Shanghai @hub 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	1,852	871.22	711	455.91	597.71	1,559
Trading Asset Securities	771.14	950	200	160	370	-
Cash & Short-Term Investments	2,623	1,821	911	615.91	967.71	1,559
Cash Growth	91.25%	99.91%	47.91%	-36.35%	-37.91%	548.02%
Accounts Receivable	419.25	548.86	517.82	539.96	421.64	337.73
Other Receivables	7.06	7.4	7.66	8.69	10.1	10.7
Receivables	426.31	556.26	525.48	548.66	431.74	348.43
Inventory	231.35	231.13	3.77	14.65	12.31	2.37
Other Current Assets	22.41	26.3	31.17	66.31	32.89	26.92
Total Current Assets	3,304	2,635	1,471	1,246	1,445	1,936
Property, Plant & Equipment	4,377	4,443	5,191	5,853	6,164	5,185
Goodwill	143.81	143.81	147.78	157.08	160.01	16.2
Other Intangible Assets	31.24	32.44	30.8	32.56	32.98	11.31
Long-Term Accounts Receivable	-	-	-	-	10.75	15.4
Long-Term Deferred Tax Assets	5.14	5.12	6.85	10.77	1.21	1.33
Long-Term Deferred Charges	1.47	2.51	37.23	40.12	37.39	81.39
Other Long-Term Assets	154.65	114.74	135.16	111.36	424.47	426.4
Total Assets	8,017	7,376	7,020	7,450	8,275	7,673
Accounts Payable	453.28	407.84	331.52	528.74	1,027	1,428
Accrued Expenses	10.07	40.84	30.89	19.14	25.4	32.15
Short-Term Debt	740.62	1,021	1,314	1,200	1,163	1,018
Current Portion of Long-Term Debt	59.27	178.53	300.28	601.66	555.27	525.89
Current Portion of Leases	-	103.47	91.77	41.33	55.28	-
Current Income Taxes Payable	31	34.75	26.93	29.41	25.01	10.46
Current Unearned Revenue	271.63	172.14	5.79	0.5	0.49	0.6
Other Current Liabilities	1,125	2.36	46.42	31.69	31.75	11.13
Total Current Liabilities	2,691	1,961	2,147	2,453	2,882	3,027
Long-Term Debt	1,613	1,673	1,142	1,470	1,803	1,640
Long-Term Leases	398.14	503.87	587.37	484.22	536.91	9.81
Long-Term Unearned Revenue	3.72	4.95	9.73	17.68	41.96	99.44
Long-Term Deferred Tax Liabilities	-	-	-	-	2.17	2.95
Other Long-Term Liabilities	6	6	-	-	-	-
Total Liabilities	4,712	4,148	3,886	4,424	5,266	4,779
Common Stock	718.38	598.65	460.5	328.93	328.93	234.95
Additional Paid-In Capital	1,541	1,661	1,785	1,917	1,917	2,011
Retained Earnings	1,042	965.04	884.52	776.01	768.97	646.18
Total Common Equity	3,301	3,224	3,130	3,021	3,014	2,892
Minority Interest	3.49	3.58	4.02	4.62	-5.14	2.47
Shareholders' Equity	3,305	3,228	3,134	3,026	3,009	2,894
Total Liabilities & Equity	8,017	7,376	7,020	7,450	8,275	7,673
Total Debt	2,811	3,479	3,435	3,797	4,113	3,194
Net Cash (Debt)	-188.02	-1,658	-2,524	-3,181	-3,145	-1,636
Net Cash Per Share	-0.26	-2.31	-3.59	-4.51	-4.38	-2.25
Filing Date Shares Outstanding	718.38	718.38	718.38	718.38	718.38	718.38
Total Common Shares Outstanding	718.38	718.38	718.38	718.38	718.38	718.38
Working Capital	612.44	674.31	-675.95	-1,207	-1,438	-1,091
Book Value Per Share	4.60	4.49	4.36	4.21	4.20	4.03
Tangible Book Value	3,126	3,048	2,951	2,832	2,821	2,864
Tangible Book Value Per Share	4.35	4.24	4.11	3.94	3.93	3.99
Buildings	-	417.92	192.47	193.42	192.63	-
Machinery	-	6,184	6,648	6,397	5,988	-
Construction In Progress	-	302.72	265.32	449.59	334.3	-

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