GF Securities Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	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	13,702	9,637	6,978	7,929	10,854
Depreciation & Amortization, Total	840.65	970.2	783.29	697.83	711.59
Gain (Loss) On Sale of Investments	-	-	-139.05	2,206	-1,772
Change in Accounts Receivable	-77,887	-17,108	-6,248	-251.32	-15,313
Change in Accounts Payable	147,016	41,085	-5,610	10,377	28,893
Change in Other Net Operating Assets	-	-	57,582	52,772	-
Other Operating Activities	776.13	-5.34	1,932	1,502	3,125
Operating Cash Flow	-27,781	9,971	-2,352	40,163	-27,323
Capital Expenditures	-727.27	-735.8	-941.48	-717.79	-670.95
Investment in Securities	5,568	20,505	-445.48	-34,348	16,116
Other Investing Activities	4,488	5,397	4,728	3,662	5,303
Investing Cash Flow	9,348	25,179	3,343	-31,401	21,240
Short-Term Debt Issued	-	-	86,738	100,805	-
Long-Term Debt Issued	114,423	93,868	2,457	3,836	97,415
Total Debt Issued	114,423	93,868	89,195	104,641	97,415
Short-Term Debt Repaid	-	-	-95,568	-119,324	-
Long-Term Debt Repaid	-90,835	-72,083	-631.15	-1,086	-50,431
Total Debt Repaid	-90,835	-72,083	-96,199	-120,410	-50,431
Net Debt Issued (Repaid)	23,588	21,785	-7,004	-15,769	46,984
Issuance of Common Stock	-	-	11,488	9,998	1,000
Repurchase of Common Stock	-	-	-	-233.61	-
Common Dividends Paid	-9,872	-8,926	-3,636	-4,412	-8,160
Other Financing Activities	27,837	2,858	788	-750.84	-8,805
Financing Cash Flow	41,553	15,717	1,636	-11,168	31,019
Foreign Exchange Rate Adjustments	-386.63	125	42.64	195.58	-165.35
Net Cash Flow	22,734	50,992	2,669	-2,209	24,770
Free Cash Flow	-28,508	9,235	-3,294	39,446	-27,994
Free Cash Flow Margin	-81.46%	35.97%	-14.89%	173.86%	-85.59%
Free Cash Flow Per Share	-3.75	1.21	-0.43	5.18	-3.67
Cash Interest Paid	5,311	5,668	5,517	3,542	3,927
Cash Income Tax Paid	5,530	3,015	1,667	2,581	5,778

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