Guosen 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	12,475	8,217	6,427	6,088	10,115	6,616
Depreciation & Amortization, Total	478.33	478.33	605.25	560.69	425.48	221.42
Gain (Loss) On Sale of Investments	-1,359	-1,359	-1,558	2,738	-2,634	-583.5
Change in Accounts Receivable	270.78	270.78	-2,052	-3,796	-2,501	-2,004
Change in Accounts Payable	375.65	375.65	8,857	9,309	-54.44	4,038
Change in Other Net Operating Assets	-27,292	-27,292	-24,483	-6,122	21,989	16,346
Other Operating Activities	-31,587	3,387	2,583	2,552	2,384	2,007
Operating Cash Flow	3,031	33,747	-47,856	-7,342	-6,715	-3,472
Capital Expenditures	-294.81	-326.72	-415.44	-595.85	-603.91	-740.07
Investment in Securities	-76.57	138.03	-77.56	49.9	726.73	-71.98
Other Investing Activities	4,616	252.72	343.11	526.67	279.06	1.89
Investing Cash Flow	4,248	66.03	-146.47	-12.75	407.18	-827.65
Short-Term Debt Issued	-	622.68	245.38	524.89	6,072	7,422
Long-Term Debt Issued	-	105,627	116,350	62,327	101,292	105,462
Total Debt Issued	127,452	106,249	116,596	62,852	107,364	112,883
Short-Term Debt Repaid	-	-94,452	-65,016	-62,652	-98,248	-106,847
Long-Term Debt Repaid	-	-189.46	-189.28	-175.9	-177.22	-
Total Debt Repaid	-103,975	-94,641	-65,206	-62,828	-98,426	-106,847
Net Debt Issued (Repaid)	23,477	11,608	51,390	23.97	8,939	6,036
Issuance of Common Stock	10,000	-	-	10,000	10,000	24,788
Repurchase of Common Stock	-	-	-	-	-	-5,000
Common Dividends Paid	-7,698	-7,049	-6,206	-8,087	-4,645	-4,165
Other Financing Activities	-53.27	-76.26	-121	-91	-91.13	-44.9
Financing Cash Flow	25,726	4,483	45,063	1,846	14,202	21,614
Foreign Exchange Rate Adjustments	70.7	4.74	-3.18	251.81	-61.76	-120.56
Net Cash Flow	33,075	38,301	-2,942	-5,257	7,832	17,194
Free Cash Flow	2,736	33,420	-48,271	-7,937	-7,319	-4,212
Free Cash Flow Margin	9.78%	166.37%	-278.84%	-50.02%	-30.70%	-22.61%
Free Cash Flow Per Share	0.31	3.48	-4.06	-0.68	-0.70	-0.46
Cash Interest Paid	5,786	5,274	4,942	4,461	4,143	3,066
Cash Income Tax Paid	2,826	1,006	1,783	2,029	3,748	2,745

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Capital Markets template. Financial Sources.