S.F. Holding 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	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Cash & Equivalents	19,393	33,936	41,975	41,063	35,315	16,418
Trading Asset Securities	25,647	11,246	6,810	7,385	10,384	6,277
Cash & Short-Term Investments	45,040	45,182	48,784	48,448	45,700	22,695
Cash Growth	-3.90%	-7.38%	0.69%	6.01%	101.37%	1.98%
Accounts Receivable	33,033	30,893	27,093	27,383	31,797	17,447
Other Receivables	4,105	814.79	1,408	1,544	2,186	903.67
Receivables	37,405	31,956	28,913	29,095	34,108	18,639
Inventory	2,635	2,432	2,440	1,948	1,547	986.95
Prepaid Expenses	-	37.36	38.15	33.52	23.52	18.05
Other Current Assets	7,723	9,079	10,815	11,149	12,734	9,338
Total Current Assets	92,802	88,687	90,991	90,673	94,112	51,677
Property, Plant & Equipment	69,051	69,886	72,036	70,237	62,794	27,737
Long-Term Investments	16,352	14,907	17,452	16,229	14,859	9,506
Goodwill	9,778	10,004	9,570	9,346	7,372	3,377
Other Intangible Assets	15,639	16,733	18,147	19,177	18,324	10,633
Long-Term Accounts Receivable	-	-	-	-	-	78.08
Long-Term Deferred Tax Assets	2,382	2,292	2,264	1,633	1,567	1,539
Long-Term Deferred Charges	3,155	3,198	3,291	311.76	343.24	540.9
Other Long-Term Assets	8,765	8,118	7,739	9,236	10,529	5,821
Total Assets	217,925	213,824	221,491	216,843	209,900	111,160
Accounts Payable	30,070	27,396	24,914	24,748	23,468	4,377
Accrued Expenses	4,750	8,472	7,917	8,325	6,979	6,539
Short-Term Debt	13,040	15,811	18,222	17,900	22,427	7,997
Current Portion of Long-Term Debt	7,525	2,305	3,429	4,262	2,289	2,743
Current Portion of Leases	-	5,501	5,770	6,597	5,990	4.93
Current Income Taxes Payable	2,226	1,679	1,394	1,631	2,067	1,264
Current Unearned Revenue	2,142	2,039	1,832	1,244	1,676	1,567
Other Current Liabilities	10,214	8,990	10,512	12,969	11,127	17,317
Total Current Liabilities	69,968	72,193	73,990	77,677	76,022	41,809
Long-Term Debt	23,386	26,128	30,150	26,400	19,167	10,291
Long-Term Leases	9,602	7,094	8,038	8,582	10,942	10.2
Long-Term Unearned Revenue	1,299	1,266	1,091	860.79	690.24	414.74
Pension & Post-Retirement Benefits	76.31	58.73	82.22	114.02	351.75	145.54
Long-Term Deferred Tax Liabilities	4,306	4,414	4,551	4,658	4,402	1,688
Other Long-Term Liabilities	313.9	333.25	305	265.09	409.81	42.26
Total Liabilities	108,950	111,489	118,207	118,557	111,985	54,400
Common Stock	5,039	4,986	4,895	4,895	4,906	4,556
Additional Paid-In Capital	42,598	44,353	42,762	42,944	45,382	23,865
Retained Earnings	46,148	42,311	41,774	34,875	29,614	26,732
Treasury Stock	-300.02	-758.08	-2,576	-2,040	-394.99	-394.99
Comprehensive Income & Other	4,789	1,101	5,934	5,590	3,436	1,684
Total Common Equity	98,274	91,993	92,790	86,264	82,943	56,443
Minority Interest	10,701	10,342	10,493	12,022	14,972	316.65
Shareholders' Equity	108,975	102,335	103,284	98,286	97,915	56,760
Total Liabilities & Equity	217,925	213,824	221,491	216,843	209,900	111,160
Total Debt	53,552	56,841	65,609	63,741	60,815	21,046
Net Cash (Debt)	-8,513	-11,658	-16,825	-15,293	-15,115	1,648
Net Cash Per Share	-1.72	-2.41	-3.47	-3.14	-3.28	0.36
Filing Date Shares Outstanding	5,032	4,965	4,844	4,856	4,895	4,545
Total Common Shares Outstanding	5,032	4,965	4,844	4,856	4,895	4,545
Working Capital	22,834	16,493	17,001	12,997	18,090	9,868
Book Value Per Share	19.53	18.53	19.16	17.77	16.94	12.42
Tangible Book Value	72,857	65,256	65,073	57,741	57,247	42,433
Tangible Book Value Per Share	14.48	13.14	13.43	11.89	11.69	9.34
Buildings	-	31,482	29,185	20,738	15,086	7,736
Machinery	-	56,515	53,895	47,835	42,250	28,892
Construction In Progress	-	2,986	4,033	11,150	8,571	5,380

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