Explosive Balance Sheet

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	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	3,082	2,753	2,673	494.41	481.41
Cash & Short-Term Investments	3,082	2,753	2,673	494.41	481.41
Cash Growth	11.92%	3.02%	440.58%	2.70%	-32.29%
Accounts Receivable	3,104	2,728	2,297	654.55	503.8
Other Receivables	78.68	104.47	141.23	76.44	80.66
Receivables	3,182	2,832	2,438	730.99	584.46
Inventory	455.88	433.39	454.19	342.9	816.61
Other Current Assets	207.39	167.65	206.2	122.72	111.07
Total Current Assets	6,927	6,186	5,771	1,691	1,994
Property, Plant & Equipment	2,431	2,231	2,305	1,117	1,151
Long-Term Investments	407.13	401.89	364.75	301.84	302.93
Goodwill	1,022	861.2	861.75	13.64	13.64
Other Intangible Assets	1,153	965.09	990.8	345.91	352.75
Long-Term Accounts Receivable	25.75	29.66	22.79	9.66	9.66
Long-Term Deferred Tax Assets	35.18	56.28	49.96	24.95	38.08
Long-Term Deferred Charges	11.62	6.45	9.2	4.29	4.1
Other Long-Term Assets	195.55	288.71	98.07	28.7	28.41
Total Assets	12,209	11,027	10,473	3,537	3,894
Accounts Payable	1,516	1,187	1,134	320.26	280.88
Accrued Expenses	165.33	165.53	203.55	150.83	105.33
Short-Term Debt	235.56	8	67.29	400.44	658.76
Current Portion of Long-Term Debt	119.61	63.5	49	50.17	180.19
Current Portion of Leases	18.14	13.67	12.54	0.54	0.63
Current Income Taxes Payable	104.14	98.61	79.3	7.97	4.5
Current Unearned Revenue	49.72	42.36	89.09	36.89	56.76
Other Current Liabilities	732.09	942.85	763.26	166.81	331.79
Total Current Liabilities	2,940	2,522	2,398	1,134	1,619
Long-Term Debt	222.98	170.5	212	135.49	45.49
Long-Term Leases	123.27	121.97	148.74	2.76	2.31
Long-Term Unearned Revenue	109.36	112.54	116.88	111.95	115.61
Pension & Post-Retirement Benefits	85.37	96.76	96.96	95.46	119.71
Long-Term Deferred Tax Liabilities	184.28	181.13	163.06	30.48	21.61
Other Long-Term Liabilities	29.48	37.27	54.7	56.27	81.6
Total Liabilities	3,695	3,242	3,191	1,566	2,005
Common Stock	1,240	1,240	1,240	371.29	380.18
Additional Paid-In Capital	3,631	3,613	3,611	552.83	579.47
Retained Earnings	3,083	2,576	2,117	900.42	863.72
Treasury Stock	-	-	-	-	-36.81
Comprehensive Income & Other	29.53	28.5	9.58	83.98	60.7
Total Common Equity	7,985	7,458	6,978	1,909	1,847
Minority Interest	528.79	327.22	304.52	62.06	41.92
Shareholders' Equity	8,513	7,785	7,283	1,971	1,889
Total Liabilities & Equity	12,209	11,027	10,473	3,537	3,894
Total Debt	719.55	377.64	489.57	589.39	887.38
Net Cash (Debt)	2,362	2,376	2,183	-94.99	-405.97
Net Cash Growth	-0.57%	8.82%	-	-	-
Net Cash Per Share	1.91	1.90	1.93	-0.26	-1.08
Filing Date Shares Outstanding	1,240	1,240	975.92	1,123	380.18
Total Common Shares Outstanding	1,240	1,240	975.92	371.29	380.18
Working Capital	3,987	3,665	3,373	557.12	374.71
Book Value Per Share	6.44	6.01	7.15	5.14	4.86
Tangible Book Value	5,810	5,631	5,126	1,549	1,481
Tangible Book Value Per Share	4.68	4.54	5.25	4.17	3.90
Buildings	2,193	1,954	2,029	1,119	1,092
Machinery	2,047	1,795	1,604	696.14	674.86
Construction In Progress	26.59	53.91	97.23	28.69	51

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.