Shanghai REFIRE Group 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	498.04	883.36	664.51	1,079	276.22
Short-Term Investments	14.73	90.11	88.66	61.81	6.73
Trading Asset Securities	15.41	91.04	-	335.8	-
Cash & Short-Term Investments	528.17	1,064	753.17	1,477	282.95
Cash Growth	-50.38%	41.34%	-49.01%	422.03%	-67.19%
Accounts Receivable	1,886	2,049	1,583	1,266	923.55
Other Receivables	-	20.57	13.53	15.68	25.52
Receivables	1,886	2,070	1,597	1,281	949.07
Inventory	235.02	296.88	239.87	276.93	259.97
Prepaid Expenses	-	16.78	16.35	21.94	39.8
Restricted Cash	8.26	0.05	0.75	59.9	-
Other Current Assets	179.92	112.57	177.74	55.17	28.75
Total Current Assets	2,838	3,561	2,785	3,172	1,561
Property, Plant & Equipment	671.24	485.31	522.22	505.15	526.17
Long-Term Investments	430.46	265.3	191.58	105.1	75.38
Other Intangible Assets	18.04	18.48	22.46	30.2	33.58
Long-Term Accounts Receivable	216.48	290.45	434.72	254.62	269.69
Long-Term Deferred Tax Assets	11.28	14.63	12.92	10.67	9.34
Other Long-Term Assets	86.44	57.37	67.89	63.17	19.54
Total Assets	4,272	4,692	4,037	4,141	2,494
Accounts Payable	780.07	873.82	650.74	566.26	561.53
Accrued Expenses	-	56.41	68.13	98.31	75.14
Short-Term Debt	576.51	364.47	-	-	-
Current Portion of Long-Term Debt	461.53	643.99	428.97	269.08	654.32
Current Portion of Leases	62.21	66.66	60.4	15.52	15.42
Current Income Taxes Payable	0.05	0.15	1.06	3.45	11.14
Current Unearned Revenue	13.88	91.21	40.06	17.98	26.15
Other Current Liabilities	222.4	36.93	67.9	57.48	29.97
Total Current Liabilities	2,117	2,134	1,317	1,028	1,374
Long-Term Debt	144.08	471.85	750.19	729.09	403.74
Long-Term Leases	221.58	55.45	125.32	60.86	75.29
Long-Term Unearned Revenue	40.46	61.04	72.13	64.07	63.06
Other Long-Term Liabilities	46.14	31.06	21.22	19.91	42.04
Total Liabilities	2,569	2,753	2,286	1,902	1,958
Common Stock	88.7	86.14	81.31	81.31	65
Additional Paid-In Capital	-	-	-	3,723	1,557
Retained Earnings	-	-2,904	-2,166	-1,637	-1,131
Treasury Stock	-2.56	-	-	-	-
Comprehensive Income & Other	1,712	4,854	3,910	103.93	75.24
Total Common Equity	1,798	2,036	1,824	2,272	566.02
Minority Interest	-95.21	-97.06	-73.94	-32.42	-29.57
Shareholders' Equity	1,703	1,939	1,750	2,239	536.46
Total Liabilities & Equity	4,272	4,692	4,037	4,141	2,494
Total Debt	1,466	1,602	1,365	1,075	1,149
Net Cash (Debt)	-937.74	-537.92	-611.71	402.51	-865.82
Net Cash Per Share	-10.85	-6.59	-7.52	5.35	-13.32
Filing Date Shares Outstanding	86.67	86.14	81.31	75.17	65
Total Common Shares Outstanding	86.67	86.14	81.31	75.17	65
Working Capital	721.16	1,427	1,468	2,144	186.87
Book Value Per Share	20.75	23.64	22.44	30.22	8.71
Tangible Book Value	1,780	2,018	1,802	2,241	532.44
Tangible Book Value Per Share	20.54	23.42	22.16	29.82	8.19
Buildings	-	77.05	69.3	65.51	59.13
Machinery	-	502.04	463.72	380.74	319.48
Construction In Progress	-	22.59	38.14	11.51	18.55
Leasehold Improvements	-	194.27	189.34	174.43	160.88

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