Jiangsu CoWin Biotech 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	221.54	161.28	255.47	348.34	1,032	127.83
Short-Term Investments	-	-	60.54	90.01	-	-
Trading Asset Securities	503	420.14	417.04	545.28	402.59	233.42
Cash & Short-Term Investments	724.54	581.42	733.05	983.64	1,434	361.25
Cash Growth	11.45%	-20.69%	-25.48%	-31.41%	297.00%	5.63%
Accounts Receivable	70.18	59.54	43.28	58.96	129.64	36.56
Other Receivables	2.7	2.2	-	-	0.31	-
Receivables	72.88	61.73	43.28	58.96	129.95	36.56
Inventory	46.76	48.77	45.87	32.04	52.53	32.62
Other Current Assets	86.28	341.51	11.21	10.04	10.05	7.72
Total Current Assets	930.45	1,033	833.4	1,085	1,627	438.16
Property, Plant & Equipment	337.75	342.02	381.13	394.39	246.43	159.44
Long-Term Investments	110.11	29.35	296.81	256.71	-	-
Goodwill	1.08	1.08	1.08	-	4.27	-
Other Intangible Assets	48.04	48.81	49.97	29.77	29.35	30.15
Long-Term Deferred Tax Assets	27.11	27.18	32.5	29.83	17.11	4
Long-Term Deferred Charges	11.84	12.6	20.73	24.8	11.36	13.82
Other Long-Term Assets	6.93	2.3	2.52	2.04	20.06	3.2
Total Assets	1,473	1,497	1,618	1,822	1,955	648.77
Accounts Payable	22.17	19.39	31.86	47.53	44.07	10.55
Accrued Expenses	10.94	12.85	18.51	16.69	21.69	22.12
Short-Term Debt	-	4	6.01	-	-	-
Current Portion of Long-Term Debt	7.72	5.91	-	-	-	-
Current Portion of Leases	-	-	12.12	13.65	9.05	5.67
Current Income Taxes Payable	1.42	0.9	-	-	9.56	8.21
Current Unearned Revenue	19.57	25.01	9.63	4.48	5.75	10.28
Other Current Liabilities	5.81	6	5.87	2.51	3.03	3.58
Total Current Liabilities	67.63	74.07	84	84.86	93.15	60.41
Long-Term Leases	2.61	4.54	9.71	19.31	31.72	34.33
Long-Term Unearned Revenue	52.12	52.53	30.25	30.11	29.58	5.67
Long-Term Deferred Tax Liabilities	5.53	7.21	7.75	8.32	9.1	0.06
Other Long-Term Liabilities	0.2	0.12	0.09	0.06	0.05	0.04
Total Liabilities	128.08	138.47	131.79	142.67	163.6	100.51
Common Stock	112.49	112.49	112.49	112.23	93.52	69.87
Additional Paid-In Capital	1,393	1,391	1,394	1,391	1,393	344.45
Retained Earnings	-119.89	-104.54	2.87	160.08	293.13	133.87
Treasury Stock	-47.67	-47.67	-43.66	-	-	-
Comprehensive Income & Other	0.31	0.3	0.33	0.3	0.27	0.07
Total Common Equity	1,338	1,351	1,466	1,664	1,780	548.26
Minority Interest	6.95	7.18	20.56	15.88	11.31	-
Shareholders' Equity	1,345	1,358	1,486	1,680	1,792	548.26
Total Liabilities & Equity	1,473	1,497	1,618	1,822	1,955	648.77
Total Debt	10.33	14.45	27.84	32.95	40.77	39.99
Net Cash (Debt)	714.21	566.96	705.21	950.68	1,393	321.25
Net Cash Growth	14.96%	-19.60%	-25.82%	-31.77%	333.73%	-6.07%
Net Cash Per Share	6.48	5.16	6.32	8.45	15.00	3.81
Filing Date Shares Outstanding	109.66	108.62	110.11	112.49	112.23	83.85
Total Common Shares Outstanding	109.66	108.62	110.11	112.23	112.23	83.85
Working Capital	862.82	959.36	749.41	999.82	1,534	377.75
Book Value Per Share	12.20	12.44	13.31	14.82	15.86	6.54
Tangible Book Value	1,289	1,301	1,415	1,634	1,747	518.11
Tangible Book Value Per Share	11.76	11.98	12.85	14.56	15.56	6.18
Buildings	-	-	235.28	234.89	0.66	0.66
Machinery	-	-	207.97	188.41	133.11	75.91
Construction In Progress	-	-	0.37	-	110.9	64.81

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