Shahe Industrial 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	361.96	602.89	377.79	588.25	649.7	323.83
Cash & Short-Term Investments	361.96	602.89	377.79	588.25	649.7	323.83
Cash Growth	2.28%	59.59%	-35.78%	-9.46%	100.63%	-31.09%
Accounts Receivable	137.42	3.65	4.62	3.49	1.22	0.63
Other Receivables	9.67	2.92	3.35	4.26	4.42	2.26
Receivables	147.09	6.58	7.97	7.74	5.64	2.89
Inventory	1,355	1,225	1,412	1,569	1,907	1,805
Prepaid Expenses	-	1.67	6.13	6.93	46.45	39.81
Other Current Assets	30.83	13.88	14.79	15.51	64.37	56.83
Total Current Assets	1,895	1,850	1,819	2,187	2,673	2,228
Property, Plant & Equipment	75.14	22.74	205.24	196.98	196.04	182.88
Other Intangible Assets	3.95	-	-	-	-	-
Long-Term Deferred Tax Assets	67.98	50.12	56.98	66.31	53.12	53.07
Long-Term Deferred Charges	1.4	1.49	1.55	2.53	4.22	6.05
Other Long-Term Assets	111.19	109.84	108.29	59.17	64.03	68.88
Total Assets	2,154	2,034	2,191	2,512	2,991	2,539
Accounts Payable	271.38	215.83	226.35	293.09	336	332.74
Accrued Expenses	58.19	37.08	21.95	27.34	47.15	44.1
Short-Term Debt	-	0.02	0.02	-	214	230
Current Portion of Long-Term Debt	-	-	-	-	228.35	-
Current Portion of Leases	-	3.39	4.07	0.42	5.04	4.6
Current Income Taxes Payable	-	21.86	6.75	20.78	31.71	40.99
Current Unearned Revenue	11.67	6.23	12.13	248.91	682.1	633.32
Other Current Liabilities	271.47	213.37	218.46	191.76	205.87	125.62
Total Current Liabilities	612.71	497.77	489.73	782.3	1,750	1,411
Long-Term Debt	-	-	-	-	-	128
Long-Term Leases	5.87	2.96	8.47	-	0.42	5.61
Long-Term Deferred Tax Liabilities	2.38	-	17.56	19.37	20.67	0.28
Other Long-Term Liabilities	7.54	7.54	-	-	-	-
Total Liabilities	632.96	508.26	515.76	801.66	1,771	1,545
Common Stock	242.05	242.05	242.05	242.05	242.05	201.71
Additional Paid-In Capital	-	9.97	9.97	9.97	9.97	9.97
Retained Earnings	1,139	1,221	1,372	1,407	914.65	716.39
Total Common Equity	1,381	1,473	1,624	1,659	1,167	928.07
Minority Interest	140.39	52.6	51.85	51.31	52.69	65.53
Shareholders' Equity	1,521	1,526	1,675	1,711	1,219	993.6
Total Liabilities & Equity	2,154	2,034	2,191	2,512	2,991	2,539
Total Debt	5.87	6.36	12.55	0.42	447.81	368.21
Net Cash (Debt)	356.1	596.52	365.24	587.84	201.89	-44.38
Net Cash Growth	3.97%	63.33%	-37.87%	191.17%	-	-
Net Cash Per Share	1.47	2.46	1.51	2.43	0.83	-0.18
Filing Date Shares Outstanding	241.84	242.05	242.05	242.05	242.05	242.05
Total Common Shares Outstanding	241.84	242.05	242.05	242.05	242.05	242.05
Working Capital	1,282	1,352	1,329	1,405	923.02	816.61
Book Value Per Share	5.71	6.09	6.71	6.86	4.82	3.83
Tangible Book Value	1,377	1,473	1,624	1,659	1,167	928.07
Tangible Book Value Per Share	5.69	6.09	6.71	6.86	4.82	3.83
Buildings	-	44.35	44.35	44.35	44.35	44.35
Machinery	-	8.99	10.05	9.77	10.32	10.41
Construction In Progress	-	-	173.57	175.8	168.16	148.27

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