Marketingforce Management 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	FY 2021
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	898.33	790.92	138.02	203.51	215.66
Short-Term Investments	942.89	190.52	64.21	24.99	15.03
Cash & Short-Term Investments	1,845	981.44	202.23	228.49	230.69
Cash Growth	204.26%	385.31%	-11.49%	-0.95%	-
Accounts Receivable	287.8	143.7	112.66	130.89	174.22
Other Receivables	39.11	62.5	27.97	42.69	25.87
Receivables	326.91	206.2	140.63	173.57	200.08
Prepaid Expenses	26.57	31.26	23.64	20.59	26.13
Restricted Cash	8.22	1.07	20.48	9.11	-
Other Current Assets	2,419	1,691	1,686	1,331	1,075
Total Current Assets	4,626	2,911	2,072	1,762	1,532
Property, Plant & Equipment	96.98	121.39	208.67	294.09	265.52
Other Intangible Assets	2.96	3.78	2.88	3.76	5.09
Long-Term Deferred Tax Assets	-	-	-	0.06	0.02
Long-Term Deferred Charges	2.36	2.22	1.39	1.11	0.36
Other Long-Term Assets	13.84	14.08	17.46	14.99	8
Total Assets	4,742	3,053	2,303	2,076	1,811
Accounts Payable	54.67	75.09	50.95	43.67	15.57
Accrued Expenses	36.04	34.48	39.75	44.2	45.4
Current Portion of Long-Term Debt	1,547	1,023	1,844	412.88	507.43
Current Portion of Leases	30.69	37.99	54.3	71.36	43.25
Current Income Taxes Payable	0.04	0.04	0.01	0.01	4.36
Current Unearned Revenue	369.55	363.18	513.32	420.55	359.39
Other Current Liabilities	689.06	744.75	602.31	564.3	190.88
Total Current Liabilities	2,727	2,278	3,104	1,557	1,166
Long-Term Debt	-	-	-	1,096	942.48
Long-Term Leases	39.82	49.43	89.64	136.6	126.28
Long-Term Unearned Revenue	62.51	64.99	66.34	64.72	57.3
Long-Term Deferred Tax Liabilities	-	-	-	-	0.01
Other Long-Term Liabilities	47.78	2.13	3.37	1.58	1.43
Total Liabilities	2,877	2,395	3,264	2,856	2,294
Common Stock	0	0	0	0	0
Retained Earnings	-	-1,558	-681.04	-511.56	-295.11
Comprehensive Income & Other	1,806	2,216	-279.66	-268.33	-187.58
Shareholders' Equity	1,865	658.09	-960.7	-779.89	-482.69
Total Liabilities & Equity	4,742	3,053	2,303	2,076	1,811
Total Debt	1,617	1,110	1,988	1,717	1,619
Net Cash (Debt)	227.38	-128.57	-1,785	-1,489	-1,389
Net Cash Per Share	0.94	-0.61	-10.62	-8.86	-9.25
Filing Date Shares Outstanding	249.83	236.16	235.16	168.09	150.11
Total Common Shares Outstanding	249.83	236.16	178.62	168.09	150.11
Working Capital	1,899	633.18	-1,032	205.47	365.81
Book Value Per Share	7.23	2.79	-5.38	-4.64	-3.22
Tangible Book Value	1,803	654.31	-963.58	-783.65	-487.78
Tangible Book Value Per Share	7.22	2.77	-5.39	-4.66	-3.25
Machinery	-	137.96	158.16	156.78	133.36
Leasehold Improvements	-	87.84	98.08	86.67	62.27

Updated Jun 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.