Hengsheng Energy Balance Sheet

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	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	100.73	102.09	162.53	205.69	90.23
Trading Asset Securities	2.81	-	-	-	220.56
Accounts Receivable	193.61	208.31	240.7	303.59	215.74
Other Receivables	4.01	57.73	34.54	0.87	1.25
Inventory	141.57	80.48	31.74	56.09	31.24
Prepaid Expenses	-	-	0	-	-
Other Current Assets	44.7	6.96	0.79	5.26	0.32
Total Current Assets	487.42	455.57	470.3	571.49	559.35
Property, Plant & Equipment	1,524	886.81	796.36	476.7	435.18
Goodwill	53.21	-	-	-	-
Other Intangible Assets	150.36	57.29	52.91	43.8	16.48
Long-Term Investments	16.38	16.53	16.7	8.38	-
Long-Term Deferred Tax Assets	59.27	26.26	25.47	12.16	5.43
Long-Term Deferred Charges	1.07	1.45	4.98	4.7	2.1
Other Long-Term Assets	4.02	0.24	1.56	28.93	30.18
Total Assets	2,296	1,444	1,368	1,146	1,049
Accounts Payable	206.67	24.37	18.02	57.85	82.72
Accrued Expenses	8.1	11.79	10.82	6.69	7.15
Short-Term Debt	210.59	223.97	208.04	76.58	50.06
Current Portion of Long-Term Debt	65.01	24.64	-	-	-
Current Unearned Revenue	57.1	4.35	5.95	3.71	3.76
Current Portion of Leases	-	0.31	-	-	-
Current Income Taxes Payable	20.61	10.53	21.87	19.13	33.1
Other Current Liabilities	86.53	60.72	29.81	27.24	13.58
Total Current Liabilities	654.61	360.67	294.51	191.21	190.37
Long-Term Debt	305.58	46.86	80.97	10	-
Long-Term Leases	66.28	0.31	-	-	-
Long-Term Unearned Revenue	56.62	44.23	37.64	5.38	5.57
Long-Term Deferred Tax Liabilities	22.18	3.28	4.25	5.2	5.56
Total Liabilities	1,105	455.34	417.37	211.8	201.51
Common Stock	280	280	280	200	200
Additional Paid-In Capital	269.13	269.13	269.13	349.13	349.13
Retained Earnings	475.54	389.55	350.95	335.14	298.09
Comprehensive Income & Other	0.19	0.87	1.51	0.26	-
Total Common Equity	1,025	939.54	901.59	884.53	847.22
Minority Interest	165.44	49.28	49.32	49.83	-
Shareholders' Equity	1,190	988.82	950.91	934.36	847.22
Total Liabilities & Equity	2,296	1,444	1,368	1,146	1,049
Total Debt	647.47	296.08	289.01	86.58	50.06
Net Cash (Debt)	-543.92	-193.99	-126.48	119.11	260.73
Net Cash Growth	-	-	-	-54.32%	-
Net Cash Per Share	-1.95	-0.70	-0.46	0.43	1.12
Filing Date Shares Outstanding	269.71	280	280	280	280
Total Common Shares Outstanding	269.71	280	280	280	280
Working Capital	-167.18	94.91	175.79	380.28	368.98
Book Value Per Share	3.80	3.36	3.22	3.16	3.03
Tangible Book Value	821.29	882.25	848.67	840.73	830.74
Tangible Book Value Per Share	3.05	3.15	3.03	3.00	2.97
Buildings	-	261.64	214.6	187.27	186.14
Machinery	-	823.8	615.42	561.13	562.86
Construction In Progress	-	194.36	382.81	94.76	8.17

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Utility template. Financial Sources.