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 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	827.04	820.47	546.02	-695.26	-984.05
Depreciation & Amortization	421.02	367.24	353.32	273.12	196.56
Other Amortization	8.39	7.56	5.91	4.48	32.62
Loss (Gain) From Sale of Assets	-11.32	-0.82	-0.72	0.25	0.93
Stock-Based Compensation	124.52	-	2.59	12.52	48.42
Provision & Write-off of Bad Debts	10.57	-5.03	9.03	1.64	0.17
Other Operating Activities	92.51	109.11	152.88	284.19	284.61
Change in Accounts Receivable	-942.48	-165.95	-283.77	-161.41	-99.7
Change in Inventory	92.39	23.86	-22.34	-340.64	-91.71
Change in Accounts Payable	212.5	161.37	-108.34	312.56	20.04
Change in Unearned Revenue	702.14	120.24	495.12	227.14	303.83
Change in Other Net Operating Assets	-231.68	-196.15	-101.78	1,063	378.68
Operating Cash Flow	1,306	1,242	1,048	981.62	90.39
Operating Cash Flow Growth	5.13%	18.51%	6.75%	985.96%	-
Capital Expenditures	-311.37	-164.01	-473.67	-584.97	-460.43
Sale of Property, Plant & Equipment	0.17	0.24	0.02	6.56	0.55
Cash Acquisitions	-	-	-15	-	-
Sale (Purchase) of Intangibles	-888.37	-673.2	-537.77	-780.32	-670.76
Investment in Securities	3.42	-73	-120	-	-
Other Investing Activities	-	-	141.98	-	-550.61
Investing Cash Flow	-1,196	-909.97	-1,004	-1,359	-1,681
Long-Term Debt Issued	3,876	2,674	2,512	2,859	2,096
Total Debt Issued	3,876	2,674	2,512	2,859	2,096
Long-Term Debt Repaid	-3,866	-3,184	-2,237	-1,886	-1,364
Total Debt Repaid	-3,866	-3,184	-2,237	-1,886	-1,364
Net Debt Issued (Repaid)	9.13	-510.34	274.34	972.77	731.67
Other Financing Activities	-102.99	-133.03	-129.91	-114.75	-83.36
Financing Cash Flow	-93.86	-643.37	144.43	858.02	648.3
Foreign Exchange Rate Adjustments	-7.8	15.18	6.27	37.59	-16.77
Net Cash Flow	7.81	-296.26	194.19	518.49	-959.33
Free Cash Flow	994.25	1,078	574.25	396.65	-370.04
Free Cash Flow Growth	-7.76%	87.70%	44.77%	-	-
Free Cash Flow Margin	14.91%	18.83%	10.64%	12.34%	-21.99%
Free Cash Flow Per Share	1.82	1.98	1.06	0.73	-0.69
Cash Interest Paid	102.99	133.03	129.91	114.75	83.2
Cash Income Tax Paid	5.56	28.26	20.71	1.37	-
Levered Free Cash Flow	-922.42	176.66	-709.99	-1,019	-857.51
Unlevered Free Cash Flow	-858.37	253.46	-640.9	-952.46	-804.5
Change in Working Capital	-167.11	-56.64	-21.11	1,101	511.13

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