Guosheng 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	Jan '23 Jan 1, 2023	Dec '21 Dec 31, 2021
Net Income	272.96	167.41	-29.98	-436.75	76.89
Depreciation & Amortization, Total	79.12	125.17	142.69	153.63	138.11
Gain (Loss) On Sale of Investments	222.81	49.22	-5.58	196.42	16.07
Change in Accounts Receivable	-128.87	-7,461	-1,182	-1,784	1,612
Change in Accounts Payable	-1,128	11,487	1,427	-359.89	977.88
Change in Other Net Operating Assets	0.46	-0.34	-0.29	-1.59	0.43
Other Operating Activities	202.32	169.48	152.6	222.83	242.87
Operating Cash Flow	-549.68	4,591	558.63	-1,893	2,988
Capital Expenditures	-48.07	-43.17	-52.66	-71.31	-152.04
Investment in Securities	-	-	-	274.75	-176.25
Other Investing Activities	-	0	0.26	15.5	233.59
Investing Cash Flow	-47.72	-41.12	-51.89	220.01	-94.69
Short-Term Debt Issued	-	-	-	2,680	-
Long-Term Debt Issued	7,013	4,457	2,707	3,223	3,084
Total Debt Issued	7,013	4,457	2,707	5,902	3,084
Long-Term Debt Repaid	-4,862	-3,032	-2,610	-5,680	-4,115
Total Debt Repaid	-4,862	-3,032	-2,610	-5,680	-4,115
Net Debt Issued (Repaid)	2,151	1,425	97.04	222.09	-1,031
Common Dividends Paid	-193.04	-173.31	-149.7	-202.84	-256.55
Other Financing Activities	15.58	-0.59	-	3.45	-
Financing Cash Flow	1,974	1,251	-52.67	22.69	-1,287
Foreign Exchange Rate Adjustments	-0.45	0.4	0.4	2.16	-0.78
Net Cash Flow	1,376	5,801	454.46	-1,648	1,605
Free Cash Flow	-597.75	4,548	505.96	-1,964	2,836
Free Cash Flow Growth	-	798.82%	-	-	-32.43%
Free Cash Flow Margin	-33.50%	262.23%	32.52%	-129.47%	146.07%
Free Cash Flow Per Share	-0.31	2.35	0.26	-1.01	1.46
Cash Interest Paid	721.29	519	360.2	380.63	420.73
Cash Income Tax Paid	333.44	95.82	129.33	98.07	278.69

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