CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO., LTD.

Balance Sheet Chongqing Zhifei Biological Products Co., Ltd.

Equities

300122

CNE100000V20

Pharmaceuticals

End-of-day quote Shenzhen S.E. Other stock markets 2025-02-07			5-day change	1st Jan Change
25.40 ^CNY	+3.04%		+5.44%	-3.42%

Dec. 09	Chongqing Zhifei Biological, GSK Adjust Terms of Cooperation Agreement	MT
Dec. 05	GSK, China's Zhifei Extend Shingles Shot Collaboration to 2034	DJ

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Published financial data: CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO., LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	10.53B	15.16B	30.63B	38.26B	52.91B
Other Revenues, Total	61.91M	34.23M	23.46M	3.85M	4.08M
Total Revenues	10.59B	15.19B	30.65B	38.26B	52.92B
Cost of Goods Sold, Total	6.16B	9.32B	15.71B	25.52B	39B
Gross Profit	4.43B	5.87B	14.94B	12.75B	13.92B
Selling General & Admin Expenses, Total	1.27B	1.41B	2.14B	2.6B	3.16B
Provision for Bad Debts	68.11M	82.93M	191M	421M	353M
R&D Expenses	170M	300M	553M	854M	968M
Other Operating Expenses	51.41M	70.99M	135M	177M	239M
Other Operating Expenses, Total	1.56B	1.86B	3.01B	4.05B	4.72B
Operating Income	2.87B	4.01B	11.92B	8.7B	9.21B
Interest Expense, Total	-76.11M	-127M	-56.14M	-53.3M	-81M
Interest And Investment Income	10.85M	11.98M	61.47M	46.09M	67.94M
Net Interest Expenses	-65.27M	-115M	5.33M	-7.2M	-13.05M
Income (Loss) On Equity Invest.	-	-	-	-	-
Currency Exchange Gains (Loss)	1.91M	3.84M	-10.1M	15.4M	2.28M
Other Non Operating Income (Expenses)	-11.46M	-19.61M	-17.23M	-22.64M	-36.56M
EBT, Excl. Unusual Items	2.79B	3.88B	11.9B	8.68B	9.16B
Gain (Loss) On Sale Of Investments	-1.07M	-13.33M	-5.63M	-	-
Gain (Loss) On Sale Of Assets	785	19.65K	39.13K	6.69K	41.37M
Asset Writedown	-732K	-549K	-1.68M	-92.8K	-129K
Other Unusual Items	-23.93M	-12.36M	35.83M	34.31M	142M
EBT, Incl. Unusual Items	2.77B	3.85B	11.93B	8.72B	9.34B
Income Tax Expense	399M	553M	1.72B	1.18B	1.27B
Earnings From Continuing Operations	2.37B	3.3B	10.21B	7.54B	8.07B
Net Income to Company	2.37B	3.3B	10.21B	7.54B	8.07B
Net Income - (IS)	2.37B	3.3B	10.21B	7.54B	8.07B
Net Income to Common Incl Extra Items	2.37B	3.3B	10.21B	7.54B	8.07B
Net Income to Common Excl. Extra Items	2.37B	3.3B	10.21B	7.54B	8.07B
Per Share Items
Net EPS - Basic	0.99	1.38	4.25	3.14	3.36
Basic EPS - Continuing Operations	0.99	1.38	4.25	3.14	3.36
Basic Weighted Average Shares Outstanding	2.4B	2.4B	2.4B	2.4B	2.4B
Net EPS - Diluted	0.99	1.38	4.25	3.14	3.36
Diluted EPS - Continuing Operations	0.99	1.38	4.25	3.14	3.36
Diluted Weighted Average Shares Outstanding	2.4B	2.4B	2.4B	2.4B	2.4B
Normalized Basic EPS	0.73	1.01	3.1	2.26	2.39
Normalized Diluted EPS	0.73	1.01	3.1	2.26	2.39
Dividend Per Share	0.33	0.33	0.4	0.33	0.8
Payout Ratio	33.81	28.13	8.44	13.46	11.02
Supplemental Items
EBITDA	2.95B	4.13B	12.3B	9B	9.51B
EBITA	2.88B	4.02B	12.04B	8.74B	9.22B
EBIT	2.87B	4.01B	11.92B	8.7B	9.21B
EBITDAR	2.97B	4.14B	12.3B	9.01B	9.59B
Total Revenues (As Reported)	10.59B	15.19B	30.65B	38.26B	52.92B
Effective Tax Rate - (Ratio)	14.43	14.34	14.44	13.52	13.62
Current Domestic Taxes	401M	597M	1.7B	1.24B	1.66B
Total Current Taxes	401M	597M	1.7B	1.24B	1.66B
Deferred Domestic Taxes	-2.2M	-44.52M	27.28M	-58.31M	-386M
Total Deferred Taxes	-2.2M	-44.52M	27.28M	-58.31M	-386M
Normalized Net Income	1.74B	2.43B	7.44B	5.43B	5.72B
Interest Capitalized	-	-	1.22M	322K	-
Interest on Long-Term Debt	-	-	-	-	1.38M
Non-Cash Pension Expense	2.55M	1.79M	2.75M	3.12M	3.22M
Supplemental Operating Expense Items
Advertising Expense	-	-	-	-	476M
Marketing Expenses	336M	371M	550M	641M	290M
Selling and Marketing Expenses	1.1B	1.2B	1.83B	2.24B	2.77B
General and Administrative Expenses	173M	212M	300M	360M	383M
Research And Development Expense From Footnotes	172M	302M	651M	881M	978M
Net Rental Expense, Total	11.42M	6.14M	8.81M	9.35M	75.25M
Imputed Operating Lease Interest Expense	4.63M	2.38M	2.19M	2.81M	19.24M
Imputed Operating Lease Depreciation	6.79M	3.77M	6.62M	6.53M	56.01M
Maintenance & Repair Expenses, Total	4.14M	-	-	13.98M	10.38M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	-	-	-	-	-

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	1.15B	1.44B	4.31B	2.62B	6.34B
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	1.15B	1.44B	4.31B	2.62B	6.34B
Accounts Receivable, Total	4.44B	6.62B	12.87B	20.61B	27.06B
Other Receivables	63.09M	9.07M	6.87M	8.39M	7.8M
Total Receivables	4.5B	6.63B	12.87B	20.62B	27.07B
Inventory	2.48B	3.41B	7.39B	8.02B	8.99B
Prepaid Expenses	335K	-	588K	45.39M	-
Other Current Assets, Total	31.11M	60.71M	186M	103M	121M
Total Current Assets	8.17B	11.54B	24.75B	31.41B	42.51B
Gross Property Plant And Equipment	2.31B	2.82B	4.26B	5.66B	6.39B
Accumulated Depreciation	-329M	-438M	-699M	-968M	-1.26B
Net Property Plant And Equipment	1.98B	2.39B	3.56B	4.69B	5.12B
Long-term Investments	100M	170M	239M	284M	295M
Goodwill	19.28M	19.28M	19.28M	19.28M	19.28M
Other Intangibles, Total	241M	271M	343M	353M	318M
Deferred Tax Assets Long-Term	74.4M	124M	115M	186M	569M
Deferred Charges Long-Term	241M	403M	485M	732M	1.09B
Other Long-Term Assets, Total	117M	305M	535M	323M	308M
Total Assets	10.94B	15.22B	30.05B	38B	50.23B
Liabilities
Accounts Payable, Total	2.22B	3.08B	9.18B	9.81B	13.14B
Accrued Expenses, Total	353M	503M	1.09B	1.24B	1.67B
Short-term Borrowings	2.38B	2.87B	569M	1.78B	2.64B
Current Portion of Long-Term Debt	-	-	-	-	36.41M
Current Portion of Leases	-	-	248K	9.81M	10.2M
Current Income Taxes Payable	98.18M	324M	933M	348M	435M
Unearned Revenue Current, Total	142K	-	-	-	11.31M
Other Current Liabilities	13.85M	31.91M	99.62M	40.17M	144M
Total Current Liabilities	5.07B	6.82B	11.87B	13.23B	18.09B
Long-Term Debt	-	-	236M	211M	328M
Long-Term Leases	-	-	12.24M	27.76M	25.31M
Unearned Revenue Non Current	94.66M	116M	222M	238M	228M
Deferred Tax Liability Non Current	24.65M	29.88M	48.34M	60.77M	57.96M
Other Non Current Liabilities	3.77M	4.35M	-	-	-
Total Liabilities	5.2B	6.97B	12.39B	13.77B	18.73B
Common Stock, Total	1.6B	1.6B	1.6B	1.6B	2.4B
Additional Paid In Capital	208M	208M	208M	208M	47.96M
Retained Earnings	3.94B	6.44B	15.85B	22.43B	29.06B
Treasury Stock	-	-	-	-	-
Total Common Equity	5.75B	8.25B	17.66B	24.24B	31.51B
Total Equity	5.75B	8.25B	17.66B	24.24B	31.51B
Total Liabilities And Equity	10.94B	15.22B	30.05B	38B	50.23B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	2.4B	2.4B	2.4B	2.4B	2.4B
ECS Total Common Shares Outstanding	2.4B	2.4B	2.4B	2.4B	2.4B
Book Value / Share	2.39	3.44	7.36	10.1	13.13
Tangible Book Value	5.49B	7.96B	17.3B	23.86B	31.17B
Tangible Book Value Per Share	2.29	3.32	7.21	9.94	12.99
Total Debt	2.38B	2.87B	818M	2.03B	3.04B
Net Debt	1.23B	1.44B	-3.49B	-589M	-3.31B
Debt Equivalent Oper. Leases	91.38M	49.13M	70.46M	74.77M	602M
Equity Method Investments, Total	-	-	-	-	-
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	41.6M	91.98M	248M	239M	178M
Inventories - Work In Process, Total	73.52M	69.82M	200M	203M	174M
Inventories - Finished Goods, Total	2.37B	3.24B	7.02B	7.59B	-
Inventories - Others	280	-	-	-	8.79B
Buildings, Total	696M	1.01B	1.04B	1.71B	2.52B
Machinery, Total	670M	905M	1.37B	2.06B	2.53B
Full Time Employees	2.97K	3.38K	4.8K	5.74K	6.54K
Accumulated Allowance for Doubtful Accounts (Supple)	169M	249M	439M	859M	1.21B

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	2.37B	3.3B	10.21B	7.54B	8.07B
Depreciation & Amortization - CF	76.14M	107M	264M	275M	303M
Amortization of Goodwill and Intangible Assets - (CF)	11.9M	13.23M	111M	38.57M	17.87M
Depreciation & Amortization, Total	88.04M	120M	375M	313M	321M
Amortization of Deferred Charges, Total - (CF)	8.52M	11.05M	14.15M	17.73M	17.65M
(Gain) Loss From Sale Of Asset	-785	-19.65K	-39.13K	-6.69K	-41.37M
(Gain) Loss on Sale of Investments - (CF)	-	-	20.03M	-	-
Asset Writedown & Restructuring Costs	86.96M	549K	1.68M	92.8K	129K
Provision and Write-off of Bad Debts	-	82.93M	191M	421M	353M
Other Operating Activities, Total	75.26M	184M	134M	166M	394M
Change In Accounts Receivable	-2.53B	-2.25B	-6.55B	-8.06B	-6.76B
Change In Inventories	-730M	-975M	-3.98B	-766M	-1.31B
Change In Accounts Payable	2.01B	3.06B	8.06B	2.41B	8.34B
Change In Deferred Taxes	-2.2M	-44.52M	27.28M	-58.31M	-386M
Cash from Operations	1.37B	3.5B	8.51B	1.99B	9B
Capital Expenditure	-573M	-827M	-1.93B	-1.45B	-1.13B
Sale of Property, Plant, and Equipment	198K	101K	325K	647K	168M
Investment in Marketable and Equity Securities, Total	-50M	-70M	-69M	-45.5M	-10.5M
Other Investing Activities, Total	-	-	-18.55M	-	-
Cash from Investing	-623M	-897M	-2.02B	-1.5B	-977M
Short Term Debt Issued, Total	3.31B	6.65B	94.63M	39.08M	5.54M
Long-Term Debt Issued, Total	-	-	2.57B	5.48B	6.34B
Total Debt Issued	3.31B	6.65B	2.66B	5.52B	6.35B
Short Term Debt Repaid, Total	-2.82B	-8.03B	-75.01M	-18.64M	-390K
Long-Term Debt Repaid, Total	-	-	-5.31B	-6.64B	-9.74B
Total Debt Repaid	-2.82B	-8.03B	-5.39B	-6.66B	-9.74B
Common Dividends Paid	-800M	-929M	-862M	-1.01B	-889M
Common & Preferred Stock Dividends Paid	-800M	-929M	-862M	-1.01B	-889M
Other Financing Activities, Total	-85.11M	195M	-4.76M	-12.82M	-13.08M
Cash from Financing	-393M	-2.11B	-3.59B	-2.17B	-4.29B
Foreign Exchange Rate Adjustments	851K	-4.93M	-9.66M	17.56M	-2.3M
Net Change in Cash	352M	481M	2.89B	-1.66B	3.72B
Supplemental Items
Cash Interest Paid	791M	-	-	-	-
Cash Income Tax Paid (Refund)	733M	875M	1.95B	3.27B	3.31B
Levered Free Cash Flow	-1.13B	-96.68M	2.89B	-3.93B	1.49B
Unlevered Free Cash Flow	-1.08B	-17.22M	2.92B	-3.9B	1.54B
Change In Net Working Capital	2.4B	1.83B	2.99B	8.21B	3.41B
Net Debt Issued / Repaid	492M	-1.38B	-2.72B	-1.14B	-3.39B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	20.18	19.17	32.93	15.98	13.04
Return on Total Capital	27.7	26.04	50.36	24.3	18.92
Return On Equity %	47.67	47.18	78.81	35.99	28.95
Return on Common Equity	47.67	47.18	78.81	35.99	28.95
Margin Analysis
Gross Profit Margin %	41.83	38.67	48.73	33.31	26.31
SG&A Margin	12.03	9.28	6.97	6.78	5.96
EBITDA Margin %	27.9	27.2	40.11	23.52	17.98
EBITA Margin %	27.18	26.49	39.26	22.83	17.43
EBIT Margin %	27.07	26.41	38.9	22.73	17.4
Income From Continuing Operations Margin %	22.35	21.73	33.3	19.7	15.25
Net Income Margin %	22.35	21.73	33.3	19.7	15.25
Net Avail. For Common Margin %	22.35	21.73	33.3	19.7	15.25
Normalized Net Income Margin	16.48	15.97	24.27	14.18	10.82
Levered Free Cash Flow Margin	-10.66	-0.64	9.42	-10.27	2.82
Unlevered Free Cash Flow Margin	-10.21	-0.11	9.53	-10.19	2.92
Asset Turnover
Asset Turnover	1.19	1.16	1.35	1.12	1.2
Fixed Assets Turnover	6.03	6.95	10.31	9.28	10.78
Receivables Turnover (Average Receivables)	3.28	2.74	3.14	2.29	2.22
Inventory Turnover (Average Inventory)	2.89	3.16	2.91	3.31	4.59
Short Term Liquidity
Current Ratio	1.61	1.69	2.09	2.37	2.35
Quick Ratio	1.11	1.18	1.45	1.76	1.85
Operating Cash Flow to Current Liabilities	0.27	0.51	0.72	0.15	0.5
Days Sales Outstanding (Average Receivables)	111.22	133.56	116.14	159.71	164.42
Days Outstanding Inventory (Average Inventory)	126.51	115.7	125.32	110.18	79.59
Average Days Payable Outstanding	103.12	94.87	113.64	132.48	104.8
Cash Conversion Cycle (Average Days)	134.6	154.4	127.83	137.4	139.21
Long Term Solvency