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 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	2,608	2,412	1,932	1,754	1,654	2,196
Depreciation & Amortization, Total	395.9	395.9	359.08	320.96	297.31	254.94
Gain (Loss) On Sale of Investments	-251.46	-251.46	-281.54	53.16	183.99	-233.92
Change in Accounts Receivable	-33,422	-33,422	399.02	-5,976	-14,319	-9,098
Change in Accounts Payable	22,255	22,255	-4,083	6,819	9,978	23,590
Other Operating Activities	9,359	1,452	1,102	1,080	1,010	984.35
Operating Cash Flow	4,813	-3,290	6,288	5,910	523.06	1,726
Capital Expenditures	-470.3	-495.65	-286.5	-244.36	-248.88	-254.28
Investment in Securities	57.04	-	-4,651	-109.09	-39.85	23.08
Other Investing Activities	7,286	7,286	-	-	-	4
Investing Cash Flow	6,874	6,791	-4,938	-352.44	-288.4	-219.24
Short-Term Debt Issued	-	2,528	1,298	640.95	747.4	108.76
Long-Term Debt Issued	-	40,835	18,743	26,069	20,889	33,164
Total Debt Issued	52,715	43,362	20,042	26,710	21,636	33,273
Short-Term Debt Repaid	-	-28,567	-11,366	-22,443	-22,231	-29,217
Long-Term Debt Repaid	-	-202.73	-160.54	-144.82	-140.07	-107.96
Total Debt Repaid	-31,989	-28,770	-11,527	-22,588	-22,371	-29,325
Net Debt Issued (Repaid)	20,727	14,592	8,515	4,123	-734.82	3,948
Issuance of Common Stock	-	-	-	-	-	2,801
Repurchase of Common Stock	-	-	-	-405.14	-	-
Common Dividends Paid	-1,950	-1,832	-1,327	-1,175	-1,400	-1,431
Other Financing Activities	-48.06	-35.23	-	-	1,729	-
Financing Cash Flow	18,728	12,725	7,187	2,543	-405.92	5,318
Foreign Exchange Rate Adjustments	-37.93	-19.36	6.42	3.91	21.79	-4.96
Net Cash Flow	30,377	16,207	8,544	8,105	-149.48	6,819
Free Cash Flow	4,343	-3,785	6,001	5,666	274.17	1,471
Free Cash Flow Growth	219.54%	-	5.92%	1966.55%	-81.37%	-
Free Cash Flow Margin	45.96%	-43.08%	93.14%	32.23%	1.64%	8.98%
Free Cash Flow Per Share	0.96	-0.83	1.43	1.36	0.07	0.39
Cash Interest Paid	962.42	854.15	697.13	861	837.21	773.03
Cash Income Tax Paid	1,490	1,320	727.65	907.36	1,287	1,294

Source: S&P Global Market Intelligence. Capital Markets template. Financial Sources.