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 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	1,747	1,754	1,403	1,166	430.53	1,410
Depreciation & Amortization, Total	204.14	204.14	236.33	220.34	217.2	182.21
Gain (Loss) On Sale of Investments	404.71	404.71	-358.43	-280.8	760.4	-314.21
Change in Accounts Receivable	-9,370	-9,370	11,478	-2,101	-12,761	-26,489
Change in Accounts Payable	8,820	8,820	-1,573	467.73	6,381	10,994
Change in Other Net Operating Assets	-50.05	-50.05	-42.98	-53.34	-51.79	-59.78
Other Operating Activities	545.05	455.07	675.93	679.82	657.87	401.93
Operating Cash Flow	2,303	2,219	12,089	250.71	-4,745	-13,719
Capital Expenditures	-157.74	-149.24	-191.95	-231.21	-198.49	-197.61
Cash Acquisitions	-	-	-3,443	-	-	-
Investment in Securities	-10.91	-	-	-	8.41	-
Other Investing Activities	8,538	8,538	-	83.12	84.5	-
Investing Cash Flow	8,370	8,389	-3,634	-147.21	-105.24	-196.21
Long-Term Debt Issued	-	17,936	17,515	23,544	33,108	12,305
Long-Term Debt Repaid	-	-17,283	-17,304	-24,569	-28,020	-3,953
Net Debt Issued (Repaid)	6,971	652.88	210.73	-1,025	5,087	8,352
Repurchase of Common Stock	-47.22	-47.22	-2.88	-	-	-
Common Dividends Paid	-943.71	-1,109	-1,113	-766.13	-938.06	-621.52
Other Financing Activities	31.8	-	40.35	-40.47	5.85	-
Financing Cash Flow	6,012	-503.35	-864.83	-1,832	4,155	7,731
Foreign Exchange Rate Adjustments	-2.91	-1.9	0.82	0.6	2.64	-0.66
Net Cash Flow	16,682	10,103	7,591	-1,728	-692.71	-6,186
Free Cash Flow	2,145	2,070	11,897	19.51	-4,944	-13,917
Free Cash Flow Growth	-77.75%	-82.60%	60890.13%	-	-	-
Free Cash Flow Margin	34.81%	34.78%	177.88%	0.28%	-93.56%	-206.52%
Free Cash Flow Per Share	0.48	0.46	2.66	0.00	-1.11	-3.11
Cash Interest Paid	1,021	1,021	756.51	863.05	798.01	714.88
Cash Income Tax Paid	761.59	730.08	449.47	660.18	533.86	1,000

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