Tianjin Tianbao Energy 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	71.55	128.8	144.31	153.31	186.14
Accounts Receivable	126.25	126.35	113.33	97.95	55.38
Other Receivables	36.7	40.8	45.42	43.21	23.85
Inventory	0.91	0.72	5.42	8.65	10.07
Other Current Assets	27.86	34.93	42.58	18.48	3.35
Total Current Assets	263.28	331.59	351.06	321.61	278.79
Property, Plant & Equipment	683.39	720.51	723.93	728.55	588.67
Goodwill	1.61	1.61	0.54	0.54	0.54
Other Intangible Assets	7.81	8.26	5.08	6.09	2.46
Long-Term Deferred Tax Assets	6.76	7.18	7.24	6.38	1.84
Other Long-Term Assets	-	1.61	1.25	1.25	1.25
Total Assets	962.84	1,071	1,089	1,064	873.55
Accounts Payable	67.83	76.92	57.72	121.32	92.92
Accrued Expenses	11.38	11.19	9.05	10.41	7.78
Short-Term Debt	95.8	177.37	-	-	-
Current Portion of Long-Term Debt	88.52	40.83	269.41	226.66	188.2
Current Unearned Revenue	8.8	9.66	7.41	8.2	22.66
Current Portion of Leases	0.36	0.41	0.14	0.24	0.13
Current Income Taxes Payable	5.35	5.99	5.91	8.52	2.3
Other Current Liabilities	7.81	12.4	42.5	62.67	4.47
Total Current Liabilities	285.85	334.77	392.15	438.02	318.46
Long-Term Debt	156.35	216.09	180.96	100.67	109.94
Long-Term Leases	0.95	1.18	1.19	1.33	1.47
Long-Term Unearned Revenue	44.41	47.08	50.67	53.47	25.86
Long-Term Deferred Tax Liabilities	5.85	6.02	5.33	5.46	5.59
Total Liabilities	493.4	605.13	630.3	598.95	461.33
Common Stock	159.92	159.92	159.92	159.92	159.92
Retained Earnings	-	76.89	72.36	75.94	68.06
Comprehensive Income & Other	162.54	79.53	79.53	79.53	79.14
Total Common Equity	322.46	316.35	311.82	315.4	307.12
Minority Interest	146.98	149.3	146.98	150.06	105.11
Shareholders' Equity	469.44	465.64	458.79	465.46	412.22
Total Liabilities & Equity	962.84	1,071	1,089	1,064	873.55
Total Debt	341.99	435.88	451.7	328.9	299.74
Net Cash (Debt)	-270.43	-307.08	-307.4	-175.59	-113.6
Net Cash Per Share	-1.69	-1.92	-1.92	-1.10	-0.71
Filing Date Shares Outstanding	159.92	159.92	159.92	159.92	159.92
Total Common Shares Outstanding	159.92	159.92	159.92	159.92	159.92
Working Capital	-22.57	-3.18	-41.09	-116.41	-39.67
Book Value Per Share	2.02	1.98	1.95	1.97	1.92
Tangible Book Value	313.04	306.47	306.2	308.77	304.13
Tangible Book Value Per Share	1.96	1.92	1.91	1.93	1.90
Buildings	175.39	174.89	174.89	157.81	157.81
Machinery	1,006	1,000	957.08	806.95	732.3
Construction In Progress	4.83	1.95	1.51	108.87	0.78

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