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	2015 - 2019
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	2015 - 2019
Net Income	12,475	8,217	6,427	6,088	10,115	6,616	Upgrade
Depreciation & Amortization, Total	478.33	478.33	605.25	560.69	425.48	221.42	Upgrade
Gain (Loss) On Sale of Investments	-1,359	-1,359	-1,558	2,738	-2,634	-583.5	Upgrade
Change in Accounts Receivable	270.78	270.78	-2,052	-3,796	-2,501	-2,004	Upgrade
Change in Accounts Payable	375.65	375.65	8,857	9,309	-54.44	4,038	Upgrade
Change in Other Net Operating Assets	-27,292	-27,292	-24,483	-6,122	21,989	16,346	Upgrade
Other Operating Activities	-31,587	3,387	2,583	2,552	2,384	2,007	Upgrade
Operating Cash Flow	3,031	33,747	-47,856	-7,342	-6,715	-3,472	Upgrade
Capital Expenditures	-294.81	-326.72	-415.44	-595.85	-603.91	-740.07	Upgrade
Investment in Securities	-76.57	138.03	-77.56	49.9	726.73	-71.98	Upgrade
Other Investing Activities	4,616	252.72	343.11	526.67	279.06	1.89	Upgrade
Investing Cash Flow	4,248	66.03	-146.47	-12.75	407.18	-827.65	Upgrade
Short-Term Debt Issued	-	622.68	245.38	524.89	6,072	7,422	Upgrade
Long-Term Debt Issued	-	105,627	116,350	62,327	101,292	105,462	Upgrade
Total Debt Issued	127,452	106,249	116,596	62,852	107,364	112,883	Upgrade
Short-Term Debt Repaid	-	-94,452	-65,016	-62,652	-98,248	-106,847	Upgrade
Long-Term Debt Repaid	-	-189.46	-189.28	-175.9	-177.22	-	Upgrade
Total Debt Repaid	-103,975	-94,641	-65,206	-62,828	-98,426	-106,847	Upgrade
Net Debt Issued (Repaid)	23,477	11,608	51,390	23.97	8,939	6,036	Upgrade
Issuance of Common Stock	10,000	-	-	10,000	10,000	24,788	Upgrade
Repurchase of Common Stock	-	-	-	-	-	-5,000	Upgrade
Common Dividends Paid	-7,698	-7,049	-6,206	-8,087	-4,645	-4,165	Upgrade
Other Financing Activities	-53.27	-76.26	-121	-91	-91.13	-44.9	Upgrade
Financing Cash Flow	25,726	4,483	45,063	1,846	14,202	21,614	Upgrade
Foreign Exchange Rate Adjustments	70.7	4.74	-3.18	251.81	-61.76	-120.56	Upgrade
Net Cash Flow	33,075	38,301	-2,942	-5,257	7,832	17,194	Upgrade
Free Cash Flow	2,736	33,420	-48,271	-7,937	-7,319	-4,212	Upgrade
Free Cash Flow Margin	9.78%	166.37%	-278.84%	-50.02%	-30.70%	-22.61%	Upgrade
Free Cash Flow Per Share	0.31	3.48	-4.06	-0.68	-0.70	-0.46	Upgrade
Cash Interest Paid	5,786	5,274	4,942	4,461	4,143	3,066	Upgrade
Cash Income Tax Paid	2,826	1,006	1,783	2,029	3,748	2,745	Upgrade

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