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	2015 - 2019
Period Ending	Jun '25 Jun 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	2015 - 2019
Net Income	1,535	1,403	1,166	430.53	1,410	1,117	Upgrade
Depreciation & Amortization, Total	158.33	183.11	220.34	217.2	182.21	68.83	Upgrade
Gain (Loss) On Sale of Investments	141.72	-358.43	-280.8	760.4	-314.21	-70.42	Upgrade
Change in Accounts Receivable	-9,954	11,478	-2,101	-12,761	-26,489	-4,752	Upgrade
Change in Accounts Payable	15,278	-1,573	467.73	6,381	10,994	2,422	Upgrade
Change in Other Net Operating Assets	-48.41	-42.98	-53.34	-51.79	-59.78	-65.51	Upgrade
Other Operating Activities	551.6	673.96	679.82	657.87	401.93	199.03	Upgrade
Operating Cash Flow	7,695	12,089	250.71	-4,745	-13,719	-1,139	Upgrade
Capital Expenditures	-186.49	-191.95	-231.21	-198.49	-197.61	-108.89	Upgrade
Cash Acquisitions	-3,443	-3,443	-	-	-	-	Upgrade
Investment in Securities	39.95	-	-	8.41	-	-	Upgrade
Other Investing Activities	-	-	83.12	84.5	-	-	Upgrade
Investing Cash Flow	-3,589	-3,634	-147.21	-105.24	-196.21	-110.11	Upgrade
Long-Term Debt Issued	-	17,515	23,544	33,108	12,305	7,000	Upgrade
Long-Term Debt Repaid	-	-17,304	-24,569	-28,020	-3,953	-2,877	Upgrade
Total Debt Repaid	-15,608	-17,304	-24,569	-28,020	-3,953	-2,877	Upgrade
Net Debt Issued (Repaid)	-39.26	210.73	-1,025	5,087	8,352	4,123	Upgrade
Issuance of Common Stock	-	-	-	-	-	7,500	Upgrade
Repurchase of Common Stock	-50.1	-2.88	-	-	-	-	Upgrade
Common Dividends Paid	-1,055	-1,113	-766.13	-938.06	-621.52	-375.1	Upgrade
Other Financing Activities	160.69	40.35	-40.47	5.85	-	-36.53	Upgrade
Financing Cash Flow	-984.01	-864.83	-1,832	4,155	7,731	11,211	Upgrade
Foreign Exchange Rate Adjustments	0.21	0.82	0.6	2.64	-0.66	-1.59	Upgrade
Net Cash Flow	3,123	7,591	-1,728	-692.71	-6,186	9,961	Upgrade
Free Cash Flow	7,509	11,897	19.51	-4,944	-13,917	-1,248	Upgrade
Free Cash Flow Growth	114.51%	60890.13%	-	-	-	-	Upgrade
Free Cash Flow Margin	121.78%	177.88%	0.28%	-93.47%	-206.52%	-24.27%	Upgrade
Free Cash Flow Per Share	1.68	2.66	0.00	-1.11	-3.11	-0.36	Upgrade
Cash Interest Paid	742.9	756.51	863.05	798.01	714.88	637.67	Upgrade
Cash Income Tax Paid	590.84	449.47	660.18	533.86	1,000	680.26	Upgrade

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