Southwest 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	2015 - 2019
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	2015 - 2019
Net Income	922.12	699.39	602.23	309.42	1,038	1,091	Upgrade
Depreciation & Amortization, Total	148.97	148.97	195.33	195.97	106.01	65.28	Upgrade
Gain (Loss) On Sale of Investments	-488.69	-488.69	-336.96	303.59	-226.23	-517.23	Upgrade
Change in Accounts Receivable	-2,957	-2,957	-302.55	2,590	-2,663	-1,688	Upgrade
Change in Accounts Payable	5,729	5,729	298.63	118.8	5,179	5,648	Upgrade
Other Operating Activities	-5,724	106.24	233.7	375.52	425.76	536.95	Upgrade
Operating Cash Flow	4,788	10,396	-1,562	2,969	-157.19	-3,808	Upgrade
Capital Expenditures	-114.42	-119.38	-134.14	-93.65	-196.53	-271.78	Upgrade
Investment in Securities	336.1	2,349	-502.26	-1,527	2,514	2,236	Upgrade
Other Investing Activities	525.51	502.96	482.55	588.57	846.86	605.38	Upgrade
Investing Cash Flow	780.27	2,767	-152.3	-1,031	3,169	2,572	Upgrade
Long-Term Debt Issued	-	4,044	15,329	15,500	8,600	10,831	Upgrade
Long-Term Debt Repaid	-	-11,646	-12,479	-16,515	-11,010	-8,526	Upgrade
Total Debt Repaid	-8,110	-11,646	-12,479	-16,515	-11,010	-8,526	Upgrade
Net Debt Issued (Repaid)	1,864	-7,602	2,850	-1,016	-2,410	2,305	Upgrade
Issuance of Common Stock	-	-	-	-	-	4,886	Upgrade
Common Dividends Paid	-936.27	-901.13	-722.27	-1,243	-1,458	-1,341	Upgrade
Other Financing Activities	207.55	112.45	-69.25	-23.76	-155.45	-282.29	Upgrade
Financing Cash Flow	1,135	-8,391	2,058	-2,283	-4,023	5,568	Upgrade
Foreign Exchange Rate Adjustments	3.18	4.19	7.45	28.94	-7.52	-36.48	Upgrade
Net Cash Flow	6,707	4,776	351.34	-314.94	-1,018	4,295	Upgrade
Free Cash Flow	4,674	10,276	-1,696	2,876	-353.72	-4,080	Upgrade
Free Cash Flow Growth	-26.35%	-	-	-	-	-	Upgrade
Free Cash Flow Margin	142.06%	405.23%	-73.09%	161.19%	-11.59%	-130.53%	Upgrade
Free Cash Flow Per Share	0.78	1.62	-0.25	0.47	-0.06	-0.67	Upgrade
Cash Interest Paid	906.69	854.34	913.47	908.97	1,090	868.86	Upgrade
Cash Income Tax Paid	251.99	181.76	231.07	320.68	308.27	260.33	Upgrade

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Capital Markets template. Financial Sources.