China Galaxy 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	14,035	10,031	7,879	7,768	10,430	7,244	Upgrade
Depreciation & Amortization, Total	892.71	892.71	882.45	806.18	658.09	661.27	Upgrade
Gain (Loss) On Sale of Investments	-6,093	-6,093	-2,907	4,900	-1,570	29.85	Upgrade
Change in Accounts Receivable	3,644	3,644	-2,210	-999.79	-40,555	-56,044	Upgrade
Change in Accounts Payable	30,505	30,505	6,472	10,742	87,771	83,552	Upgrade
Change in Other Net Operating Assets	-39,421	-39,421	-3,571	53,944	-	-	Upgrade
Other Operating Activities	-25,449	3,520	-4,470	-6,561	-359.08	1,587	Upgrade
Operating Cash Flow	-31,433	-6,468	-30,193	28,826	57,085	37,704	Upgrade
Capital Expenditures	-733.44	-770.64	-695.16	-1,157	-599.07	-423.29	Upgrade
Cash Acquisitions	-	-	-1,217	-	-301.82	-	Upgrade
Investment in Securities	-10,818	-8,585	8,241	-29,364	-34,764	-49,050	Upgrade
Other Investing Activities	10,407	5,287	6,271	5,710	4,263	1,959	Upgrade
Investing Cash Flow	-1,109	-4,055	12,624	-24,811	-31,400	-47,491	Upgrade
Short-Term Debt Issued	-	-	-	-	75,364	124,627	Upgrade
Long-Term Debt Issued	-	93,722	89,564	105,806	46,299	34,641	Upgrade
Total Debt Issued	162,563	93,722	89,564	105,806	121,663	159,268	Upgrade
Long-Term Debt Repaid	-	-76,642	-79,904	-95,310	-121,440	-124,791	Upgrade
Total Debt Repaid	-114,519	-76,642	-79,904	-95,310	-121,440	-124,791	Upgrade
Net Debt Issued (Repaid)	48,045	17,080	9,661	10,497	223.21	34,477	Upgrade
Issuance of Common Stock	5,000	-	14,942	-	9,924	4,962	Upgrade
Common Dividends Paid	-3,564	-4,276	-3,070	-3,771	-7,013	-6,225	Upgrade
Other Financing Activities	-4,641	-4,483	-4,502	-4,268	-259.92	71.82	Upgrade
Financing Cash Flow	44,839	8,321	17,031	2,458	2,874	33,286	Upgrade
Foreign Exchange Rate Adjustments	84.82	136.85	94.49	665.02	-171.22	-288.32	Upgrade
Net Cash Flow	12,382	-2,064	-444.13	7,138	28,388	23,210	Upgrade
Free Cash Flow	-32,166	-7,238	-30,888	27,668	56,486	37,281	Upgrade
Free Cash Flow Growth	-	-	-	-51.02%	51.52%	47.64%	Upgrade
Free Cash Flow Margin	-74.01%	-19.80%	-89.28%	80.02%	157.38%	157.90%	Upgrade
Free Cash Flow Per Share	-3.10	-0.66	-2.83	2.58	5.57	3.68	Upgrade
Cash Interest Paid	10,340	9,553	10,271	8,936	6,057	3,685	Upgrade
Cash Income Tax Paid	1,244	519.84	218.85	1,030	3,513	2,488	Upgrade

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