381	2,109	1,650	1,123	1,268
Investing Cash Flow	-4,664	-22,769	-11,429	-9,847	-935.39
Short-Term Debt Issued	11,682	4,535	6,171	1,331	-
Long-Term Debt Issued	49,322	66,426	50,898	39,239	101,225
Total Debt Issued	61,004	70,961	57,069	40,570	101,225
Short-Term Debt Repaid	-64,460	-56,902	-45,133	-44,129	-
Long-Term Debt Repaid	-239.13	-	-	-	-95,312
Total Debt Repaid	-64,699	-56,902	-45,133	-44,129	-95,312
Net Debt Issued (Repaid)	-3,696	14,059	11,936	-3,559	5,913
Issuance of Common Stock	2,690	-	2,998	10,030	-
Common Dividends Paid	-3,334	-3,334	-2,933	-3,388	-3,499
Other Financing Activities	-310.36	-535.76	-1,285	-327.24	-298.67
Financing Cash Flow	-4,651	10,189	10,716	2,755	2,115
Foreign Exchange Rate Adjustments	40.58	2.96	15.29	-34.92	47.71
Net Cash Flow	10,059	11,566	-11,058	15,530	16,434
Free Cash Flow	19,017	23,692	-11,065	22,078	14,675
Free Cash Flow Growth	-19.73%	-	-	50.45%	98.68%
Free Cash Flow Margin	162.59%	249.59%	-106.23%	214.51%	78.57%
Free Cash Flow Per Share	2.20	2.74	-1.28	2.93	2.10
Cash Interest Paid	3,376	3,396	3,489	3,071	2,965
Cash Income Tax Paid	2,424	1,427	2,470	4,616	5,381

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