Shenzhen VMAX New 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	1,826	1,576	1,557	532.93	277
Short-Term Investments	-	-	-	6.02	81.21
Trading Asset Securities	1,266	1,387	1,149	-	-
Cash & Short-Term Investments	3,092	2,963	2,706	538.95	358.21
Cash Growth	4.36%	9.51%	402.02%	50.46%	146.84%
Accounts Receivable	2,007	2,215	1,873	1,463	846.47
Other Receivables	31.63	24.86	25.22	44.13	8.89
Receivables	2,039	2,240	1,898	1,508	855.36
Inventory	1,086	885.63	1,165	1,001	523.83
Prepaid Expenses	-	-	-	-	0.05
Other Current Assets	43.34	52.97	106.93	48.18	39.83
Total Current Assets	6,261	6,142	5,875	3,096	1,777
Property, Plant & Equipment	1,481	1,259	996.48	669.35	328.96
Long-Term Investments	112.39	113.75	103.85	114.84	97.17
Goodwill	5.36	5.36	5.36	4.16	4.16
Other Intangible Assets	74.09	75.91	78.36	61.77	55.47
Long-Term Deferred Tax Assets	0.18	0.69	0.24	0.07	-
Long-Term Deferred Charges	20.08	26.44	41.71	28.01	6.85
Other Long-Term Assets	196.97	67.57	129.38	84.76	50.95
Total Assets	8,150	7,691	7,231	4,058	2,321
Accounts Payable	3,238	3,197	2,694	2,061	1,183
Accrued Expenses	145.62	170.07	162.66	120.78	59.45
Short-Term Debt	268	289.25	323.53	234.3	74.87
Current Portion of Long-Term Debt	61.33	45.53	36.07	0.27	-
Current Portion of Leases	-	17.82	11.88	19.4	-
Current Income Taxes Payable	38.19	23.97	28.12	5.64	10.06
Current Unearned Revenue	243.02	131.48	109.31	104.5	40.82
Other Current Liabilities	162.27	173.37	117.14	120.89	15.19
Total Current Liabilities	4,157	4,049	3,482	2,667	1,383
Long-Term Debt	124.42	205.38	243.46	249.25	153.58
Long-Term Leases	9.16	21.68	5.45	14.07	5.69
Long-Term Unearned Revenue	82.64	52.31	26.77	28.51	25.95
Long-Term Deferred Tax Liabilities	2.78	3.13	3.61	2.9	3.14
Other Long-Term Liabilities	147.16	87.1	74.52	48.15	15.49
Total Liabilities	4,523	4,418	3,836	3,010	1,587
Common Stock	419.19	420.96	420.96	378.86	378.86
Additional Paid-In Capital	2,030	2,071	2,064	261.38	253.64
Retained Earnings	1,192	800.66	893.68	391.29	96.53
Treasury Stock	-10.59	-22.34	-	-	-
Comprehensive Income & Other	-2.8	-0.24	-	-	-
Total Common Equity	3,627	3,270	3,378	1,032	729.02
Minority Interest	-	2.37	16.19	16.97	4.73
Shareholders' Equity	3,627	3,272	3,395	1,048	733.75
Total Liabilities & Equity	8,150	7,691	7,231	4,058	2,321
Total Debt	462.9	579.66	620.39	517.28	234.15
Net Cash (Debt)	2,629	2,383	2,085	21.67	124.06
Net Cash Growth	10.32%	14.29%	9523.65%	-82.53%	-
Net Cash Per Share	6.26	5.66	5.27	0.06	0.35
Filing Date Shares Outstanding	419.19	420.96	420.96	378.86	357.35
Total Common Shares Outstanding	419.19	420.96	420.96	378.86	357.35
Working Capital	2,104	2,093	2,393	428.42	394.04
Book Value Per Share	8.65	7.77	8.03	2.72	2.04
Tangible Book Value	3,548	3,189	3,295	965.6	669.39
Tangible Book Value Per Share	8.46	7.57	7.83	2.55	1.87
Buildings	-	434.31	406.07	195.42	-
Machinery	-	910.24	655.93	380.63	-
Construction In Progress	-	131.97	60.69	144.14	-

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