Shede Spirits 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	1,440	1,543	2,422	2,448	1,973	1,348
Trading Asset Securities	-	0.11	601.92	1,308	1,416	-
Cash & Short-Term Investments	1,440	1,543	3,024	3,756	3,389	1,348
Cash Growth	-30.02%	-48.96%	-19.50%	10.84%	151.48%	-15.82%
Accounts Receivable	527.78	502.61	534.76	322.97	346.32	475.02
Other Receivables	49.01	54.69	51.51	47.56	37.69	509.46
Receivables	576.79	557.3	586.27	370.53	384.01	984.48
Inventory	5,677	5,219	4,424	3,583	2,794	2,554
Prepaid Expenses	-	13.68	26	38.88	0.69	-
Other Current Assets	78.96	103.41	39.07	18.71	22.7	45.78
Total Current Assets	7,773	7,437	8,099	7,767	6,590	4,932
Property, Plant & Equipment	3,741	3,521	2,343	1,547	1,026	876.91
Long-Term Investments	165.89	18.23	19.35	14.08	13.98	113.98
Other Intangible Assets	457.66	422.9	416.84	303.37	303.96	277.47
Long-Term Deferred Tax Assets	267.03	210.41	88.55	60.93	68.34	57.8
Long-Term Deferred Charges	28.32	33.44	37.53	40.24	55.07	83.23
Other Long-Term Assets	126.12	158.92	117.64	64.88	35.88	112.52
Total Assets	12,558	11,802	11,122	9,798	8,093	6,454
Accounts Payable	1,160	632.08	643.03	770.54	488.31	327.84
Accrued Expenses	159.51	1,042	1,140	1,076	1,016	901.65
Short-Term Debt	1,103	763.28	37.77	3.97	19.82	446
Current Portion of Long-Term Debt	59.74	14.39	81.26	-	-	-
Current Portion of Leases	-	6.99	10.41	11.35	-	-
Current Income Taxes Payable	205.74	80.84	316.59	417.39	413.32	212.53
Current Unearned Revenue	112.71	164.82	276.55	297.51	658.2	368.14
Other Current Liabilities	1,122	1,361	897.65	555.62	412.56	371.75
Total Current Liabilities	3,924	4,066	3,404	3,133	3,008	2,628
Long-Term Debt	971.35	431.44	39.41	25	-	-
Long-Term Leases	-	2.59	7.11	17.52	49.79	-
Long-Term Unearned Revenue	153.49	98.91	65.57	62.88	23.29	25.34
Pension & Post-Retirement Benefits	18.15	0.95	-	-	-	-
Long-Term Deferred Tax Liabilities	61.86	50.33	41.1	22.11	15.34	17.43
Other Long-Term Liabilities	19.42	21.07	-	-	-	1.99
Total Liabilities	5,148	4,671	3,557	3,260	3,097	2,673
Common Stock	332.76	333.17	333.18	333.2	332.07	336.18
Additional Paid-In Capital	805.14	815.64	843.9	812.85	736.05	890.05
Retained Earnings	6,439	6,107	6,471	5,204	3,784	2,622
Treasury Stock	-502.44	-459.04	-425.63	-32.64	-64.52	-268.17
Comprehensive Income & Other	15.06	11.79	13.48	12.05	6.32	0.47
Total Common Equity	7,089	6,808	7,236	6,329	4,794	3,580
Minority Interest	321.11	322.99	328.24	208.23	202.4	201.12
Shareholders' Equity	7,410	7,131	7,565	6,538	4,997	3,781
Total Liabilities & Equity	12,558	11,802	11,122	9,798	8,093	6,454
Total Debt	2,134	1,219	175.96	57.84	69.62	446
Net Cash (Debt)	-693.92	324.81	2,848	3,699	3,320	901.66
Net Cash Growth	-	-88.59%	-23.00%	11.42%	268.16%	18.49%
Net Cash Per Share	-2.16	0.99	8.59	11.17	10.02	2.71
Filing Date Shares Outstanding	328.56	329.22	333.17	333.2	332.07	332.64
Total Common Shares Outstanding	328.56	330.25	333.18	333.2	332.07	332.64
Working Capital	3,849	3,372	4,695	4,635	3,582	2,304
Book Value Per Share	21.58	20.62	21.72	19.00	14.44	10.76
Tangible Book Value	6,632	6,385	6,820	6,026	4,490	3,303
Tangible Book Value Per Share	20.18	19.33	20.47	18.09	13.52	9.93
Buildings	-	2,076	1,190	1,034	896.63	852.72
Machinery	-	1,850	1,649	1,146	1,052	1,013
Construction In Progress	-	857.88	725.76	457.19	105.54	54.8

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.