S.F. Holding 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	Dec '21 Dec 31, 2021
Cash & Equivalents	16,992	20,969	33,936	41,975	41,063	35,315
Short-Term Investments	-	5,618	-	-	-	-
Trading Asset Securities	25,638	16,199	11,246	6,810	7,385	10,384
Cash & Short-Term Investments	42,630	42,787	45,182	48,784	48,448	45,700
Cash Growth	-0.33%	-5.30%	-7.38%	0.69%	6.01%	101.37%
Accounts Receivable	32,791	34,349	30,893	27,093	27,383	31,797
Other Receivables	3,816	1,301	978.82	1,408	1,544	2,186
Receivables	37,078	36,039	32,120	28,913	29,095	34,108
Inventory	3,057	3,039	2,432	2,440	1,948	1,547
Prepaid Expenses	-	39.41	37.36	38.15	33.52	23.52
Other Current Assets	7,323	9,423	8,915	10,815	11,149	12,734
Total Current Assets	90,087	91,327	88,687	90,991	90,673	94,112
Property, Plant & Equipment	69,622	70,287	69,886	72,036	70,237	62,794
Long-Term Investments	15,629	15,959	14,907	17,452	16,229	14,859
Goodwill	9,367	9,545	10,004	9,570	9,346	7,372
Other Intangible Assets	15,156	15,386	16,733	18,147	19,177	18,324
Long-Term Deferred Tax Assets	1,990	2,071	2,292	2,264	1,633	1,567
Long-Term Deferred Charges	3,287	3,386	3,198	3,291	311.76	343.24
Other Long-Term Assets	8,660	8,508	8,118	7,739	9,236	10,529
Total Assets	213,797	216,469	213,824	221,491	216,843	209,900
Accounts Payable	27,126	30,281	27,396	24,914	24,748	23,468
Accrued Expenses	4,273	8,680	8,472	7,917	8,325	6,979
Short-Term Debt	12,255	9,633	15,811	18,222	17,900	22,427
Current Portion of Long-Term Debt	12,355	5,910	2,305	3,429	4,262	2,289
Current Portion of Leases	-	5,829	5,501	5,770	6,597	5,990
Current Income Taxes Payable	2,036	1,244	1,679	1,394	1,631	2,067
Current Unearned Revenue	2,039	1,987	2,039	1,832	1,244	1,676
Other Current Liabilities	10,444	9,331	8,990	10,512	12,969	11,127
Total Current Liabilities	70,528	72,895	72,193	73,990	77,677	76,022
Long-Term Debt	16,036	17,542	26,128	30,150	26,400	19,167
Long-Term Leases	9,619	9,588	7,094	8,038	8,582	10,942
Long-Term Unearned Revenue	1,650	1,613	1,266	1,091	860.79	690.24
Pension & Post-Retirement Benefits	76	75.74	58.73	82.22	114.02	351.75
Long-Term Deferred Tax Liabilities	3,966	4,099	4,414	4,551	4,658	4,402
Other Long-Term Liabilities	319.65	330.91	333.25	305	265.09	409.81
Total Liabilities	102,195	106,144	111,489	118,207	118,557	111,985
Common Stock	5,039	5,039	4,986	4,895	4,895	4,906
Additional Paid-In Capital	42,386	46,377	44,353	42,762	42,944	45,382
Retained Earnings	51,446	48,963	42,311	41,774	34,875	29,614
Treasury Stock	-2,600	-1,543	-758.08	-2,576	-2,040	-394.99
Comprehensive Income & Other	4,140	472.95	1,101	5,934	5,590	3,436
Total Common Equity	100,410	99,309	91,993	92,790	86,264	82,943
Minority Interest	11,192	11,015	10,342	10,493	12,022	14,972
Shareholders' Equity	111,602	110,325	102,335	103,284	98,286	97,915
Total Liabilities & Equity	213,797	216,469	213,824	221,491	216,843	209,900
Total Debt	50,266	48,502	56,841	65,609	63,741	60,815
Net Cash (Debt)	-7,636	-5,715	-11,658	-16,825	-15,293	-15,115
Net Cash Per Share	-1.51	-1.14	-2.41	-3.47	-3.14	-3.28
Filing Date Shares Outstanding	4,972	5,000	4,965	4,844	4,856	4,895
Total Common Shares Outstanding	4,972	5,000	4,965	4,844	4,856	4,895
Working Capital	19,559	18,432	16,493	17,001	12,997	18,090
Book Value Per Share	20.19	19.86	18.53	19.16	17.77	16.94
Tangible Book Value	75,888	74,378	65,256	65,073	57,741	57,247
Tangible Book Value Per Share	15.26	14.87	13.14	13.43	11.89	11.69
Buildings	-	30,454	31,482	29,185	20,738	15,086
Machinery	-	60,078	56,515	53,895	47,835	42,250
Construction In Progress	-	2,909	2,986	4,033	11,150	8,571

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