Northeast 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	1,467	873.65	668.45	230.94	1,624	1,333	Upgrade
Depreciation & Amortization, Total	200.7	200.7	254.82	226.81	198.19	110.74	Upgrade
Gain (Loss) On Sale of Investments	-61.97	-61.97	-351.64	477.87	-777.15	-646.74	Upgrade
Change in Accounts Receivable	-4,038	-4,038	479.3	2,958	-2,692	-2,595	Upgrade
Change in Accounts Payable	7,888	7,888	2,706	-321.33	8,789	977.31	Upgrade
Change in Other Net Operating Assets	-73.29	-73.29	0.27	-100.67	-405.29	-125.87	Upgrade
Other Operating Activities	-10,406	921.58	924.24	807.54	1,067	1,095	Upgrade
Operating Cash Flow	202.26	10,936	-1,882	2,714	4,310	2,318	Upgrade
Capital Expenditures	-162.58	-179.55	-294.37	-270.73	-214.26	-132.93	Upgrade
Investment in Securities	54.47	157.7	-98.32	-118.09	-280.71	48.4	Upgrade
Other Investing Activities	355.19	241.66	375.31	265.92	363.41	444.44	Upgrade
Investing Cash Flow	247.23	220	-17	-122.88	-130.76	360.11	Upgrade
Long-Term Debt Issued	-	9,530	17,134	17,084	25,521	17,998	Upgrade
Long-Term Debt Repaid	-	-12,546	-16,295	-5,100	-8,500	-2,000	Upgrade
Total Debt Repaid	-12,866	-12,546	-16,295	-5,100	-8,500	-2,000	Upgrade
Net Debt Issued (Repaid)	7,705	-3,016	838.7	11,984	17,021	15,998	Upgrade
Common Dividends Paid	-963.17	-1,068	-1,039	-1,074	-1,205	-1,308	Upgrade
Other Financing Activities	-167.9	-160.89	-353.14	-12,756	-15,864	-17,621	Upgrade
Financing Cash Flow	6,574	-4,244	-553.01	-1,846	-48.16	-2,930	Upgrade
Foreign Exchange Rate Adjustments	0.54	1.86	1.7	4.88	-0.14	5.89	Upgrade
Net Cash Flow	7,024	6,914	-2,450	750.33	4,131	-245.93	Upgrade
Free Cash Flow	39.68	10,757	-2,176	2,443	4,095	2,185	Upgrade
Free Cash Flow Growth	-99.56%	-	-	-40.34%	87.39%	-71.73%	Upgrade
Free Cash Flow Margin	0.53%	166.23%	-32.96%	47.14%	53.46%	33.99%	Upgrade
Free Cash Flow Per Share	0.02	4.56	-0.94	1.04	1.75	0.93	Upgrade
Cash Interest Paid	1,137	979.74	1,038	975.64	944.94	760.19	Upgrade
Cash Income Tax Paid	566.15	506.35	531.75	696.56	704.45	618.92	Upgrade

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