Shanghai Belling Balance Sheet

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	1,062	1,248	1,166	739.41	731.36	1,317
Trading Asset Securities	-	-	361.74	426.97	729.55	764.27
Cash & Short-Term Investments	1,062	1,248	1,528	1,166	1,461	2,081
Cash Growth	-26.71%	-18.36%	31.01%	-20.16%	-29.79%	96.76%
Accounts Receivable	734.75	906.52	993.88	681.33	504.12	370
Other Receivables	6.94	37.67	55.41	38.06	48.28	70.54
Receivables	741.69	944.19	1,049	719.38	552.41	440.54
Inventory	1,163	963.41	816.9	720.35	663.42	403.94
Other Current Assets	76.22	27.53	28.84	39.27	87.67	28.8
Total Current Assets	3,043	3,183	3,423	2,645	2,764	2,954
Property, Plant & Equipment	165.57	170.22	155.73	173.7	117.24	107.22
Long-Term Investments	-	651.08	300.71	-	-	-
Goodwill	731.36	731.36	731.36	731.36	731.36	456.26
Other Intangible Assets	72.53	74.71	77.23	87.15	95.85	52.91
Long-Term Deferred Tax Assets	5.15	5.08	48.73	32.47	9.07	13.8
Long-Term Deferred Charges	14.73	12.73	10.13	6.47	2.48	2.77
Other Long-Term Assets	1,231	497.48	536.3	1,192	1,256	1,073
Total Assets	5,264	5,325	5,283	4,869	4,976	4,660
Accounts Payable	459.49	450.02	379.01	235.74	172.7	216.28
Accrued Expenses	72.37	167.72	141.58	91.17	63.6	122.44
Current Portion of Leases	-	12.26	11.61	13.43	6.72	7.15
Current Income Taxes Payable	16.5	13.51	10.62	-	6.06	29.77
Current Unearned Revenue	41.86	35.41	33.21	23.43	29.22	15.56
Other Current Liabilities	12.64	15.04	147.59	277.21	303.61	115.69
Total Current Liabilities	614.21	693.96	723.61	640.97	581.91	506.88
Long-Term Leases	16.68	18.71	31.6	42.92	18	22.46
Long-Term Unearned Revenue	27.77	30.01	23.57	23.09	16.68	20.15
Long-Term Deferred Tax Liabilities	42.13	42.29	79.89	87.38	116.87	114.14
Other Long-Term Liabilities	15.36	15.36	15.36	15.36	15.36	15.36
Total Liabilities	716.14	800.33	874.03	809.71	748.82	678.99
Common Stock	708.92	708.92	708.92	711.81	712.18	712.82
Additional Paid-In Capital	995.48	995.48	995.48	1,007	1,002	980.95
Retained Earnings	2,820	2,797	2,682	2,357	2,560	2,303
Treasury Stock	-	-	-	-40.2	-69.84	-82.35
Comprehensive Income & Other	23.21	23.21	23.21	23.21	23.21	23.21
Total Common Equity	4,547	4,525	4,409	4,059	4,227	3,937
Minority Interest	-	-	-	-	-	43.96
Shareholders' Equity	4,547	4,525	4,409	4,059	4,227	3,981
Total Liabilities & Equity	5,264	5,325	5,283	4,869	4,976	4,660
Total Debt	28.02	30.97	43.21	56.34	24.72	29.61
Net Cash (Debt)	1,034	1,217	1,485	1,110	1,436	2,051
Net Cash Growth	-26.46%	-18.07%	33.77%	-22.71%	-29.98%	94.42%
Net Cash Per Share	1.45	1.70	2.10	1.66	2.05	2.90
Filing Date Shares Outstanding	700.57	708.92	708.92	499.06	656.07	691.3
Total Common Shares Outstanding	700.57	708.92	708.92	499.06	656.07	691.3
Working Capital	2,429	2,489	2,700	2,004	2,183	2,447
Book Value Per Share	6.49	6.38	6.22	8.13	6.44	5.70
Tangible Book Value	3,744	3,719	3,601	3,241	3,400	3,428
Tangible Book Value Per Share	5.34	5.25	5.08	6.49	5.18	4.96
Buildings	-	136.18	115.37	115.37	94.09	94.09
Machinery	-	113.23	90.96	82.81	65.63	52.03
Construction In Progress	-	3.2	2.51	3.93	6.44	0.5

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