Kweichow Moutai 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	48,787	51,702	59,302	69,070	58,274	51,810
Short-Term Investments	1,800	26,871	1,211	-	-	-
Trading Asset Securities	-	-	248.51	400.71	-	-
Cash & Short-Term Investments	50,587	78,573	60,762	69,471	58,274	51,810
Cash Growth	-6.17%	29.31%	-12.54%	19.21%	12.48%	43.55%
Accounts Receivable	3,564	4,460	2,003	74.31	126.39	-
Other Receivables	60.64	25.25	23.64	27.5	31.82	33.16
Receivables	160,025	112,461	136,435	109,160	116,331	135,100
Inventory	60,692	61,427	54,343	46,435	38,824	33,394
Other Current Assets	220.8	57.66	187.15	105.99	3,182	460.64
Total Current Assets	271,525	252,519	251,727	225,173	216,611	220,766
Property, Plant & Equipment	25,214	25,182	24,432	22,361	22,354	20,157
Long-Term Investments	7,739	8,862	5,544	9,325	380.69	2,230
Other Intangible Assets	8,611	8,686	8,850	8,572	7,083	6,208
Long-Term Deferred Tax Assets	5,687	6,602	5,520	4,646	3,595	2,237
Long-Term Deferred Charges	264.05	252.33	250.63	378.07	336.99	139.34
Other Long-Term Assets	147.8	178.58	240.02	113.7	5.34	5.24
Total Assets	319,919	303,835	298,945	272,700	254,501	255,168
Accounts Payable	3,672	4,007	3,515	3,093	2,408	2,010
Accrued Expenses	720.26	10,008	10,473	9,646	8,840	10,319
Current Portion of Leases	53.31	44.21	111.95	57.05	109.35	104.32
Current Income Taxes Payable	7,299	3,173	3,032	2,639	2,769	5,254
Current Unearned Revenue	3,027	8,007	9,592	14,126	15,472	12,718
Other Current Liabilities	23,684	24,372	29,792	19,137	19,466	27,508
Total Current Liabilities	38,456	49,610	56,516	48,698	49,066	57,914
Long-Term Leases	189.11	189.5	313.91	266.64	334.45	296.47
Long-Term Deferred Tax Liabilities	79.22	75.61	103.37	78.94	162.63	-
Total Liabilities	38,783	49,876	56,933	49,043	49,563	58,211
Common Stock	1,252	1,252	1,256	1,256	1,256	1,256
Additional Paid-In Capital	1.58	0.66	1,374	1,374	1,375	1,375
Retained Earnings	270,752	243,510	230,485	213,043	194,860	186,921
Treasury Stock	-1,112	-120.11	-	-	-	-
Comprehensive Income & Other	0.01	-4.86	-9	-5.15	-10.78	-13.02
Total Common Equity	270,894	244,638	233,106	215,669	197,480	189,539
Minority Interest	10,242	9,321	8,905	7,988	7,458	7,418
Shareholders' Equity	281,136	253,959	242,011	223,656	204,938	196,958
Total Liabilities & Equity	319,919	303,835	298,945	272,700	254,501	255,168
Total Debt	242.42	233.71	425.86	323.69	443.8	400.79
Net Cash (Debt)	50,344	78,339	60,336	69,147	57,831	51,409
Net Cash Growth	-6.12%	29.84%	-12.74%	19.57%	12.49%	42.44%
Net Cash Per Share	40.19	62.48	48.03	55.04	46.04	40.92
Filing Date Shares Outstanding	1,251	1,251	1,256	1,256	1,256	1,256
Total Common Shares Outstanding	1,251	1,251	1,256	1,256	1,256	1,256
Working Capital	233,069	202,908	195,211	176,475	167,546	162,851
Book Value Per Share	216.49	195.49	185.56	171.68	157.20	150.88
Tangible Book Value	262,283	235,952	224,256	207,096	190,397	183,331
Tangible Book Value Per Share	209.61	188.55	178.52	164.86	151.57	145.94
Buildings	-	34,239	32,291	29,021	27,591	24,498
Machinery	-	4,385	3,926	3,594	3,725	3,159
Construction In Progress	-	2,472	2,150	2,137	2,208	2,322

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