SHENZHEN TOPRAYSOLAR Balance Sheet

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

Millions CNY. Fiscal year is Jan - Dec.

Assets

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	697.99	675.63	631.69	504.7	1,363	878.99
Trading Asset Securities	250.2	340.1	150.34	197.87	102.54	251.21
Cash & Short-Term Investments	948.2	1,016	782.03	702.56	1,465	1,130
Cash Growth	17.34%	29.88%	11.31%	-52.05%	29.65%	121.33%
Accounts Receivable	1,260	1,230	1,395	1,231	1,039	1,188
Other Receivables	44.36	123.78	122.37	155.15	116.26	207.19
Receivables	1,305	1,353	1,517	1,386	1,155	1,396
Inventory	269.85	303.64	398.57	467.1	501.96	401.11
Other Current Assets	104.38	25.49	22.45	23.83	30.51	29.07
Total Current Assets	2,627	2,698	2,720	2,579	3,153	2,956
Property, Plant & Equipment	3,253	3,263	3,394	3,304	3,153	3,220
Long-Term Investments	65.45	65.61	61.29	66.22	66.82	58.52
Goodwill	13.37	13.37	13.37	13.37	13.37	13.37
Other Intangible Assets	261.01	269.25	321.74	356.75	396.34	413.82
Long-Term Accounts Receivable	-	-	154.86	184.21	214.88	246.86
Long-Term Deferred Tax Assets	103.81	103.08	53.86	55.17	42.74	43.38
Long-Term Deferred Charges	61.06	57.05	54.65	66.38	81.1	55.79
Other Long-Term Assets	25.96	28.36	32.99	31.28	25.38	28.72
Total Assets	6,411	6,498	6,807	6,656	7,146	7,036

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
Accounts Payable	248.34	221.42	239.66	275.61	209.38	236.61
Accrued Expenses	12.67	32.23	38.12	52.44	122.98	59.21
Short-Term Debt	-	-	-	-	724.34	1,017
Current Portion of Long-Term Debt	610.02	720.56	213.04	366.36	94.68	73.63
Current Portion of Leases	-	2.07	3.34	28.09	69.25	2.17
Current Income Taxes Payable	32.78	24.12	25.82	28.26	27.16	21.56
Current Unearned Revenue	28.87	15.45	23.62	27.39	41.73	37.06
Other Current Liabilities	178.1	236.59	177.1	171.1	150.1	197.68
Total Current Liabilities	1,111	1,252	720.71	949.24	1,440	1,645
Long-Term Debt	1,243	1,149	1,764	1,306	597.92	133.88
Long-Term Leases	38.08	39.82	35.1	27.27	28.88	28.71
Long-Term Unearned Revenue	82.8	83.69	96.19	115.53	128.41	141.79
Long-Term Deferred Tax Liabilities	5.44	4.8	5.15	7.07	7.44	2.6
Other Long-Term Liabilities	-	-	-	50.47	708.85	879.69
Total Liabilities	2,481	2,530	2,621	2,456	2,911	2,832

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
Common Stock	1,408	1,413	1,413	1,413	1,413	1,413
Additional Paid-In Capital	2,101	2,122	2,122	2,122	2,122	2,122
Retained Earnings	437.07	477.38	691.47	708.82	727.96	681.04
Treasury Stock	-	-25.41	-25.41	-25.41	-12.48	-
Comprehensive Income & Other	-16.6	-18.68	-15.28	-18.03	-15.16	-12.06
Shareholders' Equity	3,930	3,968	4,186	4,200	4,235	4,204
Total Liabilities & Equity	6,411	6,498	6,807	6,656	7,146	7,036

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
Total Debt	1,892	1,911	2,015	1,728	1,515	1,256
Net Cash (Debt)	-943.35	-895.53	-1,233	-1,026	-49.72	-125.68
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share	-0.67	-0.63	-0.91	-0.71	-0.04	-0.09
Filing Date Shares Outstanding	1,408	1,408	1,408	1,408	1,410	1,413
Total Common Shares Outstanding	1,408	1,408	1,408	1,408	1,410	1,413
Working Capital	1,516	1,446	1,999	1,630	1,713	1,311
Book Value Per Share	2.79	2.82	2.97	2.98	3.00	2.98
Tangible Book Value	3,656	3,686	3,851	3,830	3,826	3,777
Tangible Book Value Per Share	2.60	2.62	2.73	2.72	2.71	2.67
Buildings	-	386.76	356.97	378.27	398.79	398.04
Machinery	-	4,352	4,331	4,050	3,657	3,760
Construction In Progress	-	480.04	430.39	456.31	515.49	278.96