Duality Biotherapeutics Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Net Income	-2,831	-1,050	-357.51
Depreciation & Amortization	8.91	6.61	4.76
Other Amortization	1.26	1.26	0.23
Asset Writedown & Restructuring Costs	-	21.35	-
Loss (Gain) From Sale of Investments	-	-	1.16
Stock-Based Compensation	146.42	190.41	23.96
Other Operating Activities	2,767	855.93	903.91
Change in Accounts Receivable	-10.07	-276.77	-120.97
Change in Accounts Payable	377.59	463.06	154.46
Change in Unearned Revenue	199.69	112.21	216.3
Change in Other Net Operating Assets	36.89	-37.86	-9.95
Operating Cash Flow	697.15	285.78	816.34
Operating Cash Flow Growth	-	-64.99%	-
Capital Expenditures	-4.38	-4.08	-11.28
Sale (Purchase) of Intangibles	-15.95	-27.1	-24.62
Investment in Securities	-548.08	-179.71	-
Other Investing Activities	0.5	-0.26	-42.65
Investing Cash Flow	-567.92	-211.15	-78.55
Long-Term Debt Repaid	-	-3.4	-3.5
Net Debt Issued (Repaid)	59.12	-3.4	-3.5
Other Financing Activities	-87.96	-4.22	-1.59
Financing Cash Flow	1,723	-7.62	10.82
Foreign Exchange Rate Adjustments	-6.33	11.01	6.31
Net Cash Flow	1,846	78.02	754.92
Free Cash Flow	692.78	281.7	805.05
Free Cash Flow Growth	-	-65.01%	-
Free Cash Flow Margin	31.92%	14.51%	45.06%
Free Cash Flow Per Share	27.88	35.21	100.63
Cash Interest Paid	0.69	0.25	0.19
Cash Income Tax Paid	-	54.54	248.93
Levered Free Cash Flow	-	1,045	-
Unlevered Free Cash Flow	-	1,045	-
Change in Working Capital	604.1	260.65	239.83

Source: S&P Capital IQ. Standard template. Financial Sources.