Hualan Biological Vaccine 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	Jan '22 Jan 1, 2022
Net Income	182.92	205.52	859.97	519.63	620.97
Depreciation & Amortization	141.22	140.37	140.33	135.43	68.93
Other Amortization	-	1.68	4.53	6.15	1.55
Loss (Gain) From Sale of Assets	0.2	0.14	0.2	-	-
Asset Writedown & Restructuring Costs	76.29	0.24	0.25	-0.58	1
Loss (Gain) From Sale of Investments	-76.81	-100.37	-110.17	-72.45	-38.01
Provision & Write-off of Bad Debts	-	-9.4	21.33	28.77	1.04
Other Operating Activities	2.6	80.23	101.28	162.54	146.32
Change in Accounts Receivable	91.66	884.47	-224.19	-380.76	89.38
Change in Inventory	-27.74	-97.32	-101.23	-211.49	-195.39
Change in Accounts Payable	-22.12	-642.07	170.28	117.16	-116.66
Change in Other Net Operating Assets	-15.97	-4.28	26.04	5.98	0.48
Operating Cash Flow	357.13	468.04	888.02	288.66	569.33
Operating Cash Flow Growth	-23.70%	-47.29%	207.64%	-49.30%	-17.93%
Capital Expenditures	-9.7	-51.6	-62.6	-92.65	-636.06
Sale of Property, Plant & Equipment	0.19	0.04	0.09	0.31	-
Investment in Securities	46.79	-94.76	-711.21	-1,712	-479
Other Investing Activities	143.27	85.23	52.6	48.37	23.19
Investing Cash Flow	180.54	-61.08	-721.11	-1,756	-1,092
Short-Term Debt Issued	-	-	300	300	800
Total Debt Issued	-	-	300	300	800
Short-Term Debt Repaid	-	-	-300	-500	-500
Long-Term Debt Repaid	-300	-	-	-1.08	-1.1
Total Debt Repaid	-300	-	-300	-501.08	-501.1
Net Debt Issued (Repaid)	-300	-	-	-201.08	298.9
Issuance of Common Stock	-	16.28	-	2,276	-
Repurchase of Common Stock	-	-106.79	-	-	-
Common Dividends Paid	-507.89	-334.32	-120	-90.88	-12.77
Other Financing Activities	-	-	-6.08	-31.57	-
Financing Cash Flow	-807.89	-424.82	-126.09	1,952	286.13
Foreign Exchange Rate Adjustments	0.12	-0.08	0.11	-	-
Net Cash Flow	-270.1	-17.95	40.94	485.25	-236.4
Free Cash Flow	347.43	416.45	825.42	196.01	-66.73
Free Cash Flow Growth	-16.57%	-49.55%	321.10%	-	-
Free Cash Flow Margin	28.89%	36.93%	34.24%	10.74%	-3.65%
Free Cash Flow Per Share	0.58	0.70	1.37	0.33	-0.12
Cash Interest Paid	-	-	6.08	-	-
Cash Income Tax Paid	-	151.5	192.05	172.31	296.12
Levered Free Cash Flow	-122.8	783.91	234.5	-48.25	-209.35
Unlevered Free Cash Flow	-124.39	787.73	238.3	-41.57	-201.03
Change in Working Capital	30.7	149.63	-129.7	-490.85	-232.46

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