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 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	920.63	841.41	903.63	330.66	400.81	745.31
Depreciation & Amortization, Total	119.53	119.53	220.89	227.2	220.89	175.37
Gain (Loss) On Sale of Investments	-492.18	-492.18	-515.21	-164.42	-221.11	-182.74
Change in Accounts Receivable	-1,880	-1,880	-726.81	-225.49	175.13	-201.08
Change in Accounts Payable	1,862	1,862	3,360	730.26	805.09	1,826
Other Operating Activities	1,437	259.08	305.62	363	417.37	393.36
Operating Cash Flow	2,998	1,741	4,580	3,623	-2,297	1,231
Capital Expenditures	-192.57	-181.2	-277.54	-262.97	-231.78	-215.19
Investment in Securities	-1,829	-1,919	-1,389	-2,426	-1.31	-423.24
Other Investing Activities	1,458	656.86	344.66	142.14	157.93	135.25
Investing Cash Flow	-562.5	-1,443	-1,322	-2,630	-73.42	-502.46
Long-Term Debt Issued	-	4,105	2,381	1,663	4,189	2,925
Total Debt Issued	4,405	4,105	2,381	1,663	4,189	2,925
Long-Term Debt Repaid	-	-2,269	-1,583	-1,923	-2,093	-3,122
Total Debt Repaid	-1,269	-2,269	-1,583	-1,923	-2,093	-3,122
Net Debt Issued (Repaid)	3,135	1,836	798.45	-260.24	2,097	-197.75
Common Dividends Paid	-534.62	-534.87	-402.61	-520.79	-474.32	-468.18
Other Financing Activities	487.58	577.92	433.28	-655.23	100.04	562.72
Financing Cash Flow	3,088	1,879	829.11	-1,436	1,723	-103.21
Foreign Exchange Rate Adjustments	-1.54	-0.93	0.35	0.45	2.12	-0.67
Net Cash Flow	5,522	2,177	4,088	-442.37	-645.91	624.17
Free Cash Flow	2,805	1,560	4,303	3,360	-2,529	1,015
Free Cash Flow Growth	-28.80%	-63.74%	28.05%	-	-	-
Free Cash Flow Margin	72.63%	42.45%	122.26%	136.06%	-99.31%	31.57%
Free Cash Flow Per Share	0.67	0.37	1.05	0.81	-0.63	0.24
Cash Interest Paid	546.62	551.61	474.71	509.61	474.9	611.38
Cash Income Tax Paid	492	404.32	175.11	190.65	287.73	412.58

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