Pharmaron Beijing 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	Jan '23 Jan 1, 2023	Dec '21 Dec 31, 2021
Net Income	1,664	1,793	1,601	1,375	1,661
Depreciation & Amortization	1,163	1,049	927.17	696.18	497.92
Other Amortization	106.36	96.75	81.42	69.88	79.76
Loss (Gain) From Sale of Assets	4.69	25.38	-0.06	1.21	1.37
Asset Writedown & Restructuring Costs	-12.79	76.56	-48.03	-220.52	-55.91
Loss (Gain) From Sale of Investments	50.35	-544.76	-21.01	71.84	-285.29
Provision & Write-off of Bad Debts	80.28	42.95	35.83	-	-
Other Operating Activities	116.13	97.19	-25.12	318.9	-38.39
Change in Accounts Receivable	-280.97	-296.78	-480.1	-830.63	-295.65
Change in Inventory	-344.96	-148.07	82.43	-120.89	-224.88
Change in Accounts Payable	616.18	327.67	461.34	584.09	641.74
Change in Other Net Operating Assets	81.59	91.11	202.22	177.17	67.53
Operating Cash Flow	3,221	2,577	2,754	2,143	2,058
Operating Cash Flow Growth	25.01%	-6.42%	28.50%	4.12%	24.83%
Capital Expenditures	-2,669	-2,041	-2,865	-2,950	-2,093
Sale of Property, Plant & Equipment	1.85	3.32	8.11	3.15	1.61
Cash Acquisitions	-1,124	-22.63	-	-1,022	-1,226
Investment in Securities	-655.77	-675.58	557.56	1,699	-2,020
Other Investing Activities	72.99	711.25	48.81	61.13	78.79
Investing Cash Flow	-4,374	-2,024	-2,251	-2,209	-5,258
Long-Term Debt Issued	2,866	1,322	4,171	589.81	4,621
Long-Term Debt Repaid	-1,947	-5,295	-767.08	-838.53	-300
Net Debt Issued (Repaid)	919.44	-3,973	3,404	-248.72	4,321
Issuance of Common Stock	16.71	10.51	17.33	-	-
Repurchase of Common Stock	-6.71	-285.91	-0.83	-393.38	-284.06
Common Dividends Paid	-531.05	-542.23	-444.79	-404.76	-284.72
Other Financing Activities	-21.38	-5.8	939.76	-370.4	-91.26
Financing Cash Flow	377	-4,797	3,915	-1,417	3,661
Foreign Exchange Rate Adjustments	-3.93	78.14	11.43	72.99	-45.52
Net Cash Flow	-780.27	-4,166	4,429	-1,410	415.78
Free Cash Flow	551.97	536.02	-111.78	-807.04	-34.78
Free Cash Flow Growth	2.98%	-	-	-	-
Free Cash Flow Margin	3.92%	4.37%	-0.97%	-7.86%	-0.47%
Free Cash Flow Per Share	0.31	0.30	-0.06	-0.45	-0.02
Cash Income Tax Paid	-101.43	110.92	-54.99	-235.22	-22
Levered Free Cash Flow	-310.13	17.01	-1,456	-1,678	-479.46
Unlevered Free Cash Flow	-189.63	169.34	-1,342	-1,573	-427.54
Change in Working Capital	48.87	-59.42	202.26	-169.29	197.57

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.