Zheshang 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	2,559	1,932	1,754	1,654	2,196	1,627	Upgrade
Depreciation & Amortization, Total	277.84	277.84	320.96	297.31	254.94	120.21	Upgrade
Gain (Loss) On Sale of Investments	-281.54	-281.54	53.16	183.99	-233.92	481.24	Upgrade
Change in Accounts Receivable	399.02	399.02	-5,976	-14,319	-9,098	-11,124	Upgrade
Change in Accounts Payable	-4,083	-4,083	6,819	9,978	23,590	15,079	Upgrade
Other Operating Activities	-2,066	1,102	1,080	1,010	984.35	1,170	Upgrade
Operating Cash Flow	3,747	6,288	5,910	523.06	1,726	-911.59	Upgrade
Capital Expenditures	-341.8	-286.5	-244.36	-248.88	-254.28	-223.67	Upgrade
Investment in Securities	-2,816	-4,651	-109.09	-39.85	23.08	2	Upgrade
Other Investing Activities	7,224	-	-	-	4	-	Upgrade
Investing Cash Flow	4,066	-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	43,688	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	-21,916	-11,527	-22,588	-22,371	-29,325	-30,410	Upgrade
Net Debt Issued (Repaid)	21,772	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	-1,784	-1,327	-1,175	-1,400	-1,431	-1,105	Upgrade
Other Financing Activities	-5.53	-	-	1,729	-	-	Upgrade
Financing Cash Flow	19,982	7,187	2,543	-405.92	5,318	3,607	Upgrade
Foreign Exchange Rate Adjustments	-0.83	6.42	3.91	21.79	-4.96	-2.35	Upgrade
Net Cash Flow	27,795	8,544	8,105	-149.48	6,819	2,510	Upgrade
Free Cash Flow	3,405	6,001	5,666	274.17	1,471	-1,135	Upgrade
Free Cash Flow Growth	10.29%	5.92%	1966.55%	-81.37%	-	-	Upgrade
Free Cash Flow Margin	18.42%	38.09%	32.23%	1.64%	8.98%	-10.74%	Upgrade
Free Cash Flow Per Share	0.75	1.43	1.36	0.07	0.39	-0.33	Upgrade
Cash Interest Paid	1,078	697.13	861	837.21	773.03	550.67	Upgrade
Cash Income Tax Paid	1,156	727.65	907.36	1,287	1,294	730.61	Upgrade

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