Hefei Kewell Power System 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	181.48	234.59	447.58	733.7	568.82	378.48
Trading Asset Securities	489.03	447.76	311.01	170.09	170.58	382.03
Cash & Short-Term Investments	670.51	682.35	758.58	903.79	739.41	760.51
Cash Growth	-4.51%	-10.05%	-16.07%	22.23%	-2.77%	-2.85%
Accounts Receivable	234.26	254.39	295.84	333.07	247.73	159.68
Other Receivables	5.58	4.25	3.59	3.24	3.8	2.25
Receivables	239.85	258.64	299.43	336.31	251.53	161.93
Inventory	293.95	258.15	274	228.72	172.31	93.22
Other Current Assets	4.07	3	10.69	3.06	8.83	12.01
Total Current Assets	1,208	1,202	1,343	1,472	1,172	1,028
Property, Plant & Equipment	362.57	366.77	309.99	206.15	145.78	98.74
Long-Term Investments	44.04	45.39	8.55	5.08	5.05	-
Goodwill	-	-	3.01	3.01	3.01	3.01
Other Intangible Assets	21.26	20.92	22.08	21.76	22.07	10.05
Long-Term Deferred Tax Assets	12.27	11.68	10.45	9.55	7.81	4.27
Long-Term Deferred Charges	2.7	2.66	2.74	2.04	3.83	3.12
Other Long-Term Assets	25.53	25.2	12	13.85	0.17	0.98
Total Assets	1,677	1,675	1,712	1,733	1,360	1,148
Accounts Payable	218.04	209.55	230.1	241.29	195.37	106.49
Accrued Expenses	13.38	24.38	24.83	25.63	20.65	12.25
Short-Term Debt	-	-	30.02	33.03	30.01	-
Current Portion of Long-Term Debt	1.96	2.02	-	-	-	-
Current Portion of Leases	-	-	2.4	0.56	2.93	4.46
Current Income Taxes Payable	2.76	6.48	0.01	6.5	3.5	-
Current Unearned Revenue	85.86	80.21	80.29	72.19	49.22	31.36
Other Current Liabilities	18.88	14.47	19.86	20.82	14.38	8.36
Total Current Liabilities	340.87	337.12	387.49	400.01	316.06	162.93
Long-Term Leases	0.46	0.68	2.46	1.61	2.08	4.54
Long-Term Unearned Revenue	6.9	7.1	7.87	8.62	3.72	3.89
Long-Term Deferred Tax Liabilities	-	-	0.37	0.26	0.28	0.66
Other Long-Term Liabilities	11.98	11.87	12.77	12.25	7.57	4.86
Total Liabilities	360.21	356.77	410.96	422.75	329.7	176.88
Common Stock	84.07	84.07	84.02	83.74	80.24	80
Additional Paid-In Capital	964.59	964.59	962.12	956.64	765.41	749.38
Retained Earnings	296.78	297.8	269.12	270.35	183.06	138.84
Treasury Stock	-29.16	-29.16	-11.82	-	-	-
Comprehensive Income & Other	0.24	0.68	-2.15	-0.42	0.05	-
Total Common Equity	1,317	1,318	1,301	1,310	1,029	968.22
Minority Interest	-	-	-0.72	0.25	1.34	2.72
Shareholders' Equity	1,317	1,318	1,301	1,311	1,030	970.94
Total Liabilities & Equity	1,677	1,675	1,712	1,733	1,360	1,148
Total Debt	2.42	2.7	34.88	35.19	35.02	9.01
Net Cash (Debt)	668.09	679.65	723.71	868.6	704.38	751.5
Net Cash Growth	0.07%	-6.09%	-16.68%	23.31%	-6.27%	-4.00%
Net Cash Per Share	8.03	8.08	8.71	10.76	8.83	9.37
Filing Date Shares Outstanding	81.07	86.9	83.59	83.8	80.24	80
Total Common Shares Outstanding	81.07	86.9	83.59	83.74	80.24	80
Working Capital	867.5	865.01	955.23	1,072	856.02	864.73
Book Value Per Share	16.24	15.17	15.57	15.65	12.82	12.10
Tangible Book Value	1,295	1,297	1,276	1,286	1,004	955.16
Tangible Book Value Per Share	15.98	14.93	15.27	15.35	12.51	11.94
Buildings	-	-	148.94	148.54	117.02	51.63
Machinery	-	-	58.2	47.01	39.41	18.71
Construction In Progress	-	-	138.58	37.28	3.15	30.37

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