The Pacific 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	210.54	220.05	250.55	-459.12	121.31	Upgrade
Depreciation & Amortization, Total	79.47	50.41	77.74	74.8	75.55	Upgrade
Gain (Loss) On Sale of Investments	-34.32	-120.25	-241.9	550.66	-127.92	Upgrade
Change in Accounts Receivable	-279.85	-509.32	-540.26	684.52	378.27	Upgrade
Change in Accounts Payable	1,345	2,254	418.62	-2,690	-1,165	Upgrade
Other Operating Activities	2.75	1.82	2.89	32.57	110.68	Upgrade
Operating Cash Flow	852.35	2,145	424.43	85.98	2,212	Upgrade
Capital Expenditures	-45.54	-37.79	-70.56	-58.71	-51.46	Upgrade
Investment in Securities	55.09	65.32	89.14	101.86	188.52	Upgrade
Other Investing Activities	25.12	21.29	19.16	43.25	5.29	Upgrade
Investing Cash Flow	41.33	48.91	43.38	86.51	143.07	Upgrade
Long-Term Debt Issued	20	60	-	200	1,852	Upgrade
Long-Term Debt Repaid	-80	-30.53	-92.09	-1,657	-3,489	Upgrade
Net Debt Issued (Repaid)	-60	29.47	-92.09	-1,457	-1,637	Upgrade
Common Dividends Paid	-2.64	-1.96	-3.71	-56.47	-106.82	Upgrade
Other Financing Activities	-26.61	-6.8	-5.28	-22.34	-25.87	Upgrade
Financing Cash Flow	-89.25	20.71	-101.08	-1,536	-1,769	Upgrade
Foreign Exchange Rate Adjustments	-0.37	0.25	0.25	1.26	-0.33	Upgrade
Net Cash Flow	804.07	2,214	366.98	-1,363	585.02	Upgrade
Free Cash Flow	806.81	2,107	353.87	27.28	2,160	Upgrade
Free Cash Flow Growth	-61.70%	495.36%	1197.37%	-98.74%	-46.25%	Upgrade
Free Cash Flow Margin	60.77%	160.11%	25.84%	2.34%	132.79%	Upgrade
Free Cash Flow Per Share	0.12	0.31	0.05	0.00	0.32	Upgrade
Cash Interest Paid	-	165.82	179.27	206.06	283.79	Upgrade
Cash Income Tax Paid	-	114.68	112.22	72.82	248.11	Upgrade

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