Annual Report 2025

China Merchants China Direct Investments Limited Annual Report 2025 115 CONSOLIDATED CASH FLOW STATEMENT For the year ended 31 December 2025 2025 2024 Note US$ US$ OPERATING ACTIVITIES Profit before taxation 247,992,728 148,335,878 Adjustments for: Interest income (509,636) (608,748) Dividend income from equity investments (18,611,044) (17,179,574) Net gain on financial assets at fair value through profit or loss (230,107,998) (137,499,663) Gain on disposal of a subsidiary — (4,099,814) Operating cash flows before movements in working capital (1,235,950) (11,051,921) Proceeds from disposal of financial assets at fair value through profit or loss 16,147,098 38,693,591 Return of capital from financial assets at fair value through profit or loss 677,908 2,803,765 Purchases of financial assets at fair value through profit or loss (6,402,231) (5,771,535) Decrease in other receivables and prepayments 1,150 19,987 (Decrease)/increase in other payables (3,852,068) 1,572,616 Decrease in financial liabilities designated at fair value through profit or loss (250,133) (25,759) Cash generated from operations 5,085,774 26,240,744 Interest received 459,065 623,197 Dividends received 18,611,044 17,179,574 Income taxes paid (7,261,335) (2,573,537) NET CASH GENERATED FROM OPERATING ACTIVITIES 16,894,548 41,469,978 CASH USED IN FINANCING ACTIVITIES Dividends paid 26 (18,279,962) (18,279,962) NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (1,385,414) 23,190,016 CASH AND CASH EQUIVALENTS AS AT 1 JANUARY 30,946,711 8,627,649 EFFECT OF FOREIGN EXCHANGE RATE CHANGES 633,019 (870,954) TOTAL CASH AND CASH EQUIVALENTS AS AT 31 DECEMBER 30,194,316 30,946,711