Wave Cyber (Shanghai) 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	74.53	40.6	45.98	79.48	119.09	130.75
Trading Asset Securities	5.1	36.02	10.01	1.12	0.37	4.5
Cash & Short-Term Investments	79.63	76.62	55.99	80.59	119.45	135.25
Cash Growth	58.55%	36.84%	-30.53%	-32.53%	-11.68%	213.74%
Accounts Receivable	93.69	111.49	93.92	125.98	98.23	107.44
Other Receivables	1.04	0.76	1.18	2.06	6.53	4.9
Receivables	94.74	112.25	95.09	128.04	104.76	112.34
Inventory	92.42	89.22	114.36	86.26	95.91	84.63
Other Current Assets	24.24	15.82	20.91	9.91	16.33	19
Total Current Assets	291.02	293.92	286.36	304.79	336.46	351.22
Property, Plant & Equipment	489.7	473.01	512.52	460.91	430.09	333.04
Long-Term Investments	-	3.16	23.47	3.8	4.23	4.64
Other Intangible Assets	61	61.4	63.01	64.61	66.21	67.82
Long-Term Deferred Tax Assets	7.46	6.59	7.06	2.82	3.77	3.21
Long-Term Deferred Charges	13.57	14.6	17.03	14.63	2.66	3.07
Other Long-Term Assets	36.46	35.12	2.03	21.64	3.32	17.52
Total Assets	899.35	887.79	911.46	873.2	846.74	780.52
Accounts Payable	45.29	40.8	34.84	25.39	33.21	24.96
Accrued Expenses	8.65	7.02	12.5	11.46	12.13	11.76
Short-Term Debt	-	-	-	-	19.8	14.98
Current Portion of Long-Term Debt	-	0.15	-	-	-	-
Current Portion of Leases	-	-	0.21	0.62	-	-
Current Income Taxes Payable	-	4.39	1.94	0.35	0.13	1.57
Current Unearned Revenue	10.54	10.98	25.94	5.26	4.63	3.69
Other Current Liabilities	10.4	9.24	43.35	54.12	48.79	28.81
Total Current Liabilities	74.87	72.57	118.77	97.19	118.7	85.77
Long-Term Leases	1.12	-	-	0.16	-	-
Long-Term Unearned Revenue	15.26	16.15	19.97	9.97	10.63	10.22
Long-Term Deferred Tax Liabilities	0.18	0.19	0.19	0.19	0.2	0.2
Total Liabilities	91.43	88.91	138.93	107.52	129.53	96.19
Common Stock	173.75	173.75	173.75	173.75	173.75	173.75
Additional Paid-In Capital	250.52	250.52	250.52	250.58	250.58	250.58
Retained Earnings	390.54	380.59	355.15	336.47	290.53	259.15
Treasury Stock	-10.29	-10.29	-10.29	-	-	-
Comprehensive Income & Other	2.21	2.53	2.97	2.69	2.35	0.85
Total Common Equity	806.74	797.11	772.11	763.49	717.2	684.33
Minority Interest	1.18	1.78	0.42	2.2	-	-
Shareholders' Equity	807.92	798.89	772.53	765.68	717.2	684.33
Total Liabilities & Equity	899.35	887.79	911.46	873.2	846.74	780.52
Total Debt	1.12	0.15	0.21	0.78	19.8	14.98
Net Cash (Debt)	78.51	76.47	55.78	79.82	99.65	120.27
Net Cash Growth	56.48%	37.08%	-30.11%	-19.90%	-17.15%	1465.46%
Net Cash Per Share	0.45	0.44	0.32	0.45	0.57	0.81
Filing Date Shares Outstanding	155.87	193.95	172.85	173.75	173.75	173.75
Total Common Shares Outstanding	155.87	193.95	172.85	173.75	173.75	173.75
Working Capital	216.15	221.35	167.59	207.59	217.75	265.45
Book Value Per Share	5.18	4.11	4.47	4.39	4.13	3.94
Tangible Book Value	745.6	735.7	709.1	698.88	650.99	616.51
Tangible Book Value Per Share	4.78	3.79	4.10	4.02	3.75	3.55
Buildings	-	-	323.2	323.36	194.16	142.38
Machinery	-	-	377.74	328.22	306.02	245.21
Construction In Progress	-	-	86.33	49	142.8	134.03

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