Freewon China 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	620.95	453.3	382.49	498.46	160.49	308.88
Trading Asset Securities	86.62	31.37	102.73	443.83	81.69	164.89
Cash & Short-Term Investments	707.57	484.67	485.22	942.3	242.18	473.77
Cash Growth	27.70%	-0.11%	-48.51%	289.08%	-48.88%	-32.68%
Accounts Receivable	805.45	948.57	597.63	513.31	441.37	350.54
Other Receivables	5.72	1.99	2.32	3.01	3.69	1.78
Receivables	811.16	950.57	599.95	516.32	445.06	352.32
Inventory	461.73	478.76	409.51	251.89	225.99	194.93
Other Current Assets	92.76	100.24	74.47	22.41	13.19	5.25
Total Current Assets	2,073	2,014	1,569	1,733	926.43	1,026
Property, Plant & Equipment	1,824	1,841	1,639	1,358	1,178	702.55
Long-Term Investments	1.39	1.45	-	-	-	-
Goodwill	12.3	12.3	21.62	27.71	27.71	27.71
Other Intangible Assets	90.51	79.2	65.2	53.26	55.74	22.87
Long-Term Deferred Tax Assets	149.02	123.71	94.39	66.4	70.82	12.73
Long-Term Deferred Charges	164.43	169.19	154.82	80.31	30.52	11.91
Other Long-Term Assets	11.33	30.72	30.15	15.67	9.3	32.24
Total Assets	4,326	4,271	3,574	3,334	2,299	1,836
Accounts Payable	679.89	817.08	541.6	489.02	454.59	276.81
Accrued Expenses	45.04	60.84	33.67	23.49	21.12	17.7
Short-Term Debt	599.4	589.2	330.04	263.1	165.73	65.92
Current Portion of Long-Term Debt	64.73	62.62	86.49	43.45	5.05	-
Current Portion of Leases	-	1.97	1.69	-	1.04	-
Current Income Taxes Payable	3	-	0.53	2.02	-	-
Current Unearned Revenue	1.9	2.35	1.81	0.33	0.15	0.09
Other Current Liabilities	138.48	33.48	42.15	20.11	36.19	21.42
Total Current Liabilities	1,532	1,568	1,038	841.53	683.88	381.94
Long-Term Debt	120.41	525.38	796.4	772.1	46.26	-
Long-Term Leases	0.16	0.32	1.34	-	0.53	-
Long-Term Unearned Revenue	17.09	17.32	14.95	9	0.21	0.99
Long-Term Deferred Tax Liabilities	163.65	136.87	114.69	93.66	97.43	52.51
Other Long-Term Liabilities	103	103	-	-	-	-
Total Liabilities	1,937	2,350	1,965	1,716	828.31	435.45
Common Stock	287.93	260.2	243.16	174.26	173.35	173.35
Additional Paid-In Capital	1,490	1,066	814.28	885.02	889.54	879.86
Retained Earnings	559.92	514.4	485.12	482.27	445.18	334.64
Treasury Stock	-	-	-37.48	-37.48	-37.48	-
Comprehensive Income & Other	-	26.29	44.42	44.42	-	-
Total Common Equity	2,338	1,867	1,550	1,548	1,471	1,388
Minority Interest	51.73	53.68	59.19	69.5	-	13.01
Shareholders' Equity	2,390	1,921	1,609	1,618	1,471	1,401
Total Liabilities & Equity	4,326	4,271	3,574	3,334	2,299	1,836
Total Debt	784.69	1,179	1,216	1,079	218.62	65.92
Net Cash (Debt)	-77.12	-694.81	-730.74	-136.36	23.57	407.85
Net Cash Growth	-	-	-	-	-94.22%	-37.12%
Net Cash Per Share	-0.21	-1.89	-2.49	-0.40	0.07	1.19
Filing Date Shares Outstanding	379.35	403.11	337.63	337.63	335.85	339.77
Total Common Shares Outstanding	379.35	364.28	337.63	337.63	335.85	339.77
Working Capital	540.79	446.71	531.16	891.38	242.55	644.33
Book Value Per Share	6.16	5.13	4.59	4.59	4.38	4.08
Tangible Book Value	2,235	1,776	1,463	1,468	1,387	1,337
Tangible Book Value Per Share	5.89	4.87	4.33	4.35	4.13	3.94
Buildings	-	583.4	583.4	375.37	276.12	270.91
Machinery	-	1,763	1,301	1,054	988.87	554.86
Construction In Progress	-	110.52	228.96	285.49	178.29	78.74

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