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
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
Net Income	2,559	1,932	1,754	1,654	2,196	1,627
Depreciation & Amortization, Total	277.84	277.84	320.96	297.31	254.94	120.21
Gain (Loss) On Sale of Investments	-281.54	-281.54	53.16	183.99	-233.92	481.24
Change in Accounts Receivable	399.02	399.02	-5,976	-14,319	-9,098	-11,124
Change in Accounts Payable	-4,083	-4,083	6,819	9,978	23,590	15,079
Other Operating Activities	-2,066	1,102	1,080	1,010	984.35	1,170
Operating Cash Flow	3,747	6,288	5,910	523.06	1,726	-911.59
Capital Expenditures	-341.8	-286.5	-244.36	-248.88	-254.28	-223.67
Investment in Securities	-2,816	-4,651	-109.09	-39.85	23.08	2
Other Investing Activities	7,224	-	-	-	4	-
Investing Cash Flow	4,066	-4,938	-352.44	-288.4	-219.24	-183.32
Short-Term Debt Issued	-	1,298	640.95	747.4	108.76	104.7
Long-Term Debt Issued	-	18,743	26,069	20,889	33,164	35,018
Total Debt Issued	43,688	20,042	26,710	21,636	33,273	35,122
Short-Term Debt Repaid	-	-11,366	-22,443	-22,231	-29,217	-30,410
Long-Term Debt Repaid	-	-160.54	-144.82	-140.07	-107.96	-
Total Debt Repaid	-21,916	-11,527	-22,588	-22,371	-29,325	-30,410
Net Debt Issued (Repaid)	21,772	8,515	4,123	-734.82	3,948	4,712
Issuance of Common Stock	-	-	-	-	2,801	-
Repurchase of Common Stock	-	-	-405.14	-	-	-
Common Dividends Paid	-1,784	-1,327	-1,175	-1,400	-1,431	-1,105
Other Financing Activities	-5.53	-	-	1,729	-	-
Financing Cash Flow	19,982	7,187	2,543	-405.92	5,318	3,607
Foreign Exchange Rate Adjustments	-0.83	6.42	3.91	21.79	-4.96	-2.35
Net Cash Flow	27,795	8,544	8,105	-149.48	6,819	2,510
Free Cash Flow	3,405	6,001	5,666	274.17	1,471	-1,135
Free Cash Flow Growth	10.29%	5.92%	1966.55%	-81.37%	-	-
Free Cash Flow Margin	18.42%	38.09%	32.23%	1.64%	8.98%	-10.74%
Free Cash Flow Per Share	0.75	1.43	1.36	0.07	0.39	-0.33
Cash Interest Paid	1,078	697.13	861	837.21	773.03	550.67
Cash Income Tax Paid	1,156	727.65	907.36	1,287	1,294	730.61

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