The Pacific 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	2019 - 2015
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	2019 - 2015
Net Income	329.42	220.05	250.55	-459.12	121.31	-760.55	Upgrade
Depreciation & Amortization, Total	50.41	50.41	77.74	74.8	75.55	57.66	Upgrade
Gain (Loss) On Sale of Investments	-120.25	-120.25	-241.9	550.66	-127.92	68.08	Upgrade
Change in Accounts Receivable	-509.32	-509.32	-540.26	684.52	378.27	1,354	Upgrade
Change in Accounts Payable	2,254	2,254	418.62	-2,690	-1,165	-2,319	Upgrade
Other Operating Activities	-1,061	1.82	2.89	32.57	110.68	264.22	Upgrade
Operating Cash Flow	1,191	2,145	424.43	85.98	2,212	4,051	Upgrade
Capital Expenditures	-44.25	-37.79	-70.56	-58.71	-51.46	-32.04	Upgrade
Investment in Securities	53.15	65.32	89.14	101.86	188.52	439.6	Upgrade
Other Investing Activities	27.76	21.29	19.16	43.25	5.29	113.6	Upgrade
Investing Cash Flow	43.35	48.91	43.38	86.51	143.07	702.92	Upgrade
Long-Term Debt Issued	-	60	-	200	1,852	3,210	Upgrade
Long-Term Debt Repaid	-	-30.53	-92.09	-1,657	-3,489	-8,009	Upgrade
Net Debt Issued (Repaid)	29.47	29.47	-92.09	-1,457	-1,637	-4,799	Upgrade
Common Dividends Paid	-	-1.96	-3.71	-56.47	-106.82	-423.86	Upgrade
Other Financing Activities	52.33	-6.8	-5.28	-22.34	-25.87	-46.59	Upgrade
Financing Cash Flow	81.8	20.71	-101.08	-1,536	-1,769	-5,269	Upgrade
Foreign Exchange Rate Adjustments	0.21	0.25	0.25	1.26	-0.33	-0.96	Upgrade
Net Cash Flow	1,317	2,214	366.98	-1,363	585.02	-516.12	Upgrade
Free Cash Flow	1,147	2,107	353.87	27.28	2,160	4,019	Upgrade
Free Cash Flow Growth	-40.12%	495.36%	1197.37%	-98.74%	-46.25%	-13.65%	Upgrade
Free Cash Flow Margin	77.03%	160.11%	25.84%	2.34%	132.79%	343.97%	Upgrade
Free Cash Flow Per Share	0.17	0.31	0.05	0.00	0.32	0.59	Upgrade
Cash Interest Paid	211.77	165.82	179.27	206.06	283.79	387.07	Upgrade
Cash Income Tax Paid	151.43	114.68	112.22	72.82	248.11	141.05	Upgrade

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