Daqin Railway 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	59,618	61,347	67,316	62,603	59,416	52,087
Cash & Short-Term Investments	59,618	61,347	67,316	62,603	59,416	52,087
Cash Growth	-5.61%	-8.87%	7.53%	5.36%	14.07%	239.41%
Accounts Receivable	11,188	7,251	6,777	8,371	6,652	9,282
Other Receivables	4,054	4,231	3,706	4,159	3,163	1,681
Receivables	15,242	11,482	10,484	12,531	9,815	10,963
Inventory	1,742	1,700	1,918	1,837	1,693	1,846
Other Current Assets	1,475	703.84	957.48	1,062	1,208	2,889
Total Current Assets	78,077	75,233	80,674	78,033	72,132	67,786
Property, Plant & Equipment	90,369	91,182	90,075	89,226	88,598	86,355
Long-Term Investments	27,396	24,893	24,494	24,056	26,634	26,482
Other Intangible Assets	10,427	10,532	10,709	9,270	9,407	8,865
Long-Term Deferred Tax Assets	1,342	1,406	1,451	1,427	1,504	1,491
Long-Term Deferred Charges	127.35	157.14	190.78	233.41	139.05	120.14
Other Long-Term Assets	4,185	3,615	78.72	52.35	131.97	42.64
Total Assets	211,923	207,018	207,673	202,297	198,546	191,142
Accounts Payable	5,133	5,130	5,354	5,935	5,932	3,261
Accrued Expenses	1,491	1,914	1,625	2,847	1,435	1,391
Short-Term Debt	298.18	238.16	38.03	223.52	922.02	121.1
Current Portion of Long-Term Debt	1,351	1,548	785.12	656.15	584.78	-
Current Portion of Leases	-	232.59	104.68	228.63	170.35	-
Current Income Taxes Payable	659.46	400.99	815.86	385.82	1,770	1,136
Current Unearned Revenue	2,473	1,477	1,731	2,053	1,785	2,045
Other Current Liabilities	3,509	4,349	5,095	5,089	5,573	5,943
Total Current Liabilities	14,914	15,290	15,549	17,417	18,173	13,897
Long-Term Debt	9,815	17,077	36,394	41,269	41,392	40,824
Long-Term Leases	605.73	805.45	487.14	609.95	837.35	-
Long-Term Unearned Revenue	541.3	570.41	573.53	623.26	647.04	279.32
Pension & Post-Retirement Benefits	3,342	3,244	2,200	2,126	2,108	1,967
Other Long-Term Liabilities	489.14	62.31	62.3	62.72	60.84	174.58
Total Liabilities	29,707	37,049	55,266	62,108	63,218	57,142
Common Stock	20,147	18,807	15,747	14,867	14,867	14,867
Additional Paid-In Capital	53,170	45,972	28,312	23,350	23,346	27,323
Retained Earnings	94,683	90,986	91,254	86,639	82,721	78,651
Comprehensive Income & Other	-1,591	-880.52	2,450	3,428	3,467	3,369
Total Common Equity	166,409	154,884	137,763	128,284	124,401	124,210
Minority Interest	15,808	15,085	14,645	11,906	10,927	9,790
Shareholders' Equity	182,216	169,969	152,408	140,189	135,328	134,000
Total Liabilities & Equity	211,923	207,018	207,673	202,297	198,546	191,142
Total Debt	12,070	19,901	37,809	42,987	43,907	40,945
Net Cash (Debt)	47,548	41,446	29,506	19,617	15,510	11,142
Net Cash Growth	19.16%	40.46%	50.41%	26.48%	39.20%	102.49%
Net Cash Per Share	2.35	2.19	1.54	1.01	0.88	0.75
Filing Date Shares Outstanding	20,147	20,147	15,747	14,867	14,867	14,867
Total Common Shares Outstanding	20,147	18,807	15,747	14,867	14,867	14,867
Working Capital	63,163	59,943	65,126	60,615	53,960	53,889
Book Value Per Share	8.26	8.24	8.75	8.63	8.37	8.35
Tangible Book Value	155,982	144,352	127,054	119,014	114,994	115,345
Tangible Book Value Per Share	7.74	7.68	8.07	8.01	7.73	7.76
Buildings	-	14,817	14,337	13,164	13,011	13,248
Machinery	-	67,933	69,332	70,677	73,079	73,821
Construction In Progress	-	1,961	1,436	1,425	740.34	2,339

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