Shanghai Bao Pharmaceuticals Co., Ltd. (HKG:2659)

HKG:2659 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023
Net Income	-395.3	-364.43	-160.4
Depreciation & Amortization	37.15	31.36	22.21
Other Amortization	-	0.77	0.22
Loss (Gain) From Sale of Assets	-0.01	0.08	0.03
Loss (Gain) on Equity Investments	0.24	0.61	0.92
Stock-Based Compensation	96.89	153.15	-
Other Operating Activities	10.22	3.34	0.69
Change in Accounts Receivable	0.04	1.86	-2
Change in Inventory	-1.53	3.36	-0.63
Change in Accounts Payable	48.71	44.1	11.61
Change in Unearned Revenue	0.2	3.2	0.4
Change in Other Net Operating Assets	23.35	-97.18	-13.26
Operating Cash Flow	-180.05	-219.78	-140.21
Capital Expenditures	-153.36	-118.27	-136.37
Sale of Property, Plant & Equipment	0.43	0.15	-
Other Investing Activities	59.98	-4	-
Investing Cash Flow	-92.96	-122.12	-136.37
Long-Term Debt Issued	183.06	161.66	48.47
Long-Term Debt Repaid	-74.4	-71.6	-41.49
Net Debt Issued (Repaid)	108.66	90.06	6.98
Issuance of Common Stock	939.38	460.1	120.25
Other Financing Activities	-50.01	-6.97	-4.3
Financing Cash Flow	998.03	543.2	122.93
Foreign Exchange Rate Adjustments	-7.57	1.19	2.97
Net Cash Flow	717.45	202.49	-150.68
Free Cash Flow	-333.41	-338.06	-276.58
Free Cash Flow Margin	-678.27%	-5487.91%	-3991.02%
Free Cash Flow Per Share	-1.15	-6.32	-5.47
Cash Interest Paid	-	5.51	4.3
Levered Free Cash Flow	-238.7	-214.42	-
Unlevered Free Cash Flow	-234.97	-211.58	-
Change in Working Capital	70.77	-44.66	-3.88

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