Quzhou Xin'an Development 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	5,371	5,551	6,452	5,934	9,510	16,534
Trading Asset Securities	18.69	18.99	1,035	1,475	1,689	2,644
Cash & Short-Term Investments	5,389	5,570	7,487	7,409	11,199	19,179
Cash Growth	-22.79%	-25.60%	1.05%	-33.85%	-41.60%	-1.07%
Accounts Receivable	20.12	21.18	17.16	13.68	21.7	68.54
Other Receivables	1,454	1,482	1,974	4,233	9,947	7,364
Receivables	1,475	1,503	1,991	4,246	9,969	7,432
Inventory	29,830	29,659	31,995	40,523	46,744	48,466
Prepaid Expenses	-	-	374.5	1,124	2,078	1,520
Other Current Assets	756.26	820.94	378.93	326.77	329.93	473.9
Total Current Assets	37,451	37,553	42,226	53,629	70,320	77,071
Property, Plant & Equipment	995.26	1,005	633.5	659.86	391.15	474.67
Long-Term Investments	49,734	49,153	48,697	50,908	48,129	48,833
Other Intangible Assets	1,185	1,184	1,184	1,186	1,187	1,208
Long-Term Deferred Tax Assets	1,978	1,957	1,958	2,001	2,231	1,870
Long-Term Deferred Charges	10.41	10.39	3.02	4.44	9.44	22.32
Other Long-Term Assets	2,266	2,303	2,326	2,482	2,234	3,018
Total Assets	93,619	93,166	97,028	110,871	124,501	132,497
Accounts Payable	2,278	2,535	3,308	3,866	3,513	4,179
Accrued Expenses	11.64	16.04	1,827	1,295	528.52	564.79
Short-Term Debt	8,498	8,242	12,985	10,079	8,730	9,583
Current Portion of Long-Term Debt	6,456	5,291	11,704	4,885	8,745	6,886
Current Portion of Leases	-	-	0.41	6.02	5.35	6.72
Current Income Taxes Payable	2,942	3,452	1,870	1,533	1,078	1,376
Current Unearned Revenue	4,693	4,558	5,145	16,630	30,721	28,343
Other Current Liabilities	11,021	10,461	6,876	7,590	8,002	11,788
Total Current Liabilities	35,899	34,554	43,715	45,884	61,322	62,728
Long-Term Debt	12,018	12,873	10,480	20,954	20,873	28,522
Long-Term Leases	0.16	-	0.18	5.07	10.32	16.28
Long-Term Unearned Revenue	116.88	116.88	116.88	124.52	138.77	139.93
Long-Term Deferred Tax Liabilities	74.36	70.31	50.37	107.35	67.21	36.12
Other Long-Term Liabilities	3,402	3,902	220.73	107.59	120.3	292.43
Total Liabilities	51,511	51,516	54,583	67,183	82,532	91,735
Common Stock	8,509	8,509	8,509	8,509	8,599	8,599
Additional Paid-In Capital	8,513	8,513	8,858	10,256	9,599	9,383
Retained Earnings	26,723	26,409	26,856	25,846	24,377	22,629
Treasury Stock	-198.74	-150.53	-150.53	-	-600.1	-600.1
Comprehensive Income & Other	-1,757	-1,966	-2,176	-1,876	-816.07	30.47
Total Common Equity	41,789	41,314	41,897	42,734	41,159	40,042
Minority Interest	319.01	336.06	548.1	953.58	810.24	720.15
Shareholders' Equity	42,108	41,650	42,445	43,688	41,970	40,762
Total Liabilities & Equity	93,619	93,166	97,028	110,871	124,501	132,497
Total Debt	26,971	26,406	35,170	35,929	38,364	45,014
Net Cash (Debt)	-21,582	-20,836	-27,683	-28,521	-27,165	-25,836
Net Cash Per Share	-2.48	-2.39	-3.27	-3.32	-3.22	-3.12
Filing Date Shares Outstanding	8,499	9,453	8,445	8,509	8,434	8,408
Total Common Shares Outstanding	8,499	9,453	8,445	8,509	8,434	8,408
Working Capital	1,551	2,999	-1,489	7,745	8,998	14,343
Book Value Per Share	4.92	4.37	4.96	5.02	4.88	4.76
Tangible Book Value	40,605	40,129	40,713	41,548	39,972	38,834
Tangible Book Value Per Share	4.78	4.25	4.82	4.88	4.74	4.62
Buildings	-	-	725.02	756.13	450.13	502.8
Machinery	-	-	127.39	133.23	125.88	155.33
Construction In Progress	-	-	0.39	0.39	0.39	4.86

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