Hengsheng Energy 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	82.41	100.73	102.09	162.53	205.69	90.23
Trading Asset Securities	2.81	2.81	-	-	-	220.56
Accounts Receivable	226.57	193.61	208.31	240.7	303.59	215.74
Other Receivables	3.92	42.33	42.03	34.54	0.87	1.25
Inventory	107.11	141.57	80.48	31.74	56.09	31.24
Prepaid Expenses	-	-	-	0	-	-
Other Current Assets	42.96	6.38	22.67	0.79	5.26	0.32
Total Current Assets	465.79	487.42	455.57	470.3	571.49	559.35
Property, Plant & Equipment	1,525	1,524	886.81	796.36	476.7	435.18
Goodwill	53.21	53.21	-	-	-	-
Other Intangible Assets	148.92	150.36	57.29	52.91	43.8	16.48
Long-Term Investments	16.38	16.38	16.53	16.7	8.38	-
Long-Term Deferred Tax Assets	57.88	59.27	26.26	25.47	12.16	5.43
Long-Term Deferred Charges	2.68	1.07	1.45	4.98	4.7	2.1
Other Long-Term Assets	3.33	4.02	0.24	1.56	28.93	30.18
Total Assets	2,273	2,296	1,444	1,368	1,146	1,049
Accounts Payable	143.8	70.11	24.37	18.02	57.85	82.72
Accrued Expenses	3.95	16.85	11.79	10.82	6.69	7.15
Short-Term Debt	217.34	272.01	223.97	208.04	76.58	50.06
Current Portion of Long-Term Debt	64.85	56.66	24.64	-	-	-
Current Unearned Revenue	12.93	58.05	4.35	5.95	3.71	3.76
Current Portion of Leases	-	8.35	0.31	-	-	-
Current Income Taxes Payable	21.48	12.43	10.53	21.87	19.13	33.1
Other Current Liabilities	89.87	160.14	60.72	29.81	27.24	13.58
Total Current Liabilities	554.21	654.61	360.67	294.51	191.21	190.37
Long-Term Debt	325.56	305.58	46.86	80.97	10	-
Long-Term Leases	63.43	66.28	0.31	-	-	-
Long-Term Unearned Revenue	64.02	56.62	44.23	37.64	5.38	5.57
Long-Term Deferred Tax Liabilities	22.38	22.18	3.28	4.25	5.2	5.56
Total Liabilities	1,030	1,105	455.34	417.37	211.8	201.51
Common Stock	280	280	280	280	200	200
Additional Paid-In Capital	269.13	269.13	269.13	269.13	349.13	349.13
Retained Earnings	524.15	475.54	389.55	350.95	335.14	298.09
Comprehensive Income & Other	0.09	0.19	0.87	1.51	0.26	-
Total Common Equity	1,073	1,025	939.54	901.59	884.53	847.22
Minority Interest	170.4	165.44	49.28	49.32	49.83	-
Shareholders' Equity	1,244	1,190	988.82	950.91	934.36	847.22
Total Liabilities & Equity	2,273	2,296	1,444	1,368	1,146	1,049
Total Debt	671.17	708.89	296.08	289.01	86.58	50.06
Net Cash (Debt)	-585.94	-605.34	-193.99	-126.48	119.11	260.73
Net Cash Growth	-	-	-	-	-54.32%	-
Net Cash Per Share	-2.10	-2.17	-0.70	-0.46	0.43	1.12
Filing Date Shares Outstanding	285.89	280	280	280	280	280
Total Common Shares Outstanding	285.89	280	280	280	280	280
Working Capital	-88.42	-167.18	94.91	175.79	380.28	368.98
Book Value Per Share	3.75	3.66	3.36	3.22	3.16	3.03
Tangible Book Value	871.23	821.29	882.25	848.67	840.73	830.74
Tangible Book Value Per Share	3.05	2.93	3.15	3.03	3.00	2.97
Buildings	-	650.89	261.64	214.6	187.27	186.14
Machinery	-	1,231	823.8	615.42	561.13	562.86
Construction In Progress	-	88.69	194.36	382.81	94.76	8.17

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