Annual Report 2025

CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 31 December 2025 52 The United Laboratories International Holdings Limited Annual Report 2025 2025 2024 RMB’000 RMB’000 Operating activities Profit before taxation 2,527,953 3,288,898 Adjustments for: Write-down of inventories reversed (12,382) (15,959) Impairment loss recognised under expected credit loss model, net 20,243 44,880 Amortisation of intangible assets 18,964 19,486 Depreciation of property, plant and equipment 613,205 579,883 Depreciation of right-of-use assets 17,374 16,178 Net gain on fair value changes of derivative financial instruments (133,658) (92,032) Gain on disposal of financial assets at fair value through profit and loss (79,378) (66,501) Finance costs 69,730 34,958 Release of government grants (24,884) (14,886) Bank interest income (152,573) (127,791) Share of results of an associate 51 192 Share-based payment expense 14,093 47,364 Net (gain) loss on disposal of property, plant and equipment (21,036) 4,269 Gain on termination of lease contracts (397) (8) Write-off of property, plant and equipment 48,585 23,297 Net unrealised foreign exchange loss 155,324 74 Operating cash flows before movements in working capital 3,061,214 3,742,302 Decrease (increase) in inventories 77,415 (179,723) Decrease in trade and bills receivables, other receivables, deposits and prepayments 983,548 429,076 Increase (decrease) in trade and other payables 322,098 (115,148) Decrease in contract liabilities (19,334) (19,465) Cash generated from operations 4,424,941 3,857,042 Income taxes paid (675,121) (657,740) Net cash from operating activities 3,749,820 3,199,302