GF 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
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
Net Income	13,807	9,637	6,978	7,929	10,854	10,038
Depreciation & Amortization, Total	845.56	845.56	783.29	697.83	711.59	741.96
Gain (Loss) On Sale of Investments	-297.55	-297.55	-139.05	2,206	-1,772	-873.46
Change in Accounts Receivable	4,062	4,062	-6,248	-251.32	-15,313	-34,886
Change in Accounts Payable	43,274	43,274	-5,610	10,377	28,893	33,061
Change in Other Net Operating Assets	-63,907	-63,907	57,582	52,772	-	-
Other Operating Activities	-36,083	1,053	1,932	1,502	3,125	2,039
Operating Cash Flow	-63,432	-30,467	-2,352	40,163	-27,323	19,832
Capital Expenditures	-719.29	-735.8	-941.48	-717.79	-670.95	-3,047
Investment in Securities	19,617	20,505	-445.48	-34,348	16,116	-20,161
Other Investing Activities	4,763	5,397	4,728	3,662	5,303	3,717
Investing Cash Flow	15,995	25,179	3,343	-31,401	21,240	-19,450
Short-Term Debt Issued	-	123,702	86,738	100,805	-	-
Long-Term Debt Issued	-	58.46	2,457	3,836	97,415	83,447
Total Debt Issued	163,491	123,760	89,195	104,641	97,415	83,447
Short-Term Debt Repaid	-	-104,426	-95,568	-119,324	-	-
Long-Term Debt Repaid	-	-3,099	-631.15	-1,086	-50,431	-59,942
Total Debt Repaid	-126,472	-107,525	-96,199	-120,410	-50,431	-59,942
Net Debt Issued (Repaid)	37,019	16,235	-7,004	-15,769	46,984	23,505
Issuance of Common Stock	2,092	4,092	11,488	9,998	1,000	-
Repurchase of Common Stock	-	-	-	-233.61	-	-
Common Dividends Paid	-5,500	-4,269	-3,636	-4,412	-8,160	-7,277
Other Financing Activities	26,631	-340.79	788	-750.84	-8,805	4,028
Financing Cash Flow	60,242	15,717	1,636	-11,168	31,019	20,256
Foreign Exchange Rate Adjustments	-15.9	67.39	42.64	195.58	-165.35	-332.8
Net Cash Flow	12,788	10,497	2,669	-2,209	24,770	20,306
Free Cash Flow	-64,152	-31,202	-3,294	39,446	-27,994	16,784
Free Cash Flow Growth	-	-	-	-	-	-57.85%
Free Cash Flow Margin	-189.92%	-119.92%	-14.89%	173.86%	-85.59%	60.80%
Free Cash Flow Per Share	-8.69	-4.10	-0.43	5.18	-3.67	2.20
Cash Interest Paid	5,389	5,656	5,517	3,542	3,927	3,129
Cash Income Tax Paid	2,853	1,231	1,667	2,581	5,778	4,730

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