Zheshang Securities Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2015 - 2019
Period Ending	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	1,932	1,754	1,654	2,196	1,627	Upgrade
Depreciation & Amortization, Total	277.84	320.96	297.31	254.94	120.21	Upgrade
Gain (Loss) On Sale of Investments	-281.54	53.16	183.99	-233.92	481.24	Upgrade
Change in Accounts Receivable	399.02	-5,976	-14,319	-9,098	-11,124	Upgrade
Change in Accounts Payable	-4,083	6,819	9,978	23,590	15,079	Upgrade
Other Operating Activities	1,102	1,080	1,010	984.35	1,170	Upgrade
Operating Cash Flow	6,288	5,910	523.06	1,726	-911.59	Upgrade
Capital Expenditures	-286.5	-244.36	-248.88	-254.28	-223.67	Upgrade
Investment in Securities	-4,651	-109.09	-39.85	23.08	2	Upgrade
Other Investing Activities	-	-	-	4	-	Upgrade
Investing Cash Flow	-4,938	-352.44	-288.4	-219.24	-183.32	Upgrade
Short-Term Debt Issued	1,298	640.95	747.4	108.76	104.7	Upgrade
Long-Term Debt Issued	18,743	26,069	20,889	33,164	35,018	Upgrade
Total Debt Issued	20,042	26,710	21,636	33,273	35,122	Upgrade
Short-Term Debt Repaid	-11,366	-22,443	-22,231	-29,217	-30,410	Upgrade
Long-Term Debt Repaid	-160.54	-144.82	-140.07	-107.96	-	Upgrade
Total Debt Repaid	-11,527	-22,588	-22,371	-29,325	-30,410	Upgrade
Net Debt Issued (Repaid)	8,515	4,123	-734.82	3,948	4,712	Upgrade
Issuance of Common Stock	-	-	-	2,801	-	Upgrade
Repurchase of Common Stock	-	-405.14	-	-	-	Upgrade
Common Dividends Paid	-1,327	-1,175	-1,400	-1,431	-1,105	Upgrade
Other Financing Activities	-	-	1,729	-	-	Upgrade
Financing Cash Flow	7,187	2,543	-405.92	5,318	3,607	Upgrade
Foreign Exchange Rate Adjustments	6.42	3.91	21.79	-4.96	-2.35	Upgrade
Net Cash Flow	8,544	8,105	-149.48	6,819	2,510	Upgrade
Free Cash Flow	6,001	5,666	274.17	1,471	-1,135	Upgrade
Free Cash Flow Growth	5.92%	1966.55%	-81.37%	-	-	Upgrade
Free Cash Flow Margin	38.09%	32.23%	1.64%	8.98%	-10.74%	Upgrade
Free Cash Flow Per Share	1.43	1.36	0.07	0.39	-0.33	Upgrade
Cash Interest Paid	697.13	861	837.21	773.03	550.67	Upgrade
Cash Income Tax Paid	727.65	907.36	1,287	1,294	730.61	Upgrade

Updated Oct 30, 2024. Source: S&P Global Market Intelligence. Capital Markets template. Financial Sources.