# EDGAR Filing Document

**Accession Number:** 0001084201
**File Stem:** 0001213900-26-054027
**Filing Date:** 2026-5
**Character Count:** 36515
**Document Hash:** 65597e2555458664742b9fee117e22b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-054027.hdr.sgml**: 20260508

**ACCESSION NUMBER**: 0001213900-26-054027

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260508

**FILED AS OF DATE**: 20260508

**DATE AS OF CHANGE**: 20260508

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SINOVAC BIOTECH LTD
- **CENTRAL INDEX KEY:** 0001084201
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** B9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32371
- **FILM NUMBER:** 26959932

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** NO. 39 SHANGDI XI ROAD
- **STREET 2:** HAIDIAN DISTRICT
- **CITY:** BEIJING
- **NON US STATE TERRITORY:** CHINA
- **PROVINCE COUNTRY:** F4
- **ZIP:** 100085
- **BUSINESS PHONE:** 86-10-82799800

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** NO. 39 SHANGDI XI ROAD
- **STREET 2:** HAIDIAN DISTRICT
- **CITY:** BEIJING
- **NON US STATE TERRITORY:** CHINA
- **PROVINCE COUNTRY:** F4
- **ZIP:** 100085

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NET FORCE SYSTEMS INC
- **DATE OF NAME CHANGE:** 19991110

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16 UNDER** 

**THE SECURITIES EXCHANGE ACT OF 1934**

For the month of May 2026

Commission File Number: 001-32371

SINOVAC BIOTECH LTD.

No. 39 Shangdi Xi Rd, Haidian District

Beijing 100085, People's Republic of China

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| SINOVAC BIOTECH LTD. | SINOVAC BIOTECH LTD. |
| By: | /s/ Nan Wang |
| Name: | Nan Wang |
| Title: | Chief Financial Officer |

---

Date: May 8, 2026

**Exhibit Index**

Exhibit 99.1 [Press Release - SINOVAC Reports Unaudited First Half of 2025 Financial Results](ea028981001ex99-1.htm)

## Exhibit 99.1

**Exhibit 99.1**

**SINOVAC Reports Unaudited First Half of 2025 Financial Results**

BEIJING, China, May 8, 2026 /Business Wire/ -- Sinovac Biotech Ltd. (NASDAQ: SVA) ("SINOVAC" or the "Company"), a leading provider of biopharmaceutical products in China, announced today its unaudited financial results for the six months ended June 30, 2025.

**First Half of 2025 Financial Summary**

● Sales for the six months ended June 30, 2025 were $130.3 million, compared to $128.7 million in the prior year period.

● The Company posted $21.7 million of net loss attributable to common shareholders, or a loss of $0.30 per basic and diluted share, in the six months ended June 30, 2025, compared to net income attributable to common shareholders of $93.9 million, or an income of $1.31 per basic and diluted share, in the prior year period.

● Mr. Weidong Yin, CEO of SINOVAC, commented, "amidst a complex global environment, we have steadfastly executed our globalization strategy. I am pleased to witness the robust growth in emerging markets across Latin America and Southeast Asia, which has effectively offset the slowdown of vaccine demand in the Chinese Mainland market. Beyond commercial expansion, research and development always fuels our growth potential. From the marketing approval of the adsorbed tetanus vaccine to the comprehensive deployment of our mRNA technology platform, our pipeline is focused on high-value and differentiated solutions, constantly building core advantages for our future development. Moving forward, we will continue to focus on core capabilities, deepen our global market presence, and maintain high-quality development to expand our product portfolio."

**Global Strategy Drives Resilience in Performance**

In the first half of 2025, despite a challenging macroeconomic environment, the Company delivered solid financial results, demonstrating strong operational resilience. During the reporting period, the Company's overseas business served as the primary growth engine, effectively offsetting the slowdown in the Chinese Mainland market caused by demographic shifts.

This growth was driven by deepened market penetration and landmark commercial breakthroughs in emerging markets across Latin America and Southeast Asia. The Company was the exclusive winner of the Chilean influenza vaccine global tender for both years 2025 and 2026. Furthermore, in November 2025, it signed two Product Development Partnership (PDP) agreements with the Brazilian Ministry of Health. Under these agreements, the Company will supply approximately 60 million doses of varicella and rabies vaccines to Brazil over the next 10 years.

**R&D Portfolio Update: Strengthening Growth Momentum**

The Company continues to prioritize research and development as a core strategic driver, achieving steady progress across its pipeline and further optimizing its product portfolio.

In terms of regulatory milestones in China, the adsorbed tetanus vaccine received marketing approval in August 2025. Additionally, the marketing authorization application for the freeze-dried human rabies vaccine has been submitted, with approval expected in 2026.

Regarding clinical development, the bivalent hand, foot and mouth disease (HFMD) vaccine, 13-valent pneumococcal polysaccharide conjugate vaccine, and fully human anti-tetanus monoclonal antibody have all advanced into Phase III clinical studies. The quadrivalent HFMD vaccine has entered the preparatory stage for Phase III clinical trial. The 24-valent pneumococcal polysaccharide conjugate vaccine is currently in Phase II clinical development. Furthermore, the Company's mRNA technology platform continues to advance, with both the herpes zoster mRNA vaccine and respiratory syncytial virus mRNA vaccine having initiated Phase I clinical trials.

With R&D programs advancing steadily across all stages, the Company's diversified portfolio is expected to provide a solid foundation for future revenue growth.

**Unaudited Financial Results for the First Half of 2025** 

Sales in the first half of 2025 were $130.3 million compared to $128.7 million in the prior year period. Sales from overseas markets increased by 29.4%, which was offset by the slowdown in domestic market demand in the Chinese Mainland, making overall sales stable.

Gross profit in the first half of 2025 increased to $81.5 million from $69.6 million in the prior year period. Gross profit margin increased from 54.0% in the first half of 2024 to 62.5% in the first half of 2025, primarily due to lower inventory provision recorded in cost of sales.

Selling, general and administrative expenses in the first half of 2025 were $147.2 million, compared to $208.6 million in the prior year period. The decrease was mainly due to a lower headcount and lower expenses related to the long-term employee incentive plan established in 2022 (the "Employee Incentive Plan"). In addition, the Company achieved significant cost savings and productivity enhancements.

Research and development expenses in the first half of 2025 were $126.9 million, a decrease from $142.3 million in the prior year period. The decline was due to lower expenses incurred in relation to the Employee Incentive Plan.

Loss on disposal and impairment of property, plant and equipment and in-process research and development assets acquired in a business combination ("IPR&D") and loss on impairment of goodwill in the first half of 2025 was $69.9 million, compared to $5.3 million in the prior year period. This was because the Company recorded impairment of $68.1 million of IPR&D and goodwill generated during the acquisition of a subsidiary that produces rabies vaccines. The Company identified the impairment indicators in fierce competition, delayed vaccine market launch, and changes in product positioning in the first half of 2025.

Other income, net in the first half of 2025 was $161.9 million, a decrease from $294.6 million in the prior year period. The change was mainly due to a decrease in investment income earned from investment products issued by financial institutions.

Net loss in the first half of 2025 was $96.6 million, compared to a net income of $59.0 million in the prior year period.

Net loss attributable to common shareholders was $21.7 million, or a loss of $0.30 per basic and diluted share, in the first half of 2025, compared to a net income attributable to common shareholders of $93.9 million, or an income of $1.31 per basic and diluted share, in the prior year period.

In 2018, 11,800,000 common shares (the "2018 PIPE Shares") were issued pursuant to the Securities Purchase Agreement dated July 2, 2018. The validity of this share issuance has been subject to dispute. Whether these shares may be excluded from the Company's issued and outstanding common stock is contingent upon the outcome of certain legal proceedings pending in Antigua. Excluding the 2018 PIPE Shares, the basic and diluted weighted average number of the Company's common shares outstanding would be 60,060,702. On that basis, the basic and diluted net loss per share for the first half of 2025 would be $0.36, compared to basic and diluted net income per share of $1.56 in the prior year period.

Non-GAAP adjusted EBITDA was a $192.6 million loss in the first half of 2025, compared to a $230.1 million loss in the prior year period. Non-GAAP net loss was $53.9 million in the first half of 2025, compared to non-GAAP net income of $33.7 million in the prior year period. Non-GAAP diluted net income per share in the first half of 2025 was $0.06 compared to $1.18 per share in the prior year period. Excluding the 2018 PIPE Shares, non-GAAP diluted net income per share in the first half of 2025 would be $0.07, compared to $1.40 in the prior year period. Reconciliations of non-GAAP measures to the nearest comparable GAAP measures are included at the end of this news release.

As of June 30, 2025, cash and cash equivalents and restricted cash totaled $4.2 billion, compared to $602.2 million as of December 31, 2024. The increase was mainly due to the increased net cash inflow of investing activities which was mainly attributable to the maturity and sales of investment products issued by financial institutions. In the first half of 2025, net cash used in operating activities was $310.6 million, net cash used in financing activities was $169.7 million, and net cash provided by investing activities was $4.0 billion reflecting the net position of short-term investment maturity and sales over purchases.

In the first half of 2025, a dividend of $20.3 million was declared and paid by Sinovac Biotech Co., Ltd. ("Sinovac Beijing") and Sinovac (Dalian) Vaccine Technology Co., Ltd. ("Sinovac Dalian") to their respective minority shareholders. A dividend of $54.3 million was declared and paid by such subsidiaries to Sinovac Holding Group Co., Ltd. ("Sinovac Beijing Holding") in 2025. Additionally, the Company's board of directors declared a special cash dividend of $55.00 per common share totaling $4.0 billion in April 2025, of which $3.3 billion was paid by the Company to its shareholders in the second half of 2025 and $658 million remains payable, mainly to the holders of the 2018 PIPE Shares, subject to the outcome of litigation.

The Company's first half of 2025 financial statements are prepared and presented in accordance with U.S. GAAP. However, they have not been audited by the Company's independent registered accounting firm.

**Non-Reliance on Previously Issued Financial Statements**

The management concluded that the Company's previously issued unaudited consolidated balance sheets as of June 30, 2024, consolidated statements of operations and comprehensive income (loss) for the six months ended June 30, 2024, consolidated statements of cash flows for the six months ended June 30, 2024 , and non-GAAP adjusted EBITDA for the six months ended June 30, 2024 (the "Non-Reliance Periods") included in the Company's Report on Form 6- K filed on August 16, 2024 should be restated and accordingly, should no longer be relied upon. Similarly, any previously furnished or filed reports, related earnings releases, investor presentations or similar communications of the Company describing the Company's financial results as of and for the Non-Reliance Periods should no longer be relied upon.

During the interim review of the Company's financial results for the six months ended June 30, 2024, the management concluded there were errors identified in the previously disclosed consolidated financial statements. The nature of the adjustments primarily related to legal and regulatory matters, errors in the application of estimates for expected sales returns regarding revenue recognition and credit losses on accounts receivable, classification errors for certain debt and equity security investments, and the correction of applicable withholding tax rate on dividend income from Chinese Mainland subsidiaries. The impacts of these restatements are as follows:

Restated Unaudited Consolidated Balance Sheet as of June 30, 2024:

---

| | | | |
|:---|:---|:---|:---|
| (Expressed in thousands of U.S. Dollars) | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
|  | **Previously<br> Reported** | **Restatement<br> Adjustments** | **Restated** |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents | $1072350 | $(116006) | $956344 |
| Restricted cash | 2779 |  | 2779 |
| Short-term investments | 9502185 | (64252) | 9437933 |
| Accounts receivable, net | 370168 | (6296) | 363872 |
| Inventories | 153524 | (20095) | 133429 |
| Prepaid expenses and other current assets | 12724 | 1438 | 14162 |
| Income tax receivable | 10703 | (10049) | 654 |
| Amounts due from related parties | 23847 | (23669) | 178 |
| **Total current assets** | **11148280** | **(238929)** | **10909351** |
| Property, plant and equipment, net | 934614 | (15719) | 918895 |
| Prepaid land use rights, net | 62916 |  | 62916 |
| Intangible assets, net | 7844 |  | 7844 |
| Long-term investments | 681345 | 199026 | 880371 |
| Prepayments for acquisition of equipment | 4338 | (1438) | 2900 |
| Deferred tax assets | 32798 | 3588 | 36386 |
| Right-of-use assets | 15346 |  | 15346 |
| Other non-current assets | 9456 | 9209 | 18665 |
| Amounts due from related parties |  | 23669 | 23669 |
| **Total non-current assets** | **1748657** | **218335** | **1966992** |
| **Total assets** | $**12896937** | $**(20594)** | $**12876343** |
| **LIABILITIES AND EQUITY** |  |  |  |
| **Current liabilities** |  |  |  |
| Short-term bank loans and current portion of long-term bank loans | $179349 | $— | $179349 |
| Accounts payable and accrued liabilities | 641579 | 47565 | 689144 |
| Income tax payable | 28720 | 158330 | 187050 |
| Deferred revenue | 6173 |  | 6173 |
| Deferred government grants | 805 |  | 805 |
| Dividend payable | 119374 | (32064) | 87310 |
| Lease liability | 2451 |  | 2451 |
| **Total current liabilities** | **978451** | **173831** | **1152282** |
| Deferred government grants | 5984 |  | 5984 |
| Long-term bank loans | 130320 |  | 130320 |
| Deferred tax liability | 262174 | 124861 | 387035 |
| Lease liability | 12388 |  | 12388 |
| Other non-current liabilities | 429 | (391) | 38 |
| Deferred revenue | 195 |  | 195 |
| **Total long-term liabilities** | **411490** | **124470** | **535960** |
| **Total liabilities** | **1389941** | **298301** | **1688242** |
| **EQUITY** |  |  |  |
| Preferred stock | 15 | (15) |  |
| Common stock | 100 | (28) | 72 |
| Additional paid-in capital | 541258 | 8910 | 550168 |
| Accumulated other comprehensive loss | (539415) | (142039) | (681454) |
| Statutory surplus reserves | 1539584 |  | 1539584 |
| Retained earnings | 7107644 | (224455) | 6883189 |
| **Total Sinovac shareholders' equity** | **8649186** | **(357627)** | **8291559** |
| Non-controlling interests | 2857810 | 38732 | 2896542 |
| **Total equity** | **11506996** | **(318895)** | **11188101** |
| **Total liabilities and equity** | $**12896937** | $**(20594)** | $**12876343** |

---

Restated Unaudited Consolidated Statement of Operations and Comprehensive Income (Loss) for the Six Months Ended June 30, 2024:

---

| | | | |
|:---|:---|:---|:---|
| (Expressed in thousands of U.S. Dollars, except for number of shares and per share data) | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** |
|  | **Previously<br> Reported** | **Restatement<br> Adjustments** | **Restated** |
| **Sales** | $**121339** | $**7372** | $**128711** |
| **Cost of sales** | **40836** | **18315** | **59151** |
| **Gross profit** | **80503** | **(10943)** | **69560** |
| Selling, general and administrative expenses | 206347 | 2255 | 208602 |
| Provision for credit losses | (663) | 4712 | 4049 |
| Research and development expenses | 144052 | (1721) | 142331 |
| Loss on disposal and impairment of property, plant and equipment and IPR&D | 5387 | (73) | 5314 |
| Government grants recognized in income | (1044) |  | (1044) |
| **Total operating expenses** | **354079** | **5173** | **359252** |
| **Operating loss** | **(273576)** | **(16116)** | **(289692)** |
| Interest and financing expenses | (2175) |  | (2175) |
| Interest income | 44060 | (28107) | 15953 |
| Share of losses from equity method investments |  | (8738) | (8738) |
| Other income, net | 166481 | 128123 | 294604 |
| **(Loss) income before income taxes** | **(65210)** | **75162** | **9952** |
| Income tax (expense) benefit | (3432) | 52431 | 48999 |
| **Net (loss) income** | **(68642)** | **127593** | **58951** |
| Less: loss attributable to non-controlling interests | (60745) | 25842 | (34903) |
| **Net (loss) income attributable to shareholders of Sinovac** | **(7897)** | **101751** | **93854** |
| Preferred stock dividends | 2975 | (2975) |  |
| **Net (loss) income attributable to common shareholders of Sinovac** | $**(10872)** | $**104726** | $**93854** |
| **Earnings (loss) per share** |  |  |  |
| Basic net (loss) income per share | (0.11) | 1.42 | 1.31 |
| Diluted net (loss) income per share | (0.11) | 1.42 | 1.31 |
| **Weighted average number of shares of common stock outstanding** |  |  |  |
| **Basic** | 99638043 | (27777341) | 71860702 |
| Diluted | 99638043 | (27777341) | 71860702 |
| **Net (loss) income** | **(68642)** | **127593** | **58951** |
| **Other comprehensive income, net of tax of nil** |  |  |  |
| Foreign currency translation adjustments | (194758) | 14236 | (180522) |
| Unrealized gain (loss) on available-for-sale investments | 69612 | (83407) | (13795) |
| **Comprehensive loss** | **(193788)** | **58422** | **(135366)** |
| Less: comprehensive loss attributable to non-controlling interests | (136531) | 25347 | (111184) |
| **Comprehensive loss attributable to shareholders of Sinovac** | **(57257)** | **33075** | **(24182)** |

---

Restated Unaudited Consolidated Statement of Cash Flows for the Six Months Ended June 30, 2024:

---

| | | | |
|:---|:---|:---|:---|
| (Expressed in thousands of U.S. Dollars) | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** |
|  | **Previously<br> Reported** | **Restatement<br> Adjustments** | **Restated** |
| Net cash used in operating activities | $(438897) | $104044 | $(334853) |
| Net cash provided by investing activities | 436828 | (76225) | 360603 |
| Net cash used in financing activities | (171180) | (141) | (171321) |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | (26919) | 2491 | (24428) |
| **Decrease in cash and cash equivalents and restricted cash** | **(200168)** | **30169** | **(169999)** |
| Cash and cash equivalents and restricted cash, beginning of period | 1275297 | (146175) | 1129122 |
| **Cash and cash equivalents and restricted cash, end of period** | $**1075129** | $**(116006)** | $**959123** |

---

**Subsequent Events**

In 2026, a dividend of $88.0 million was declared by Sinovac Beijing, and Sinovac Dalian, of which $24.4 million was declared to their respective minority shareholders, and $63.6 million was declared by such subsidiaries to Sinovac Beijing Holding.

**About SINOVAC**

Sinovac Biotech Ltd. (SINOVAC) is a China-based global biopharmaceutical company, with a mission of "supply vaccines to eliminate human diseases", the Company specializes in the research, development, manufacturing and commercialization of vaccines and related biological products that protect against human infectious diseases.

The Company's diversified portfolio includes vaccines for influenza, viral hepatitis, varicella, Hand-Foot-Mouth disease (HFMD), poliomyelitis, pneumococcal disease, etc., of which 3 vaccines have been prequalified by WHO, including inactivated hepatitis A vaccine Healive®, Sabin-strain inactivated polio vaccine (sIPV), and varicella vaccine.

SINOVAC has a leading edge in developing vaccines to combat infectious disease outbreaks and was among the first to initiate R&D during major public health emergencies, including SARS, H5N1, H1N1, and COVID-19. The Company developed the world's first inactivated SARS vaccine (Phase I completed), China's first H5N1 influenza vaccine (Panflu®), the world's first H1N1 influenza vaccine (Panflu.1®), and CoronaVac®, the most widely used inactivated COVID-19 vaccine globally.

Beyond its marketed portfolio, the Company is advancing a robust pipeline that includes combination vaccines, recombinant protein vaccines and next-generation platforms such as mRNA technologies and antibodies.

With a long-standing commitment to innovation and global health, SINOVAC is expanding its global footprint by strengthening partnerships with research institutions, international organizations, and local partners. Through broader market presence, technological cooperation, and localized production, the Company aims to accelerate vaccine development and supply, enhance regional access to high-quality products, and better address unmet medical needs while improving preparedness for future pandemics.

For more information, please visit the Company's website at www.sinovac.com.

**Safe Harbor Statement**

This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. In particular, the outcome of any litigation is uncertain, and the Company cannot predict the potential results of the litigation it filed or filed against it by others. Additionally, the triggering of a shareholder rights plan is nearly unprecedented, and the Company cannot predict the impact on the Company or its stock price as a result of the trigger of the rights plan.

**Non-GAAP Financial Measures**

To supplement its consolidated financial statements, which are prepared and presented in accordance with GAAP, SINOVAC uses the following non-GAAP financial measures: non-GAAP adjusted EBITDA, non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share. For more information on these non-GAAP financial measures, please refer to the table captioned "Reconciliations of non-GAAP Measures to the Nearest Comparable GAAP Measures" in this results announcement.

SINOVAC believes that non-GAAP adjusted EBITDA, non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share help identify underlying trends in its business that could otherwise be distorted by the effect of certain income or expenses that SINOVAC includes in net income and diluted net income (loss) per share. SINOVAC believes that non-GAAP adjusted EBITDA, non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share provide useful information about its core operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. Non-GAAP adjusted EBITDA, non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share should not be considered in isolation or construed as an alternative to income from operations, net income (loss), diluted net income (loss) per share, or any other measure of performance or as an indicator of SINOVAC's operating performance. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data.

**Non-GAAP adjusted EBITDA** represents net income (loss) and excludes interest income, net of interest and financing expense, share of (earnings) losses from equity method investments, other (income) expense, net and income tax (benefit) expense, and certain non-cash expenses, consisting of depreciation and amortization expense and loss on impairment of goodwill that SINOVAC does not believe are reflective of the core operating performance during the periods presented.

**Non-GAAP net income (loss)** represents net income (loss) before foreign exchange gain or loss.

**Non-GAAP diluted earnings (loss) per share** represents non-GAAP net income (loss) attributable to common shareholders divided by the weighted average number of shares outstanding during the periods on a diluted basis, including accounting for the effect of the assumed conversion of options.

**Contact**

**Sinovac Biotech Ltd.**

Helen Yang

Tel: +86-10-8279 9720

Email: ir@sinovac.com

**SINOVAC BIOTECH LTD.**

**Consolidated Balance Sheets**

**As of June 30, 2025 and December 31, 2024**

**(Expressed in thousands of U.S. Dollars)**

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| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31, <br> 2024** |
|  | **(Unaudited)** | **(Audited)** |
| **ASSETS** | | |
| **Current assets** |  |  |
| Cash and cash equivalents | $182626 | $335273 |
| Restricted cash | 3974886 | 266944 |
| Short-term investments | 5777750 | 9613328 |
| Accounts receivable, net | 306839 | 306567 |
| Inventories | 109137 | 96920 |
| Prepaid expenses and other current assets | 10601 | 10041 |
| Income tax receivable | 4412 | 4011 |
| Amounts due from related parties | 10541 | 11431 |
| **Total current assets** | **10376792** | **10644515** |
| Property, plant and equipment, net | 858557 | 880968 |
| Prepaid land use rights, net | 61566 | 61525 |
| Intangible assets, net | 74797 | 122579 |
| Long-term investments | 498786 | 491349 |
| Prepayments for acquisition of equipment | 1341 | 1340 |
| Deferred tax assets | 34559 | 37373 |
| Right-of-use assets | 14812 | 16024 |
| Other non-current assets | 19782 | 20488 |
| Goodwill | 11796 | 27508 |
| Amounts due from related parties | 34279 | 33612 |
| **Total non-current assets** | **1610275** | **1692766** |
| **Total assets** | $**11987067** | $**12337281** |
| **LIABILITIES AND EQUITY** |  |  |
| **Current liabilities** |  |  |
| Short-term bank loans and current portion of long-term bank loans | $214962 | $211919 |
| Accounts payable and accrued liabilities | 590132 | 802996 |
| Income tax payable | 221911 | 207718 |
| Deferred revenue | 12007 | 12211 |
| Deferred government grants | 1743 | 1728 |
| Dividend payable | 3958189 | 212960 |
| Lease liability | 2464 | 2366 |
| **Total current liabilities** | **5001408** | **1451898** |
| Deferred government grants | 4361 | 4843 |
| Long-term bank loans | 233056 | 163840 |
| Deferred tax liability | 392037 | 410049 |
| Lease liability | 12702 | 13198 |
| Other non-current liabilities | 23 | 23 |
| **Total long-term liabilities** | **642179** | **591953** |
| **Total liabilities** | **5643587** | **2043851** |
| **EQUITY** |  |  |
| Common stock | 72 | 72 |
| Additional paid-in capital | 550168 | 550168 |
| Accumulated other comprehensive loss | (620108) | (707806) |
| Statutory surplus reserves | 1581467 | 1581467 |
| Retained earnings | 2858502 | 6838357 |
| **Total Sinovac shareholders' equity** | **4370101** | **8262258** |
| Non-controlling interests | 1973379 | 2031172 |
| **Total equity** | **6343480** | **10293430** |
| **Total liabilities and equity** | $**11987067** | $**12337281** |

---

**SINOVAC BIOTECH LTD.**

**Unaudited Consolidated Statements of Operations and Comprehensive Income (Loss)<br>For the six months ended June 30, 2025 and 2024**

**(Expressed in thousands of U.S. Dollars, except for numbers of shares and per share data)**

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| | | |
|:---|:---|:---|
|  | **Six months ended <br> June 30** | **Six months ended <br> June 30** |
|  | **2025** | **2024** |
|  | | **(Restated)** |
| **Sales** | $**130270** | $**128711** |
| **Cost of sales** | **48808** | **59151** |
| **Gross profit** | **81462** | **69560** |
| Selling, general and administrative expenses | 147211 | 208602 |
| Provision for credit losses | (809) | 4049 |
| Research and development expenses | 126926 | 142331 |
| Loss on disposal and impairment of property, plant and equipment and IPR&D | 53912 | 5314 |
| Loss on impairment of goodwill | 16037 |  |
| Government grants recognized in income | (3544) | (1044) |
| **Total operating expenses** | **339733** | **359252** |
| **Operating loss** | **(258271)** | **(289692)** |
| Interest and financing expenses | (4096) | (2175) |
| Interest income | 12939 | 15953 |
| Share of losses from equity method investments | (8240) | (8738) |
| Other income, net | 161894 | 294604 |
| **(Loss) income before income taxes** | **(95774)** | **9952** |
| Income tax (expense) benefit | (781) | 48999 |
| **Net (loss) income** | **(96555)** | **58951** |
| Less: loss attributable to non-controlling interests | (74889) | (34903) |
| **Net (loss) income attributable to common shareholders of Sinovac** | $**(21666)** | $**93854** |
| **Earnings (loss) per share** |  |  |
| Basic net (loss) income per share | (0.30) | 1.31 |
| Diluted net (loss) income per share | (0.30) | 1.31 |
| **Weighted average number of shares of common stock outstanding** |  |  |
| Basic | 71860702 | 71860702 |
| Diluted | 71860702 | 71860702 |
| **Net (loss) income** | **(96555)** | **58951** |
| **Other comprehensive income, net of tax of nil** |  |  |
| Foreign currency translation adjustments | 121595 | (180522) |
| Unrealized gain (loss) on available-for-sale investments | 3544 | (13795) |
| **Comprehensive income (loss)** | **28584** | **(135366)** |
| Less: comprehensive loss attributable to non-controlling interests | (37448) | (111184) |
| **Comprehensive income (loss) attributable to shareholders of Sinovac** | **66032** | **(24182)** |

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**SINOVAC BIOTECH LTD.**

**Unaudited Consolidated Statements of Cash Flows**

**For the six months ended June 30, 2025 and 2024**

**(Expressed in thousands of U.S. Dollars)**

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| | | |
|:---|:---|:---|
|  | **Six months ended <br> June 30** | **Six months ended <br> June 30** |
|  | **2025** | **2024** |
|  | | **(Restated)** |
| **Operating activities** |  |  |
| Net (loss) income | $(96555) | $58951 |
| Adjustments to reconcile net (loss) income to net cash used in operating activities: |  |  |
| Deferred income taxes | (14422) | (62983) |
| Inventory provision | 17173 | 27389 |
| Provision for credit losses | (809) | 4049 |
| Loss on disposal and impairment of property, plant and equipment and IPR&D | 53912 | 5314 |
| Depreciation of property, plant and equipment | 47942 | 57923 |
| Amortization of prepaid land use rights | 1117 | 1123 |
| Amortization of intangible assets | 622 | 501 |
| Non-cash operating lease expense | 1597 | 1784 |
| Loss on impairment of goodwill | 16037 |  |
| Share of losses from equity method investments | 8240 | 8738 |
| Accretion of discounts on investments | (3815) | (5074) |
| Investment and interest income | (118098) | (127775) |
| Changes in operating assets and liabilities: |  |  |
| Accounts receivable | 7278 | 45366 |
| Inventories | (27219) | (28011) |
| Other non-current assets | (1769) | (2273) |
| Income tax receivable and payable | 13532 | (8020) |
| Prepaid expenses and other current assets | (87) | (3316) |
| Deferred revenue | (292) | (20407) |
| Accounts payable and accrued liabilities and other current liabilities | (214796) | (287893) |
| Deferred government grants | (234) | (239) |
| **Net cash used in operating activities** | **(310646)** | **(334853)** |
| **Investing activities** |  |  |
| Purchase of investments | (3420793) | (1981302) |
| Proceeds from maturity and sales of investments | 7437179 | 2410940 |
| Proceeds from disposal of property, plant and equipment |  | 141 |
| Purchase of property, plant and equipment | (26534) | (48059) |
| Purchase of equity investments payments | (3017) | (1606) |
| Repayments received on loans made to service vendors |  | 4158 |
| Loan to related parties |  | (23669) |
| **Net cash provided by investing activities** | **3986835** | **360603** |
| **Financing activities** |  |  |
| Proceeds from bank loans | 258512 | 136207 |
| Repayments of bank loans | (194192) | (74153) |
| Dividend paid to non-controlling shareholders | (234012) | (233375) |
| **Net cash used in financing activities** | **(169692)** | **(171321)** |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | 48798 | (24428) |
| **Increase (decrease) in cash and cash equivalents and restricted cash** | **3555295** | **(169999)** |
| Cash and cash equivalents and restricted cash, beginning of period | 602217 | 1129122 |
| **Cash and cash equivalents and restricted cash, end of period** | $**4157512** | $**959123** |

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**SINOVAC BIOTECH LTD.**

**Reconciliations of Non-GAAP measures to the nearest comparable GAAP measures**

**For the six months ended June 30, 2025 and 2024**

**(Expressed in thousands of U.S. Dollars, except for numbers of shares and per share data)**

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| | | |
|:---|:---|:---|
|  | **Six months ended <br> June 30** | **Six months ended <br> June 30** |
|  | **2025** | **2024** |
|  | | **(Restated)** |
| **Net (loss) income** | $**(96555)** | $**58951** |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 49681 | 59547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on impairment of goodwill | 16037 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income, net of interest and financing expense | (8843) | (13778) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share of losses from equity method investments | 8240 | 8738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | (161894) | (294604) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 781 | (48999) |
| &nbsp;&nbsp;&nbsp;**Non-GAAP adjusted EBITDA** | **(192553)** | **(230145)** |
| **Net (loss) income** | **(96555)** | **58951** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: Foreign exchange loss (gain) | 42619 | (25267) |
| &nbsp;&nbsp;&nbsp;**Non-GAAP net (loss) income** | **(53936)** | **33684** |
| **Net (loss) income attributable to common shareholders of Sinovac for computing diluted earnings per share** | **(21666)** | **93854** |
| &nbsp;&nbsp;&nbsp;Add: Non-GAAP adjustments to net loss (income) | 25898 | (9556) |
| &nbsp;&nbsp;&nbsp;**Non-GAAP net income attributable to common shareholders of Sinovac for computing non-GAAP diluted earnings per share** | **4232** | **84298** |
| **Weighted average number of shares on a diluted basis** | 71860702 | 71860702 |
| **Diluted net (loss) income per share** | (0.30) | 1.31 |
| Add: Non-GAAP adjustments to net income (loss) per share | 0.36 | (0.13) |
| **Non-GAAP diluted net income per share** | 0.06 | 1.18 |

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