Zhengye Biotechnology Holding Limited (ZYBT) Cash Flow Statement
Where ZYBT’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- CN¥13.3M −67.5% vs 2024
- Capital expenditures
- CN¥12.6M 10.9% of revenue
- Free cash flow
- CN¥703,000 0.6% margin
- Returned to shareholders
- CN¥16.0M 2,279% of free cash flow
- Change in cash
- CN¥31.7M cash at year-end CN¥50.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ZYBT operating cash flow, capex and free cash flow
ZYBT cash flow trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | CN¥31.8M2021 | CN¥13.3M2025 | −19.5%/yr | |
| Capital expenditures | CN¥26.4M2021 | CN¥12.6M2025 | −16.8%/yr | |
| Free cash flow | CN¥5.4M2021 | CN¥703,0002025 | −40.0%/yr | |
| Free cash flow margin | 2.5%2021 | 0.6%2025 | −1.9 pts | |
| Operating cash flow / net income | 0.682021 | 3.632024 | +2.94 | |
| Dividends paid | CN¥11.0M2021 | CN¥16.0M2025 | +9.7%/yr | |
| Capex / revenue | 12.3%2021 | 10.9%2025 | −1.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ZYBT cash flow by activity
ZYBT net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ZYBT cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | −CN¥83.0M | CN¥11.3M | CN¥37.5M | CN¥55.7M | CN¥46.5M |
| Depreciation & amortization | CN¥26.0M | CN¥24.2M | CN¥23.9M | CN¥18.8M | CN¥16.0M |
| Change in working capital | CN¥44.8M | −CN¥977,000 | −CN¥20.5M | −CN¥66.8M | −CN¥33.7M |
| Other non-cash items | CN¥25.5M | CN¥6.5M | CN¥7.3M | CN¥9.6M | CN¥3.0M |
| Cash from operating activities | CN¥13.3M | CN¥41.0M | CN¥48.2M | CN¥17.3M | CN¥31.8M |
| Investing activities | |||||
| Capital expenditures | −CN¥12.6M | −CN¥27.8M | −CN¥11.6M | −CN¥27.3M | −CN¥26.4M |
| Investments (net) | CN¥0 | CN¥0 | −CN¥11.8M | −CN¥27.3M | −CN¥26.3M |
| Acquisitions & other investing | CN¥0 | — | CN¥11.6M | CN¥27.3M | CN¥26.4M |
| Cash from investing activities | −CN¥12.6M | — | −CN¥11.8M | −CN¥27.3M | −CN¥26.3M |
| Financing activities | |||||
| Dividends paid | −CN¥16.0M | −CN¥16.0M | −CN¥39.5M | −CN¥21.4M | −CN¥11.0M |
| Net borrowing (repayment) | −CN¥12.1M | −CN¥2.7M | CN¥25.0M | CN¥34.9M | CN¥8.0M |
| Shares issued | CN¥43.1M | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | CN¥17.3M | −CN¥3.4M | −CN¥4.5M | CN¥0 | CN¥0 |
| Cash from financing activities | CN¥32.3M | −CN¥22.1M | −CN¥19.0M | CN¥13.5M | −CN¥3.0M |
| Summary | |||||
| Net change in cash | CN¥31.7M | −CN¥8.6M | CN¥17.4M | CN¥3.5M | CN¥2.5M |
| Cash at end of period | CN¥50.3M | CN¥18.6M | CN¥27.2M | CN¥9.7M | CN¥6.3M |
| Free cash flow | CN¥703,000 | CN¥13.3M | CN¥36.6M | −CN¥10.0M | CN¥5.4M |
| Free cash flow margin | 0.6% | 7.1% | 17.3% | −3.8% | 2.5% |
| Capex / revenue | 10.9% | 14.9% | 5.5% | 10.5% | 12.3% |
| Operating cash flow / net income | — | 3.63 | 1.28 | 0.31 | 0.68 |
| Mar '26 | Sep '25 | Mar '25 | |
|---|---|---|---|
| Operating activities | |||
| Net income | −CN¥47.2M | −CN¥24.1M | −CN¥10.8M |
| Depreciation & amortization | CN¥13.5M | CN¥6.9M | CN¥6.1M |
| Change in working capital | CN¥43.6M | CN¥23.2M | CN¥162,000 |
| Other non-cash items | CN¥16.8M | CN¥7.7M | −CN¥2.4M |
| Cash from operating activities | CN¥26.6M | CN¥13.7M | −CN¥7.0M |
| Investing activities | |||
| Capital expenditures | −CN¥743,558 | −CN¥376,500 | −CN¥127,500 |
| Acquisitions & other investing | −CN¥11.0M | −CN¥5.6M | −CN¥204,500 |
| Cash from investing activities | −CN¥11.8M | −CN¥6.0M | −CN¥332,000 |
| Financing activities | |||
| Share repurchases & issuance (net) | — | −CN¥500 | — |
| Shares issued | CN¥0 | CN¥0 | CN¥0 |
| Other financing | −CN¥9.1M | −CN¥5.0M | CN¥21.2M |
| Cash from financing activities | −CN¥9.1M | −CN¥5.0M | CN¥21.2M |
| Summary | |||
| Net change in cash | CN¥5.9M | CN¥27.5M | — |
| Cash at end of period | CN¥50.4M | CN¥45.9M | CN¥18.4M |
| Free cash flow | CN¥25.8M | CN¥13.3M | −CN¥7.1M |
| Free cash flow margin | 48.7% | 49.1% | −22.8% |
| Capex / revenue | 1.4% | 1.4% | 0.4% |
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.
ZYBT cash generation
In fiscal 2025 (ended December 31, 2025), Zhengye Biotechnology generated CN¥13.3 million of cash from operations (down 67.5%) and spent CN¥12.6 million on capital expenditures, leaving free cash flow of CN¥0.7 million, 0.6% of revenue. It returned CN¥16.0 million to shareholders through dividends (CN¥16.0 million) and net share buybacks (CN¥0). Cash and equivalents rose by CN¥31.7 million over the year.
Related: ZYBT income statement, ZYBT balance sheet. See the ZYBT stock overview for the latest quote and news.
ZYBT cash flow FAQ
What is Zhengye Biotechnology's free cash flow?
Zhengye Biotechnology's free cash flow was CN¥0.7 million in fiscal 2025: CN¥13.3 million of operating cash flow minus CN¥12.6 million of capital expenditures It was CN¥13.3 million a year earlier..
How much cash does Zhengye Biotechnology generate from operations?
Zhengye Biotechnology generated CN¥13.3 million of cash from operating activities in fiscal 2025.
How much does Zhengye Biotechnology spend on capital expenditures?
Zhengye Biotechnology spent CN¥12.6 million on capital expenditures in fiscal 2025, 10.9% of revenue, compared with CN¥27.8 million the year before.
How much does Zhengye Biotechnology pay in dividends?
Zhengye Biotechnology paid CN¥16.0 million in dividends in fiscal 2025, 2,279.2% of free cash flow.