Kweichow Moutai 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	51,753	59,296	69,070	58,274	51,810	36,091
Short-Term Investments	4,686	126,294	103,045	116,173	135,067	117,797
Trading Asset Securities	-	248.51	400.71	-	-	-
Cash & Short-Term Investments	56,439	185,839	172,516	174,447	186,878	153,888
Cash Growth	-6.38%	7.72%	-1.11%	-6.65%	21.44%	17.80%
Accounts Receivable	5,235	2,003	74.31	126.39	-	1,533
Other Receivables	71.07	29.96	27.5	31.82	33.16	34.49
Receivables	144,214	11,358	6,115	158.21	33.16	1,970
Inventory	55,859	54,343	46,435	38,824	33,394	28,869
Other Current Assets	74.48	187.15	105.99	3,182	460.64	925.17
Total Current Assets	256,587	251,727	225,173	216,611	220,766	185,652
Property, Plant & Equipment	24,934	24,432	22,361	22,354	20,157	18,673
Long-Term Investments	5,543	5,544	9,325	380.69	2,230	20.14
Other Intangible Assets	8,649	8,850	8,572	7,083	6,208	4,817
Long-Term Deferred Tax Assets	5,812	5,520	4,646	3,595	2,237	1,123
Long-Term Deferred Charges	303.29	250.63	378.07	336.99	139.34	147.72
Other Long-Term Assets	184.84	240.02	113.7	5.34	5.24	9.83
Total Assets	304,738	298,945	272,700	254,501	255,168	213,396
Accounts Payable	2,822	3,515	3,093	2,408	2,010	1,342
Accrued Expenses	471.95	10,473	9,646	8,840	10,319	9,444
Current Portion of Leases	57.45	111.95	57.05	109.35	104.32	-
Current Income Taxes Payable	6,840	3,032	2,639	2,769	5,254	2,424
Current Unearned Revenue	7,749	9,592	14,126	15,472	12,718	13,322
Other Current Liabilities	20,823	29,792	19,137	19,466	27,508	19,142
Total Current Liabilities	38,763	56,516	48,698	49,066	57,914	45,674
Long-Term Leases	205.12	313.91	266.64	334.45	296.47	-
Long-Term Deferred Tax Liabilities	64.66	103.37	78.94	162.63	-	1.46
Total Liabilities	39,033	56,933	49,043	49,563	58,211	45,675
Common Stock	1,256	1,256	1,256	1,256	1,256	1,256
Additional Paid-In Capital	1,375	1,374	1,374	1,375	1,375	1,375
Retained Earnings	260,440	230,485	213,043	194,860	186,921	158,697
Comprehensive Income & Other	-1.06	-9	-5.15	-10.78	-13.02	-5.33
Total Common Equity	257,070	233,106	215,669	197,480	189,539	161,323
Minority Interest	8,635	8,905	7,988	7,458	7,418	6,398
Shareholders' Equity	265,705	242,011	223,656	204,938	196,958	167,721
Total Liabilities & Equity	304,738	298,945	272,700	254,501	255,168	213,396
Total Debt	262.56	425.86	323.69	443.8	400.79	-
Net Cash (Debt)	56,177	185,413	172,192	174,003	186,477	153,888
Net Cash Growth	-6.30%	7.68%	-1.04%	-6.69%	21.18%	17.80%
Net Cash Per Share	44.77	147.59	137.07	138.53	148.44	122.49
Filing Date Shares Outstanding	1,253	1,256	1,256	1,256	1,256	1,256
Total Common Shares Outstanding	1,253	1,256	1,256	1,256	1,256	1,256
Working Capital	217,824	195,211	176,475	167,546	162,851	139,978
Book Value Per Share	205.22	185.56	171.68	157.20	150.88	128.42
Tangible Book Value	248,421	224,256	207,096	190,397	183,331	156,506
Tangible Book Value Per Share	198.32	178.52	164.86	151.57	145.94	124.59
Buildings	-	32,291	29,021	27,591	24,498	22,132
Machinery	-	3,926	3,594	3,725	3,159	3,053
Construction In Progress	-	2,150	2,137	2,208	2,322	2,447

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