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
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,932	1,754	1,654	2,196
Depreciation & Amortization, Total	277.84	320.96	297.31	254.94
Gain (Loss) On Sale of Investments	-281.54	53.16	183.99	-233.92
Change in Accounts Receivable	399.02	-5,976	-14,319	-9,098
Change in Accounts Payable	-4,083	6,819	9,978	23,590
Other Operating Activities	1,102	1,080	1,010	984.35
Operating Cash Flow	6,288	5,910	523.06	1,726
Capital Expenditures	-286.5	-244.36	-248.88	-254.28
Investment in Securities	-4,651	-109.09	-39.85	23.08
Other Investing Activities	-	-	-	4
Investing Cash Flow	-4,938	-352.44	-288.4	-219.24
Short-Term Debt Issued	1,298	640.95	747.4	108.76
Long-Term Debt Issued	18,743	26,069	20,889	33,164
Total Debt Issued	20,042	26,710	21,636	33,273
Short-Term Debt Repaid	-11,366	-22,443	-22,231	-29,217
Long-Term Debt Repaid	-160.54	-144.82	-140.07	-107.96
Total Debt Repaid	-11,527	-22,588	-22,371	-29,325
Net Debt Issued (Repaid)	8,515	4,123	-734.82	3,948
Issuance of Common Stock	-	-	-	2,801
Repurchase of Common Stock	-	-405.14	-	-
Common Dividends Paid	-1,327	-1,175	-1,400	-1,431
Other Financing Activities	-	-	1,729	-
Financing Cash Flow	7,187	2,543	-405.92	5,318
Foreign Exchange Rate Adjustments	6.42	3.91	21.79	-4.96
Net Cash Flow	8,544	8,105	-149.48	6,819
Free Cash Flow	6,001	5,666	274.17	1,471
Free Cash Flow Growth	5.92%	1966.55%	-81.37%	-
Free Cash Flow Margin	38.09%	32.23%	1.64%	8.98%
Free Cash Flow Per Share	1.43	1.36	0.07	0.39
Cash Interest Paid	697.13	861	837.21	773.03
Cash Income Tax Paid	727.65	907.36	1,287	1,294

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