Shede Spirits 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	1,472	1,220	1,543	2,422	2,448	1,973
Trading Asset Securities	100.39	100.13	0.11	601.92	1,308	1,416
Cash & Short-Term Investments	1,573	1,320	1,543	3,024	3,756	3,389
Cash Growth	-0.45%	-14.47%	-48.96%	-19.50%	10.84%	151.48%
Accounts Receivable	761.83	427	502.61	534.76	322.97	346.32
Other Receivables	38.41	28.45	54.69	51.51	47.56	37.69
Receivables	800.24	455.45	557.3	586.27	370.53	384.01
Inventory	5,978	5,904	5,219	4,424	3,583	2,794
Prepaid Expenses	21.17	71.96	13.68	26	38.88	0.69
Other Current Assets	47.67	71.71	103.41	39.07	18.71	22.7
Total Current Assets	8,420	7,824	7,437	8,099	7,767	6,590
Property, Plant & Equipment	3,718	3,737	3,521	2,343	1,547	1,026
Long-Term Investments	165.59	163.83	18.23	19.35	14.08	13.98
Other Intangible Assets	429.26	433.04	422.9	416.84	303.37	303.96
Long-Term Deferred Tax Assets	314.83	312.15	210.41	88.55	60.93	68.34
Long-Term Deferred Charges	27.21	28.77	33.44	37.53	40.24	55.07
Other Long-Term Assets	131.83	116.23	158.92	117.64	64.88	35.88
Total Assets	13,207	12,615	11,802	11,122	9,798	8,093
Accounts Payable	810.74	555.27	632.08	643.03	770.54	488.31
Accrued Expenses	186.7	1,078	1,042	1,140	1,076	1,016
Short-Term Debt	1,452	1,158	763.28	37.77	3.97	19.82
Current Portion of Long-Term Debt	530.85	407.09	14.39	81.26	-	-
Current Portion of Leases	-	-	6.99	10.41	11.35	-
Current Income Taxes Payable	213.58	10.75	80.84	316.59	417.39	413.32
Current Unearned Revenue	130.47	146.68	164.82	276.55	297.51	658.2
Other Current Liabilities	1,282	1,018	1,361	897.65	555.62	412.56
Total Current Liabilities	4,606	4,373	4,066	3,404	3,133	3,008
Long-Term Debt	959.37	773.89	431.44	39.41	25	-
Long-Term Leases	-	-	2.59	7.11	17.52	49.79
Long-Term Unearned Revenue	156.26	160.75	98.91	65.57	62.88	23.29
Pension & Post-Retirement Benefits	15.68	17.84	0.95	-	-	-
Long-Term Deferred Tax Liabilities	71.94	72.36	50.33	41.1	22.11	15.34
Other Long-Term Liabilities	17.58	18.19	21.07	-	-	-
Total Liabilities	5,827	5,416	4,671	3,557	3,260	3,097
Common Stock	332.76	332.76	333.17	333.18	333.2	332.07
Additional Paid-In Capital	790.78	758.12	815.64	843.9	812.85	736.05
Retained Earnings	6,422	6,190	6,107	6,471	5,204	3,784
Treasury Stock	-409.9	-409.9	-459.04	-425.63	-32.64	-64.52
Comprehensive Income & Other	16.01	16.31	11.79	13.48	12.05	6.32
Total Common Equity	7,151	6,887	6,808	7,236	6,329	4,794
Minority Interest	229.14	311.37	322.99	328.24	208.23	202.4
Shareholders' Equity	7,380	7,199	7,131	7,565	6,538	4,997
Total Liabilities & Equity	13,207	12,615	11,802	11,122	9,798	8,093
Total Debt	2,942	2,339	1,219	175.96	57.84	69.62
Net Cash (Debt)	-1,369	-1,019	324.81	2,848	3,699	3,320
Net Cash Growth	-	-	-88.59%	-23.00%	11.42%	268.16%
Net Cash Per Share	-4.17	-3.11	0.99	8.59	11.17	10.02
Filing Date Shares Outstanding	328.56	328.56	329.22	333.17	333.2	332.07
Total Common Shares Outstanding	328.56	328.56	330.25	333.18	333.2	332.07
Working Capital	3,814	3,451	3,372	4,695	4,635	3,582
Book Value Per Share	21.77	20.96	20.62	21.72	19.00	14.44
Tangible Book Value	6,722	6,454	6,385	6,820	6,026	4,490
Tangible Book Value Per Share	20.46	19.64	19.33	20.47	18.09	13.52
Buildings	-	2,452	2,076	1,190	1,034	896.63
Machinery	-	2,418	1,850	1,649	1,146	1,052
Construction In Progress	-	340.52	857.88	725.76	457.19	105.54

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