Novoray 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	434.83	132.36	319.54	189.39	106.48	124.93
Short-Term Investments	385.8	530.98	107.83	100	50	70
Trading Asset Securities	457.28	215.76	214.67	275.66	304.97	225.67
Cash & Short-Term Investments	1,278	879.11	642.03	565.06	461.45	420.6
Cash Growth	199.29%	36.93%	13.62%	22.45%	9.71%	-16.94%
Accounts Receivable	470.08	395.36	356.29	295.99	304.39	310.26
Other Receivables	2.12	4.97	1.43	0.46	0.08	0.1
Receivables	472.2	400.33	357.72	296.45	304.47	310.36
Inventory	155.59	140.47	105.67	85.89	77.08	76.25
Other Current Assets	150	10.32	3.12	2.34	5.03	14.58
Total Current Assets	2,056	1,430	1,109	949.73	848.03	821.79
Property, Plant & Equipment	712.04	698.89	618.5	577.04	598.95	399.04
Long-Term Investments	49.18	49.14	26.2	24.81	-	-
Other Intangible Assets	68.7	69.35	58.51	50.14	51.69	53.02
Long-Term Deferred Tax Assets	0.11	0.11	9.5	40.86	38.29	1.93
Long-Term Deferred Charges	-	-	0.13	-	-	-
Other Long-Term Assets	26.9	12.69	150.58	112.12	0.67	29.12
Total Assets	2,913	2,260	1,972	1,755	1,538	1,305
Accounts Payable	223.03	222.13	178.33	122	142.72	100.8
Accrued Expenses	23.31	41.64	42.66	26.11	24.94	21
Short-Term Debt	42	142	96.14	89.19	0.4	-
Current Portion of Leases	2.35	2.31	1.9	1.75	1.89	0.28
Current Income Taxes Payable	14.64	4.57	13.87	8.19	3.5	6.57
Current Unearned Revenue	0.45	0.32	0.3	0.85	0.41	0.57
Other Current Liabilities	1.33	6.33	3.65	2.4	1.52	1.78
Total Current Liabilities	307.1	419.3	336.84	250.5	175.39	131.01
Long-Term Debt	629.01	-	-	-	-	-
Long-Term Leases	23.61	24.21	24.8	26.7	28.62	0.43
Long-Term Unearned Revenue	89.63	88.15	87.85	89.57	65.1	65.18
Long-Term Deferred Tax Liabilities	33.42	23.19	14.8	40.5	38.48	14.57
Total Liabilities	1,083	554.84	464.29	407.26	307.59	211.19
Common Stock	241.47	241.47	185.75	185.75	124.66	85.97
Additional Paid-In Capital	464.39	464.39	521.86	520.17	581.25	619.94
Retained Earnings	1,072	1,000	800.27	641.77	524.49	388.52
Comprehensive Income & Other	52.3	-0.34	-0.2	-0.24	-0.37	-0.73
Shareholders' Equity	1,830	1,706	1,508	1,347	1,230	1,094
Total Liabilities & Equity	2,913	2,260	1,972	1,755	1,538	1,305
Total Debt	696.97	168.53	122.83	117.65	30.92	0.72
Net Cash (Debt)	580.93	710.58	519.2	447.41	430.53	419.88
Net Cash Growth	74.81%	36.86%	16.05%	3.92%	2.54%	-17.08%
Net Cash Per Share	2.41	2.94	2.15	1.86	1.78	1.74
Filing Date Shares Outstanding	241.47	241.47	241.47	241.47	241.47	241.47
Total Common Shares Outstanding	241.47	241.47	241.47	241.47	241.47	241.47
Working Capital	1,749	1,011	771.71	699.23	672.64	690.78
Book Value Per Share	7.58	7.06	6.24	5.58	5.09	4.53
Tangible Book Value	1,761	1,636	1,449	1,297	1,178	1,041
Tangible Book Value Per Share	7.29	6.78	6.00	5.37	4.88	4.31
Buildings	-	312.27	294.7	266.89	247.41	176.97
Machinery	-	553.54	508.5	457.27	445.57	287.92
Construction In Progress	-	93.08	22.26	10.44	15.74	41.61

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