Zhongtai Securities Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	2020 - 2016
Period Ending	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	2020 - 2016
Net Income	1,435	937.29	1,800	590.21	3,200	Upgrade
Depreciation & Amortization, Total	575.07	488.96	575.86	503.54	440.5	Upgrade
Gain (Loss) On Sale of Investments	-557.98	702.85	-1,874	1,561	-651.61	Upgrade
Change in Accounts Receivable	-3,561	-3,358	1,182	3,798	-10,657	Upgrade
Change in Accounts Payable	19,964	24,090	-5,474	-6,678	14,747	Upgrade
Other Operating Activities	1,088	1,126	1,437	1,262	1,090	Upgrade
Operating Cash Flow	11,584	27,716	-724.28	16,520	2,272	Upgrade
Capital Expenditures	-464.28	-411.6	-938.46	-1,701	-2,497	Upgrade
Cash Acquisitions	-	-	-293.23	-	278.84	Upgrade
Investment in Securities	2,569	-7,603	1,085	-5,699	635.89	Upgrade
Other Investing Activities	988.8	839.71	1,026	964.29	1,410	Upgrade
Investing Cash Flow	3,094	-7,175	896.98	-6,427	-151.02	Upgrade
Long-Term Debt Issued	44,917	43,528	37,724	42,475	45,965	Upgrade
Long-Term Debt Repaid	-42,774	-43,034	-39,719	-44,129	-34,677	Upgrade
Net Debt Issued (Repaid)	2,143	493.85	-1,995	-1,655	11,288	Upgrade
Issuance of Common Stock	6,632	2,000	-	3,000	-	Upgrade
Repurchase of Common Stock	-	-	-	-9	-	Upgrade
Common Dividends Paid	-2,068	-2,413	-2,370	-2,614	-2,711	Upgrade
Other Financing Activities	-594.49	-8.95	-7.69	-11.06	-12.37	Upgrade
Financing Cash Flow	6,113	72.05	-4,373	-1,288	8,564	Upgrade
Foreign Exchange Rate Adjustments	-21.67	-24.18	2.9	50.42	-16.68	Upgrade
Net Cash Flow	20,769	20,589	-4,197	8,855	10,669	Upgrade
Free Cash Flow	11,120	27,305	-1,663	14,819	-225.2	Upgrade
Free Cash Flow Growth	-59.28%	-	-	-	-	Upgrade
Free Cash Flow Margin	97.67%	254.18%	-13.26%	161.55%	-1.74%	Upgrade
Free Cash Flow Per Share	1.40	3.20	-0.22	2.01	-0.03	Upgrade
Cash Interest Paid	-	3,190	2,741	3,161	3,550	Upgrade
Cash Income Tax Paid	-	690.85	891.39	1,236	1,604	Upgrade

Source: S&P Capital IQ. Capital Markets template. Financial Sources.