Busy Ming Group Balance Sheet

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Cash & Equivalents	3,028	1,936	1,721	388.27
Short-Term Investments	235.72	367.31	82	72.31
Trading Asset Securities	-	30.11	-	50
Cash & Short-Term Investments	3,264	2,333	1,803	510.57
Cash Growth	-	29.43%	253.10%	-
Accounts Receivable	27.55	153.11	60.03	3.63
Other Receivables	329.82	287.86	71.09	22.88
Receivables	357.38	440.97	131.12	26.52
Inventory	2,491	1,674	632.18	200.17
Restricted Cash	5.19	5.09	10.04	12.2
Other Current Assets	1,211	1,660	318.93	13.07
Total Current Assets	7,328	6,114	2,895	762.52
Property, Plant & Equipment	720.84	513.75	292.3	69.83
Long-Term Investments	99.66	75.97	61.67	-
Goodwill	2,250	2,250	2,250	-
Other Intangible Assets	1,011	1,030	1,020	5.94
Long-Term Deferred Tax Assets	91.48	159.57	102.71	28.75
Other Long-Term Assets	44.14	24.97	76.11	65.98
Total Assets	11,545	10,168	6,699	933.01
Accounts Payable	1,488	1,495	602.12	117.81
Accrued Expenses	597.07	442.14	315.11	32.18
Short-Term Debt	-	491	-	-
Current Portion of Leases	169.77	110.64	74.92	19.86
Current Income Taxes Payable	283.47	219.06	102	6.84
Current Unearned Revenue	744.03	763.22	404.66	48.51
Other Current Liabilities	536.3	383.01	124.87	29.96
Total Current Liabilities	3,819	3,904	1,624	255.15
Long-Term Leases	137.21	147.27	66.68	31.83
Long-Term Unearned Revenue	119.61	139.97	160.63	53.84
Long-Term Deferred Tax Liabilities	247.11	249.09	252.94	0.09
Total Liabilities	4,323	4,440	2,104	340.92
Additional Paid-In Capital	-	24.72	15.3	5.5
Retained Earnings	2,156	912.41	110.99	87.73
Comprehensive Income & Other	4,867	4,791	4,461	498.87
Total Common Equity	7,222	5,728	4,588	592.09
Minority Interest	-	-	7.25	-
Shareholders' Equity	7,222	5,728	4,595	592.09
Total Liabilities & Equity	11,545	10,168	6,699	933.01
Total Debt	306.98	748.91	141.6	51.69
Net Cash (Debt)	2,957	1,585	1,661	458.88
Net Cash Growth	-	-4.62%	262.02%	-
Net Cash Per Share	16.03	12.29	34.00	12.51
Filing Date Shares Outstanding	200	147.05	48.86	36.69
Total Common Shares Outstanding	200	147.05	48.86	36.69
Working Capital	3,509	2,210	1,271	507.37
Book Value Per Share	36.11	38.95	93.89	16.14
Tangible Book Value	3,961	2,448	1,317	586.16
Tangible Book Value Per Share	19.80	16.65	26.95	15.98
Machinery	122.42	94.92	50.21	21.7
Construction In Progress	191.14	60.06	5.82	3.29
Leasehold Improvements	77.44	37.82	12.86	4.26

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