Qilu Expressway Company Balance Sheet

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	229.45	216.69	398.96	679.61	587.48
Short-Term Investments	293.22	1,110	436.85	22.3	3
Trading Asset Securities	-	-	200.8	1,005	-
Cash & Short-Term Investments	522.68	1,327	1,037	1,707	590.47
Cash Growth	-60.60%	27.99%	-39.27%	189.05%	8.92%
Accounts Receivable	799.22	631.5	773.23	490.03	191.74
Receivables	799.22	631.5	773.23	490.03	191.74
Inventory	47.94	25.71	43.75	17.36	3.92
Restricted Cash	3.09	4.07	2.3	0.61	-
Other Current Assets	214.05	73.69	49.35	198.52	42.02
Total Current Assets	1,587	2,062	1,905	2,413	828.15
Property, Plant & Equipment	2,306	2,271	534.64	388.51	382.75
Long-Term Investments	164.54	115.69	563.46	285.44	21.34
Other Intangible Assets	16,067	16,503	10,570	6,304	5,376
Long-Term Deferred Tax Assets	16.41	10.73	8.75	4.08	1.94
Other Long-Term Assets	356.95	112.94	924.62	1,017	22.46
Total Assets	20,497	21,076	14,507	10,413	6,633
Accounts Payable	2,066	3,379	787.07	311.94	148.65
Accrued Expenses	120.14	48.06	111.16	122.99	163.77
Current Portion of Long-Term Debt	524.5	841.21	545.69	339.84	352.15
Current Portion of Leases	14.8	2.82	2.9	3.24	2.87
Current Income Taxes Payable	4.45	10.28	23	18.64	54.47
Other Current Liabilities	626.95	570.04	252.71	311.62	178.38
Total Current Liabilities	3,357	4,852	1,723	1,108	900.28
Long-Term Debt	10,429	9,768	6,557	3,425	2,224
Long-Term Leases	74.02	64.01	67.19	70.21	73.04
Long-Term Unearned Revenue	6.15	5.31	5	2.46	-
Long-Term Deferred Tax Liabilities	182.1	145.2	84.3	57.47	20.94
Other Long-Term Liabilities	21.63	17.35	19.17	20.91	22.56
Total Liabilities	14,070	14,851	8,455	4,685	3,241
Common Stock	2,000	2,000	2,000	2,000	2,000
Retained Earnings	2,255	2,096	1,937	1,797	1,392
Comprehensive Income & Other	1,988	1,988	1,988	1,812	-
Total Common Equity	6,243	6,084	5,925	5,610	3,392
Minority Interest	184.43	140.87	127.06	118.42	-
Shareholders' Equity	6,427	6,225	6,052	5,728	3,392
Total Liabilities & Equity	20,497	21,076	14,507	10,413	6,633
Total Debt	11,042	10,676	7,173	3,839	2,652
Net Cash (Debt)	-10,520	-9,349	-6,136	-2,132	-2,061
Net Cash Per Share	-5.26	-4.67	-3.07	-1.07	-1.03
Filing Date Shares Outstanding	2,000	2,000	2,000	2,000	2,000
Total Common Shares Outstanding	2,000	2,000	2,000	2,000	2,000
Working Capital	-1,770	-2,790	182.69	1,305	-72.13
Book Value Per Share	3.12	3.04	2.96	2.80	1.70
Tangible Book Value	-9,824	-10,419	-4,645	-694.7	-1,984
Tangible Book Value Per Share	-4.91	-5.21	-2.32	-0.35	-0.99
Buildings	-	227.64	112.21	107.95	95.5
Machinery	-	2,267	549.75	548.26	536.45
Construction In Progress	-	40.15	182.97	14.99	1.54

Source: S&P Global Market Intelligence. Standard template. Financial Sources.