Qingdao Victall Railway Balance Sheet

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Assets

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '26 Sep 30, 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	573.07	368.97	436	545.52	311.43	424.24
Trading Asset Securities	2.85	-	-	251.95	640.46	757.73
Cash & Short-Term Investments	575.92	368.97	436	797.47	951.89	1,182
Cash Growth	-4.31%	-15.37%	-45.33%	-16.22%	-19.46%	-19.86%
Accounts Receivable	1,468	1,565	1,293	1,254	1,081	977.32
Other Receivables	21.62	16.83	14.4	18.07	9.87	9.32
Receivables	1,490	1,582	1,307	1,272	1,091	986.63
Inventory	1,246	1,275	1,118	920.82	775.43	751.35
Prepaid Expenses	-	0.24	0.99	0.27	0.17	0.68
Other Current Assets	59.45	44.95	44.81	58.03	26.48	29.23
Total Current Assets	3,371	3,270	2,906	3,048	2,844	2,950
Property, Plant & Equipment	827.54	911.83	933.93	916.5	695.93	697.27
Long-Term Investments	112.3	110.41	97.98	95.09	95.25	104.79
Goodwill	440.67	440.67	447.54	447.54	466.65	466.65
Other Intangible Assets	153.79	157.27	167.68	175.17	139.74	147.76
Long-Term Deferred Tax Assets	145.79	134.51	137.02	136.98	123.93	78.4
Long-Term Deferred Charges	20.59	29.04	24.79	27.53	2.99	2.32
Other Long-Term Assets	30.64	41.34	39.33	10.46	82.21	96.86
Total Assets	5,102	5,096	4,755	4,858	4,451	4,544

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '26 Sep 30, 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
Accounts Payable	840.61	768.73	591.86	467.39	448.36	454.06
Accrued Expenses	27.57	80.03	86.28	71.81	57.62	45.57
Short-Term Debt	835.63	901.31	801.13	970.51	912.05	702.73
Current Portion of Long-Term Debt	170.7	243.04	85.05	85.32	40.11	216.68
Current Portion of Leases	-	18.52	21.5	19.5	7.4	4.34
Current Income Taxes Payable	19.67	19	17.24	15.4	19.58	14.06
Current Unearned Revenue	23.78	27.63	39.06	21.84	10.87	15.33
Other Current Liabilities	17.36	6.94	5.09	38.6	127.95	136.08
Total Current Liabilities	1,935	2,065	1,647	1,690	1,624	1,589
Long-Term Debt	467.6	221.32	296.42	270.25	233.75	150
Long-Term Leases	1.35	34.66	55.52	74.73	21.63	18.13
Long-Term Unearned Revenue	30.37	32.97	32.78	40.64	39.32	31.66
Long-Term Deferred Tax Liabilities	3.16	3.18	4.16	11.55	10.34	6.42
Other Long-Term Liabilities	33.26	13.64	12.1	9.99	10.29	129.41
Total Liabilities	2,471	2,371	2,048	2,098	1,939	1,924

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '26 Sep 30, 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
Common Stock	392.89	392.89	392.89	392.89	392.89	392.89
Additional Paid-In Capital	1,592	1,592	1,592	1,613	1,626	1,626
Retained Earnings	622.97	716.09	708.61	731.75	475.31	588.86
Comprehensive Income & Other	16.22	17.06	6.44	5.1	4.2	-0.04
Total Common Equity	2,624	2,718	2,700	2,743	2,498	2,607
Minority Interest	7.12	6.51	6.51	17.25	13.97	12.23
Shareholders' Equity	2,631	2,725	2,706	2,760	2,512	2,619
Total Liabilities & Equity	5,102	5,096	4,755	4,858	4,451	4,544

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '26 Sep 30, 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
Total Debt	1,475	1,419	1,260	1,420	1,215	1,092
Net Cash (Debt)	-899.36	-1,050	-823.62	-622.84	-263.06	90.08
Net Cash Growth	-	-	-	-	-	-81.52%
Net Cash Per Share	-2.34	-2.69	-2.08	-1.58	-0.67	0.23
Filing Date Shares Outstanding	348.34	392.89	392.89	392.89	392.89	392.89
Total Common Shares Outstanding	348.34	392.89	392.89	392.89	392.89	392.89
Working Capital	1,436	1,205	1,259	1,358	1,221	1,361
Book Value Per Share	7.53	6.92	6.87	6.98	6.36	6.64
Tangible Book Value	2,030	2,120	2,085	2,120	1,892	1,993
Tangible Book Value Per Share	5.83	5.40	5.31	5.40	4.81	5.07
Buildings	-	-	-	806.51	403.32	403.13
Machinery	-	681.6	636.56	614.74	550.95	531.62
Construction In Progress	-	77.98	120.61	26.14	244.74	211.25