Nanjing Red Sun Balance Sheet

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022	Dec '20 Dec 31, 2020
Cash & Equivalents	118.56	52.21	313.62	392.31	263.44	198.11
Trading Asset Securities	-	1.2	25.69	202.55	180.11	146.2
Cash & Short-Term Investments	118.56	53.41	339.31	594.86	443.55	344.31
Cash Growth	-53.28%	-84.26%	-42.96%	34.11%	28.82%	-76.97%
Accounts Receivable	1,017	1,158	1,520	836.27	904.43	661.63
Other Receivables	135.36	303.57	1,903	2,339	1,791	3,232
Receivables	1,153	1,461	3,423	3,176	2,696	3,894
Inventory	489.3	562.64	743.53	1,118	732.56	929.96
Prepaid Expenses	-	-	-	-	-	0.04
Other Current Assets	170.62	157.32	187.91	309.44	340.98	418.54
Total Current Assets	1,931	2,235	4,694	5,198	4,213	5,586
Property, Plant & Equipment	2,860	3,023	3,172	3,145	3,539	3,949
Long-Term Investments	211.72	203.82	229.84	225.64	211.13	220.83
Goodwill	569.09	569.09	612.52	612.52	612.52	612.52
Other Intangible Assets	350.59	378.45	386.7	391.54	521.85	592.32
Long-Term Accounts Receivable	-	-	-	20	40	80
Long-Term Deferred Tax Assets	785.28	748.39	528.86	399.08	309.7	194.3
Long-Term Deferred Charges	69.15	77.96	56.21	55.86	59	63.73
Other Long-Term Assets	59.74	28.97	183.77	233.28	201.82	243.73
Total Assets	6,837	7,264	9,863	10,281	9,708	11,543
Accounts Payable	1,472	1,371	1,261	940.15	925.87	1,070
Accrued Expenses	15.97	93.05	842.53	835.5	590.61	241.38
Short-Term Debt	829.62	935.23	3,939	3,425	3,923	4,038
Current Portion of Long-Term Debt	311.04	294.15	848.89	701.85	700.71	-
Current Portion of Leases	-	4.55	5	253.16	463.58	-
Current Income Taxes Payable	18.63	2.29	9.23	74.63	36.15	31.03
Current Unearned Revenue	101.51	196.49	140.4	149.58	190.7	123.4
Other Current Liabilities	440.84	449.59	112.68	506.31	91.86	966.12
Total Current Liabilities	3,189	3,346	7,159	6,886	6,922	6,470
Long-Term Debt	492.32	446.16	221.77	301.05	373.97	493.96
Long-Term Leases	1.3	5.09	9.64	148.56	30.55	-
Long-Term Unearned Revenue	32.58	36.84	51.95	65.23	238.19	239.64
Long-Term Deferred Tax Liabilities	10.59	10.83	11.92	44.1	41.19	36.5
Other Long-Term Liabilities	412.09	466.35	1,411	1,437	1,510	194.15
Total Liabilities	4,138	4,311	8,865	8,882	9,116	7,434
Common Stock	1,298	1,298	580.77	580.77	580.77	580.77
Additional Paid-In Capital	3,035	3,032	2,155	2,155	2,155	1,877
Retained Earnings	-1,808	-1,537	-1,925	-1,536	-2,268	1,476
Comprehensive Income & Other	86.8	70.42	68.11	71.55	86.44	74.62
Total Common Equity	2,612	2,864	878.82	1,271	553.95	4,009
Minority Interest	87.21	89.31	118.7	127.01	37.65	99.62
Shareholders' Equity	2,699	2,953	997.52	1,398	591.59	4,109
Total Liabilities & Equity	6,837	7,264	9,863	10,281	9,708	11,543
Total Debt	1,634	1,685	5,025	4,830	5,491	4,532
Net Cash (Debt)	-1,516	-1,632	-4,685	-4,235	-5,048	-4,188
Net Cash Per Share	-0.83	-1.26	-5.40	-4.88	-5.82	-4.82
Filing Date Shares Outstanding	1,298	1,298	867.76	867.76	867.76	867.76
Total Common Shares Outstanding	1,298	1,298	867.76	867.76	867.76	867.76
Working Capital	-1,258	-1,111	-2,466	-1,688	-2,709	-883.53
Book Value Per Share	2.01	2.21	1.01	1.47	0.64	4.62
Tangible Book Value	1,692	1,916	-120.4	267.32	-580.43	2,804
Tangible Book Value Per Share	1.30	1.48	-0.14	0.31	-0.67	3.23
Buildings	-	2,857	2,793	2,580	2,628	2,638
Machinery	-	4,437	4,363	4,056	4,258	4,306
Construction In Progress	-	296.73	204.9	305.56	236.77	273.14

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