Press Release: SINOVAC Reports Unaudited and Unreviewed Second Half of 2025 Financial Results and Files 2025 Annual Report on Form 20-F

Dow Jones
06/06
BEIJING--(BUSINESS WIRE)--June 05, 2026-- 

Sinovac Biotech Ltd. $(SVA)$ ("SINOVAC" or the "Company"), a leading provider of biopharmaceutical products in China, today announced it filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 (the "Annual Report") with the U.S. Securities and Exchange Commission. An electronic copy of the Annual Report can be accessed at the Company's website at www.sinovac.com.cn or www.sinovac.com and at the SEC's website www.sec.gov.

The Company also announced its unaudited and unreviewed financial results for the second half of 2025 and audited financial results for the full year ended December 31, 2025.

Second Half and Full Year of 2025 Financial Summary

   --  Sales for the six months ended December 31, 2025 were $255.7 million, 
      compared to $232.7 million in the prior year period. 
 
   --  Sales in 2025 were $386.0 million, compared to $361.4 million in the 
      prior year. 
 
   --  The Company posted $38.0 million of net loss attributable to common 
      shareholders, or a loss of $0.53 per basic and diluted share, in the six 
      months ended December 31, 2025, compared to net loss attributable to 
      common shareholders of $2.9 million, or a loss of $0.04 per basic and 
      diluted share, in the prior year period. 
 
   --  The Company posted $59.7 million of net loss attributable to common 
      shareholders, or a loss of $0.83 per basic and diluted share in 2025, 
      compared to net income attributable to common shareholders of $90.9 
      million, or an income of $1.27 per basic and diluted share, in the prior 
      year. 

Mr. Weidong Yin, CEO of SINOVAC, commented, "In 2025, SINOVAC continued to advance its corporate strategy with a strong focus on globalization. I'm encouraged that our overseas business has emerged as a primary growth driver, significantly contributing to our full-year sales. While international expansion remains our core focus, our research and development ("R&D") continues to yield positive progress. Notably, our tetanus vaccine was approved for commercial launch in 2025. Targeting hospital clinics and emergency departments, this product successfully expands our commercial footprint beyond the network of Centers for Disease Control and Prevention. Furthermore, we have multiple key vaccines nearing late-stage approval, which will further support our global growth potential in the coming years."

Robust Overseas Growth and Resilient Chinese Mainland Market

In 2025, the Company's globalization strategy delivered significant progress. The Company's overseas business maintained robust growth, offsetting a slight decrease in Chinese domestic sales. For the full year 2025, sales from overseas markets surged to $124.8 million, representing a year-over-year increase of 93.9%. Consequently, the contribution of overseas sales to the Company's total top line almost doubled from 17.8% in 2024 to 32.3% in 2025.

The growth of overseas sales was driven by several core products. Notably, the supply of the varicella vaccine demonstrated strong commercial achievement overseas, with full-year sales increasing nearly ninefold. Furthermore, the supply of the Enterovirus Type 71 (EV71) vaccine progressed steadily outside the Chinese Mainland, with overseas sales nearly doubling. The sales of the trivalent influenza vaccine also delivered solid performance, quadrupling its overseas sales year over year. This momentum was fueled by deepened market penetration and landmark commercial breakthroughs in emerging markets. The Company was the exclusive winner of the Chilean influenza vaccine global tender for both 2025 and 2026. Additionally, SINOVAC signed two Product Development Partnership agreements with the Brazilian Ministry of Health for local production and a 10-year supply commitment, laying a solid foundation for its long-term presence in Latin America.

In the Chinese Mainland market, despite intensifying competition and moderating demand, the sales of our key proprietary products, including the EV71 vaccine, hepatitis A vaccine and quadrivalent influenza vaccine remained stable. Meanwhile, domestic sales for the poliomyelitis vaccine, trivalent influenza vaccine and varicella vaccine experienced varying degrees of decline, primarily due to reduced procurement volume under the Chinese Mainland public market.

Strategic Pipeline Advancement Toward Commercialization

In 2025, the Company accelerated the advancement of its R&D pipeline, forming a clear and tiered portfolio. To date, the Company has one new product approved for market launch, two product candidates under marketing authorization application review, and four product candidates that have entered or are preparing to enter Phase III clinical trials. Meanwhile, two major candidates based on mRNA technology are being studied in the clinical stage. The advancement of these pipeline projects will serve as a vital engine driving the Company's long-term growth potential. The key near-term pipeline products include:

Lyophilized Rabies Vaccine (Serum-Free Vero Cell) (PVRV-SF): Expected to be the first rabies vaccine in the Chinese Mainland market with a serum-free and animal-origin-free component process, this product candidate is currently under marketing application review and is anticipated to be approved for launch by July 2026. The Company is concurrently pursuing its WHO prequalification application and conducting international Phase III clinical trials overseas, accelerating the global deployment of this candidate.

Bivalent Enterovirus Vaccine (HFMD2): As the world's first bivalent HFMD vaccine candidate under Phase III clinical trial evaluation, the Company successfully obtained primary endpoint data and monitoring data from the first epidemic season in March 2026. Preliminary results indicate that the vaccine candidate exhibits a favorable safety profile and satisfactory efficacy results.

13-Valent Pneumococcal Conjugate Vaccine (PCV13): The Phase III clinical trial for this product candidate is progressing smoothly. We expect to complete all clinical trials and file the marketing authorization application within 2026. Additionally, the Company obtained clinical trial approval from the Philippine regulatory authority in April 2026 and plans to conduct an infant PCV13 trial enrolling participants aged approximately 2 months (42 to 89 days) to support global regulatory applications.

Quadrivalent Enterovirus Vaccine (HFMD4): Following favorable safety and immunogenicity results observed in the Phase II clinical trial of this vaccine candidate, its Phase III clinical trial was initiated in June 2026. As the world's first quadrivalent HFMD vaccine candidate to reach this stage, it covers the major pathogenic serotypes and is expected to significantly reduce both the incidence of HFMD and the risk of severe HFMD cases.

Group ACYW135 Meningococcal Conjugate Vaccine (MCV4): The Company is developing an MCV4 vaccine candidate leveraging its bacterial vaccine platform. Phase III clinical trials for this product candidate were officially initiated in March 2026.

Fully Human Anti-Tetanus Toxin Monoclonal Antibody (HmAb-TT): Beyond the core vaccine portfolio, the Company is developing an innovative monoclonal antibody candidate for the emergency prophylaxis of tetanus. As the Company's first self-developed monoclonal antibody candidate in this segment, Phase II clinical results have demonstrated a favorable safety profile, as well as antibody levels significantly higher than those of tetanus immunoglobulin currently available. Following these positive findings, the Phase III clinical trial for HmAb-TT is scheduled to officially initiate in June 2026.

Unaudited and Unreviewed Financial Results for the Second Half of 2025

Sales in the second half of 2025 were $255.7 million compared to $232.7 million in the prior year period. Export markets led this expansion, posting a 144.3% increase primarily driven by higher procurement of varicella vaccines.

Cost of sales decreased to $75.2 million in the second half of 2025 from $81.5 million in the prior year period. The decrease was mainly due to lower expenses recognized in connection with the long-term employee incentive plan established in 2022 (the "Employee Incentive Plan").

Gross profit in the second half of 2025 increased to $180.5 million from $151.1 million in the prior year period. Gross profit margin increased from 65.0% in the second half of 2024 to 70.6% in the second half of 2025, primarily driven by the expansion of international sales with higher gross profit.

Selling, general and administrative expenses in the second half of 2025 were $185.8 million, compared to $212.3 million in the prior year period. The decrease was mainly due to lower expenses recognized in connection with the Employee Incentive Plan.

Research and development expenses in the second half of 2025 were $89.3 million, a decrease from $128.3 million in the prior year period. The decrease was mainly due to lower expenses recognized in connection with the Employee Incentive Plan.

Loss on disposal and impairment of property, plant and equipment ("PP&E") in the second half of 2025 was $135.4 million, compared to $25.0 million in the prior year period. This was because the Company identified impairment indicators on certain of its machinery, equipment, construction in progress and leasehold improvements and a drop in the lease market price of certain plants located in Hangzhou and Beijing, and recorded impairment of PP&E.

Other income, net in the second half of 2025 was $46.7 million, a decrease from $233.0 million in the prior year period. The change was mainly due to a decrease in investment income earned from investment products issued by financial institutions, and net foreign exchange loss reflecting fluctuations in foreign exchange rates.

Net loss in the second half of 2025 was $102.3 million, compared to a net loss of $18.3 million in the prior year period.

Net loss attributable to common shareholders was $38.0 million, or a loss of $0.53 per basic and diluted share, in the second half of 2025, compared to a loss attributable to common shareholders of $2.9 million, or a loss of $0.04 per basic and diluted share, in the prior year period.

In 2018, 11,800,000 common shares (the "2018 PIPE Shares") were issued pursuant to the Securities Purchase Agreement dated July 2, 2018. The validity of this share issuance has been subject to dispute. Whether these shares may be excluded from the Company's issued and outstanding common shares is contingent upon the outcome of certain legal proceedings pending in Antigua. Excluding the 2018 PIPE Shares, the basic and diluted weighted average number of the Company's common stock outstanding would be 60,060,702. On that basis, the basic and diluted net loss per share for the second half of 2025 would be $0.63, compared to basic and diluted net loss per share of $0.05 in the prior year period.

The Company's financial statements for the second half of 2025 are prepared and presented in accordance with U.S. GAAP. However, they have not been audited or reviewed by the Company's independent registered public accounting firm.

Financial Results for the Year Ended December 31, 2025

Sales in 2025 were $386.0 million compared to $361.4 million in the prior year. The increase was primarily driven by higher sales of varicella vaccines and influenza vaccines resulting from increased procurement by international customers, partially offset by a decline in sIPV vaccine sales due to lower domestic birth rates.

Cost of sales decreased to $124.0 million in 2025 from $140.7 million in 2024. The decrease was mainly due to lower expenses recognized in connection with the Employee Incentive Plan, and our ongoing efforts in cost reduction and efficiency improvement.

Gross profit increased to $262.0 million in 2025 from $220.7 million in the prior year. Gross profit margin increased from 61.1% in 2024 to 67.9% in 2025, primarily driven by a favorable shift in product and channel mix toward higher-margin international sales, as well as improved cost efficiencies in production.

Selling, general and administrative expenses in 2025 were $333.0 million, compared to $420.9 million in the prior year. The decrease was mainly due to lower expenses recognized in connection with the Employee Incentive Plan.

Research and development expenses in 2025 were $216.2 million, a decrease from $270.7 million in the prior year. The decrease was mainly due to lower expenses recognized in connection with the Employee Incentive Plan.

Loss on disposal and impairment of PP&E and intangible assets, and loss on impairment of goodwill in 2025 was $202.8 million, compared to $30.3 million in the prior year. This was because the Company identified impairment indicators on certain of its machinery, equipment, construction in progress and leasehold improvements and a drop in the lease market price of certain plants located in Hangzhou and Beijing, and recorded impairment of $137.6 million of PP&E. In addition, the Company recorded impairment of $65.5 million of in-process research and development assets and goodwill generated during the acquisition of a subsidiary that produces rabies vaccines. The Company identified impairment indicators, including fierce competition, delayed vaccine market launch, and changes in product positioning in 2025.

Other income, net in 2025 was $208.6 million, a decrease from $527.6 million in the prior year, which primarily consisted of (i) investment income of $307.4 million and $482.1 million in 2025 and 2024, respectively, earned from investment products issued by financial institutions; and (ii) a net foreign exchange loss of $109.8 million in 2025 and a net foreign exchange gain of $61.4 million in 2024, resulting from fluctuations in foreign exchange rates.

Net loss in 2025 was $198.8 million, compared to a net income of $40.7 million in the prior year.

Net loss attributable to common shareholders was $59.7 million, or a loss of $0.83 per basic and diluted share in 2025, compared to an income attributable to common shareholders of $90.9 million, or an income of $1.27 per basic and diluted share, in the prior year.

Excluding the 2018 PIPE Shares, the basic and diluted weighted average number of the Company's common shares outstanding would be 60,060,702. On that basis, the basic and diluted net loss per share in 2025 would be $0.99, compared to basic and diluted net income per share of $1.51 in the prior year.

As of December 31, 2025, cash and cash equivalents and restricted cash totaled $1.2 billion, compared to $602.2 million as of December 31, 2024. The increase was mainly due to the increased net cash inflow of investing activities, which was mainly attributable to the maturity and sales of investment products issued by financial institutions. In 2025, net cash used in operating activities was $512.2 million, mainly reflecting the tax payments made during the year and decline in cash collections from sales; net cash provided by investing activities was $4.4 billion, mainly reflecting the net position of debt and equity securities maturity and sales over purchases; and net cash used in financing activities was $3.4 billion, mainly reflecting the payment of dividends.

In 2025, $20.9 million (RMB145.8 million) in dividends was declared and paid by Sinovac Biotech Co., Ltd. ("Sinovac Beijing") and Sinovac (Dalian) Vaccine Technology Co., Ltd. ("Sinovac Dalian") to their respective minority shareholders. $55.7 million (RMB389.3 million) in dividends was declared and paid by such subsidiaries to Sinovac Holding Group Co., Ltd. ("Sinovac Beijing Holding") in 2025. Additionally, the Company's board of directors had declared a special cash dividend of $55.00 per common share with total $3,958.2 million in April 2025, of which $3,300.3 million in dividends was paid by Sinovac Antigua to its shareholders in 2025, and $657.9 million was retained as deferred dividend payment to Sinovac Antigua's shareholders, mainly holding 2018 PIPE Shares.

Subsequent Events

In 2026, $88.0 million (RMB600.0 million) in dividends was declared and paid by Sinovac Beijing, and Sinovac Dalian, of which $24.4 million (RMB166.5 million) was declared and paid to their respective minority shareholders, and $63.6 million (RMB433.5 million) in dividends was declared and paid by such subsidiaries to Sinovac Beijing Holding.

About SINOVAC

Sinovac Biotech Ltd. (SINOVAC) is a China-based global biopharmaceutical company, with a mission of "supply vaccines to eliminate human diseases". The Company specializes in the research, development, manufacturing and commercialization of vaccines and related biological products that protect against human infectious diseases.

The Company's diversified portfolio includes vaccines for influenza, viral hepatitis, varicella, Hand-Foot-Mouth disease (HFMD), poliomyelitis, pneumococcal disease, etc., of which 3 vaccines have been prequalified by WHO, including inactivated hepatitis A vaccine Healive$(R)$ , Sabin-strain inactivated polio vaccine (sIPV), and varicella vaccine.

SINOVAC has a leading edge in developing vaccines to combat infectious disease outbreaks and was among the first to initiate R&D during major public health emergencies, including SARS, H5N1, H1N1, and COVID-19. The Company developed the world's first inactivated SARS vaccine (Phase I completed), China's first H5N1 influenza vaccine (Panflu(R) ), the world's first H1N1 influenza vaccine (Panflu.1(R) ), and CoronaVac(R) , the most widely used inactivated COVID-19 vaccine globally.

Beyond its marketed portfolio, the Company is advancing a robust pipeline that includes combination vaccines, recombinant protein vaccines and next-generation platforms such as mRNA technologies and antibodies.

With a long-standing commitment to innovation and global health, SINOVAC is expanding its global footprint by strengthening partnerships with research institutions, international organizations, and local partners. Through broader market presence, technological cooperation, and localized production, the Company aims to accelerate vaccine development and supply, enhance regional access to high-quality products, and better address unmet medical needs while improving preparedness for future pandemics.

For more information, please see the Company's website at www.sinovac.com.cn or www.sinovac.com.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Such statements are based upon current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's or Board's control, which may cause actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company and Board do not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

 
SINOVAC BIOTECH LTD. 
Consolidated Balance Sheets 
As of December 31, 2025 and 
 2024 
(Expressed in thousands of 
 U.S. Dollars) 
 
                                 December 31, 2025    December 31, 2024 
                                 -----------------   ------------------- 
                                     (Audited)            (Audited) 
ASSETS 
Current assets 
Cash and cash equivalents       $         488,248   $         335,273 
Restricted cash                           668,181             266,944 
Short-term investments                  5,483,073           9,613,328 
Accounts receivable, net                  286,344             300,887 
Inventories                                94,309              96,920 
Prepaid expenses and other 
 current assets                            17,600              15,721 
Income tax receivable                       4,225               4,011 
Amounts due from related 
 parties                                   22,518              11,431 
                                 ----------------    ---------------- 
Total current assets                    7,064,498          10,644,515 
                                 ----------------    ---------------- 
Property, plant and equipment, 
 net                                      706,059             880,968 
Prepaid land use rights, net               62,172              61,525 
Intangible assets, net                     77,679             122,579 
Long-term investments                     512,324             491,349 
Prepayments for acquisition of 
 equipment                                  2,138               1,340 
Deferred tax assets                        41,520              37,373 
Operating lease right-of-use 
 assets                                    10,435              16,024 
Other non-current assets                   18,282              20,488 
Goodwill                                   12,604              27,508 
Amounts due from related 
 parties                                   34,014              33,612 
                                 ----------------    ---------------- 
Total non-current assets                1,477,227           1,692,766 
                                 ----------------    ---------------- 
Total assets                    $       8,541,725   $      12,337,281 
                                 ================    ================ 
LIABILITIES AND EQUITY 
Current liabilities 
Short-term bank loans and 
 current portion of long-term 
 bank loans                     $         229,374   $         211,919 
Accounts payable and accrued 
 liabilities                              604,676             802,996 
Income tax payable                         30,687             207,718 
Deferred revenue                           11,265              12,211 
Deferred government grants, 
 current                                    3,035               1,728 
Dividend payable                          657,856             212,960 
Operating lease liabilities, 
 current                                    2,118               2,366 
Amounts due to related parties              1,354                  -- 
                                 ----------------    ---------------- 
Total current liabilities               1,540,365           1,451,898 
                                 ----------------    ---------------- 
Deferred government grants, 
 non-current                                5,892               4,843 
Long-term bank loans                      265,484             163,840 
Deferred tax liabilities                  325,068             410,049 
Operating lease liabilities, 
 non-current                                8,640              13,198 
Other non-current liabilities                  24                  23 
                                 ----------------    ---------------- 
Total long-term liabilities               605,108             591,953 
                                 ----------------    ---------------- 
Total liabilities               $       2,145,473   $       2,043,851 
                                 ----------------    ---------------- 
Equity 
Common stock                    $              72   $              72 
Additional paid-in capital                550,168             550,168 
Accumulated other 
 comprehensive loss                      (513,252)           (707,806) 
Statutory surplus reserves              1,586,013           1,581,467 
Retained earnings                       2,815,942           6,838,357 
                                 ----------------    ---------------- 
Total Sinovac shareholders' 
 equity                                 4,438,943           8,262,258 
Non-controlling interests               1,957,309           2,031,172 
Total equity                            6,396,252          10,293,430 
                                 ----------------    ---------------- 
Total liabilities and equity    $       8,541,725   $      12,337,281 
                                 ================    ================ 
 
 
SINOVAC BIOTECH LTD. 
Consolidated Statements of Operations and Comprehensive Income (Loss) 
For the six months and year ended December 31, 2025 and 2024 
(Expressed in thousands of U.S. Dollars, except for numbers of 
 shares and per share data) 
 
                       Six months ended December 
                                  31,                Year ended December 31, 
                       -------------------------   --------------------------- 
                          2025          2024          2025           2024 
                       (Unaudited    (Unaudited 
                           and           and 
                       Unreviewed)   Unreviewed)    (Audited)      (Audited) 
Sales                 $   255,743   $   232,663   $   386,013   $   361,374 
Cost of sales              75,224        81,537       124,032       140,688 
                       ----------    ----------    ----------    ---------- 
Gross profit              180,519       151,126       261,981       220,686 
                       ----------    ----------    ----------    ---------- 
Selling, general and 
 administrative 
 expenses                 185,768       212,320       332,979       420,922 
Provision for credit 
 losses                     4,953         8,257         4,144        12,306 
Research and 
 development 
 expenses                  89,254       128,330       216,180       270,661 
Loss on disposal and 
 impairment of 
 property, plant and 
 equipment                135,418        24,965       137,235        30,279 
Loss on impairment 
 of intangible 
 assets                    (2,173)           --        49,922            -- 
Loss on impairment 
 of goodwill                 (351)           --        15,686            -- 
Government grants 
 recognized in 
 income                      (491)       (6,903)       (4,035)       (7,947) 
                       ----------    ----------    ----------    ---------- 
Total operating 
 expenses                 412,378       366,969       752,111       726,221 
                       ----------    ----------    ----------    ---------- 
Operating loss           (231,859)     (215,843)     (490,130)     (505,535) 
Interest and 
 financing expenses        (5,723)       (3,462)       (9,819)       (5,637) 
Interest income            20,342        13,120        33,281        29,073 
Share of earnings 
 (losses) from 
 equity method 
 investments                4,204         6,038        (4,036)       (2,700) 
Other income, net          46,708       233,032       208,602       527,636 
                       ----------    ----------    ----------    ---------- 
(Loss) income before 
 income taxes            (166,328)       32,885      (262,102)       42,837 
Income tax benefit 
 (expense)                 64,047       (51,180)       63,266        (2,181) 
                       ----------    ----------    ----------    ---------- 
Net (loss) income        (102,281)      (18,295)     (198,836)       40,656 
Less: net loss 
 attributable to 
 non-controlling 
 interests                (64,267)      (15,346)     (139,156)      (50,249) 
                       ----------    ----------    ----------    ---------- 
Net (loss) income 
 attributable to 
 common shareholders 
 of Sinovac           $   (38,014)  $    (2,949)  $   (59,680)  $    90,905 
                       ----------    ----------    ----------    ---------- 
 
Earnings (loss) per 
 share 
Basic net (loss) 
 income per share           (0.53)        (0.04)        (0.83)         1.27 
Diluted net (loss) 
 income per share           (0.53)        (0.04)        (0.83)         1.27 
Weighted average 
 number of shares of 
 common stock 
 outstanding 
-- Basic               71,860,702    71,860,702    71,860,702    71,860,702 
-- Diluted             71,860,702    71,860,702    71,860,702    71,860,702 
 
Net (loss) income     $  (102,281)  $   (18,295)  $  (198,836)  $    40,656 
Other comprehensive 
 income (loss), net 
 of tax of nil 
Foreign currency 
 translation 
 adjustments              152,377       (43,335)      273,972      (223,857) 
Unrealized gain 
 (loss) on 
 available-for-sale 
 investments                3,185         3,176         6,729       (10,619) 
                       ----------    ----------    ----------    ---------- 
Comprehensive income 
 (loss)                    53,281       (58,454)       81,865      (193,820) 
Less: comprehensive 
 loss attributable 
 to non-controlling 
 interests                (15,561)      (29,153)      (53,009)     (140,337) 
                       ----------    ----------    ----------    ---------- 
Comprehensive income 
 (loss) attributable 
 to shareholders of 
 Sinovac              $    68,842   $   (29,301)  $   134,874   $   (53,483) 
                       ==========    ==========    ==========    ========== 
 
 
SINOVAC BIOTECH 
 LTD. 
Consolidated Statements of Cash Flows 
For the six months and year ended December 31, 2025 and 
 2024 
(Expressed in thousands of U.S. Dollars) 
 
                  Six months ended December 
                             31,                Year ended December 31, 
                  -------------------------   --------------------------- 
                     2025          2024          2025           2024 
                  (Unaudited    (Unaudited 
                      and           and 
                  Unreviewed)   Unreviewed)    (Audited)      (Audited) 
Operating 
 activities 
Net (loss) 
 income          $  (102,281)  $   (18,295)  $  (198,836)  $    40,656 
Adjustments to 
 reconcile net 
 (loss) income 
 to net cash 
 (used in) 
 provided by 
 operating 
 activities: 
- Deferred 
 income taxes        (75,489)        6,577       (89,911)      (56,406) 
- Inventory 
 provision            13,422         9,723        30,595        37,112 
- Provision for 
 credit losses         4,953         8,257         4,144        12,306 
- Loss on 
 disposal and 
 impairment of 
 property, 
 plant and 
 equipment           135,418        24,965       137,235        30,279 
- Loss on 
 impairment of 
 intangible 
 assets               (2,173)           --        49,922            -- 
- Loss on 
 impairment of 
 goodwill               (351)           --        15,686            -- 
- Depreciation 
 of property, 
 plant and 
 equipment            49,504        52,304        97,446       110,227 
- Amortization 
 of prepaid 
 land use 
 rights                1,144         1,134         2,261         2,257 
- Amortization 
 of intangible 
 assets                  709           551         1,331         1,052 
- Non-cash 
 operating 
 lease expense         1,029         3,468         2,626         5,252 
- Accretion of 
 discounts on 
 investments            (120)       (8,996)       (3,935)      (14,070) 
- Share of 
 (earnings) 
 losses from 
 equity method 
 investments, 
 net of 
 dividends 
 received             (1,524)       (6,038)        6,716         2,700 
- Investment 
 and interest 
 income              (72,716)       22,978      (190,814)     (104,797) 
Changes in 
 operating 
 assets and 
 liabilities: 
- Accounts 
 receivable           (5,478)       10,506        24,267        87,733 
- Inventories          4,200        27,346       (23,019)         (665) 
- Income tax 
 receivable and 
 payable            (190,700)       19,374      (177,168)       11,354 
- Prepaid 
 expenses and 
 other current 
 assets               24,654        43,138         2,100         7,961 
- Deferred 
 revenue              (1,171)        5,964        (1,463)      (14,443) 
- Accounts 
 payable and 
 accrued 
 liabilities 
 and other 
 current 
 liabilities          19,399        77,005      (195,397)     (210,888) 
- Deferred 
 government 
 grants                3,008            95         2,774          (144) 
- Other 
 non-current 
 assets and 
 liabilities          (6,975)       (2,094)       (8,744)       (4,367) 
                  ----------    ----------    ----------    ---------- 
Net cash (used 
 in) provided 
 by operating 
 activities         (201,538)      277,962      (512,184)      (56,891) 
                  ----------    ----------    ----------    ---------- 
Investing 
 activities 
- Purchase of 
 investments      (2,798,160)   (2,883,857)   (6,218,953)   (4,865,159) 
- Proceeds from 
 maturity and 
 sales of 
 investments       3,235,913     3,184,032    10,673,092     5,594,972 
- Proceeds from 
 disposal of 
 equipment               409            19           409           160 
- Proceeds from 
 dissolution of 
 subsidiary              181            --           181            -- 
- Repayments 
 received on 
 loans made to 
 service 
 vendors                  --           497            --         4,655 
- Loan to 
 related 
 parties                  --       (10,085)           --       (33,754) 
- Purchase of 
 property, 
 plant and 
 equipment           (22,383)      (47,901)      (48,917)      (95,960) 
- Prepaid land 
 use rights             (235)           --          (235)           -- 
- Acquisition 
 of intangible 
 assets                 (203)       (1,627)         (203)       (1,627) 
- Purchase of 
 equity method 
 investments          (1,738)      (45,127)       (4,755)      (46,733) 
- Distributions 
 of equity 
 method 
 investees             1,699            --         1,699            -- 
- Acquisition 
 of business, 
 net of cash 
 acquired            (14,148)     (100,195)      (14,148)     (100,195) 
                  ----------    ----------    ----------    ---------- 
Net cash 
 provided by 
 investing 
 activities          401,335        95,756     4,388,170       456,359 
                  ----------    ----------    ----------    ---------- 
Financing 
 activities 
- Proceeds from 
 bank loans           59,889        68,568       318,401       204,775 
- Repayments of 
 bank loans          (24,571)       (7,575)     (218,763)      (81,728) 
- Cash paid for 
 dividends        (3,300,332)     (713,622)   (3,534,344)     (946,997) 
                  ----------    ----------    ----------    ---------- 
Net cash used 
 in financing 
 activities       (3,265,014)     (652,629)   (3,434,706)     (823,950) 
                  ----------    ----------    ----------    ---------- 
Effect of 
 exchange rate 
 changes on 
 cash and cash 
 equivalents 
 and restricted 
 cash                 64,134       (77,995)      112,932      (102,423) 
(Decrease) 
 increase in 
 cash and cash 
 equivalents 
 and restricted 
 cash             (3,001,083)     (356,906)      554,212      (526,905) 
                  ----------    ----------    ----------    ---------- 
Cash and cash 
 equivalents 
 and restricted 
 cash, 
 beginning of 
 year              4,157,512       959,123       602,217     1,129,122 
                  ----------    ----------    ----------    ---------- 
Cash and cash 
 equivalents 
 and restricted 
 cash, end of 
 year            $ 1,156,429   $   602,217   $ 1,156,429   $   602,217 
                  ==========    ==========    ==========    ========== 
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260604567485/en/

 
    CONTACT:    Sinovac Biotech Ltd. 

Helen Yang

Tel: +86-10-8279 9720

Email: ir@sinovac.com

 
 

(END) Dow Jones Newswires

June 05, 2026 16:01 ET (20:01 GMT)

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