Explosive 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	2,971	3,082	2,753	2,673	494.41	481.41
Cash & Short-Term Investments	2,971	3,082	2,753	2,673	494.41	481.41
Cash Growth	12.45%	11.92%	3.02%	440.58%	2.70%	-32.29%
Accounts Receivable	3,435	3,104	2,728	2,297	654.55	503.8
Other Receivables	84.63	78.68	104.47	141.23	76.44	80.66
Receivables	3,520	3,182	2,832	2,438	730.99	584.46
Inventory	511.64	455.88	433.39	454.19	342.9	816.61
Other Current Assets	213.24	207.39	167.65	206.2	122.72	111.07
Total Current Assets	7,215	6,927	6,186	5,771	1,691	1,994
Property, Plant & Equipment	2,422	2,431	2,231	2,305	1,117	1,151
Long-Term Investments	440.96	407.13	401.89	364.75	301.84	302.93
Goodwill	1,022	1,022	861.2	861.75	13.64	13.64
Other Intangible Assets	1,144	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	32.92	35.18	56.28	49.96	24.95	38.08
Long-Term Deferred Charges	11.09	11.62	6.45	9.2	4.29	4.1
Other Long-Term Assets	216.31	195.55	288.71	98.07	28.7	28.41
Total Assets	12,505	12,209	11,027	10,473	3,537	3,894
Accounts Payable	1,814	1,516	1,187	1,134	320.26	280.88
Accrued Expenses	163.18	165.33	165.53	203.55	150.83	105.33
Short-Term Debt	145.84	235.56	8	67.29	400.44	658.76
Current Portion of Long-Term Debt	145.02	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	130.23	104.14	98.61	79.3	7.97	4.5
Current Unearned Revenue	31.64	49.72	42.36	89.09	36.89	56.76
Other Current Liabilities	683.9	732.09	942.85	763.26	166.81	331.79
Total Current Liabilities	3,113	2,940	2,522	2,398	1,134	1,619
Long-Term Debt	232.65	222.98	170.5	212	135.49	45.49
Long-Term Leases	118.63	123.27	121.97	148.74	2.76	2.31
Long-Term Unearned Revenue	107.39	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	189.22	184.28	181.13	163.06	30.48	21.61
Other Long-Term Liabilities	111.66	29.48	37.27	54.7	56.27	81.6
Total Liabilities	3,873	3,695	3,242	3,191	1,566	2,005
Common Stock	1,240	1,240	1,240	1,240	371.29	380.18
Additional Paid-In Capital	3,631	3,631	3,613	3,611	552.83	579.47
Retained Earnings	3,191	3,083	2,576	2,117	900.42	863.72
Treasury Stock	-	-	-	-	-	-36.81
Comprehensive Income & Other	62.29	29.53	28.5	9.58	83.98	60.7
Total Common Equity	8,125	7,985	7,458	6,978	1,909	1,847
Minority Interest	507.13	528.79	327.22	304.52	62.06	41.92
Shareholders' Equity	8,632	8,513	7,785	7,283	1,971	1,889
Total Liabilities & Equity	12,505	12,209	11,027	10,473	3,537	3,894
Total Debt	642.14	719.55	377.64	489.57	589.39	887.38
Net Cash (Debt)	2,328	2,362	2,376	2,183	-94.99	-405.97
Net Cash Growth	3.85%	-0.57%	8.82%	-	-	-
Net Cash Per Share	1.88	1.91	1.90	1.93	-0.26	-1.08
Filing Date Shares Outstanding	1,241	1,240	1,240	975.92	1,123	380.18
Total Common Shares Outstanding	1,241	1,240	1,240	975.92	371.29	380.18
Working Capital	4,102	3,987	3,665	3,373	557.12	374.71
Book Value Per Share	6.55	6.44	6.01	7.15	5.14	4.86
Tangible Book Value	5,959	5,810	5,631	5,126	1,549	1,481
Tangible Book Value Per Share	4.80	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

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