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 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	10,849	11,073	8,217	6,427	6,088	10,115
Depreciation & Amortization, Total	470.26	470.26	592.11	605.25	560.69	425.48
Gain (Loss) On Sale of Investments	-1,805	-1,805	-1,359	-1,558	2,738	-2,634
Change in Accounts Receivable	-2,098	-2,098	270.78	-2,052	-3,796	-2,501
Change in Accounts Payable	7,915	7,915	375.65	8,857	9,309	-54.44
Change in Other Net Operating Assets	-19,604	-19,604	-27,292	-24,483	-6,122	21,989
Other Operating Activities	8,298	3,380	3,387	2,583	2,552	2,384
Operating Cash Flow	21,767	17,073	33,747	-47,856	-7,342	-6,715
Capital Expenditures	-361.04	-346.34	-326.72	-415.44	-595.85	-603.91
Investment in Securities	-121.73	-50.37	138.03	-77.56	49.9	726.73
Other Investing Activities	4,768	4,768	252.72	343.11	526.67	279.06
Investing Cash Flow	4,291	4,378	66.03	-146.47	-12.75	407.18
Short-Term Debt Issued	-	1,222	622.68	245.38	524.89	6,072
Long-Term Debt Issued	-	120,128	105,627	116,350	62,327	101,292
Total Debt Issued	134,491	121,350	106,249	116,596	62,852	107,364
Short-Term Debt Repaid	-	-105,455	-94,452	-65,016	-62,652	-98,248
Long-Term Debt Repaid	-	-174.55	-189.46	-189.28	-175.9	-177.22
Total Debt Repaid	-109,679	-105,630	-94,641	-65,206	-62,828	-98,426
Net Debt Issued (Repaid)	24,812	15,720	11,608	51,390	23.97	8,939
Issuance of Common Stock	20,000	13,600	-	-	10,000	10,000
Common Dividends Paid	-8,722	-7,842	-7,049	-6,206	-8,087	-4,645
Other Financing Activities	-323.54	-133.5	-76.26	-121	-91	-91.13
Financing Cash Flow	35,767	21,345	4,483	45,063	1,846	14,202
Foreign Exchange Rate Adjustments	-81.18	-42.39	4.74	-3.18	251.81	-61.76
Net Cash Flow	61,744	42,754	38,301	-2,942	-5,257	7,832
Free Cash Flow	21,406	16,727	33,420	-48,271	-7,937	-7,319
Free Cash Flow Growth	-27.88%	-49.95%	-	-	-	-
Free Cash Flow Margin	89.72%	69.43%	177.76%	-278.84%	-50.02%	-30.70%
Free Cash Flow Per Share	1.93	1.53	2.93	-4.06	-0.68	-0.70
Cash Interest Paid	6,167	5,779	5,274	4,942	4,461	4,143
Cash Income Tax Paid	3,558	3,705	1,006	1,783	2,029	3,748

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