Shanghai Henlius Biotech Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	820.47	546.02	-695.26	-984.05
Depreciation & Amortization	367.24	353.32	273.12	196.56
Other Amortization	7.56	5.91	4.48	32.62
Loss (Gain) From Sale of Assets	-0.82	-0.72	0.25	0.93
Stock-Based Compensation	-	2.59	12.52	48.42
Provision & Write-off of Bad Debts	-5.03	9.03	1.64	0.17
Other Operating Activities	109.11	152.88	284.19	284.61
Change in Accounts Receivable	-165.95	-283.77	-161.41	-99.7
Change in Inventory	23.86	-22.34	-340.64	-91.71
Change in Accounts Payable	161.37	-108.34	312.56	20.04
Change in Unearned Revenue	120.24	495.12	227.14	303.83
Change in Other Net Operating Assets	-196.15	-101.78	1,063	378.68
Operating Cash Flow	1,242	1,048	981.62	90.39
Operating Cash Flow Growth	18.51%	6.75%	985.96%	-
Capital Expenditures	-164.01	-473.67	-584.97	-460.43
Sale of Property, Plant & Equipment	0.24	0.02	6.56	0.55
Cash Acquisitions	-	-15	-	-
Sale (Purchase) of Intangibles	-673.2	-537.77	-780.32	-670.76
Investment in Securities	-73	-120	-	-
Other Investing Activities	-	141.98	-	-550.61
Investing Cash Flow	-909.97	-1,004	-1,359	-1,681
Long-Term Debt Issued	2,674	2,512	2,859	2,096
Total Debt Issued	2,674	2,512	2,859	2,096
Long-Term Debt Repaid	-3,184	-2,237	-1,886	-1,364
Total Debt Repaid	-3,184	-2,237	-1,886	-1,364
Net Debt Issued (Repaid)	-510.34	274.34	972.77	731.67
Other Financing Activities	-133.03	-129.91	-114.75	-83.36
Financing Cash Flow	-643.37	144.43	858.02	648.3
Foreign Exchange Rate Adjustments	15.18	6.27	37.59	-16.77
Net Cash Flow	-296.26	194.19	518.49	-959.33
Free Cash Flow	1,078	574.25	396.65	-370.04
Free Cash Flow Growth	87.70%	44.77%	-	-
Free Cash Flow Margin	18.83%	10.64%	12.34%	-21.99%
Free Cash Flow Per Share	1.98	1.06	0.73	-0.69
Cash Interest Paid	133.03	129.91	114.75	83.2
Cash Income Tax Paid	28.26	20.71	1.37	-
Levered Free Cash Flow	176.66	-709.99	-1,019	-857.51
Unlevered Free Cash Flow	253.46	-640.9	-952.46	-804.5
Change in Working Capital	-56.64	-21.11	1,101	511.13

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