Daqin Railway 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	25,467	35,850	61,347	67,316	62,603	59,416
Cash & Short-Term Investments	25,467	35,850	61,347	67,316	62,603	59,416
Cash Growth	-57.02%	-41.56%	-8.87%	7.53%	5.36%	14.07%
Accounts Receivable	8,710	7,240	7,251	6,777	8,371	6,652
Other Receivables	3,671	3,715	4,231	3,706	4,159	3,163
Receivables	12,380	10,955	11,482	10,484	12,531	9,815
Inventory	1,728	1,686	1,700	1,918	1,837	1,693
Other Current Assets	8,946	2,213	703.84	957.48	1,062	1,208
Total Current Assets	48,521	50,704	75,233	80,674	78,033	72,132
Property, Plant & Equipment	91,941	92,938	91,182	90,075	89,226	88,598
Long-Term Investments	28,815	27,950	24,893	24,494	24,056	26,634
Other Intangible Assets	34,306	34,512	10,532	10,709	9,270	9,407
Long-Term Deferred Tax Assets	1,402	1,407	1,406	1,451	1,427	1,504
Long-Term Deferred Charges	105.79	118.2	157.14	190.78	233.41	139.05
Other Long-Term Assets	6,320	4,189	3,615	78.72	52.35	131.97
Total Assets	211,410	211,818	207,018	207,673	202,297	198,546
Accounts Payable	4,430	5,270	5,130	5,354	5,935	5,932
Accrued Expenses	1,400	2,891	1,914	1,625	2,847	1,435
Short-Term Debt	330.96	289.15	238.16	38.03	223.52	922.02
Current Portion of Long-Term Debt	1,268	1,091	1,548	785.12	656.15	584.78
Current Portion of Leases	-	265.64	232.59	104.68	228.63	170.35
Current Income Taxes Payable	870.74	121.39	400.99	815.86	385.82	1,770
Current Unearned Revenue	1,946	1,845	1,477	1,731	2,053	1,785
Other Current Liabilities	3,464	4,668	4,349	5,095	5,089	5,573
Total Current Liabilities	13,710	16,441	15,290	15,549	17,417	18,173
Long-Term Debt	9,954	9,837	17,077	36,394	41,269	41,392
Long-Term Leases	2,176	2,151	805.45	487.14	609.95	837.35
Long-Term Unearned Revenue	522.75	531	570.41	573.53	623.26	647.04
Pension & Post-Retirement Benefits	3,302	3,257	3,244	2,200	2,126	2,108
Other Long-Term Liabilities	62.31	62.31	62.31	62.3	62.72	60.84
Total Liabilities	29,727	32,279	37,049	55,266	62,108	63,218
Common Stock	20,147	20,147	18,807	15,747	14,867	14,867
Additional Paid-In Capital	53,538	53,514	45,972	28,312	23,350	23,346
Retained Earnings	95,024	92,640	90,986	91,254	86,639	82,721
Treasury Stock	-846.36	-247.78	-	-	-	-
Comprehensive Income & Other	-1,643	-1,778	-880.52	2,450	3,428	3,467
Total Common Equity	166,220	164,276	154,884	137,763	128,284	124,401
Minority Interest	15,463	15,262	15,085	14,645	11,906	10,927
Shareholders' Equity	181,683	179,539	169,969	152,408	140,189	135,328
Total Liabilities & Equity	211,410	211,818	207,018	207,673	202,297	198,546
Total Debt	13,729	13,634	19,901	37,809	42,987	43,907
Net Cash (Debt)	11,738	22,217	41,446	29,506	19,617	15,510
Net Cash Growth	-75.03%	-46.40%	40.46%	50.41%	26.48%	39.20%
Net Cash Per Share	0.59	1.12	2.19	1.54	1.01	0.88
Filing Date Shares Outstanding	20,147	20,103	20,147	15,747	14,867	14,867
Total Common Shares Outstanding	20,147	20,103	18,807	15,747	14,867	14,867
Working Capital	34,811	34,263	59,943	65,126	60,615	53,960
Book Value Per Share	8.25	8.17	8.24	8.75	8.63	8.37
Tangible Book Value	131,914	129,764	144,352	127,054	119,014	114,994
Tangible Book Value Per Share	6.55	6.45	7.68	8.07	8.01	7.73
Buildings	-	15,194	14,817	14,337	13,164	13,011
Machinery	-	68,106	67,933	69,332	70,677	73,079
Construction In Progress	-	881.59	1,961	1,436	1,425	740.34

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