Ascentage Pharma Group International (AAPG) Balance Sheet
AAPG balance sheet, 2025
December 31, 2025 · Chinese yuanCN¥3.97B assets = CN¥2.63B liabilities + CN¥1.34B equity
Both columns are drawn to the same scale: what AAPG owns equals what it owes plus shareholders’ equity. Hover a block for its value.
AAPG financial health
Current ratio1.79
Comfortable · current assets cover current liabilities 1.79×
Debt / equity1.49
Moderate leverage · CN¥1.49 of debt for each $1 of equity
Equity / assets33.4%
Balanced · of assets funded by shareholders
Cash / debt124.8%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles2.3%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
AAPG balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | CN¥593.3M2016 | CN¥3.97B2025 | +23.5%/yr | |
| Total liabilities | CN¥607.9M2016 | CN¥2.63B2025 | +17.7%/yr | |
| Shareholders’ equity | −CN¥14.6M2016 | CN¥1.33B2025 | — | |
| Cash & short-term investments | CN¥451.9M2016 | CN¥2.47B2025 | +20.8%/yr | |
| Total debt | CN¥830,0002016 | CN¥1.98B2025 | +137.3%/yr | |
| Net cash (debt) | CN¥451.1M2016 | CN¥490.7M2025 | +CN¥39.6M | |
| Working capital | CN¥386.1M2016 | CN¥1.30B2025 | +CN¥915.5M | |
| Current ratio | 5.972016 | 1.792025 | −4.18 | |
| Debt / equity | 0.112019 | 1.492025 | +1.38 | |
| Shares outstanding | 12.9M2016 | 89.0M2025 | +23.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AAPG assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
AAPG liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
AAPG debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
AAPG balance sheet in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | CN¥2.47B | CN¥1.24B | CN¥1.07B | CN¥1.48B | CN¥1.71B | CN¥1.02B | CN¥878.5M | CN¥971.5M | CN¥399.0M | CN¥451.9M |
| Cash & equivalents | CN¥2.47B | CN¥1.24B | CN¥1.07B | CN¥1.48B | CN¥1.71B | CN¥1.02B | CN¥878.5M | CN¥957.1M | CN¥14.8M | CN¥294.5M |
| Short-term investments | — | CN¥5.4M | CN¥4.4M | CN¥18.7M | — | — | — | CN¥14.4M | CN¥384.2M | CN¥157.4M |
| Receivables | CN¥253.1M | CN¥99.1M | CN¥163.5M | CN¥61.5M | CN¥54.1M | CN¥480,000 | CN¥2.5M | CN¥5.3M | CN¥7.9M | CN¥8.3M |
| Inventory | CN¥28.6M | CN¥6.6M | CN¥16.2M | CN¥9.4M | CN¥3.9M | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other current assets | CN¥192.7M | CN¥131.9M | CN¥95.2M | CN¥89.9M | CN¥120.3M | CN¥58.6M | CN¥28.1M | CN¥13.5M | CN¥7.9M | CN¥3.5M |
| Total current assets | CN¥2.95B | CN¥1.47B | CN¥1.34B | CN¥1.64B | CN¥1.89B | CN¥1.08B | CN¥909.1M | CN¥990.2M | CN¥414.7M | CN¥463.7M |
| Property, plant & equipment (net) | CN¥829.6M | CN¥905.9M | CN¥957.2M | CN¥650.0M | CN¥854.3M | CN¥477.0M | CN¥110.2M | CN¥34.0M | CN¥25.3M | CN¥4.5M |
| Goodwill & intangible assets | CN¥90.7M | CN¥100.7M | CN¥110.1M | CN¥109.0M | CN¥85.1M | CN¥122.1M | CN¥129.0M | CN¥133.2M | CN¥105.4M | CN¥111.8M |
| Long-term investments | CN¥37.0M | CN¥33.9M | CN¥18.9M | CN¥18.5M | CN¥27.8M | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other non-current assets | CN¥62.7M | CN¥103.2M | CN¥69.9M | CN¥416.2M | CN¥87.5M | CN¥52.9M | CN¥56.7M | CN¥71.9M | CN¥36.2M | CN¥13.3M |
| Total assets | CN¥3.97B | CN¥2.62B | CN¥2.50B | CN¥2.83B | CN¥2.94B | CN¥1.73B | CN¥1.21B | CN¥1.23B | CN¥581.7M | CN¥593.3M |
| Liabilities | ||||||||||
| Accounts payable | CN¥106.8M | CN¥92.0M | CN¥72.4M | CN¥95.6M | CN¥70.9M | CN¥23.4M | CN¥13.1M | CN¥5.1M | CN¥3.8M | CN¥156,000 |
| Short-term debt | CN¥1.22B | CN¥779.1M | CN¥616.4M | CN¥518.4M | CN¥49.5M | CN¥50.6M | CN¥92.2M | CN¥37.6M | CN¥2.0M | CN¥358,000 |
| Deferred revenue | CN¥37.5M | CN¥54.1M | CN¥38.4M | CN¥24.4M | — | CN¥6,575 | CN¥6,603 | CN¥6,554 | CN¥6,603 | CN¥840,967 |
| Total current liabilities | CN¥1.64B | CN¥1.17B | CN¥934.2M | CN¥881.2M | CN¥361.1M | CN¥276.1M | CN¥202.1M | CN¥105.3M | CN¥79.5M | CN¥77.6M |
| Long-term debt | CN¥742.3M | CN¥868.6M | CN¥1.17B | CN¥1.27B | CN¥1.03B | CN¥473.1M | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Lease obligations | CN¥22.2M | CN¥30.2M | CN¥22.7M | CN¥17.2M | CN¥17.9M | CN¥11.9M | — | — | — | — |
| Other long-term liabilities | CN¥244.3M | CN¥308.4M | CN¥329.3M | CN¥275.3M | CN¥317.6M | CN¥135.2M | CN¥112.5M | CN¥2.14B | CN¥633.9M | CN¥530.3M |
| Total liabilities | CN¥2.63B | CN¥2.34B | CN¥2.43B | CN¥2.42B | CN¥1.71B | CN¥884.4M | CN¥314.6M | CN¥2.24B | CN¥713.5M | CN¥607.9M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | CN¥256,159 | CN¥214,000 | CN¥197,000 | CN¥180,000 | CN¥178,000 | CN¥154,000 | CN¥142,000 | CN¥63,000 | — | — |
| Retained earnings (deficit) | −CN¥7.01B | −CN¥5.77B | −CN¥5.37B | −CN¥4.44B | −CN¥3.56B | −CN¥2.77B | −CN¥2.10B | −CN¥615.8M | −CN¥270.5M | −CN¥152.0M |
| Accumulated other comprehensive income | CN¥1.33B | −CN¥510.6M | −CN¥504.5M | −CN¥518.5M | −CN¥550.9M | −CN¥509.8M | — | — | CN¥138.7M | CN¥137.4M |
| Minority interest | CN¥9.8M | CN¥10.0M | CN¥10.2M | CN¥0 | — | — | — | — | — | — |
| Total shareholders' equity | CN¥1.33B | CN¥264.2M | CN¥60.4M | CN¥408.7M | CN¥1.23B | CN¥846.6M | CN¥890.5M | −CN¥1.01B | −CN¥131.8M | −CN¥14.6M |
| Key figures | ||||||||||
| Total debt | CN¥1.98B | CN¥1.67B | CN¥1.80B | CN¥1.79B | CN¥1.08B | CN¥529.7M | CN¥101.4M | CN¥42.0M | CN¥4.9M | CN¥830,000 |
| Net cash (debt) | CN¥490.7M | −CN¥431.9M | −CN¥726.3M | −CN¥317.1M | CN¥622.6M | CN¥490.3M | CN¥777.1M | CN¥929.4M | CN¥394.1M | CN¥451.1M |
| Working capital | CN¥1.30B | CN¥307.6M | CN¥410.0M | CN¥755.3M | CN¥1.52B | CN¥802.9M | CN¥707.0M | CN¥885.0M | CN¥335.2M | CN¥386.1M |
| Tangible book value | CN¥1.23B | CN¥163.5M | −CN¥49.7M | CN¥299.7M | CN¥1.15B | CN¥724.5M | CN¥761.5M | −CN¥1.14B | −CN¥237.2M | −CN¥126.4M |
| Shares outstanding | 89.0M | 75.5M | 17.6M | 16.5M | 15.9M | 13.5M | 13.2M | 12.9M | 12.9M | 12.9M |
| Current ratio | 1.79 | 1.26 | 1.44 | 1.86 | 5.22 | 3.91 | 4.50 | 9.41 | 5.21 | 5.97 |
| Quick ratio | 1.66 | 1.14 | 1.32 | 1.74 | 4.88 | 3.70 | 4.36 | 9.28 | 5.12 | 5.93 |
| Debt / equity | 1.49 | 6.32 | 29.72 | 4.39 | 0.88 | 0.63 | 0.11 | — | — | — |
| Equity / assets | 33.4% | 10.1% | 2.4% | 14.4% | 42.0% | 48.9% | 73.9% | −82.3% | −22.7% | −2.5% |
| Jun '26 | Mar '26 | Dec '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | CN¥1.90B | CN¥2.47B | CN¥2.47B | CN¥1.66B | CN¥1.24B | CN¥1.24B | CN¥1.27B | CN¥1.10B | CN¥1.10B | CN¥1.07B | CN¥1.10B | CN¥1.58B |
| Cash & equivalents | CN¥1.90B | CN¥2.47B | CN¥2.47B | CN¥1.66B | CN¥1.24B | CN¥1.24B | CN¥1.26B | CN¥1.10B | CN¥1.10B | CN¥1.07B | CN¥1.09B | CN¥1.58B |
| Short-term investments | — | — | — | — | — | — | CN¥5.4M | — | — | — | CN¥6.6M | — |
| Receivables | CN¥156.5M | CN¥253.1M | CN¥253.1M | CN¥78.4M | CN¥99.1M | CN¥99.1M | CN¥83.1M | CN¥852.8M | CN¥743.5M | CN¥163.5M | CN¥145.9M | CN¥174.2M |
| Inventory | CN¥64.3M | CN¥28.6M | CN¥28.6M | CN¥8.6M | CN¥6.6M | CN¥6.6M | CN¥6.6M | CN¥10.7M | CN¥10.7M | CN¥16.2M | CN¥16.2M | CN¥5.0M |
| Other current assets | CN¥177.0M | CN¥192.7M | CN¥192.7M | CN¥160.3M | CN¥131.9M | CN¥131.9M | CN¥117.8M | CN¥0 | CN¥109.3M | CN¥95.2M | CN¥81.7M | CN¥0 |
| Total current assets | CN¥2.29B | CN¥2.95B | CN¥2.95B | CN¥1.91B | CN¥1.47B | CN¥1.47B | CN¥1.47B | CN¥1.96B | CN¥1.96B | CN¥1.34B | CN¥1.34B | CN¥1.76B |
| Property, plant & equipment (net) | CN¥800.7M | CN¥829.6M | CN¥829.6M | CN¥872.0M | CN¥905.9M | CN¥905.9M | CN¥905.6M | CN¥931.2M | CN¥931.2M | CN¥957.2M | CN¥957.1M | CN¥633.1M |
| Goodwill & intangible assets | CN¥62.3M | CN¥90.7M | CN¥90.7M | CN¥95.7M | CN¥100.7M | CN¥100.7M | CN¥100.7M | CN¥104.5M | CN¥104.5M | CN¥110.1M | CN¥110.1M | CN¥104.8M |
| Long-term investments | CN¥40.0M | CN¥0 | CN¥37.0M | CN¥37.3M | CN¥0 | CN¥33.9M | CN¥0 | CN¥33.2M | CN¥0 | CN¥18.9M | CN¥0 | CN¥0 |
| Other non-current assets | CN¥44.8M | CN¥99.8M | CN¥62.7M | CN¥132.4M | CN¥137.1M | CN¥103.2M | CN¥137.4M | CN¥74.4M | CN¥107.6M | CN¥69.9M | CN¥89.0M | CN¥419.4M |
| Total assets | CN¥3.24B | CN¥3.97B | CN¥3.97B | CN¥3.05B | CN¥2.62B | CN¥2.62B | CN¥2.62B | CN¥3.11B | CN¥3.11B | CN¥2.50B | CN¥2.50B | CN¥2.92B |
| Liabilities | ||||||||||||
| Accounts payable | CN¥106.9M | CN¥106.8M | CN¥106.8M | CN¥118.7M | CN¥92.0M | CN¥92.0M | CN¥92.0M | CN¥83.1M | CN¥83.1M | CN¥72.4M | CN¥72.4M | CN¥47.7M |
| Short-term debt | CN¥1.48B | CN¥1.22B | CN¥1.22B | CN¥833.8M | CN¥779.1M | CN¥779.1M | CN¥779.1M | CN¥729.5M | CN¥729.5M | CN¥616.4M | CN¥616.4M | CN¥405.3M |
| Deferred revenue | CN¥69.6M | CN¥37.5M | CN¥37.5M | — | CN¥54.1M | CN¥54.1M | — | — | — | CN¥38.4M | — | — |
| Total current liabilities | CN¥1.88B | CN¥1.64B | CN¥1.64B | CN¥1.24B | CN¥1.17B | CN¥1.17B | CN¥1.17B | CN¥1.07B | CN¥1.07B | CN¥934.2M | CN¥934.2M | CN¥642.9M |
| Long-term debt | CN¥605.3M | CN¥0 | CN¥742.3M | CN¥882.4M | CN¥0 | CN¥868.6M | CN¥0 | CN¥959.1M | CN¥0 | CN¥1.17B | CN¥0 | CN¥1.26B |
| Lease obligations | CN¥23.7M | — | CN¥22.2M | — | — | CN¥30.2M | — | CN¥20.9M | — | CN¥22.7M | — | CN¥21.2M |
| Other long-term liabilities | CN¥186.3M | CN¥986.6M | CN¥244.3M | CN¥248.6M | CN¥1.18B | CN¥308.4M | CN¥1.18B | CN¥306.1M | CN¥1.27B | CN¥329.3M | CN¥1.50B | CN¥416.1M |
| Total liabilities | CN¥2.68B | CN¥2.63B | CN¥2.63B | CN¥2.37B | CN¥2.34B | CN¥2.34B | CN¥2.34B | CN¥2.33B | CN¥2.33B | CN¥2.43B | CN¥2.43B | CN¥2.32B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | CN¥256,090 | CN¥256,159 | CN¥256,159 | CN¥239,000 | CN¥214,000 | CN¥214,000 | CN¥214,000 | CN¥214,000 | CN¥214,000 | CN¥197,000 | CN¥197,000 | CN¥196,000 |
| Retained earnings (deficit) | −CN¥7.83B | — | −CN¥7.01B | −CN¥6.36B | −CN¥5.77B | −CN¥5.77B | −CN¥5.77B | −CN¥5.20B | −CN¥5.20B | −CN¥5.37B | −CN¥5.37B | −CN¥4.84B |
| Accumulated other comprehensive income | −CN¥524.4M | CN¥1.33B | CN¥1.33B | −CN¥516.1M | −CN¥510.6M | −CN¥510.6M | −CN¥510.6M | −CN¥501.8M | −CN¥501.8M | −CN¥504.5M | −CN¥504.5M | — |
| Minority interest | CN¥9.4M | — | CN¥9.8M | CN¥9.9M | — | CN¥10.0M | — | — | — | — | — | — |
| Total shareholders' equity | CN¥556.6M | CN¥1.33B | CN¥1.33B | CN¥666.0M | CN¥264.2M | CN¥264.2M | CN¥264.2M | CN¥766.4M | CN¥766.4M | CN¥60.4M | CN¥60.4M | CN¥589.9M |
| Key figures | ||||||||||||
| Total debt | CN¥2.10B | CN¥1.98B | CN¥1.98B | CN¥1.72B | CN¥1.67B | CN¥1.67B | CN¥1.67B | CN¥1.70B | CN¥1.70B | CN¥1.80B | CN¥1.80B | CN¥1.68B |
| Net cash (debt) | −CN¥199.1M | CN¥490.7M | CN¥490.7M | −CN¥54.7M | −CN¥431.9M | −CN¥431.9M | −CN¥401.9M | −CN¥599.8M | −CN¥599.8M | −CN¥726.3M | −CN¥695.2M | −CN¥94.5M |
| Working capital | CN¥409.9M | CN¥1.30B | CN¥1.30B | CN¥669.4M | CN¥307.6M | CN¥307.6M | CN¥307.6M | CN¥898.5M | CN¥898.5M | CN¥410.0M | CN¥410.0M | CN¥1.12B |
| Tangible book value | CN¥494.3M | CN¥1.23B | CN¥1.23B | CN¥570.3M | CN¥163.5M | CN¥163.5M | CN¥163.5M | CN¥661.9M | CN¥661.9M | −CN¥49.7M | −CN¥49.7M | CN¥485.1M |
| Shares outstanding | 93.3M | 92.6M | 92.6M | 85.4M | 78.1M | 78.1M | 312.4M | 74.0M | 296.0M | 72.5M | 290.0M | 17.6M |
| Current ratio | 1.22 | 1.79 | 1.79 | 1.54 | 1.26 | 1.26 | 1.26 | 1.84 | 1.84 | 1.44 | 1.44 | 2.74 |
| Quick ratio | 1.09 | 1.66 | 1.66 | 1.40 | 1.14 | 1.14 | 1.16 | 1.83 | 1.73 | 1.32 | 1.33 | 2.73 |
| Debt / equity | 3.76 | 1.49 | 1.49 | 2.58 | 6.32 | 6.32 | 6.32 | 2.22 | 2.22 | 29.72 | 29.72 | 2.84 |
| Equity / assets | 17.2% | 33.4% | 33.4% | 21.9% | 10.1% | 10.1% | 10.1% | 24.7% | 24.7% | 2.4% | 2.4% | 20.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported (latest annual report filed April 29, 2026); data from EODHD.
AAPG financial position
At the end of fiscal 2025 (December 31, 2025), Ascentage Pharma Group International had total assets of CN¥4.0 billion (up 51.5% from a year earlier), total liabilities of CN¥2.6 billion and shareholders' equity of CN¥1.3 billion. It held CN¥2.5 billion in cash and short-term investments against CN¥2.0 billion of debt, a net cash position of CN¥490.7 million. Its current ratio was 1.79. In the latest quarter (ended June 30, 2026) total assets were CN¥3.2 billion and equity CN¥556.6 million.
Related: AAPG income statement, AAPG cash flow statement, AAPG key metrics. See the AAPG stock overview for the latest quote and news.
AAPG balance sheet FAQ
What are Ascentage Pharma Group International's total assets?
Ascentage Pharma Group International reported total assets of CN¥4.0 billion at the end of fiscal 2025 (December 31, 2025), compared with CN¥2.6 billion a year earlier.
How much debt does Ascentage Pharma Group International have?
Ascentage Pharma Group International had CN¥2.0 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.49.
How much cash does Ascentage Pharma Group International have?
Ascentage Pharma Group International held CN¥2.5 billion in cash and short-term investments at the end of fiscal 2025; with CN¥2.0 billion of debt that is net cash of CN¥490.7 million.
What is Ascentage Pharma Group International's book value?
Ascentage Pharma Group International's shareholders' equity (book value) was CN¥1.3 billion at the end of fiscal 2025.
What is Ascentage Pharma Group International's current ratio?
Ascentage Pharma Group International had current assets of CN¥2.9 billion and current liabilities of CN¥1.6 billion, a current ratio of 1.79 (it can cover its short-term obligations).
How much goodwill does Ascentage Pharma Group International have?
Ascentage Pharma Group International carried CN¥90.7 million of goodwill and intangible assets, 2.3% of total assets, at the end of fiscal 2025.