Ascentage Pharma Group International (AAPG) Cash Flow Statement
Where AAPG’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- −CN¥1.17B
- Capital expenditures
- CN¥27.6M 4.9% of revenue
- Free cash flow
- −CN¥1.20B −215.2% margin
- Returned to shareholders
- CN¥9.0M
- Change in cash
- CN¥302.7M cash at year-end CN¥1.20B
Cash from operations
−CN¥1.17B
Capital expenditures
−CN¥27.6M
Investments (net)
−CN¥929.1M
Acquisitions & other
−CN¥43.3M
Share buybacks (net)
−CN¥9.0M
Net borrowing (repayment)
+CN¥307.3M
Shares issued
+CN¥2.30B
Other financing
−CN¥63.0M
Currency & other
−CN¥63.2M
Change in cash
CN¥302.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
AAPG operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
AAPG cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −CN¥45.9M2016 | −CN¥1.17B2025 | — | |
| Capital expenditures | CN¥3.4M2016 | CN¥27.6M2025 | +26.3%/yr | |
| Free cash flow | −CN¥49.3M2016 | −CN¥1.20B2025 | — | |
| Free cash flow margin | −642.5%2016 | −215.2%2025 | +427.4 pts | |
| Stock-based compensation | CN¥65.0M2016 | CN¥20.9M2025 | −11.9%/yr | |
| Dividends paid | CN¥02021 | CN¥02025 | — | |
| Share buybacks (net) | CN¥02020 | CN¥9.0M2025 | — | |
| Capex / revenue | 44.0%2016 | 4.9%2025 | −39.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AAPG cash flow by activity
OperatingInvestingFinancingChange in cash
AAPG net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AAPG cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −CN¥1.24B | −CN¥395.3M | −CN¥932.9M | −CN¥887.2M | −CN¥832.2M | −CN¥675.4M | −CN¥741.2M | −CN¥346.9M | −CN¥120.1M | −CN¥112.8M |
| Depreciation & amortization | CN¥86.5M | CN¥93.2M | CN¥93.2M | CN¥62.9M | CN¥28.3M | CN¥27.4M | CN¥3.8M | CN¥18.5M | CN¥12.5M | CN¥164,369 |
| Stock-based compensation | CN¥20.9M | CN¥20.9M | CN¥31.5M | CN¥22.1M | CN¥47.0M | CN¥74.0M | CN¥70.8M | CN¥27.6M | — | CN¥65.0M |
| Change in working capital | −CN¥143.5M | CN¥111.0M | −CN¥9.1M | CN¥104.4M | −CN¥74.9M | −CN¥55.3M | CN¥11.1M | CN¥27.1M | CN¥10.5M | CN¥2.1M |
| Other non-cash items | CN¥98.1M | CN¥58.8M | CN¥91.2M | CN¥43.8M | CN¥227.2M | CN¥19.3M | CN¥195.1M | CN¥36.1M | −CN¥10.9M | −CN¥415,739 |
| Cash from operating activities | −CN¥1.17B | −CN¥111.4M | −CN¥726.1M | −CN¥653.9M | −CN¥604.7M | −CN¥610.0M | −CN¥460.3M | −CN¥237.7M | −CN¥108.0M | −CN¥45.9M |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥27.6M | −CN¥24.3M | −CN¥56.8M | −CN¥237.0M | −CN¥436.6M | −CN¥251.5M | −CN¥81.4M | −CN¥49.5M | −CN¥20.5M | −CN¥3.4M |
| Investments (net) | −CN¥929.1M | −CN¥362.0M | CN¥21.9M | −CN¥384.6M | −CN¥466.5M | −CN¥107.4M | — | — | — | — |
| Acquisitions & other investing | −CN¥43.3M | CN¥24.3M | CN¥56.8M | CN¥237.0M | CN¥436.6M | CN¥251.5M | −CN¥119.9M | CN¥342.3M | −CN¥209.8M | −CN¥156.3M |
| Cash from investing activities | −CN¥1.00B | −CN¥362.0M | CN¥21.9M | −CN¥384.6M | −CN¥466.5M | −CN¥107.4M | −CN¥201.3M | CN¥292.8M | −CN¥230.3M | −CN¥159.6M |
| Financing activities | ||||||||||
| Dividends paid | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | — | — | — | — | — |
| Share repurchases & issuance (net) | −CN¥9.0M | CN¥0 | −CN¥5.9M | −CN¥26.8M | −CN¥25.9M | CN¥0 | — | — | — | — |
| Net borrowing (repayment) | CN¥307.3M | −CN¥145.3M | −CN¥13.4M | CN¥695.9M | CN¥539.5M | — | — | — | — | — |
| Shares issued | CN¥2.30B | CN¥533.9M | CN¥470.1M | CN¥19,000 | CN¥1.30B | CN¥634.2M | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | −CN¥63.0M | −CN¥73.8M | −CN¥82.0M | −CN¥49.8M | −CN¥32.9M | CN¥405.8M | CN¥442.4M | CN¥860.2M | CN¥58.4M | CN¥456.2M |
| Cash from financing activities | CN¥2.54B | CN¥314.8M | CN¥368.8M | CN¥619.3M | CN¥1.78B | CN¥1.04B | CN¥442.4M | CN¥860.2M | CN¥58.4M | CN¥456.2M |
| Summary | ||||||||||
| Net change in cash | CN¥302.7M | −CN¥144.9M | −CN¥307.6M | −CN¥361.2M | CN¥686.9M | CN¥281.0M | −CN¥218.1M | CN¥942.3M | −CN¥279.7M | CN¥294.5M |
| Cash at end of period | CN¥1.20B | CN¥893.1M | CN¥1.04B | CN¥1.35B | CN¥1.71B | CN¥1.02B | CN¥739.0M | CN¥957.1M | CN¥14.8M | CN¥294.5M |
| Free cash flow | −CN¥1.20B | −CN¥135.6M | −CN¥782.9M | −CN¥890.9M | −CN¥1.04B | −CN¥861.4M | −CN¥541.7M | −CN¥287.1M | −CN¥128.5M | −CN¥49.3M |
| Free cash flow margin | −215.2% | −13.8% | −352.7% | −424.8% | −3,730.9% | −6,919.1% | −3,732.7% | −4,218.1% | −2,031.0% | −642.5% |
| Capex / revenue | 4.9% | 2.5% | 25.6% | 113.0% | 1,564.4% | 2,019.9% | 561.0% | 726.6% | 324.5% | 44.0% |
| Jun '26 | Mar '26 | Dec '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −CN¥807.7M | −CN¥640.0M | −CN¥640.0M | −CN¥1.18B | −CN¥568.4M | −CN¥568.4M | −CN¥284.2M | CN¥163.0M | CN¥81.5M | −CN¥523.3M | −CN¥261.6M | −CN¥409.6M |
| Depreciation & amortization | CN¥42.9M | CN¥41.9M | CN¥41.9M | CN¥44.0M | CN¥44.8M | CN¥45.9M | CN¥22.9M | CN¥47.3M | CN¥23.7M | CN¥47.6M | CN¥23.8M | CN¥45.6M |
| Stock-based compensation | — | — | — | CN¥26.1M | CN¥12.2M | CN¥12.2M | CN¥6.1M | CN¥8.7M | CN¥4.4M | CN¥13.3M | CN¥6.6M | CN¥18.2M |
| Change in working capital | — | — | — | — | CN¥87.4M | CN¥87.4M | CN¥43.7M | — | — | −CN¥69.0M | −CN¥34.5M | CN¥59.9M |
| Other non-cash items | CN¥164.2M | −CN¥181.6M | −CN¥181.6M | CN¥658.9M | CN¥641.4M | CN¥666.1M | CN¥333.0M | −CN¥609.3M | −CN¥286.7M | CN¥170.4M | CN¥86.9M | −CN¥156.0M |
| Cash from operating activities | −CN¥600.6M | −CN¥779.7M | −CN¥779.7M | −CN¥452.6M | CN¥217.3M | CN¥243.0M | CN¥121.5M | −CN¥390.3M | −CN¥177.2M | −CN¥361.1M | −CN¥178.8M | −CN¥441.9M |
| Investing activities | ||||||||||||
| Capital expenditures | −CN¥11.7M | −CN¥7.7M | −CN¥7.7M | −CN¥20.0M | −CN¥7.8M | −CN¥7.8M | −CN¥3.9M | −CN¥16.5M | −CN¥8.3M | −CN¥12.1M | −CN¥6.1M | −CN¥44.7M |
| Acquisitions & other investing | CN¥931.9M | −CN¥294.8M | −CN¥294.8M | −CN¥675.7M | −CN¥227.6M | −CN¥223.0M | −CN¥111.5M | −CN¥115.7M | −CN¥57.4M | CN¥99.3M | CN¥49.4M | −CN¥12.2M |
| Cash from investing activities | CN¥920.2M | −CN¥302.5M | −CN¥302.5M | −CN¥695.7M | −CN¥235.3M | −CN¥230.8M | −CN¥115.4M | −CN¥132.2M | −CN¥65.6M | CN¥87.2M | CN¥43.3M | −CN¥56.9M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −CN¥7.7M | CN¥1,385 | CN¥1,385 | −CN¥9.2M | CN¥2.0M | — | — | −CN¥2.0M | −CN¥979,000 | −CN¥5.9M | −CN¥3.0M | −CN¥1,000 |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | CN¥106.4M | CN¥1.60B | CN¥1.60B | CN¥973.9M | −CN¥55.4M | −CN¥82.1M | −CN¥41.1M | CN¥435.1M | CN¥199.4M | −CN¥63.6M | −CN¥40.5M | CN¥522.2M |
| Cash from financing activities | CN¥98.7M | CN¥1.60B | CN¥1.60B | CN¥964.7M | −CN¥53.4M | −CN¥82.1M | −CN¥41.1M | CN¥433.1M | CN¥198.5M | −CN¥69.5M | −CN¥43.4M | CN¥522.2M |
| Summary | ||||||||||||
| Net change in cash | CN¥729.2M | −CN¥419.1M | −CN¥419.1M | CN¥760.4M | −CN¥187.6M | — | — | CN¥11.7M | — | −CN¥481.0M | −CN¥1.39B | CN¥157.7M |
| Cash at end of period | CN¥1.90B | CN¥1.20B | CN¥1.20B | CN¥1.66B | CN¥917.7M | CN¥893.1M | CN¥952.4M | CN¥952.4M | CN¥1.09B | CN¥1.06B | CN¥1.39B | CN¥1.04B |
| Free cash flow | −CN¥612.3M | −CN¥787.4M | −CN¥787.4M | −CN¥452.2M | CN¥235.3M | CN¥235.3M | CN¥117.6M | −CN¥370.9M | −CN¥185.5M | −CN¥369.7M | −CN¥184.9M | −CN¥413.2M |
| Free cash flow margin | −204.9% | −235.7% | −235.7% | −193.5% | 149.9% | 149.9% | 149.9% | −45.0% | −45.0% | −466.4% | −466.4% | −289.5% |
| Capex / revenue | 3.9% | 2.3% | 2.3% | 8.6% | 4.9% | 4.9% | 4.9% | 2.0% | 2.0% | 15.3% | 15.3% | 31.3% |
| Operating cash flow / net income | — | — | — | — | — | — | — | −2.39 | −2.17 | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
AAPG cash generation
In fiscal 2025 (ended December 31, 2025), Ascentage Pharma Group International generated -CN¥1.2 billion of cash from operations and spent CN¥27.6 million on capital expenditures, leaving free cash flow of -CN¥1.2 billion, −215.2% of revenue. It returned CN¥9.0 million to shareholders through dividends (CN¥0) and net share buybacks (CN¥9.0 million). Cash and equivalents rose by CN¥302.7 million over the year.
Related: AAPG income statement, AAPG balance sheet. See the AAPG stock overview for the latest quote and news.
AAPG cash flow FAQ
What is Ascentage Pharma Group International's free cash flow?
Ascentage Pharma Group International's free cash flow was -CN¥1.2 billion in fiscal 2025: -CN¥1.2 billion of operating cash flow minus CN¥27.6 million of capital expenditures It was -CN¥135.6 million a year earlier..
How much cash does Ascentage Pharma Group International generate from operations?
Ascentage Pharma Group International generated -CN¥1.2 billion of cash from operating activities in fiscal 2025.
How much does Ascentage Pharma Group International spend on capital expenditures?
Ascentage Pharma Group International spent CN¥27.6 million on capital expenditures in fiscal 2025, 4.9% of revenue, compared with CN¥24.3 million the year before.
How much stock does Ascentage Pharma Group International buy back?
Ascentage Pharma Group International spent CN¥9.0 million on net share repurchases in fiscal 2025.