Northeast 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	1,659	1,451	873.65	668.45	230.94	1,624
Depreciation & Amortization, Total	185.92	185.92	265.59	254.82	226.81	198.19
Gain (Loss) On Sale of Investments	-401.64	-401.64	-61.97	-351.64	477.87	-777.15
Change in Accounts Receivable	-15,686	-15,686	-4,038	479.3	2,958	-2,692
Change in Accounts Payable	16,713	16,713	7,888	2,706	-321.33	8,789
Change in Other Net Operating Assets	-87.64	-87.64	-73.29	0.27	-100.67	-405.29
Other Operating Activities	9,678	660.22	921.58	924.24	807.54	1,067
Operating Cash Flow	10,228	1,003	10,936	-1,882	2,714	4,310
Capital Expenditures	-90.15	-93.15	-179.55	-294.37	-270.73	-214.26
Investment in Securities	-419.47	-465.46	157.7	-98.32	-118.09	-280.71
Other Investing Activities	272.69	272.49	241.66	375.31	265.92	363.41
Investing Cash Flow	-236.9	-286.08	220	-17	-122.88	-130.76
Long-Term Debt Issued	-	20,756	9,530	17,134	17,084	25,521
Long-Term Debt Repaid	-	-13,823	-12,546	-16,295	-5,100	-8,500
Total Debt Repaid	-11,120	-13,823	-12,546	-16,295	-5,100	-8,500
Net Debt Issued (Repaid)	8,132	6,933	-3,016	838.7	11,984	17,021
Issuance of Common Stock	119.94	119.94	-	-	-	-
Common Dividends Paid	-1,001	-1,192	-1,068	-1,039	-1,074	-1,205
Other Financing Activities	-156.02	-143.76	-160.89	-353.14	-12,756	-15,864
Financing Cash Flow	7,094	5,717	-4,244	-553.01	-1,846	-48.16
Foreign Exchange Rate Adjustments	-2.89	-1.07	1.86	1.7	4.88	-0.14
Net Cash Flow	17,083	6,433	6,914	-2,450	750.33	4,131
Free Cash Flow	10,138	909.87	10,757	-2,176	2,443	4,095
Free Cash Flow Growth	64.53%	-91.54%	-	-	-40.34%	87.39%
Free Cash Flow Margin	189.04%	18.12%	252.53%	-32.96%	47.14%	53.46%
Free Cash Flow Per Share	4.32	0.39	4.56	-0.94	1.04	1.75
Cash Interest Paid	1,216	1,138	979.74	1,038	975.64	944.94
Cash Income Tax Paid	629.8	570.33	506.35	531.75	696.56	704.45

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