NASDAQ : AAPG
Ascentage Pharma Group International — Financial statements
Healthcare · Biotechnology · China
Last price 14.4565 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.27B
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Financial statements
Ascentage Pharma Group International (AAPG) reported revenue of 642.63M CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 642.63M | 574.12M | 980.65M | 221.98M | 209.71M | 27.91M |
| Cost of Revenue | 39.01M | 48.94M | 29.09M | 30.54M | 22.00M | 3.33M |
| Gross Profit | 603.62M | 525.18M | 951.57M | 191.44M | 187.71M | 24.58M |
| Selling, General & Admin | 707.73M | 599.92M | 383.12M | 376.46M | 328.02M | 191.26M |
| Research & Development | 1.31B | 1.14B | 947.25M | 706.97M | 743.10M | 766.49M |
| Operating Expenses | 2.01B | 1.74B | 1.33B | 1.08B | 1.07B | 957.75M |
| Operating Income | -1.41B | -1.21B | -378.80M | -891.99M | -883.41M | -933.17M |
| Interest Expense | -53.09M | -54.07M | -64.45M | -96.06M | -52.78M | -16.73M |
| Interest & Investment Income | 86.70M | 82.12M | 37.84M | 32.41M | 9.73M | 7.11M |
| Earnings From Equity Investments | 291.00K | 314.00K | -281.00K | 1.08M | -278.00K | |
| Currency Exchange Gain (Loss) | -10.16M | -10.16M | 6.69M | 1.62M | -2.64M | 9.91M |
| Other Non Operating Income (Expenses) | -66.25M | -40.92M | 4.63M | 20.78M | 49.91M | 139.47M |
| EBT Excluding Unusual Items | -1.45B | -1.23B | -394.37M | -932.17M | -879.48M | -793.41M |
| Gain (Loss) on Sale of Investments | -1.13M | -1.13M | -832.00K | -699.00K | -9.77M | -20.89M |
| Gain (Loss) on Sale of Assets | -18.00K | -18.00K | -50.00K | 4.00K | 2.07M | -34.00K |
| Other Unusual Items | -17.92M | |||||
| Pretax Income | -1.45B | -1.24B | -395.25M | -932.86M | -887.17M | -832.25M |
| Income Tax Expense | 15.05M | 6.94M | 10.43M | -7.15M | -4.25M | -49.83M |
| Earnings From Continuing Operations | -1.47B | -1.24B | -405.68M | -925.71M | -882.92M | -782.42M |
| Minority Interest in Earnings | 466.00K | 218.00K | 247.00K | 75.00K | ||
| Net Income | -1.47B | -1.24B | -405.43M | -925.64M | -882.92M | -782.42M |
| Net Income to Common | -1.47B | -1.24B | -405.43M | -925.64M | -882.92M | -782.42M |
| Shares Outstanding (Basic) | 371.96M | 356.13M | 302.06M | 282.30M | 263.67M | 254.62M |
| Shares Outstanding (Diluted) | 371.96M | 356.13M | 302.06M | 282.30M | 263.67M | 254.62M |
| EPS (Basic) | -3.95 | -3.49 | -1.34 | -3.28 | -3.35 | -3.07 |
| EPS (Diluted) | -3.95 | -3.49 | -1.34 | -3.28 | -3.35 | -3.07 |
| Free Cash Flow | -1.34B | -1.20B | -135.65M | -772.18M | -857.20M | -1.04B |
| Free Cash Flow Per Share | -3.61 | -3.37 | -0.45 | -2.73 | -3.25 | -4.08 |
| Gross Margin | 93.93% | 91.48% | 97.03% | 86.24% | 89.51% | 88.08% |
| Operating Margin | -219.48% | -211.14% | -38.63% | -401.83% | -421.25% | -3,343.50% |
| Profit Margin | -228.54% | -216.47% | -41.34% | -416.98% | -421.02% | -2,803.38% |
| Free Cash Flow Margin | -208.93% | -209.31% | -13.83% | -347.86% | -408.75% | -3,726.60% |
| EBITDA | -1.34B | -1.14B | -298.87M | -812.82M | -835.99M | -915.99M |
| EBITDA Margin | -207.87% | -198.15% | -30.48% | |||
| D&A For EBITDA | 74.59M | 74.56M | 79.94M | 79.17M | 47.42M | 17.18M |
| EBIT | -1.41B | -1.21B | -378.80M | -891.99M | -883.41M | -933.17M |
| EBIT Margin | -219.48% | -211.14% | -38.63% |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.90B | 2.47B | 1.26B | 1.09B | 1.49B | 1.74B |
| Short-Term Investments | 2.16M | 5.37M | 6.56M | 11.90M | 4.14M | |
| Cash & Short-Term Investments | 1.90B | 2.47B | 1.27B | 1.10B | 1.50B | 1.75B |
| Accounts Receivable | 156.40M | 252.94M | 83.14M | 145.89M | 54.36M | 53.97M |
| Other Receivables | 48.20M | 15.93M | 17.65M | 7.13M | 22.48M | |
| Receivables | 156.40M | 301.14M | 99.07M | 163.54M | 61.49M | 76.45M |
| Inventory | 64.30M | 28.62M | 6.60M | 16.17M | 9.45M | 3.93M |
| Other Current Assets | 176.99M | 142.17M | 101.91M | 64.08M | 61.41M | 56.93M |
| Total Current Assets | 2.29B | 2.94B | 1.47B | 1.34B | 1.64B | 1.89B |
| Property, Plant & Equipment | 800.43M | 829.06M | 905.56M | 957.07M | 648.72M | 844.37M |
| Long-Term Investments | 42.58M | 37.03M | 33.86M | 18.95M | 18.53M | 27.84M |
| Goodwill | 24.69M | 24.69M | 24.69M | 24.69M | 24.69M | 24.69M |
| Other Intangible Assets | 37.57M | 65.94M | 76.00M | 85.45M | 84.30M | 60.41M |
| Long-Term Deferred Tax Assets | 18.38M | 31.96M | 44.24M | 59.84M | 54.29M | 51.65M |
| Long-Term Deferred Charges | 29.85M | 30.53M | ||||
| Other Long-Term Assets | 23.79M | 874.00K | 28.77M | 10.22M | 363.23M | 45.81M |
| Total Assets | 3.24B | 3.96B | 2.62B | 2.50B | 2.83B | 2.94B |
| Accounts Payable | 106.91M | 106.74M | 91.97M | 72.44M | 95.56M | 70.86M |
| Accrued Expenses | 216.38M | 153.33M | 125.68M | 120.64M | 75.32M | |
| Short-Term Debt | 1.44B | 1.04B | 290.00M | 120.00M | 139.90M | |
| Current Portion of Long-Term Debt | 27.50M | 175.20M | 479.62M | 486.65M | 370.40M | 39.80M |
| Current Portion of Leases | 9.62M | 7.28M | 9.44M | 9.76M | 8.08M | 9.65M |
| Current Unearned Revenue | 69.54M | 60.09M | 54.09M | 38.41M | 24.35M | 24.36M |
| Other Current Liabilities | 231.93M | 37.69M | 88.17M | 81.23M | 122.21M | 141.12M |
| Total Current Liabilities | 1.88B | 1.64B | 1.17B | 934.17M | 881.15M | 361.11M |
| Long-Term Debt | 605.34M | 742.33M | 868.64M | 1.17B | 1.27B | 1.03B |
| Long-Term Leases | 14.11M | 14.91M | 20.79M | 12.92M | 9.14M | 8.25M |
| Long-Term Unearned Revenue | 164.75M | 216.72M | 275.96M | 287.55M | 218.62M | 243.28M |
| Long-Term Deferred Tax Liabilities | 5.37M | 10.55M | 12.15M | 13.75M | ||
| Other Long-Term Liabilities | 7.16M | 12.03M | 6.27M | 18.30M | 35.33M | 52.34M |
| Total Liabilities | 2.67B | 2.63B | 2.34B | 2.43B | 2.42B | 1.71B |
| Common Stock | 256.00K | 256.00K | 214.00K | 197.00K | 180.00K | 178.00K |
| Additional Paid-In Capital | 8.93B | 8.92B | 6.55B | 5.95B | 5.39B | 5.34B |
| Retained Earnings | -7.83B | -7.01B | -5.77B | -5.37B | -4.44B | -3.56B |
| Treasury Stock | -16.36M | -2.96M | -8.00K | -21.35M | -26.55M | -3.00K |
| Comprehensive Income & Other | -524.19M | -576.36M | -510.59M | -504.46M | -518.51M | -550.95M |
| Total Common Equity | 556.39M | 1.32B | 264.19M | 60.42M | 408.66M | 1.23B |
| Minority Interest | 9.45M | 9.75M | 9.97M | 10.21M | ||
| Shareholders' Equity | 565.83M | 1.33B | 274.16M | 70.63M | 408.66M | 1.23B |
| Total Liabilities & Equity | 3.24B | 3.96B | 2.62B | 2.50B | 2.83B | 2.94B |
| Total Debt | 2.09B | 1.98B | 1.67B | 1.80B | 1.79B | 1.08B |
| Net Cash (Debt) | -198.99M | 492.52M | -401.92M | -695.21M | -288.58M | 663.68M |
| Net Cash Per Share | -0.53 | 1.38 | -1.33 | -2.46 | -1.09 | 2.61 |
| Filing Date Shares Outstanding | 373.25M | 370.67M | 312.37M | 290.05M | 259.91M | 257.61M |
| Total Common Shares Outstanding | 373.25M | 370.67M | 312.37M | 290.05M | 259.91M | 257.61M |
| Working Capital | 409.76M | 1.30B | 307.55M | 410.00M | 755.34M | 1.52B |
| Book Value Per Share | 1.49 | 3.57 | 0.85 | 0.21 | 1.57 | 4.79 |
| Tangible Book Value | 494.13M | 1.23B | 163.50M | -49.72M | 299.66M | 1.15B |
| Tangible Book Value Per Share | 1.32 | 3.33 | 0.52 | -0.17 | 1.15 | 4.46 |
| Buildings | 818.84M | 836.02M | 834.91M | 470.22M | 406.94M | |
| Machinery | 186.58M | 183.34M | 179.87M | 155.21M | 60.98M | |
| Construction In Progress | 2.11M | 7.29M | 12.65M | 39.49M | 362.86M | |
| Leasehold Improvements | 60.73M | 44.24M | 29.22M | 7.74M | 8.13M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -1.47B | -1.24B | -405.43M | -925.64M | -882.92M | -782.42M |
| Depreciation & Amortization | 84.78M | 85.22M | 91.07M | 90.81M | 60.92M | 27.53M |
| Other Amortization | 1.26M | 1.26M | 2.10M | 2.39M | 2.00M | 800.00K |
| Loss (Gain) From Sale of Assets | -667.00K | -667.00K | -35.00K | -4.00K | -2.27M | 34.00K |
| Loss (Gain) From Sale of Investments | 1.13M | 1.13M | 832.00K | 699.00K | 9.77M | 20.89M |
| Loss (Gain) on Equity Investments | -314.00K | -314.00K | 281.00K | -1.08M | 278.00K | |
| Stock-Based Compensation | 20.87M | 20.87M | 20.92M | 31.50M | 22.11M | 46.97M |
| Other Operating Activities | 181.89M | 104.64M | 67.94M | 84.39M | 31.81M | -108.13M |
| Change in Accounts Receivable | -169.79M | -169.79M | 62.75M | -91.54M | -388.00K | -53.97M |
| Change in Inventory | -26.20M | -26.20M | 9.57M | -6.72M | -5.52M | -3.93M |
| Change in Accounts Payable | 14.77M | 14.77M | 19.52M | -23.11M | 24.70M | 47.50M |
| Change in Unearned Revenue | -36.48M | -36.48M | 4.09M | 82.98M | -24.66M | 227.39M |
| Change in Other Net Operating Assets | 74.20M | 74.20M | 15.04M | 29.24M | 110.28M | -17.01M |
| Operating Cash Flow | -1.32B | -1.17B | -111.36M | -726.08M | -653.91M | -604.68M |
| Capital Expenditures | -19.39M | -27.57M | -24.29M | -46.11M | -203.29M | -435.42M |
| Sale of Property, Plant & Equipment | 2.00K | 14.00K | 2.35M | 335.00K | ||
| Cash Acquisitions | -43.34M | -9.52M | -20.00M | -20.00M | -20.00M | |
| Sale (Purchase) of Intangibles | -10.74M | -33.67M | -1.21M | |||
| Investment in Securities | 654.30M | -929.14M | -328.23M | 98.75M | -130.00M | -10.23M |
| Investing Cash Flow | 634.91M | -1.00B | -362.04M | 21.92M | -384.61M | -466.52M |
| Long-Term Debt Issued | 1.24B | 535.92M | 953.50M | 763.62M | 599.74M | |
| Long-Term Debt Repaid | -933.71M | -681.26M | -966.86M | -67.74M | -60.24M | |
| Lease Payments | -10.37M | -9.72M | -8.41M | -10.77M | -13.24M | -9.09M |
| Net Debt Issued (Repaid) | 368.48M | 307.26M | -145.34M | -13.36M | 695.87M | 539.50M |
| Issuance of Common Stock | 1.35B | 2.30B | 533.95M | 470.09M | 19.00K | 1.20B |
| Repurchase of Common Stock | -7.66M | -9.04M | -5.92M | -26.78M | -25.87M | |
| Other Financing Activities | -52.49M | -63.04M | -73.84M | -82.06M | -49.85M | 70.97M |
| Financing Cash Flow | 1.66B | 2.54B | 314.77M | 368.75M | 619.27M | 1.78B |
| Foreign Exchange Rate Adjustments | -111.16M | -63.24M | 13.68M | 27.81M | 58.01M | -23.28M |
| Net Cash Flow | 863.55M | 302.68M | -144.95M | -307.59M | -361.25M | 686.91M |
| Free Cash Flow | -1.34B | -1.20B | -135.65M | -772.18M | -857.20M | -1.04B |
| Free Cash Flow Margin | -208.93% | -209.31% | -13.83% | -347.86% | -408.75% | -3,726.60% |
| Free Cash Flow Per Share | -3.61 | -3.37 | -0.45 | -2.73 | -3.25 | -4.08 |
| Levered Free Cash Flow | -956.54M | -942.63M | -81.25M | -706.12M | -680.98M | -954.65M |
| Unlevered Free Cash Flow | -923.36M | -908.84M | -40.96M | -646.09M | -647.99M | -944.19M |
| Free Cash Flow After Leases | -1.35B | -1.21B | -144.06M | -782.95M | -870.44M | -1.05B |
| Cash Interest Paid | 51.18M | 51.31M | 60.56M | 92.35M | 49.85M | 16.81M |
| Cash Income Tax Paid | 29.00K | 29.00K | 3.85M | |||
| Change in Working Capital | -143.50M | -143.50M | 110.97M | -9.15M | 104.41M | 189.65M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.27B | 2.47B | 1.81B | 994.84M | 851.08M | 931.62M |
| Enterprise Value | 1.31B | 2.48B | 1.90B | 1.01B | 830.43M | 798.31M |
| Last Close Price | 14.46 | 26.24 | ||||
| PS Ratio | 13.48 | 30.10 | 13.48 | 31.78 | 27.99 | 212.04 |
| PB Ratio | 15.31 | 12.95 | 48.23 | 99.87 | 14.36 | 4.79 |
| P/TBV Ratio | 17.53 | 14.01 | 80.87 | 19.59 | 5.15 | |
| EV/Sales Ratio | 13.80 | 30.21 | 14.11 | 32.24 | 27.31 | 181.70 |
| Debt / Equity Ratio | 3.70 | 1.48 | 6.09 | 25.42 | 4.39 | 0.88 |
| Net Debt / Equity Ratio | 0.35 | -0.37 | 1.47 | 9.84 | 0.71 | -0.54 |
| Net Debt / EBITDA Ratio | -0.15 | 0.43 | -1.34 | -0.85 | -0.34 | 0.72 |
| Net Debt / FCF Ratio | -0.15 | 0.41 | -2.96 | -0.90 | -0.34 | 0.64 |
| Asset Turnover | 0.20 | 0.17 | 0.38 | 0.08 | 0.07 | 0.01 |
| Inventory Turnover | 1.07 | 2.78 | 2.56 | 2.38 | 3.29 | |
| Quick Ratio | 1.09 | 1.69 | 1.17 | 1.35 | 1.78 | 5.05 |
| Current Ratio | 1.22 | 1.79 | 1.26 | 1.44 | 1.86 | 5.22 |
| Return on Equity (ROE) | -236.63% | -154.56% | -235.32% | -386.28% | -107.45% | -75.18% |
| Return on Assets (ROA) | -28.04% | -23.02% | -9.25% | -20.92% | -19.14% | -24.97% |
| Return on Capital Employed (ROCE) | -103.90% | -52.20% | -26.10% | -57.00% | -45.30% | -36.20% |
| Earnings Yield | -16.08% | -7.19% | -3.07% | -13.12% | -15.04% | -13.22% |
| FCF Yield | -15.82% | -6.95% | -1.03% | -10.95% | -14.60% | -17.57% |
| Buyback Yield / Dilution | -13.76% | -17.90% | -7.00% | -7.07% | -3.56% | -17.93% |