Tianshan Material 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	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Cash & Equivalents	14,646	8,906	12,092	14,626	10,745	14,291
Trading Asset Securities	897.21	900.58	1,026	1,013	974.01	1,094
Cash & Short-Term Investments	15,543	9,806	13,118	15,639	11,719	15,385
Cash Growth	4.37%	-25.25%	-16.12%	33.45%	-23.83%	-4.34%
Accounts Receivable	29,019	30,037	32,449	31,029	36,882	40,992
Other Receivables	3,358	3,688	4,298	6,956	3,765	3,602
Receivables	32,377	33,726	36,747	37,985	40,647	44,594
Inventory	7,922	5,860	6,242	9,362	11,763	10,064
Prepaid Expenses	-	390.04	371.71	467.7	494.89	346.78
Other Current Assets	3,661	2,853	2,688	2,441	3,308	2,867
Total Current Assets	59,502	52,635	59,166	65,894	67,933	73,257
Property, Plant & Equipment	127,830	132,659	137,308	138,003	132,680	126,896
Long-Term Investments	11,339	11,386	11,620	11,892	11,790	12,509
Goodwill	24,287	24,287	26,719	26,464	26,496	26,485
Other Intangible Assets	47,150	42,821	41,029	40,056	39,034	35,788
Long-Term Deferred Tax Assets	5,075	5,001	4,593	4,246	3,534	2,625
Long-Term Deferred Charges	4,818	4,896	4,961	5,616	5,207	4,560
Other Long-Term Assets	2,097	2,272	2,615	2,551	2,162	3,077
Total Assets	282,099	275,957	288,012	294,722	288,837	285,198
Accounts Payable	29,358	31,454	33,541	38,369	41,122	37,193
Accrued Expenses	358.31	1,486	1,666	1,592	3,566	4,701
Short-Term Debt	47,928	41,462	42,653	52,100	60,356	61,486
Current Portion of Long-Term Debt	27,376	25,587	23,836	12,966	16,194	11,550
Current Portion of Leases	-	226.22	270.45	201.98	211.44	258.42
Current Income Taxes Payable	1,194	611.75	727.92	832.65	1,371	3,188
Current Unearned Revenue	2,395	1,928	2,098	2,283	2,716	3,742
Other Current Liabilities	1,911	7,454	6,966	8,333	8,636	18,015
Total Current Liabilities	110,521	110,210	111,759	116,677	134,173	140,134
Long-Term Debt	70,938	63,929	67,677	67,722	48,613	44,201
Long-Term Leases	1,603	1,420	1,650	1,415	1,452	1,453
Long-Term Unearned Revenue	644.54	658.91	685.95	699.73	666.86	644.69
Pension & Post-Retirement Benefits	74.08	83.37	67.36	64.92	61.51	73.1
Long-Term Deferred Tax Liabilities	2,413	2,487	2,475	2,455	1,951	2,041
Other Long-Term Liabilities	5,900	5,644	4,327	5,147	4,617	5,217
Total Liabilities	192,092	184,431	188,641	194,180	191,535	193,763
Common Stock	7,110	7,110	7,110	8,663	8,663	8,349
Additional Paid-In Capital	37,361	37,361	37,383	35,788	33,946	30,035
Retained Earnings	29,046	30,541	37,832	39,371	38,816	37,133
Comprehensive Income & Other	391.64	274.39	299.05	325.61	383.98	623.41
Total Common Equity	73,910	75,287	82,625	84,147	81,809	76,140
Minority Interest	16,097	16,239	16,747	16,395	15,493	15,295
Shareholders' Equity	90,006	91,526	99,371	100,542	97,302	91,434
Total Liabilities & Equity	282,099	275,957	288,012	294,722	288,837	285,198
Total Debt	147,844	132,623	136,086	134,404	126,827	118,949
Net Cash (Debt)	-132,301	-122,817	-122,968	-118,765	-115,108	-103,564
Net Cash Per Share	-18.61	-17.27	-15.33	-13.71	-13.33	-12.92
Filing Date Shares Outstanding	7,110	7,110	7,110	8,663	8,663	8,663
Total Common Shares Outstanding	7,110	7,110	7,110	8,663	8,663	8,349
Working Capital	-51,018	-57,575	-52,592	-50,783	-66,240	-66,877
Book Value Per Share	10.39	10.59	11.62	9.71	9.44	9.12
Tangible Book Value	2,472	8,179	14,877	17,627	16,279	13,867
Tangible Book Value Per Share	0.35	1.15	2.09	2.03	1.88	1.66
Buildings	-	94,998	94,945	92,168	89,365	86,000
Machinery	-	120,329	117,101	115,593	113,857	108,941
Construction In Progress	-	20,546	20,143	20,167	14,698	12,584

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