First Capital 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	1,033	903.63	330.66	400.81	745.31	812.69	Upgrade
Depreciation & Amortization, Total	150.85	150.85	227.2	220.89	175.37	76.06	Upgrade
Gain (Loss) On Sale of Investments	-430.12	-430.12	-164.42	-221.11	-182.74	2.9	Upgrade
Change in Accounts Receivable	-726.81	-726.81	-225.49	175.13	-201.08	-3,010	Upgrade
Change in Accounts Payable	3,360	3,360	730.26	805.09	1,826	1,451	Upgrade
Other Operating Activities	166.66	305.62	363	417.37	393.36	436.62	Upgrade
Operating Cash Flow	4,571	4,580	3,623	-2,297	1,231	-190.32	Upgrade
Capital Expenditures	-191.36	-277.54	-262.97	-231.78	-215.19	-709.42	Upgrade
Investment in Securities	-1,349	-1,389	-2,426	-1.31	-423.24	-20.78	Upgrade
Other Investing Activities	-1,012	344.66	142.14	157.93	135.25	87.17	Upgrade
Investing Cash Flow	-2,552	-1,322	-2,630	-73.42	-502.46	-642.38	Upgrade
Short-Term Debt Issued	-	-	-	-	-	575.14	Upgrade
Long-Term Debt Issued	-	2,381	1,663	4,189	2,925	1,828	Upgrade
Total Debt Issued	3,107	2,381	1,663	4,189	2,925	2,403	Upgrade
Short-Term Debt Repaid	-	-	-	-	-	-630.01	Upgrade
Long-Term Debt Repaid	-	-1,583	-1,923	-2,093	-3,122	-3,218	Upgrade
Total Debt Repaid	-2,669	-1,583	-1,923	-2,093	-3,122	-3,848	Upgrade
Net Debt Issued (Repaid)	438.14	798.45	-260.24	2,097	-197.75	-1,445	Upgrade
Issuance of Common Stock	-	-	-	-	-	4,158	Upgrade
Common Dividends Paid	-556.64	-402.61	-520.79	-474.32	-468.18	-465.8	Upgrade
Other Financing Activities	1,015	433.28	-655.23	100.04	562.72	-29.61	Upgrade
Financing Cash Flow	896.39	829.11	-1,436	1,723	-103.21	2,217	Upgrade
Foreign Exchange Rate Adjustments	0.07	0.35	0.45	2.12	-0.67	-1.53	Upgrade
Net Cash Flow	2,915	4,088	-442.37	-645.91	624.17	1,383	Upgrade
Free Cash Flow	4,380	4,303	3,360	-2,529	1,015	-899.74	Upgrade
Free Cash Flow Growth	9.79%	28.05%	-	-	-	-	Upgrade
Free Cash Flow Margin	106.71%	122.26%	136.06%	-99.31%	31.57%	-28.87%	Upgrade
Free Cash Flow Per Share	1.05	1.05	0.81	-0.63	0.24	-0.23	Upgrade
Cash Interest Paid	557.86	474.71	509.61	474.9	611.38	508.06	Upgrade
Cash Income Tax Paid	214.04	175.11	190.65	287.73	412.58	276.8	Upgrade

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