Ningxia Guoyun New Energy 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	Jan '22 Jan 1, 2022
Cash & Equivalents	1,143	1,309	508.13	100.5	128.03	244.3
Cash & Short-Term Investments	1,143	1,309	508.13	100.5	128.03	244.3
Cash Growth	814.75%	157.57%	405.61%	-21.51%	-47.59%	-34.95%
Accounts Receivable	584.74	535.46	814.13	260.25	245.87	224.34
Other Receivables	16.75	15.89	2.69	2.62	6.9	6.53
Receivables	601.49	551.35	816.82	262.87	252.77	230.88
Inventory	32.59	30.21	175.6	180.18	203.97	188.02
Other Current Assets	627.81	562.82	272.79	9.9	22.61	14.88
Total Current Assets	2,404	2,453	1,773	553.45	607.39	678.07
Property, Plant & Equipment	7,909	7,812	3,697	342.57	378.21	399.1
Goodwill	-	-	10.77	68.09	124.61	147.43
Other Intangible Assets	34.12	31.23	91.3	120.54	124.86	129.43
Long-Term Deferred Tax Assets	8.72	8.72	2.45	1.06	0.82	0.42
Long-Term Deferred Charges	-	-	3.94	0.05	0.15	0.1
Other Long-Term Assets	-	-	125.4	7.49	7.99	8.48
Total Assets	10,356	10,305	5,704	1,093	1,244	1,363
Accounts Payable	993.2	1,014	321.22	76.02	61.03	43.19
Accrued Expenses	8.83	23.53	40.33	32.85	34.48	49.59
Short-Term Debt	584.89	2,389	504.85	60	1.04	1.08
Current Portion of Long-Term Debt	454.9	326.58	276.46	51.82	36.86	24.36
Current Portion of Leases	-	47.44	0.36	-	0.23	0.22
Current Income Taxes Payable	8.05	2.19	6.85	1.29	1.17	0.52
Current Unearned Revenue	2.08	2.65	1.8	15.21	9.29	7.09
Other Current Liabilities	373.09	670.78	427.35	128.96	132.87	153.79
Total Current Liabilities	2,425	4,476	1,579	366.15	276.96	279.85
Long-Term Debt	5,561	3,674	2,201	135.16	184.3	219.22
Long-Term Leases	100.25	151.34	190.36	-	-	0.22
Long-Term Unearned Revenue	50.81	51.97	65.8	35.26	36.58	38.21
Long-Term Deferred Tax Liabilities	0	0	0.01	0.02	0.03	0.04
Other Long-Term Liabilities	1,132	862.22	230.69	15.37	18.27	12.39
Total Liabilities	9,269	9,215	4,267	551.96	516.14	549.94
Common Stock	1,139	1,139	1,139	1,139	1,139	1,139
Additional Paid-In Capital	566.53	566.53	1,298	694.95	694.95	694.95
Retained Earnings	-1,232	-1,234	-1,385	-1,353	-1,172	-1,082
Treasury Stock	-1.14	-1.14	-1.14	-1.14	-1.14	-4.88
Comprehensive Income & Other	12.26	10.12	11.25	5.16	6.56	7.28
Total Common Equity	484.04	479.92	1,061	484.82	666.99	753.8
Minority Interest	602.73	610.24	375.57	56.48	60.9	59.31
Shareholders' Equity	1,087	1,090	1,437	541.3	727.9	813.1
Total Liabilities & Equity	10,356	10,305	5,704	1,093	1,244	1,363
Total Debt	6,701	6,588	3,173	246.98	222.43	245.11
Net Cash (Debt)	-5,558	-5,279	-2,665	-146.48	-94.4	-0.81
Net Cash Per Share	-4.66	-4.44	-2.25	-0.13	-0.08	-0.00
Filing Date Shares Outstanding	985.29	1,139	1,139	878.78	1,139	1,139
Total Common Shares Outstanding	985.29	1,139	1,139	878.78	1,139	1,139
Working Capital	-20.59	-2,023	194.13	187.3	330.43	398.23
Book Value Per Share	0.49	0.42	0.93	0.55	0.59	0.66
Tangible Book Value	449.91	448.69	959.12	296.18	417.52	476.94
Tangible Book Value Per Share	0.46	0.39	0.84	0.34	0.37	0.42
Buildings	-	109.5	287.32	448.32	472.47	465.24
Machinery	-	7,949	3,838	390.81	404.13	441.38
Construction In Progress	-	132.39	169.84	30.1	17.38	16.98

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