The Company performed a test on the restricted net assets of the consolidated subsidiaries in accordance with Rule 5-04 (c) of Regulation S-X, and concluded that it was applicable for the Company to disclose the financial information for the parent company only.

Balance Sheets


	December 31,
	2025			2024
ASSETS
Current assets
Cash and cash equivalents	$	23,908		$	16,527
Restricted cash		662,894			—
Short-term investments		55,270			80,732
Prepaid expenses and other receivables		377			485
Amount due from subsidiaries		20,401			19,350
Dividends receivable		3,616			3,517
Total current assets		766,466			120,611
Investment in subsidiaries		4,335,737			8,145,953
Total assets	$	5,102,203		$	8,266,564
LIABILITIES AND EQUITY
Current liabilities
Accrued expenses and other payables	$	5,404		$	4,306
Dividend payable		657,856			—
Total current liabilities		663,260			4,306
Total liabilities	$	663,260		$	4,306
EQUITY
Common stock		72			72
Additional paid-in capital		550,168			550,168
Accumulated other comprehensive loss		(513,252	)		(707,806	)
Retained earnings		4,401,955			8,419,824
Total Sinovac shareholders' equity		4,438,943			8,262,258
Total liabilities and equity	$	5,102,203		$	8,266,564

Statements of Operations and Comprehensive Income (Loss)


	For the year ended December 31,
	2025			2024			2023
Selling, general and administrative expenses	$	42,770		$	17,535		$	11,418
Total operating expenses		42,770			17,535			11,418
Loss from operations		(42,770	)		(17,535	)		(11,418	)
Other income		3,754			5,944			3,133
Interest income		25,917			381			622
Equity (losses) earnings of subsidiaries, net of tax		(46,581	)		102,115			(5,828	)
Net (loss) income		(59,680	)		90,905			(13,491	)
Other comprehensive income (loss), net of tax of nil
Foreign currency translation adjustments		187,825			(133,769	)		(170,931	)
Unrealized gain (loss) on available-for-sales investments		6,729			(10,619	)		8,779
Total comprehensive income (loss)	$	134,874		$	(53,483	)	$	(175,643	)

Statements of Cash Flows


	For the year ended December 31,
	2025			2024			2023
Operating activities
Net (loss) income	$	(59,680	)	$	90,905		$	(13,491	)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
- Investment and interest income		2,483			—			—
- Equity losses (earnings) of subsidiaries, net of tax		46,581			(102,115	)		5,828
Changes in:
- Amount due from subsidiaries		(1,051	)		3,303			8,366
- Prepaid expenses and other receivables		108			(309	)		314
- Dividend receivable		(99	)		(322	)		—
- Amount due to subsidiaries		—			(4,448	)		454
- Accrued expenses and other payables		1,098			2,058			1,116
Net cash (used in) provided by operating activities		(10,560	)		(10,928	)		2,587
Investing activities
- Distribution from a subsidiary		3,958,189			—			—
- Proceeds from maturity and sales of investments		107,979			93,418			49,850
- Purchase of investments		(85,000	)		(76,000	)		(148,000	)
Net cash provided by (used in) investing activities		3,981,168			17,418			(98,150	)
Financing activities
- Proceeds from exercised stock options		—			—			676
- Cash paid for dividends		(3,300,333	)		—			—
Net cash (used in) provided by financing activities		(3,300,333	)		—			676
Increase (decrease) in cash and cash equivalents		670,275			6,490			(94,887	)
Cash and cash equivalents and restricted cash, beginning of year		16,527			10,037			104,924
Cash and cash equivalents and restricted cash, end of year	$	686,802		$	16,527		$	10,037

The condensed financial information has been prepared using the same accounting policies as set out in the accompanying consolidated financial statements except that the Company used the equity method to account for investment in its subsidiaries.

The Company records its investment in its subsidiaries under the equity method of accounting. Such investment is presented on the balance sheets as "Investment in subsidiaries" and share of their income (loss) as "Equity earnings (losses) of subsidiaries, net of tax" in the statements of operations and comprehensive income (loss).

Each of the Company's PRC subsidiaries has restrictions on its ability to pay dividends to the Company under PRC laws and regulations (note 22). In 2025, a dividend of $3,958 million was declared and paid by Sinovac Hong Kong to the Company.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted by reference to the consolidated financial statements.

The Company does not have any significant commitments or long-term obligations as of any of the periods presented, except for those disclosed in the consolidated financial statements (notes 19 and 26).