Shenzhen VMAX New 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	1,585	1,826	1,576	1,557	532.93	277
Short-Term Investments	-	-	-	-	6.02	81.21
Trading Asset Securities	1,218	1,266	1,387	1,149	-	-
Cash & Short-Term Investments	2,803	3,092	2,963	2,706	538.95	358.21
Cash Growth	3.75%	4.36%	9.51%	402.02%	50.46%	146.84%
Accounts Receivable	2,134	2,007	2,215	1,873	1,463	846.47
Other Receivables	15.76	31.63	24.86	25.22	44.13	8.89
Receivables	2,150	2,039	2,240	1,898	1,508	855.36
Inventory	924.98	1,086	885.63	1,165	1,001	523.83
Prepaid Expenses	-	-	-	-	-	0.05
Other Current Assets	76.72	43.34	52.97	106.93	48.18	39.83
Total Current Assets	5,954	6,261	6,142	5,875	3,096	1,777
Property, Plant & Equipment	1,488	1,481	1,259	996.48	669.35	328.96
Long-Term Investments	111.7	112.39	113.75	103.85	114.84	97.17
Goodwill	5.36	5.36	5.36	5.36	4.16	4.16
Other Intangible Assets	73.61	74.09	75.91	78.36	61.77	55.47
Long-Term Deferred Tax Assets	3.92	0.18	0.69	0.24	0.07	-
Long-Term Deferred Charges	14.45	20.08	26.44	41.71	28.01	6.85
Other Long-Term Assets	171.59	196.97	67.57	129.38	84.76	50.95
Total Assets	7,823	8,150	7,691	7,231	4,058	2,321
Accounts Payable	2,974	3,222	3,199	2,694	2,061	1,183
Accrued Expenses	123.7	185.63	170.07	162.66	120.78	59.45
Short-Term Debt	78.06	268	289.25	323.53	234.3	74.87
Current Portion of Long-Term Debt	54.11	42.11	45.53	36.07	0.27	-
Current Portion of Leases	-	19.22	17.82	11.88	19.4	-
Current Income Taxes Payable	49.33	24.51	23.97	28.12	5.64	10.06
Current Unearned Revenue	231.77	243.02	131.48	109.31	104.5	40.82
Other Current Liabilities	158.3	152.07	172	117.14	120.89	15.19
Total Current Liabilities	3,670	4,157	4,049	3,482	2,667	1,383
Long-Term Debt	159.36	124.42	205.38	243.46	249.25	153.58
Long-Term Leases	6.06	9.16	21.68	5.45	14.07	5.69
Long-Term Unearned Revenue	80.14	82.64	52.31	26.77	28.51	25.95
Long-Term Deferred Tax Liabilities	6.5	2.78	3.13	3.61	2.9	3.14
Other Long-Term Liabilities	149.06	147.16	87.1	74.52	48.15	15.49
Total Liabilities	4,071	4,523	4,418	3,836	3,010	1,587
Common Stock	419.19	419.19	420.96	420.96	378.86	378.86
Additional Paid-In Capital	2,034	2,030	2,071	2,064	261.38	253.64
Retained Earnings	1,323	1,192	800.66	893.68	391.29	96.53
Treasury Stock	-20.99	-10.59	-22.34	-	-	-
Comprehensive Income & Other	-2.98	-2.8	-0.24	-	-	-
Total Common Equity	3,752	3,627	3,270	3,378	1,032	729.02
Minority Interest	-	-	2.37	16.19	16.97	4.73
Shareholders' Equity	3,752	3,627	3,272	3,395	1,048	733.75
Total Liabilities & Equity	7,823	8,150	7,691	7,231	4,058	2,321
Total Debt	297.58	462.9	579.66	620.39	517.28	234.15
Net Cash (Debt)	2,505	2,629	2,383	2,085	21.67	124.06
Net Cash Growth	9.30%	10.32%	14.29%	9523.65%	-82.53%	-
Net Cash Per Share	5.96	6.26	5.66	5.27	0.06	0.35
Filing Date Shares Outstanding	419.19	419.19	420.96	420.96	378.86	357.35
Total Common Shares Outstanding	419.19	419.19	420.96	420.96	378.86	357.35
Working Capital	2,285	2,104	2,093	2,393	428.42	394.04
Book Value Per Share	8.95	8.65	7.77	8.03	2.72	2.04
Tangible Book Value	3,673	3,548	3,189	3,295	965.6	669.39
Tangible Book Value Per Share	8.76	8.46	7.57	7.83	2.55	1.87
Buildings	-	690.53	434.31	406.07	195.42	-
Machinery	-	1,111	910.24	655.93	380.63	-
Construction In Progress	-	12	131.97	60.69	144.14	-

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