Mabpharm 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
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
Net Income	57.13	-127.95	-209.36	-210.82	-291.74
Depreciation & Amortization	59.78	61.33	60.7	51.55	43.88
Loss (Gain) From Sale of Assets	-	-	-	-0.03	0.07
Loss (Gain) From Sale of Investments	-0.07	-0.12	-0.34	-0.04	-
Stock-Based Compensation	11.24	11.82	13.47	9.78	12.24
Provision & Write-off of Bad Debts	0.13	1.88	0.43	0.12	-
Other Operating Activities	-44	14.08	10.79	10.57	7.05
Change in Accounts Receivable	-60.66	-76.98	-10.32	-8.86	-0.79
Change in Inventory	-25.56	-8.97	-1.24	-47.59	-19.79
Change in Accounts Payable	103.89	42.89	-4.43	9.76	27.19
Change in Unearned Revenue	-19.24	59.43	199.28	84.6	-30.28
Change in Other Net Operating Assets	-1.87	18.49	-1.59	44.09	52.72
Operating Cash Flow	80.78	-4.1	57.39	-56.89	-199.47
Capital Expenditures	-41.09	-26.14	-19.04	-125.13	-148.67
Sale of Property, Plant & Equipment	-	-	-	0.04	0.04
Divestitures	109.07	30.12	15.39	-	-
Sale (Purchase) of Intangibles	-62.91	-33.35	-	-	-
Investment in Securities	-109	-30	-	-15	-
Other Investing Activities	39.77	-38.83	0.15	35.13	-30.79
Investing Cash Flow	-64.16	-98.2	-3.51	-104.96	-179.42
Long-Term Debt Issued	109.96	81.11	123.07	122.33	-
Total Debt Issued	109.96	81.11	123.07	122.33	-
Short-Term Debt Repaid	-	-	-2.25	-	-
Long-Term Debt Repaid	-100.49	-58.31	-31.83	-8.17	-15.35
Total Debt Repaid	-100.49	-58.31	-34.08	-8.17	-15.35
Net Debt Issued (Repaid)	9.47	22.81	89	114.17	-15.35
Other Financing Activities	-6.18	-4.53	-3.4	-1.9	-2.43
Financing Cash Flow	3.29	18.28	85.6	112.26	-17.78
Foreign Exchange Rate Adjustments	-0	0.01	0.29	1.59	-6.62
Net Cash Flow	19.91	-84	139.78	-47.99	-403.29
Free Cash Flow	39.7	-30.24	38.35	-182.01	-348.14
Free Cash Flow Margin	6.14%	-11.71%	44.00%	-325.50%	-420.04%
Free Cash Flow Per Share	0.01	-0.01	0.01	-0.04	-0.08
Cash Interest Paid	6.18	4.53	3.4	1.9	2.43
Levered Free Cash Flow	0.11	-151.36	-77.63	-245.86	-331.03
Unlevered Free Cash Flow	6.86	-144.76	-71.65	-241.37	-329.53
Change in Working Capital	-3.43	34.85	181.71	82	29.04

Source: S&P Global Market Intelligence. Standard template. Financial Sources.