Friend 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	1,099	1,876	1,278	959.08	1,896	1,233
Cash & Short-Term Investments	1,099	1,876	1,278	959.08	1,896	1,233
Cash Growth	-5.68%	46.76%	33.29%	-49.41%	53.78%	-4.45%
Accounts Receivable	2,853	2,884	3,089	2,613	2,239	2,001
Other Receivables	12.99	3.37	2.44	1.13	1.47	1.17
Receivables	2,866	2,888	3,091	2,614	2,240	2,002
Inventory	2,053	2,086	1,483	1,263	1,219	1,405
Other Current Assets	1,239	994.09	1,236	946.48	679	1,231
Total Current Assets	7,257	7,843	7,089	5,783	6,034	5,871
Property, Plant & Equipment	1,487	1,513	1,254	972.61	643.55	447.68
Long-Term Investments	22.5	22.5	7.5	1	-	-
Goodwill	8.84	8.84	8.84	8.84	-	-
Other Intangible Assets	254.83	238.49	240.68	137.65	141.16	130.74
Long-Term Deferred Tax Assets	54.34	50.51	38.25	30.46	25.18	21.21
Long-Term Deferred Charges	-	-	-	0.35	-	-
Other Long-Term Assets	11.41	14.1	66.87	13.14	50.98	27.32
Total Assets	9,096	9,691	8,705	6,947	6,895	6,498
Accounts Payable	2,218	2,534	2,561	1,749	2,060	2,775
Accrued Expenses	7.81	31.53	45.09	38.67	40.66	13.2
Short-Term Debt	1,391	1,813	1,222	427.37	483.62	206.39
Current Portion of Long-Term Debt	37.09	36.74	-	-	-	-
Current Portion of Leases	-	0.39	0.6	1.34	0.17	0.86
Current Income Taxes Payable	59.32	57.04	43.3	42.68	35.68	55.4
Current Unearned Revenue	311.78	266.59	229.16	259.6	164.64	153.14
Other Current Liabilities	155.6	45.49	53.39	43.39	25.39	21.48
Total Current Liabilities	4,181	4,785	4,155	2,562	2,810	3,226
Long-Term Debt	245.67	228.03	51.42	9.91	9.91	-
Long-Term Leases	4.66	6.24	16.2	17.75	17.54	16.6
Long-Term Unearned Revenue	12.89	12.76	2.01	3.28	4.55	5.82
Long-Term Deferred Tax Liabilities	1.57	1.62	4.07	3.46	3.45	3.67
Total Liabilities	4,446	5,034	4,228	2,596	2,846	3,252
Common Stock	492.83	492.83	492.83	492.83	492.83	435
Additional Paid-In Capital	1,984	1,984	1,985	1,985	1,980	1,393
Retained Earnings	2,030	2,042	1,838	1,733	1,464	1,315
Treasury Stock	-40.99	-40.99	-	-	-	-
Total Common Equity	4,466	4,478	4,315	4,210	3,936	3,144
Minority Interest	183.04	180.05	161.44	140.02	113.26	102.4
Shareholders' Equity	4,649	4,658	4,477	4,350	4,050	3,246
Total Liabilities & Equity	9,096	9,691	8,705	6,947	6,895	6,498
Total Debt	1,679	2,085	1,290	456.37	511.24	223.86
Net Cash (Debt)	-579.62	-208.54	-11.74	502.72	1,385	1,009
Net Cash Growth	-	-	-	-63.69%	37.23%	-17.32%
Net Cash Per Share	-1.19	-0.42	-0.02	1.02	3.18	2.32
Filing Date Shares Outstanding	480.87	489.64	491.84	492.83	492.83	435
Total Common Shares Outstanding	480.87	489.64	492.83	492.83	492.83	435
Working Capital	3,075	3,058	2,934	3,221	3,224	2,645
Book Value Per Share	9.29	9.14	8.76	8.54	7.99	7.23
Tangible Book Value	4,203	4,230	4,066	4,064	3,795	3,013
Tangible Book Value Per Share	8.74	8.64	8.25	8.25	7.70	6.93
Buildings	-	700.98	661.3	390.76	296.59	310.86
Machinery	-	909.95	810.39	465.34	375.92	356.76
Construction In Progress	-	375.27	166.29	442.24	253.26	19.76

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