{"url_path":"/sec/sva/10-k/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-06-05","source_url":"https://www.sec.gov/Archives/edgar/data/1084201/0001193125-26-258534-index.html","accession_number":"0001193125-26-258534","cik":"0001084201","ticker":"SVA","issuer_name":"SINOVAC BIOTECH LTD","edgar_url":"https://www.sec.gov/Archives/edgar/data/1084201/0001193125-26-258534-index.html","primary_entity_key":"0001084201","primary_entity_name":"SINOVAC BIOTECH LTD"},"word_count":2048,"has_tables":true,"body_markdown":"20-F\n\n0001084201FYfalseB9http://fasb.org/us-gaap/2025#UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember0001084201sva:ChengduRuralCommercialBankMember2024-12-310001084201sva:OutsideChineseMainlandMember2025-12-310001084201sva:ChinaCITICBankMember2025-12-310001084201us-gaap:RelatedPartyMembersva:SinoBiowayBiotechGroupHoldingLimitedMember2023-01-012023-12-310001084201sva:SynermoreBiologicsSuzhouCoLtdMemberus-gaap:RelatedPartyMember2025-01-012025-12-310001084201sva:SinovacBeijingAndSinovacDalianMemberus-gaap:CommonStockMembersrt:ScenarioForecastMember2026-01-012026-04-300001084201sva:GovernmentGrantsForPropertyPlantAndEquipmentMember2025-12-3100010842012022-12-310001084201sva:EmployeeIncentivePlanMember2024-12-310001084201country:CN2024-01-012024-12-310001084201us-gaap:RelatedPartyMembersva:DalianJinGangGroupMember2023-01-012023-12-310001084201us-gaap:RelatedPartyMembersva:KeyvacBiyolojikUrunlerSanayiVeTicaretMember2023-01-012023-12-310001084201us-gaap:InProcessResearchAndDevelopmentMember2024-12-310001084201sva:VivoCoInvestSLPMember2024-01-012024-12-310001084201sva:PatentLicenseAgreementMembersva:NationalInstituteOfHealthMember2009-08-012009-08-310001084201sva:SinovacBeijingAndSinovacDalianMemberus-gaap:CommonStockMember2025-01-012025-12-310001084201sva:ChongqingEvaheartMEDICALDeviceCoLtdMember2025-01-012025-12-310001084201sva:ChinaMerchantsBankMembersrt:MinimumMembersva:SinovacLifeSciencesCoLtdMember2025-12-310001084201sva:SinovacDalianVaccineTechnologyCompanyLtdMember2024-12-310001084201us-gaap:NoncontrollingInterestMember2023-01-012023-12-310001084201sva:MachineryEquipmentAndLeaseholdImprovementsMember2023-12-310001084201us-gaap:UseRightsMembersva:SinovacBiotechYidaoCoLtdMembersva:ChinaConstructionBankMember2025-12-310001084201us-gaap:CommonStockMembersva:SinovacBeijingSinovacLSAndSinovacDalianMember2023-01-012023-12-310001084201sva:SinovacChengduBiotechCoLtdMember2025-12-310001084201sva:InvestmentOthersMember2025-01-012025-12-310001084201us-gaap:RelatedPartyMembersva:DalianJinGangGroupMember2024-01-012024-12-310001084201sva:OthersEquityInvestmentMember2025-01-012025-12-310001084201us-gaap:InProcessResearchAndDevelopmentMember2024-12-312024-12-310001084201sva:PentavalentDtap-IpvHibCombinationVaccineMemberus-gaap:OperatingSegmentsMember2025-01-012025-12-310001084201sva:AccountingStandardsUpdate202510Member2025-12-310001084201sva:StatutorySurplusReservesMember2025-12-310001084201sva:SinovacHoldingGroupCoLtdMember2025-12-310001084201sva:GovernmentGrantsForResearchAndDevelopmentMember2023-12-310001084201sva:KeyvacBiyolojikUniinterSanayiVeTicaretAnonimSirketiMember2024-12-310001084201sva:PlantAndBuildingMember2025-12-310001084201us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001084201us-gaap:ConstructionInProgressMember2025-12-310001084201srt:MinimumMembersva:SinovacBeijingMembersva:ChinaConstructionBankMember2024-09-290001084201sva:TwoTrustsMember2025-12-310001084201us-gaap:RelatedPartyMembersva:DalianJinGangGroupMember2025-01-012025-12-3100010842012025-05-012025-12-310001084201sva:SecuritiesPurchaseAgreementMember2024-01-012024-12-310001084201sva:InvestmentOthersMember2025-12-310001084201sva:OfficeEquipmentAndFurnitureMembersrt:MaximumMember2025-12-310001084201sva:ChinaMerchantsBankMembersva:SinovacChengduMember2025-08-132025-08-130001084201us-gaap:UseRightsMember2023-01-012023-12-310001084201sva:ChongqingEvaheartMEDICALDeviceCoLtdMember2025-12-310001084201country:CN2023-01-012023-12-310001084201sva:PentavalentDtap-IpvHibCombinationVaccineMemberus-gaap:OperatingSegmentsMember2024-01-012024-12-310001084201sva:SinovacBeijingSinovacLSAndSinovacDalianMember2024-01-012024-12-310001084201sva:SKYBiologicsCoLtdMember2025-12-310001084201sva:ChinaMerchantsBankMembersva:SinovacBeijingMember2025-03-070001084201sva:LongTermInvestmentsMember2025-01-012025-12-310001084201sva:KeyvacBiyolojikUniinterSanayiVeTicaretAnonimSirketiMember2024-01-012024-12-310001084201sva:OthersEquityInvestmentMember2024-12-3100010842012024-12-310001084201sva:SinovacChengduBiotechCoLtdMember2024-12-310001084201sva:OutsideChineseMainlandMember2025-01-012025-12-310001084201sva:OutsideChineseMainlandMember2024-12-310001084201us-gaap:TradeAccountsReceivableMember2024-12-310001084201us-gaap:UseRightsMember2024-01-012024-12-310001084201sva:ChinaMerchantsBankMembersrt:MinimumMembersva:SinovacBeijingMember2025-03-072025-03-070001084201sva:ChinaMerchantsBankMembersrt:MinimumMembersva:SinovacLifeSciencesCoLtdMember2024-01-222024-01-220001084201sva:LongTermInvestmentsMember2024-12-310001084201srt:ParentCompanyMember2025-12-310001084201sva:SinovacChengduMembersva:ChinaMinshengBankingMember2025-12-310001084201us-gaap:ShortTermInvestmentsMember2023-01-012023-12-310001084201sva:VivoCoInvestSLPMember2025-01-012025-12-310001084201sva:EvaheartMember2025-12-310001084201us-gaap:RetainedEarningsMember2025-12-310001084201sva:SingleInvestorTrustProductsNotSubjectToRedemptionRestrictionsMember2025-12-310001084201sva:ChinaMerchantsBankMembersva:SinovacBeijingMember2025-03-072025-03-070001084201sva:GovernmentGrantsForPropertyPlantAndEquipmentMember2024-12-310001084201srt:MinimumMember2025-01-012025-12-310001084201sva:OfficeEquipmentAndFurnitureMember2025-12-310001084201sva:SinovacChengduMembersva:ChinaCITICBankMember2025-01-262025-01-260001084201us-gaap:UseRightsMembersrt:MaximumMember2025-12-310001084201us-gaap:ForeignTaxJurisdictionOtherMember2025-01-012025-12-310001084201us-gaap:UseRightsMember2024-12-310001084201us-gaap:RelatedPartyMembersva:VaccinesSalesMembersva:KeyvacBiyolojikUrunlerSanayiVeTicaretMember2024-01-012024-12-310001084201us-gaap:ParentMember2023-12-310001084201sva:LoanTwoMembersva:KeyvacMember2025-01-012025-12-310001084201us-gaap:ResearchAndDevelopmentArrangementMember2024-01-012024-12-310001084201sva:SinovacBeijingMembersva:BankOfBeijingMember2025-12-310001084201sva:GovernmentGrantsForPropertyPlantAndEquipmentMember2024-01-012024-12-310001084201sva:GlobeCapitalLLCMembersva:AntiguaLitigationMember2025-12-310001084201sva:VIVOSuzhouHealthIndustryInvestmentFundLPMember2024-12-310001084201sva:SinovacDalianVaccineTechnologyCompanyLtdMember2025-12-310001084201sva:TradeAccountsReceivableAgingWithinOneYearMember2025-12-310001084201sva:USLitigationMember2018-03-052018-03-050001084201us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310001084201sva:SinovacBiotechSingaporePteLtdMember2025-12-310001084201sva:InstituteForTranslationalVaccinologyMember2014-04-012014-04-300001084201sva:SinovacBiotechYidaoCoLtdMembersva:ChinaConstructionBankMember2025-12-310001084201sva:OthersEquityInvestmentMember2025-12-310001084201sva:ShortTermEquitySecuritiesMember2023-01-012023-12-310001084201us-gaap:ParentMember2024-12-310001084201sva:YihooBiotechCoLtdMembersva:ChinaConstructionBankMember2023-11-292023-11-290001084201us-gaap:OperatingSegmentsMembersva:BivalentEnterovirusVaccineMember2023-01-012023-12-310001084201sva:SinovacChengduMembersva:ChinaMinshengBankingMember2025-03-120001084201country:SG2025-01-012025-12-310001084201us-gaap:SalesRevenueNetMembersva:PanAmericanHealthOrganizationMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-12-310001084201us-gaap:OperatingSegmentsMembersva:AdsorbedTetanusVaccineMember2024-01-012024-12-310001084201sva:ChinaMinshengBankingMember2024-12-310001084201us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001084201us-gaap:UseRightsMembersva:YihooBiotechCoLtdMembersva:ChinaConstructionBankMember2025-12-310001084201sva:LongTermInvestmentsMember2025-12-310001084201sva:YihooBiotechCoLtdMembersva:ChinaConstructionBankMember2025-12-310001084201srt:ParentCompanyMember2024-12-310001084201us-gaap:UseRightsMembersva:YihooBiotechCoLtdMembersva:ChinaConstructionBankMember2024-12-310001084201us-gaap:FairValueMeasurementsRecurringMember2025-12-310001084201srt:ParentCompanyMember2025-01-012025-12-310001084201us-gaap:MachineryAndEquipmentMembersrt:MaximumMember2025-12-310001084201sva:DeferredGovernmentGrantsForPropertyPlantAndEquipmentMember2025-12-310001084201sva:OutsideChineseMainlandMember2023-01-012023-12-310001084201us-gaap:ShippingAndHandlingMember2024-01-012024-12-310001084201sva:ChineseMainlandPrivateMarketMember2024-01-012024-12-310001084201sva:SinovacBiotechHongKongLimitedMember2024-12-310001084201srt:MaximumMembersva:SinovacLifeSciencesCoLtdMembersva:BankOfBeijingMember2023-04-142023-04-140001084201sva:BankOfChengduMember2024-12-310001084201sva:CollectiveInvestmentSchemesNotSubjectToRedemptionRestrictionsMember2025-01-012025-12-310001084201sva:StatutorySurplusReservesMember2024-12-310001084201sva:SinovacBiotechYidaoCoLtdMembersrt:MaximumMembersva:ChinaConstructionBankMember2023-05-310001084201us-gaap:AdditionalPaidInCapitalMember2025-12-310001084201sva:InstituteOfProcessEngineeringMember2023-01-012023-12-310001084201us-gaap:RelatedPartyMembersva:ConstructionSupervisorServiceMembersva:MrWeidongYinMember2023-01-012023-12-310001084201srt:ParentCompanyMember2023-12-310001084201sva:SinovacBeijingMembersrt:MaximumMembersva:ChinaConstructionBankMember2024-09-292024-09-290001084201sva:PatentLicenseAgreementMembersva:NationalInstituteOfHealthMember2025-01-012025-12-310001084201srt:ParentCompanyMember2022-12-310001084201sva:SinovacBiomedCoMember2024-12-310001084201us-gaap:RelatedPartyMembersva:SinoBiowayBiotechGroupHoldingLimitedMember2025-01-012025-12-310001084201sva:DalianJinGangGroupMember2024-01-012024-12-310001084201srt:MinimumMembersva:SinovacBeijingMembersva:BankOfBeijingMember2025-06-270001084201sva:ExportMember2024-01-012024-12-310001084201us-gaap:ShortTermInvestmentsMember2024-12-310001084201sva:ShortTermEquitySecuritiesMember2025-01-012025-12-310001084201sva:ChinaConstructionBankTermLoanMembersva:SinovacBiotechYidaoCoLtdMemberus-gaap:BuildingMembersva:ChinaConstructionBankMember2024-12-310001084201sva:SinovacLifeSciencesCoLtdMember2024-12-310001084201us-gaap:AccountingStandardsUpdate202309Member2025-12-310001084201us-gaap:OperatingSegmentsMembersva:PneumococcalConjugateVaccineMember2025-01-012025-12-310001084201us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-12-310001084201sva:SinovacBeijingMembersva:BankOfBeijingMember2025-06-270001084201us-gaap:VehiclesMember2024-12-310001084201sva:OfficeEquipmentAndFurnitureMember2024-12-310001084201sva:BankOfBeijingMember2024-12-310001084201sva:StatutorySurplusReservesMember2022-12-310001084201sva:InstituteOfProcessEngineeringMember2024-01-012024-12-310001084201us-gaap:NoncontrollingInterestMember2023-12-310001084201us-gaap:NoncontrollingInterestMember2025-01-012025-12-310001084201sva:EmployeeIncentivePlanMember2022-06-300001084201sva:SinovacBusinessServicesDalianCoLtdMember2024-12-310001084201sva:SinovacHoldingGroupCoLtdMember2024-12-310001084201sva:KeyvacMember2024-12-310001084201sva:BogotaBioMember2024-12-310001084201us-gaap:OperatingSegmentsMember2023-01-012023-12-310001084201us-gaap:OperatingSegmentsMembersva:PneumococcalConjugateVaccineMember2023-01-012023-12-310001084201sva:VivoInnovationFundIILPMember2024-12-310001084201us-gaap:ParentMember2022-12-310001084201sva:ChinaMerchantsBankMembersva:SinovacBeijingMembersrt:MaximumMember2025-03-072025-03-070001084201sva:ShortTermAndLongTermBankLoansMember2024-12-310001084201sva:ChineseMainlandPublicMarketMember2025-01-012025-12-310001084201us-gaap:NoncontrollingInterestMember2022-12-310001084201sva:SinovacBeijingMembersva:ChinaConstructionBankMembersrt:MaximumMember2024-09-290001084201us-gaap:OperatingSegmentsMembersva:BivalentEnterovirusVaccineMember2025-01-012025-12-310001084201us-gaap:NoncontrollingInterestMember2024-01-012024-12-310001084201sva:YihooBiotechCoLtdMembersva:ChinaConstructionBankMember2023-11-290001084201us-gaap:AdditionalPaidInCapitalMember2023-12-310001084201sva:SinovacBiotechYidaoCoLtdMembersva:ChinaConstructionBankMember2023-05-310001084201sva:ChinaConstructionBankMember2025-12-310001084201us-gaap:SubsequentEventMember2026-01-010001084201us-gaap:RelatedPartyMembersva:KeyvacBiyolojikUrunlerSanayiVeTicaretMember2025-01-012025-12-310001084201sva:PlantAndBuildingMembersrt:MaximumMember2025-12-310001084201srt:ParentCompanyMember2023-01-012023-12-310001084201us-gaap:OperatingSegmentsMembersva:BivalentEnterovirusVaccineMember2024-01-012024-12-310001084201sva:SinovacChengduMember2025-12-310001084201sva:SinovacLifeSciencesCoLtdMembersva:BankOfBeijingMember2023-04-142023-04-140001084201us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-12-310001084201sva:TradeAccountsReceivableAgingGreaterThanOneYearMember2025-12-310001084201us-gaap:ShortTermInvestmentsMember2025-12-310001084201sva:SinovacAntiguasMember2025-04-012025-04-300001084201country:CN2024-12-310001084201sva:SinovacChengduMember2024-09-242024-09-240001084201us-gaap:VehiclesMember2025-12-310001084201sva:OfficeEquipmentAndFurnitureMembersrt:MinimumMember2025-12-310001084201sva:UPHBiopharmaceuticalPrivateLimitedMember2024-12-3100010842012025-12-310001084201sva:MachineryEquipmentAndLeaseholdImprovementsMember2024-12-310001084201us-gaap:LandMember2025-01-012025-12-310001084201sva:BankOfChinaMembersva:SinovacBeijingMember2024-09-232024-09-230001084201srt:MinimumMembersva:SinovacBeijingMembersva:ChinaConstructionBankMember2024-09-292024-09-290001084201us-gaap:ResearchAndDevelopmentArrangementMember2025-01-012025-12-310001084201srt:MinimumMemberus-gaap:ComputerSoftwareIntangibleAssetMember2025-12-310001084201us-gaap:DomesticCountryMember2025-01-012025-12-310001084201sva:SinovacChengduMembersva:BankOfChengduMembersrt:MaximumMember2025-03-130001084201srt:MaximumMember2025-01-012025-12-310001084201sva:SinoBiowayBiotechGroupHoldingLimitedMembersva:OperatingLeaseAgreementsProductionPlantAndLaboratoryMember2025-01-012025-12-310001084201country:CNsva:SinovacBeijingSinovacDalianAndSinovacLSMember2025-01-012025-12-310001084201us-gaap:OperatingSegmentsMembersva:AdsorbedTetanusVaccineMember2023-01-012023-12-310001084201sva:SinovacBeijingMembersva:ChinaConstructionBankMember2025-12-310001084201us-gaap:VehiclesMembersrt:MinimumMember2025-12-310001084201sva:ChinaEverbrightBankMember2025-12-310001084201sva:SinovacChengduMember2025-01-012025-12-310001084201us-gaap:ForeignCountryMember2025-01-012025-12-310001084201us-gaap:CommonStockMembersva:SinovacBeijingSinovacLSAndSinovacDalianMember2024-01-012024-12-310001084201sva:TwoTrustsMember2024-01-012024-12-310001084201sva:SinovacChengduMembersva:ChinaMinshengBankingMember2025-03-122025-03-120001084201us-gaap:RetainedEarningsMember2024-12-310001084201sva:SynermoreBiologicsSuzhouCoLtdMemberus-gaap:RelatedPartyMember2023-01-012023-12-310001084201sva:InstituteOfProcessEngineeringMember2025-01-012025-12-310001084201sva:SinovacBeijingMembersva:ChinaConstructionBankMember2024-09-290001084201us-gaap:LandMember2024-12-310001084201us-gaap:ShortTermInvestmentsMember2025-01-012025-12-310001084201sva:ChinaMerchantsBankMembersva:SinovacBeijingMember2025-12-310001084201srt:MinimumMembersva:BankOfChinaMembersva:SinovacBeijingMember2024-09-230001084201us-gaap:RelatedPartyMember2024-12-310001084201us-gaap:FairValueMeasurementsRecurringMember2024-12-310001084201sva:PrcSubsidiariesMember2025-01-012025-12-310001084201sva:SinovacBeijingMembersva:BankOfBeijingMember2025-06-272025-06-270001084201us-gaap:ComputerSoftwareIntangibleAssetMember2025-12-310001084201us-gaap:AdditionalPaidInCapitalMember2025-01-012025-12-310001084201us-gaap:ConstructionInProgressMember2024-12-310001084201sva:ManagementServiceAgreementMembersva:DalianJinGangGroupMember2025-01-012025-12-310001084201us-gaap:CommonStockMember2023-01-012023-12-310001084201sva:PatentLicenseAgreementMembersrt:MaximumMembersva:NationalInstituteOfHealthMember2009-08-012009-08-310001084201us-gaap:RelatedPartyMembersva:VaccinesSalesMembersva:KeyvacBiyolojikUrunlerSanayiVeTicaretMember2025-01-012025-12-310001084201sva:KeyvacBiyolojikUniinterSanayiVeTicaretAnonimSirketiMember2025-01-012025-12-310001084201sva:RabiesVaccineForHumanUseMemberus-gaap:OperatingSegmentsMember2025-01-012025-12-310001084201sva:SkyMemberus-gaap:SubsequentEventMember2026-04-242026-04-240001084201srt:MaximumMembersva:SinovacLifeSciencesCoLtdMembersva:BankOfBeijingMember2023-04-140001084201us-gaap:OperatingSegmentsMembersva:GroupAcyw135MeningococcalConjugateVaccineMember2024-01-012024-12-310001084201sva:SinovacBiomedCoMember2025-12-310001084201sva:SinovacChengduMember2024-09-240001084201us-gaap:RetainedEarningsMember2025-01-012025-12-310001084201sva:EmployeeIncentivePlanMember2024-01-012024-12-310001084201sva:ChinaMerchantsBankMembersva:SinovacLifeSciencesCoLtdMember2024-01-220001084201us-gaap:AdditionalPaidInCapitalMember2023-01-012023-12-310001084201sva:ChinaMerchantsBankMembersva:SinovacChengduMember2025-12-310001084201sva:PlantAndBuildingMembersrt:MinimumMember2025-12-310001084201sva:InstituteOfBiophysicsChineseAcademyOfSciencesMember2023-01-012023-12-310001084201sva:TradeAccountsReceivableAgingWithinOneYearMember2024-12-3100010842012008-01-012008-12-310001084201sva:SinovacBusinessServicesDalianCoLtdMember2025-12-310001084201sva:CashCollateralHeldAsGuaranteeForSalesContractsMember2024-12-310001084201us-gaap:RetainedEarningsMember2023-01-012023-12-310001084201sva:UphMember2024-01-012024-12-310001084201us-gaap:MachineryAndEquipmentMembersrt:MinimumMember2025-12-310001084201us-gaap:InProcessResearchAndDevelopmentMember2025-12-310001084201sva:SinovacBiotechSingaporePteLtdMember2024-12-310001084201sva:SynermoreBiologicsSuzhouCoLtdMemberus-gaap:RelatedPartyMember2024-01-012024-12-310001084201us-gaap:OperatingSegmentsMember2024-01-012024-12-310001084201sva:ChinaMerchantsBankMembersva:SinovacLifeSciencesCoLtdMember2024-01-222024-01-220001084201sva:ChinaMerchantsBankMembersrt:MinimumMembersva:SinovacBeijingMember2025-03-070001084201us-gaap:CommonStockMember2024-01-012024-12-310001084201sva:GovernmentGrantsForPropertyPlantAndEquipmentMember2025-01-012025-12-310001084201srt:MinimumMembersva:BankOfChinaMembersva:SinovacBeijingMember2024-09-232024-09-230001084201us-gaap:CommonStockMember2025-12-310001084201sva:TwoTrustsMember2024-12-310001084201us-gaap:RelatedPartyMembersva:GlobeCapitalLLCMember2025-01-012025-12-310001084201sva:ChinaEverbrightBankMember2024-12-310001084201sva:ChinaMerchantsBankMembersva:SinovacChengduMember2025-08-130001084201sva:InstituteOfBiophysicsChineseAcademyOfSciencesMember2024-01-012024-12-310001084201sva:SinovacLifeSciencesCoLtdMember2025-12-310001084201us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001084201srt:ParentCompanyMember2024-01-012024-12-310001084201us-gaap:MachineryAndEquipmentMember2025-12-310001084201sva:OthersEquityInvestmentMember2024-01-012024-12-310001084201us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001084201sva:CashDepositedIntoEscrowAccountsInConnectionWithDeclaredDividendsAndInterestMember2024-12-310001084201sva:CashCollateralHeldAsGuaranteeForSalesContractsMember2025-12-310001084201sva:SinovacChengduMembersva:ChinaCITICBankMember2025-01-260001084201us-gaap:LeaseholdImprovementsMember2024-12-310001084201sva:GovernmentGrantsForResearchAndDevelopmentMember2025-01-012025-12-310001084201sva:SKYBiologicsCoLtdMember2025-01-012025-12-310001084201sva:ChongqingEvaheartMEDICALDeviceCoLtdMember2024-12-310001084201sva:SkyMember2023-01-012023-12-310001084201sva:BankOfChinaMembersva:SinovacBeijingMembersrt:MaximumMember2024-09-230001084201sva:LongTermInvestmentsMember2024-01-012024-12-310001084201country:HKsva:SinovacHongKongMember2025-01-012025-12-310001084201us-gaap:ParentMember2023-01-012023-12-310001084201us-gaap:OperatingSegmentsMembersva:ResearchAndDevelopmentExpenseOtherMember2023-01-012023-12-310001084201sva:VivoInnovationFundIILPMember2024-01-012024-12-310001084201sva:ChinaMinshengBankingMember2025-12-310001084201us-gaap:NoncontrollingInterestMember2025-12-310001084201country:CNsva:PrcSubsidiariesMember2025-01-012025-12-310001084201us-gaap:LeaseholdImprovementsMember2025-12-310001084201sva:OutsideChineseMainlandMember2024-01-012024-12-310001084201sva:SecuritiesPurchaseAgreementMember2025-01-012025-12-310001084201sva:ChinaCITICBankMember2024-12-310001084201sva:VIVOSuzhouHealthIndustryInvestmentFundLPMember2024-01-012024-12-310001084201sva:VivoInnovationFundIILPMember2025-01-012025-12-310001084201us-gaap:ComputerSoftwareIntangibleAssetMembersrt:MaximumMember2025-12-310001084201us-gaap:RelatedPartyMembersva:GlobeCapitalLLCMember2023-01-012023-12-310001084201sva:VivoCoInvestSLPMember2025-12-310001084201sva:PrcSubsidiariesMember2024-01-012024-12-310001084201sva:StatutorySurplusReservesMember2025-01-012025-12-310001084201sva:SinovacChengduMembersva:BankOfChengduMember2025-03-132025-03-130001084201sva:SynermoreMember2024-12-310001084201us-gaap:ComputerSoftwareIntangibleAssetMember2024-12-310001084201sva:BankOfBeijingMember2025-12-310001084201sva:UPHBiopharmaceuticalPrivateLimitedMember2025-01-012025-12-310001084201country:HK2025-01-012025-12-310001084201sva:ChineseMainlandPublicMarketMember2024-01-012024-12-310001084201us-gaap:RetainedEarningsMember2022-12-310001084201sva:BankOfChinaMember2025-12-310001084201sva:SinovacChengduMembersva:BankOfChinaMember2025-03-120001084201sva:ChinaConstructionBankMembersva:SinovacLifeSciencesCoLtdMember2025-12-310001084201sva:UPHBiopharmaceuticalPrivateLimitedMember2024-01-012024-12-310001084201sva:SynermoreMember2025-12-310001084201us-gaap:UseRightsMembersva:SinovacBiotechYidaoCoLtdMembersva:ChinaConstructionBankMember2024-12-310001084201sva:ChinaConstructionBankMember2024-12-310001084201sva:RabiesVaccineForHumanUseMemberus-gaap:OperatingSegmentsMember2024-01-012024-12-310001084201us-gaap:UseRightsMember2025-12-310001084201sva:SynermoreBiologicsSuzhouCoLtdMemberus-gaap:RelatedPartyMembersva:VaccinePharmacovigilanceServicesMember2024-01-012024-12-310001084201sva:ChengduRuralCommercialBankMembersva:SinovacChengduMember2025-03-270001084201sva:ExportMember2023-01-012023-12-310001084201sva:UPHBiopharmaceuticalPrivateLimitedMember2025-12-310001084201sva:BankOfChinaMembersva:SinovacBeijingMember2025-12-310001084201sva:SingleInvestorTrustProductsNotSubjectToRedemptionRestrictionsMember2025-01-012025-12-310001084201sva:ChineseMainlandPrivateMarketMember2025-01-012025-12-310001084201sva:ChengduRuralCommercialBankMember2025-12-310001084201sva:SinovacBiotechHongKongLimitedMember2025-12-310001084201sva:CollectiveInvestmentSchemesNotSubjectToRedemptionRestrictionsMember2025-12-310001084201sva:ExportMember2025-01-012025-12-310001084201srt:MinimumMembersva:ChinaConstructionBankMembersva:SinovacLifeSciencesCoLtdMember2025-01-092025-01-090001084201country:CNsva:PrcSubsidiariesMember2023-01-012023-12-310001084201sva:ManagementServiceAgreementMembersva:DalianJinGangGroupMember2019-01-012019-12-310001084201sva:SinovacBiotechYidaoCoLtdMembersrt:MinimumMembersva:ChinaConstructionBankMember2023-05-310001084201sva:Held-To-MaturityDebtInvestmentsNetMember2025-12-310001084201sva:KeyvacMember2025-12-310001084201sva:TwoTrustsMember2023-01-012023-12-310001084201sva:DalianJinGangGroupMember2025-12-310001084201sva:ChinaConstructionBankMembersva:SinovacLifeSciencesCoLtdMember2025-01-092025-01-090001084201sva:InstituteOfBiophysicsChineseAcademyOfSciencesMember2025-01-012025-12-310001084201sva:LongTermInvestmentsMember2023-01-012023-12-310001084201sva:SinovacChengduMembersrt:MinimumMembersva:BankOfChengduMember2025-03-130001084201sva:KeyvacMember2021-12-310001084201sva:GlobeCapitalLLCMembersva:AntiguaLitigationMember2025-01-012025-12-310001084201sva:ChineseMainlandPrivateMarketMember2023-01-012023-12-310001084201sva:VIVOSuzhouHealthIndustryInvestmentFundLPMember2025-12-310001084201srt:MinimumMembersva:PatentLicenseAgreementMembersva:NationalInstituteOfHealthMember2009-08-012009-08-310001084201sva:PentavalentDtap-IpvHibCombinationVaccineMemberus-gaap:OperatingSegmentsMember2023-01-012023-12-310001084201us-gaap:RelatedPartyMember2025-12-310001084201sva:ChongqingEvaheartMEDICALDeviceCoLtdMember2024-01-012024-12-310001084201sva:ShortTermAndLongTermBankLoansMember2025-12-310001084201us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001084201sva:SKYBiologicsCoLtdMember2024-12-310001084201us-gaap:OperatingSegmentsMember2025-01-012025-12-310001084201sva:DalianJinGangGroupMember2017-12-310001084201sva:DalianJinGangGroupMember2025-01-012025-12-310001084201sva:DalianJinGangGroupMember2024-12-310001084201sva:PrcSubsidiariesMember2024-12-310001084201sva:MachineryEquipmentAndLeaseholdImprovementsMember2025-12-310001084201us-gaap:CommonStockMember2022-12-3100010842012023-01-012023-12-310001084201country:HK2024-12-310001084201us-gaap:CommonStockMember2023-12-310001084201sva:LoanOneMembersva:KeyvacMember2025-01-012025-12-310001084201us-gaap:ParentMember2024-01-012024-12-310001084201sva:ShortTermEquitySecuritiesMember2024-01-012024-12-310001084201sva:ChengduRuralCommercialBankMembersva:SinovacChengduMember2025-12-310001084201sva:SynermoreMembersva:MarketAndPromoterManagementServiceAgreementMember2025-01-012025-12-310001084201sva:SinovacBiotechCompanyLtdMember2024-12-310001084201us-gaap:ParentMember2025-01-012025-12-310001084201sva:CollectiveInvestmentSchemesSubjectToRedemptionRestrictionsMember2025-01-012025-12-310001084201sva:VivoCoInvestSLPMember2024-12-310001084201sva:USLitigationMember2025-01-012025-12-310001084201country:CN2025-01-012025-12-310001084201sva:SKYBiologicsCoLtdMember2024-01-012024-12-310001084201country:CNsva:PrcSubsidiariesMember2024-01-012024-12-310001084201us-gaap:CommonStockMembersva:SecuritiesPurchaseAgreementMember2025-01-012025-12-310001084201sva:SecuritiesPurchaseAgreementMember2023-01-012023-12-310001084201sva:SynermoreBiologicsSuzhouCoLtdMemberus-gaap:RelatedPartyMembersva:VaccinePharmacovigilanceServicesMember2025-01-012025-12-310001084201sva:GovernmentGrantsForPropertyPlantAndEquipmentMember2023-12-310001084201sva:BankOfChinaMembersva:SinovacBeijingMembersrt:MaximumMember2024-09-232024-09-230001084201us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001084201us-gaap:OperatingSegmentsMembersva:ResearchAndDevelopmentExpenseOtherMember2024-01-012024-12-310001084201us-gaap:OperatingSegmentsMembersva:GroupAcyw135MeningococcalConjugateVaccineMember2023-01-012023-12-310001084201sva:InstituteForTranslationalVaccinologyMember2014-01-012014-12-310001084201us-gaap:RelatedPartyMembersva:KeyvacBiyolojikUrunlerSanayiVeTicaretMember2024-01-012024-12-310001084201sva:ChinaMerchantsBankMember2025-12-310001084201us-gaap:OperatingSegmentsMembersva:GroupAcyw135MeningococcalConjugateVaccineMember2025-01-012025-12-310001084201sva:TwoTrustsMember2025-01-012025-12-310001084201sva:SinovacChengduMembersva:ChinaCITICBankMember2025-12-310001084201us-gaap:RelatedPartyMembersva:SinoBiowayBiotechGroupHoldingLimitedMember2024-01-012024-12-310001084201us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001084201sva:SynermoreBiologicsSuzhouCoLtdMemberus-gaap:RelatedPartyMembersva:VaccinePharmacovigilanceServicesMember2023-01-012023-12-310001084201us-gaap:AdditionalPaidInCapitalMember2024-12-310001084201us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-12-310001084201sva:RabiesVaccineForHumanUseMemberus-gaap:OperatingSegmentsMember2023-01-012023-12-310001084201us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001084201us-gaap:OperatingSegmentsMembersva:AdsorbedTetanusVaccineMember2025-01-012025-12-310001084201country:CN2025-01-012025-12-310001084201sva:PlantAndBuildingMember2024-12-310001084201us-gaap:CommonStockMember2025-01-012025-12-310001084201sva:SinovacChengduMembersva:BankOfChinaMember2025-12-310001084201us-gaap:CapitalAdditionsMember2024-01-012024-12-310001084201sva:VIVOSuzhouHealthIndustryInvestmentFundLPMember2025-01-012025-12-310001084201sva:SinovacLifeSciencesCoLtdMembersva:BankOfBeijingMember2025-12-310001084201sva:SinovacBeijingMembersva:ChinaConstructionBankMember2024-09-292024-09-290001084201sva:VivoInnovationFundIILPMember2025-12-310001084201sva:CollectiveInvestmentSchemesSubjectToRedemptionRestrictionsMember2025-12-310001084201sva:SkyMembersva:KedingInvestmentHongKongLimitedMember2023-12-310001084201sva:BankOfChengduMember2025-12-310001084201sva:SinovacChengduMembersva:BankOfChengduMember2025-03-130001084201us-gaap:ShortTermInvestmentsMember2024-01-012024-12-310001084201sva:GovernmentGrantsForResearchAndDevelopmentMember2024-01-012024-12-3100010842012025-04-012025-04-300001084201country:CN2025-12-310001084201sva:ChengduRuralCommercialBankMembersva:SinovacChengduMember2025-03-272025-03-2700010842012025-01-012025-12-310001084201sva:KeyvacMember2025-01-012025-12-310001084201srt:MinimumMembersva:SinovacLifeSciencesCoLtdMembersva:BankOfBeijingMember2023-04-140001084201sva:ChinaMerchantsBankMembersva:SinovacBeijingMembersrt:MaximumMember2025-03-070001084201us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001084201sva:AmericanTypeCultureCollectionMember2025-01-012025-12-310001084201us-gaap:CommonStockMembersva:SinovacLSMember2025-01-012025-12-310001084201sva:StatutorySurplusReservesMember2024-01-012024-12-310001084201us-gaap:ShippingAndHandlingMember2023-01-012023-12-310001084201us-gaap:ParentMember2025-12-310001084201sva:BankOfChinaMember2024-12-310001084201country:AG2025-01-012025-12-310001084201sva:ConstructionSupervisorServiceMember2025-01-012025-12-310001084201country:HKsva:SinovacHongKongMember2025-01-012025-12-310001084201us-gaap:RelatedPartyMembersva:ConstructionSupervisorServiceMembersva:MrWeidongYinMember2024-01-012024-12-310001084201us-gaap:TradeAccountsReceivableMember2025-12-310001084201sva:GovernmentGrantsForResearchAndDevelopmentMember2024-12-3100010842012023-12-310001084201sva:BankOfChinaMembersva:SinovacBeijingMember2024-09-230001084201us-gaap:RetainedEarningsMember2023-12-310001084201sva:BogotaBioMember2025-12-310001084201sva:ChinaConstructionBankTermLoanMembersva:SinovacBiotechYidaoCoLtdMemberus-gaap:BuildingMembersva:ChinaConstructionBankMember2025-12-310001084201us-gaap:NoncontrollingInterestMember2024-12-310001084201sva:StatutorySurplusReservesMember2023-01-012023-12-310001084201us-gaap:AdditionalPaidInCapitalMember2024-01-012024-12-310001084201sva:CashDepositedIntoEscrowAccountsInConnectionWithDeclaredDividendsAndInterestMember2025-12-310001084201us-gaap:RetainedEarningsMember2024-01-012024-12-310001084201us-gaap:InProcessResearchAndDevelopmentMember2025-01-012025-12-310001084201us-gaap:RelatedPartyMembersva:ConstructionSupervisorServiceMembersva:MrWeidongYinMember2025-01-012025-12-310001084201us-gaap:AdditionalPaidInCapitalMember2022-12-310001084201sva:GovernmentGrantsForResearchAndDevelopmentMember2025-12-310001084201us-gaap:MachineryAndEquipmentMember2024-12-310001084201sva:SynermoreMember2025-01-012025-12-310001084201sva:UphMember2025-12-310001084201sva:EmployeeIncentivePlanMember2025-01-012025-12-310001084201sva:GlobeCapitalLLCMember2025-12-310001084201sva:SinovacChengduMembersva:BankOfChinaMember2025-03-122025-03-120001084201sva:SinovacBiotechCompanyLtdMember2025-12-310001084201us-gaap:UseRightsMember2025-01-012025-12-310001084201sva:CashAndCashEquivalentsToBePaidUnderTrustForIncentiveMember2024-12-310001084201sva:SinovacChengduMembersva:BankOfChengduMember2025-12-310001084201us-gaap:CommonStockMember2024-12-310001084201us-gaap:LandMember2025-12-310001084201srt:MinimumMembersva:SinovacLifeSciencesCoLtdMembersva:BankOfBeijingMember2023-04-142023-04-140001084201sva:ChineseMainlandPublicMarketMember2023-01-012023-12-310001084201us-gaap:ShippingAndHandlingMember2025-01-012025-12-310001084201sva:KeyvacBiyolojikUniinterSanayiVeTicaretAnonimSirketiMember2025-12-310001084201sva:SinovacLifeSciencesCoLtdMembersva:BankOfBeijingMember2023-04-140001084201sva:Held-To-MaturityDebtInvestmentsNetMember2024-12-310001084201sva:SingleInvestorTrustProductsSubjectToRedemptionRestrictionsMember2025-12-310001084201sva:SkyMembersva:SinovacHongKongMember2023-12-310001084201us-gaap:RelatedPartyMembersva:VaccinesSalesMembersva:KeyvacBiyolojikUrunlerSanayiVeTicaretMember2023-01-012023-12-310001084201sva:ChinaMerchantsBankMember2024-12-310001084201sva:ChinaMerchantsBankMembersrt:MaximumMembersva:SinovacLifeSciencesCoLtdMember2025-12-310001084201us-gaap:VehiclesMembersrt:MaximumMember2025-12-310001084201sva:ChinaMerchantsBankMembersva:SinovacLifeSciencesCoLtdMember2025-12-310001084201us-gaap:CapitalAdditionsMember2025-01-012025-12-310001084201us-gaap:OperatingSegmentsMembersva:PneumococcalConjugateVaccineMember2024-01-012024-12-310001084201sva:EmployeeIncentivePlanMember2025-12-310001084201sva:PrcSubsidiariesMember2025-12-310001084201sva:SkyMember2023-08-310001084201us-gaap:OperatingSegmentsMembersva:ResearchAndDevelopmentExpenseOtherMember2025-01-012025-12-310001084201sva:SinovacBiotechYidaoCoLtdMembersva:ChinaConstructionBankMember2023-05-312023-05-310001084201sva:ChinaConstructionBankMembersva:SinovacLifeSciencesCoLtdMember2025-01-090001084201us-gaap:UseRightsMembersrt:MinimumMember2025-12-310001084201us-gaap:CommonStockMembersva:StockOptionPlan2012Member2023-01-012023-12-310001084201sva:CashAndCashEquivalentsToBePaidUnderTrustForIncentiveMember2025-12-310001084201us-gaap:RelatedPartyMembersva:GlobeCapitalLLCMember2024-01-012024-12-310001084201sva:SingleInvestorTrustProductsSubjectToRedemptionRestrictionsMember2025-01-012025-12-3100010842012024-01-012024-12-310001084201dei:BusinessContactMember2025-01-012025-12-310001084201sva:StatutorySurplusReservesMember2023-12-310001084201sva:TradeAccountsReceivableAgingGreaterThanOneYearMember2024-12-31iso4217:EURxbrli:puresva:Votesva:Segmentsva:Trustxbrli:sharesiso4217:USDxbrli:sharessva:Agreementiso4217:CNYsva:Grantiso4217:USD\n\n \n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, DC 20549\n\nFORM 20-F\n\n(Mark One)\n\n☐\n\nREGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nOR\n\n☒\n\nANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\nFor the fiscal year ended December 31, 2025\n\n \n\n \n\n \n\nOR\n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nOR\n\n☐\n\nSHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nDate of event requiring this shell company report\n\n \n\nFor the transition period from to\n\n \n\nCommission file number: 001-32371\n\n \n\nSINOVAC BIOTECH LTD.\n\n(Exact name of Registrant as specified in its charter)\n\nN/A\n\n(Translation of Registrant's name into English)\n\nAntigua, West Indies\n\n(Jurisdiction of incorporation or organization)\n\nNo. 39 Shangdi Xi Road,\n\nHaidian District, Beijing 100085\n\nPeople's Republic of China\n\n(Address of principal executive offices)\n\nNan Wang\n\nChief Financial Officer\n\nNo. 39 Shangdi Xi Road,\n\nHaidian District, Beijing 100085\n\nPeople's Republic of China\n\nTel: +86-10-5693-1800\n\nFax: +86-10-5693-1800\n\nE-mail: ir@sinovac.com\n\n(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)\n\n \n\nSecurities registered or to be registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n\nTrading Symbol(s)\n\n \n\nName of each exchange on which registered\n\nCommon Shares, par value $0.001 per share\n\n \n\nSVA\n\n \n\nThe NASDAQ Global Select Market\n \n\n \n\nSecurities registered or to be registered pursuant to Section 12(g) of the Act:\n\n \n\nNone\n\n(Title of Class)\n\n \n\nSecurities for which there is a reporting obligation pursuant to Section 15(d) of the Act:\n\n \n\nNone\n\n(Title of Class)\n\n \n\nIndicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report\n\n71,860,702 Common Shares as of December 31, 2025\n\n \n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.\n\n☐ Yes ☒ No\n\nIf this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.\n\n☐ Yes ☒ No\n\nIndicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.\n\n☐ Yes ☒ No\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or such shorter period that the registrant was required to submit such files).\n\n☒ Yes ☐ No\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of \"large accelerated filer,\" \"accelerated filer,\" and \"emerging growth company\" in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer ☐\n\nAccelerated filer ☒\n\nNon-accelerated filer ☐\n\nEmerging growth company ☐\n\n \n\nIf an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\n† The term \"new or revised financial accounting standard\" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.\n\n \n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒\n\n \n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐\n\n \n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\n \n\nIndicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:\n\nU.S. GAAP ☒\n\nInternational Financial Reporting Standards as issued by the International Accounting Standards Board ☐\n\nOther ☐\n\n \n\nIf \"Other\" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.\n\n☐ Item 17 ☐ Item 18\n\nIf this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).\n\n☐ Yes ☒ No\n\n(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)\n\n \n\nIndicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.\n\n☐ Yes ☐ No\n\n \n\nCONTENTS\n\n[INTRODUCTION](#introduction_)\n\n1\n\n \n\n[FORWARD-LOOKING INFORMATION](#forward_looking_information)\n\n1\n\n \n\n \n\n[PART I](#part_i)\n\n3\n\n \n\n[ITEM 1.](#item_1_identity_directors_senior_managem)\n\n[Identity of Directors, Senior Management and Advisers](#item_1_identity_directors_senior_managem)\n\n3\n\n[ITEM 2.](#item_2_fer_statistics_expected_timetable)\n\n[Offer Statistics and Expected Timetable](#item_2_fer_statistics_expected_timetable)\n\n3\n\n[ITEM 3.](#item3keyinformation)\n\n[Key Information](#item3keyinformation)\n\n3\n\n[ITEM 4.](#item_4_information_on_the_company)\n\n[Information on the Company](#item_4_information_on_the_company)\n\n37\n\n[ITEM 4A.](#item_4a_unresolved_staff_comments)\n\n[Unresolved Staff Comments](#item_4a_unresolved_staff_comments)\n\n45\n\n[ITEM 5.](#item_5_operating_financial_review_prospe)\n\n[Operating and Financial Review and Prospects](#item_5_operating_financial_review_prospe)\n\n46\n\n[ITEM 6.](#item_6_directors_senior_management)\n\n[Directors, Senior Management and Employees](#item_6_directors_senior_management)\n\n60\n\n[ITEM 7.](#item_7_major_shareholders)\n\n[Major Shareholders and Related Party Transactions](#item_7_major_shareholders)\n\n68\n\n[ITEM 8.](#item_8_financial_information)\n\n[Financial Information](#item_8_financial_information)\n\n70\n\n[ITEM 9.](#item_9_the_offer_and_listing)\n\n[The Offer and Listing](#item_9_the_offer_and_listing)\n\n74\n\n[ITEM 10.](#item_10_additional_information)\n\n[Additional Information](#item_10_additional_information)\n\n75\n\n[ITEM 11.](#item_11_quantitative_and_qualitative)\n\n[Quantitative and Qualitative Disclosures about Market Risk](#item_11_quantitative_and_qualitative)\n\n88\n\n[ITEM 12.](#item_12_description_of_securities_other_)\n\n[Description of Securities other than Equity Securities](#item_12_description_of_securities_other_)\n\n89\n\n \n\n[PART II](#part_ii)\n\n90\n\n \n\n[ITEM 13.](#item_13_defaults_dividend_arrearages_and)\n\n[Defaults, Dividend Arrearages and Delinquencies](#item_13_defaults_dividend_arrearages_and)\n\n90\n\n[ITEM 14.](#item_14_material_modifications_to_the)\n\n[Material Modifications to the Rights of Security Holders and Use of Proceeds](#item_14_material_modifications_to_the)\n\n90\n\n[ITEM 15.](#item_15_controls_and_procedures)\n\n[Controls and Procedures](#item_15_controls_and_procedures)\n\n90\n\n[ITEM 16A.](#item_16a_audit_committee_financial)\n\n[Audit Committee Financial Expert](#item_16a_audit_committee_financial)\n\n92\n\n[ITEM 16B.](#item_16b_code_of_ethics)\n\n[Code of Ethics](#item_16b_code_of_ethics)\n\n92\n\n[ITEM 16C.](#item_16c_principal_accountant_fees_and)\n\n[Principal Accountant Fees and Services](#item_16c_principal_accountant_fees_and)\n\n92\n\n[ITEM 16D.](#item_16d_exemptions_from_the_listing_)\n\n[Exemptions from the Listing Standards for Audit Committees](#item_16d_exemptions_from_the_listing_)\n\n93\n\n[ITEM 16E.](#item_16e_purchases_of_equity_securities)\n\n[Purchases of Equity Securities by the Issuer and Affiliated Purchasers](#item_16e_purchases_of_equity_securities)\n\n93\n\n[ITEM 16F.](#item_16f_change_in_registrant)\n\n[Change in Registrant's Certifying Accountant](#item_16f_change_in_registrant)\n\n93\n\n[ITEM 16G.](#item_16g_corporate_governance)\n\n[Corporate Governance](#item_16g_corporate_governance)\n\n94\n\n[ITEM 16H.](#item_16h_mine_safety_disclosure)\n\n[Mine Safety Disclosure](#item_16h_mine_safety_disclosure)\n\n94\n\n \n\n[ITEM 16I.](#item_16i_disclosure_regarding_foreign_)\n\n[Disclosure Regarding Foreign Jurisdictions That Prevent Inspections](#item_16i_disclosure_regarding_foreign_)\n\n94\n\n \n\n[ITEM 16J.](#item_16j_insider_trading_policies)\n\n[Insider Trading Policies](#item_16j_insider_trading_policies)\n\n94\n\n \n\n[ITEM 16K](#item_16k_cybersecurity)\n\n[Cybersecurity](#item_16k_cybersecurity)\n\n94\n\n \n\n \n\n[PART III](#part_iii)\n\n \n\n \n\n[ITEM 17.](#item_17_financial_statements)\n\n[Financial Statements](#item_17_financial_statements)\n\n96\n\n[ITEM 18.](#item_18_financial_statements)\n\n[Financial Statements](#item_18_financial_statements)\n\n96\n\n[ITEM 19.](#item_19_exhibits)\n\n[Exhibits](#item_19_exhibits)\n\n96\n\n \n\n \n\n \n\nINTRODUCTION\n\nIn this annual report on Form 20-F, unless otherwise indicated or unless the context otherwise requires,\n\n•\n\"Sinovac\", \"Sinovac Biotech\", \"Company\", \"we\", \"us\", \"our company\", and \"our\" refer to Sinovac Biotech Ltd., its predecessor entities and its consolidated subsidiaries;\n\n•\n\"Sinovac Antigua\" refers to Sinovac Biotech Ltd.;\n\n•\n\"Sinovac Hong Kong\" refers to Sinovac Biotech (Hong Kong) Limited;\n\n•\n\"China\", \"Chinese\" or the \"PRC\" refers to the People's Republic of China, including Taiwan and the special administrative regions of Hong Kong and Macau; provided, however, that in the context of describing the laws, rules, regulations, and regulatory authorities of the Chinese mainland, and any Chinese mainland entities or citizens subject to such laws, rules and regulations, and other legal or tax matters in this annual report on Form 20-F, \"China\", \"Chinese\" or the \"PRC\" refers only to the Chinese mainland, excluding Taiwan and the special administrative regions of Hong Kong and Macau;\n\n•\n\"Chinese Mainland Subsidiaries\" refer to our operating subsidiaries in the Chinese mainland, namely Sinovac Holding Group Co., Ltd. (\"Sinovac Beijing Holding\"), Sinovac Biotech Co., Ltd. (\"Sinovac Beijing\"), Sinovac (Dalian) Vaccine Technology Co., Ltd. (\"Sinovac Dalian\"), Sinovac Life Sciences Co., Ltd. (\"Sinovac LS\"), Sinovac Biomed Co., Ltd. (\"Sinovac Biomed\"), Sinovac Business Services (Dalian) Co., Ltd. (\"Sinovac Services\") and their respective subsidiaries in the Chinese mainland;\n\n•\n\"RMB\" or \"renminbi\" refers to the legal currency of the Chinese mainland; and \"$\" or \"U.S. dollars\" refers to the legal currency of the United States;\n\n•\n\"shares\" or \"common shares\" refers to Sinovac Antigua's common shares, par value $0.001 per share; and\n\n•\n\"U.S. GAAP\" refers to generally accepted accounting principles in the United States.\n\nDiscrepancies in any table between total amounts and the sum of the individual amounts listed therein are due to rounding.\n\nThis annual report contains translations of certain renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise stated, all translations from renminbi to U.S. dollars were made at a rate of RMB6.9891 to $1.00, the rate as set forth on Bloomberg on December 31, 2025. We make no representation that the renminbi or U.S. dollar amounts referred to in this annual report could have been or could be converted into U.S. dollars or renminbi, as the case may be, at any particular rate, or at all. On June 5, 2026, the rate as set forth on Bloomberg was RMB6.7756 to $1.00.\n\nFORWARD-LOOKING INFORMATION\n\nThis annual report contains forward-looking statements that reflect our current expectations and views of future events. These forward-looking statements are made under the \"safe harbor\" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Known and unknown risks, uncertainties and other factors, including those described in \"Item 3. Key Information—D. Risk Factors,\" may cause our actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements.\n\nYou can identify some of these forward-looking statements by words or phrases such as \"may\", \"might\", \"will\", \"would\", \"expect\", \"anticipate\", \"aim\", \"estimate\", \"intend\", \"plan\", \"believe\", \"is/are likely to\", \"potential\", \"continue\", or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy, and financial needs. These forward-looking statements relate to, among other things:\n\n•\nour goals and strategies,\n\n•\nour future business development, financial condition, and results of operations,\n\n•\nthe expected outlook of the vaccine markets in China and globally,\n\n•\nour expectations regarding demand for and market acceptance of our products,\n\n•\nour expectations regarding our relationships with hospitals, Centers for Disease Control (\"CDCs\") and end-users,\n\n•\ncompetition in our industry,\n\n•\nrelevant government policies and regulations relating to our industry, and\n\n•\ngeneral economic and business conditions globally and in China.\n\nThese forward-looking statements involve various risks and uncertainties. Although we believe that our expectations expressed in these forward-looking statements are reasonable, they may later be found to be incorrect. Our actual results of operations and financial performance could be\n\n1\n\n \n\n \n\nmaterially different from those anticipated in these forward-looking statements. Important risks and factors that could cause our actual results to be materially different from our expectations are generally set forth in \"Item 3. Key Information—D. Risk Factors\", \"Item 4. Information on the Company—B. Business Overview\", \"Item 5. Operating and Financial Review and Prospects\" and other sections in this annual report. You should thoroughly read this annual report and the documents that we refer to in this annual report with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.\n\nWe operate in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.\n\nYou should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in this annual report relate only to events or information as of the date on which the statements are made. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.\n\n2\n\n \n\n \n\nPART I"}