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 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	15,652	13,702	9,637	6,978	7,929	10,854
Depreciation & Amortization, Total	840.65	840.65	970.2	881.71	654.26	711.59
Gain (Loss) On Sale of Investments	-	-	-	71.66	-1,733	-1,772
Change in Accounts Receivable	-77,887	-77,887	-17,108	-7,682	-2,760	-15,313
Change in Accounts Payable	147,016	147,016	41,085	46,387	77,576	28,893
Other Operating Activities	31,437	776.13	-5.34	898.09	3,085	3,125
Operating Cash Flow	4,830	-27,781	9,971	-8,919	50,022	-27,323
Capital Expenditures	-783.47	-727.27	-735.8	-941.48	-717.79	-670.95
Investment in Securities	24,935	5,568	20,505	-445.48	-34,348	16,116
Other Investing Activities	4,808	4,488	5,397	4,728	3,662	5,303
Investing Cash Flow	28,978	9,348	25,179	3,343	-31,401	21,240
Short-Term Debt Issued	-	-	-	2,457	-	-
Long-Term Debt Issued	-	114,423	93,868	63,947	70,800	97,415
Total Debt Issued	113,411	114,423	93,868	66,404	70,800	97,415
Long-Term Debt Repaid	-	-90,835	-72,083	-77,996	-88,953	-50,431
Net Debt Issued (Repaid)	38,782	23,588	21,785	-11,592	-18,153	46,984
Issuance of Common Stock	10,671	-	-	-	9,998	1,000
Repurchase of Common Stock	-	-	-	-	-233.61	-
Common Dividends Paid	-9,606	-9,872	-8,926	-7,938	-9,785	-8,160
Other Financing Activities	20,921	27,837	2,858	21,166	7,006	-8,805
Financing Cash Flow	60,768	41,553	15,717	1,636	-11,168	31,019
Foreign Exchange Rate Adjustments	4,164	-386.63	125	113.13	608.71	-165.35
Net Cash Flow	98,740	22,734	50,992	-3,827	8,062	24,770
Free Cash Flow	4,047	-28,508	9,235	-9,860	49,304	-27,994
Free Cash Flow Growth	-45.82%	-	-	-	-	-
Free Cash Flow Margin	10.12%	-81.46%	35.97%	-44.13%	205.41%	-85.59%
Free Cash Flow Per Share	0.54	-3.75	1.21	-1.30	6.48	-3.67
Cash Interest Paid	5,440	5,311	5,668	5,565	3,879	3,927
Cash Income Tax Paid	5,733	5,530	3,015	3,382	4,487	5,778

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