Shanghai @hub 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	1,161	1,343	871.22	711	455.91	597.71
Trading Asset Securities	1,081	1,031	950	200	160	370
Cash & Short-Term Investments	2,242	2,374	1,821	911	615.91	967.71
Cash Growth	2.60%	30.35%	99.91%	47.91%	-36.35%	-37.91%
Accounts Receivable	460.72	510.4	548.86	517.82	539.96	421.64
Other Receivables	9.18	7.36	7.4	7.66	8.69	10.1
Receivables	469.89	517.76	556.26	525.48	548.66	431.74
Inventory	231.35	231.35	231.13	3.77	14.65	12.31
Other Current Assets	40.46	153.25	26.3	31.17	66.31	32.89
Total Current Assets	2,984	3,276	2,635	1,471	1,246	1,445
Property, Plant & Equipment	4,179	4,329	4,443	5,191	5,853	6,164
Goodwill	-	-	143.81	147.78	157.08	160.01
Other Intangible Assets	30.32	30.76	32.44	30.8	32.56	32.98
Long-Term Accounts Receivable	-	-	-	-	-	10.75
Long-Term Deferred Tax Assets	5.23	5.23	5.12	6.85	10.77	1.21
Long-Term Deferred Charges	0.79	1.12	2.51	37.23	40.12	37.39
Other Long-Term Assets	152.27	140.47	114.74	135.16	111.36	424.47
Total Assets	7,351	7,783	7,376	7,020	7,450	8,275
Accounts Payable	193.46	439.97	407.84	331.52	528.74	1,027
Accrued Expenses	19	46.1	40.84	30.89	19.14	25.4
Short-Term Debt	1,061	1,567	1,021	1,314	1,200	1,163
Current Portion of Long-Term Debt	72.29	24.88	178.53	300.28	601.66	555.27
Current Portion of Leases	-	49.03	103.47	91.77	41.33	55.28
Current Income Taxes Payable	64.72	49.38	34.75	26.93	29.41	25.01
Current Unearned Revenue	262.05	257.71	172.14	5.79	0.5	0.49
Other Current Liabilities	304.22	2.35	2.36	46.42	31.69	31.75
Total Current Liabilities	1,976	2,436	1,961	2,147	2,453	2,882
Long-Term Debt	1,593	1,593	1,673	1,142	1,470	1,803
Long-Term Leases	378.36	394.58	503.87	587.37	484.22	536.91
Long-Term Unearned Revenue	9.21	9.49	4.95	9.73	17.68	41.96
Long-Term Deferred Tax Liabilities	-	-	-	-	-	2.17
Other Long-Term Liabilities	26	26	6	-	-	-
Total Liabilities	3,982	4,460	4,148	3,886	4,424	5,266
Common Stock	718.38	718.38	598.65	460.5	328.93	328.93
Additional Paid-In Capital	1,541	1,541	1,661	1,785	1,917	1,917
Retained Earnings	1,106	1,061	965.04	884.52	776.01	768.97
Total Common Equity	3,365	3,320	3,224	3,130	3,021	3,014
Minority Interest	3.43	3.47	3.58	4.02	4.62	-5.14
Shareholders' Equity	3,368	3,324	3,228	3,134	3,026	3,009
Total Liabilities & Equity	7,351	7,783	7,376	7,020	7,450	8,275
Total Debt	3,104	3,629	3,479	3,435	3,797	4,113
Net Cash (Debt)	-861.8	-1,255	-1,658	-2,524	-3,181	-3,145
Net Cash Per Share	-1.19	-1.75	-2.26	-3.59	-4.51	-4.38
Filing Date Shares Outstanding	746.31	718.38	718.38	718.38	718.38	718.38
Total Common Shares Outstanding	746.31	718.38	718.38	718.38	718.38	718.38
Working Capital	1,007	840.31	674.31	-675.95	-1,207	-1,438
Book Value Per Share	4.51	4.62	4.49	4.36	4.21	4.20
Tangible Book Value	3,335	3,289	3,048	2,951	2,832	2,821
Tangible Book Value Per Share	4.47	4.58	4.24	4.11	3.94	3.93
Buildings	-	705.54	417.92	192.47	193.42	192.63
Machinery	-	6,676	6,184	6,648	6,397	5,988
Construction In Progress	-	60.38	302.72	265.32	449.59	334.3

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