R&G PharmaStudies 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	138.29	140.22	162.53	113.45	99.24
Depreciation & Amortization	35.61	20.74	34.57	19.03	36.05
Other Amortization	1.79	16.97	2.19	17.4	1.59
Loss (Gain) From Sale of Assets	0.01	0.07	0.02	0.02	0.02
Asset Writedown & Restructuring Costs	-6.64	-	0	-	-
Loss (Gain) From Sale of Investments	-10.15	-24.95	-27.44	-9.14	-2.6
Provision & Write-off of Bad Debts	-	3.36	4.86	3.57	7.54
Other Operating Activities	7.77	4.96	0.23	-3.56	3.29
Change in Accounts Receivable	-49.72	-54.95	-20.08	-42.52	-58.34
Change in Inventory	6.22	-4.23	1.75	-9.74	-14.6
Change in Accounts Payable	6.88	52.19	21.66	42.55	43.5
Change in Other Net Operating Assets	-13.98	-0.02	13.27	0.22	0.36
Operating Cash Flow	114.2	154.76	192.56	130.47	114.57
Operating Cash Flow Growth	-26.21%	-19.63%	47.60%	13.87%	159.80%
Capital Expenditures	-19.28	-19.98	-19.88	-20.83	-38.28
Sale of Property, Plant & Equipment	0.01	0.01	0.02	0.15	0.09
Cash Acquisitions	-24	-21.31	-	-	-
Investment in Securities	41.5	-26	-710	-	-
Other Investing Activities	20.87	22.95	25.05	9.14	2.6
Investing Cash Flow	19.11	-44.33	-704.8	-11.54	-35.59
Short-Term Debt Issued	-	54.79	-	-	-
Total Debt Issued	-	54.79	-	-	-
Long-Term Debt Repaid	-55.14	-14.36	-12.74	-11.5	-9.94
Net Debt Issued (Repaid)	-55.14	40.43	-12.74	-11.5	-9.94
Issuance of Common Stock	1.01	15.18	-	1,114	-
Repurchase of Common Stock	-	-56.09	-	-	-
Common Dividends Paid	-11.78	-28.38	-5.82	-	-
Other Financing Activities	-3.12	-19.87	-	-66.99	-
Financing Cash Flow	-69.03	-48.74	-18.56	1,036	-9.94
Foreign Exchange Rate Adjustments	-3.72	1.76	1.1	5.44	-1.27
Net Cash Flow	60.56	63.44	-529.69	1,160	67.77
Free Cash Flow	94.93	134.78	172.68	109.64	76.29
Free Cash Flow Growth	-29.57%	-21.95%	57.50%	43.71%	309.66%
Free Cash Flow Margin	11.15%	18.12%	23.94%	17.20%	12.54%
Free Cash Flow Per Share	0.99	1.41	1.80	1.33	1.06
Cash Income Tax Paid	58.34	49.53	55.1	40.9	45.16
Levered Free Cash Flow	26.25	116.07	133.19	80.6	44.54
Unlevered Free Cash Flow	26.25	118.22	133.56	81.02	44.9
Change in Working Capital	-52.47	-6.62	15.6	-10.3	-30.55

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