Western 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	1,918	1,403	1,166	430.53	1,410	1,117
Depreciation & Amortization, Total	183.11	183.11	220.34	217.2	182.21	68.83
Gain (Loss) On Sale of Investments	-358.43	-358.43	-280.8	760.4	-314.21	-70.42
Change in Accounts Receivable	11,478	11,478	-2,101	-12,761	-26,489	-4,752
Change in Accounts Payable	-1,573	-1,573	467.73	6,381	10,994	2,422
Change in Other Net Operating Assets	-42.98	-42.98	-53.34	-51.79	-59.78	-65.51
Other Operating Activities	-4,517	673.96	679.82	657.87	401.93	199.03
Operating Cash Flow	7,413	12,089	250.71	-4,745	-13,719	-1,139
Capital Expenditures	-169.84	-191.95	-231.21	-198.49	-197.61	-108.89
Cash Acquisitions	-3,825	-3,443	-	-	-	-
Investment in Securities	-128.38	-	-	8.41	-	-
Other Investing Activities	-	-	83.12	84.5	-	-
Investing Cash Flow	-4,122	-3,634	-147.21	-105.24	-196.21	-110.11
Long-Term Debt Issued	-	17,515	23,544	33,108	12,305	7,000
Long-Term Debt Repaid	-	-17,304	-24,569	-28,020	-3,953	-2,877
Total Debt Repaid	-16,299	-17,304	-24,569	-28,020	-3,953	-2,877
Net Debt Issued (Repaid)	-420.07	210.73	-1,025	5,087	8,352	4,123
Issuance of Common Stock	-	-	-	-	-	7,500
Repurchase of Common Stock	-2.88	-2.88	-	-	-	-
Common Dividends Paid	-1,111	-1,113	-766.13	-938.06	-621.52	-375.1
Other Financing Activities	-9.94	40.35	-40.47	5.85	-	-36.53
Financing Cash Flow	-1,544	-864.83	-1,832	4,155	7,731	11,211
Foreign Exchange Rate Adjustments	0.64	0.82	0.6	2.64	-0.66	-1.59
Net Cash Flow	1,747	7,591	-1,728	-692.71	-6,186	9,961
Free Cash Flow	7,243	11,897	19.51	-4,944	-13,917	-1,248
Free Cash Flow Growth	-1.25%	60890.13%	-	-	-	-
Free Cash Flow Margin	110.10%	177.88%	0.28%	-93.56%	-206.52%	-24.27%
Free Cash Flow Per Share	1.62	2.66	0.00	-1.11	-3.11	-0.36
Cash Interest Paid	762.71	756.51	863.05	798.01	714.88	637.67
Cash Income Tax Paid	606.08	449.47	660.18	533.86	1,000	680.26

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