Marketingforce Management 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	1,244	790.92	138.02	203.51	215.66
Short-Term Investments	947.23	190.52	64.21	24.99	15.03
Cash & Short-Term Investments	2,191	981.44	202.23	228.49	230.69
Cash Growth	123.27%	385.31%	-11.49%	-0.95%	-
Accounts Receivable	576.81	143.7	112.66	130.89	174.22
Other Receivables	-	62.5	27.97	42.69	25.87
Receivables	576.81	206.2	140.63	173.57	200.08
Inventory	8.58	-	-	-	-
Prepaid Expenses	-	31.26	23.64	20.59	26.13
Restricted Cash	0.11	1.07	20.48	9.11	-
Other Current Assets	2,348	1,691	1,686	1,331	1,075
Total Current Assets	5,125	2,911	2,072	1,762	1,532
Property, Plant & Equipment	83.03	121.39	208.67	294.09	265.52
Other Intangible Assets	2.22	3.78	2.88	3.76	5.09
Long-Term Deferred Tax Assets	2.5	-	-	0.06	0.02
Long-Term Deferred Charges	3.05	2.22	1.39	1.11	0.36
Other Long-Term Assets	13.66	14.08	17.46	14.99	8
Total Assets	5,229	3,053	2,303	2,076	1,811
Accounts Payable	105.84	75.09	50.95	43.67	15.57
Accrued Expenses	-	34.48	39.75	44.2	45.4
Current Portion of Long-Term Debt	1,843	1,023	1,844	412.88	507.43
Current Portion of Leases	36.78	37.99	54.3	71.36	43.25
Current Income Taxes Payable	2.58	0.04	0.01	0.01	4.36
Current Unearned Revenue	535.33	363.18	513.32	420.55	359.39
Other Current Liabilities	607.22	744.75	602.31	564.3	190.88
Total Current Liabilities	3,131	2,278	3,104	1,557	1,166
Long-Term Debt	-	-	-	1,096	942.48
Long-Term Leases	19.97	49.43	89.64	136.6	126.28
Long-Term Unearned Revenue	107.01	64.99	66.34	64.72	57.3
Long-Term Deferred Tax Liabilities	-	-	-	-	0.01
Other Long-Term Liabilities	61.65	2.13	3.37	1.58	1.43
Total Liabilities	3,320	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	1,864	2,216	-279.66	-268.33	-187.58
Total Common Equity	1,864	658.09	-960.7	-779.89	-482.69
Minority Interest	45.33	-	-	-	-
Shareholders' Equity	1,909	658.09	-960.7	-779.89	-482.69
Total Liabilities & Equity	5,229	3,053	2,303	2,076	1,811
Total Debt	1,900	1,110	1,988	1,717	1,619
Net Cash (Debt)	291.07	-128.57	-1,785	-1,489	-1,389
Net Cash Per Share	1.15	-0.61	-10.62	-8.86	-9.25
Filing Date Shares Outstanding	258.42	236.16	235.16	168.09	150.11
Total Common Shares Outstanding	258.42	236.16	178.62	168.09	150.11
Working Capital	1,994	633.18	-1,032	205.47	365.81
Book Value Per Share	7.21	2.79	-5.38	-4.64	-3.22
Tangible Book Value	1,862	654.31	-963.58	-783.65	-487.78
Tangible Book Value Per Share	7.20	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.