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

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