Cedar Development 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	Dec '21 Dec 31, 2021
Cash & Equivalents	166.68	158.75	229.88	174.8	87.48	58.95
Trading Asset Securities	-	-	-	3.19	3.59	2.71
Cash & Short-Term Investments	166.68	158.75	229.88	177.99	91.08	61.66
Cash Growth	-22.24%	-30.94%	29.15%	95.43%	47.70%	-33.80%
Accounts Receivable	35.92	90.55	78.81	172.1	514.64	385.87
Other Receivables	2.87	5.39	8.31	18.57	418.12	443.72
Receivables	38.79	95.94	87.12	190.67	932.75	829.6
Inventory	40.94	68.7	27.53	44.74	25.55	31.64
Other Current Assets	31.36	32.55	33.37	65.53	84.01	255.4
Total Current Assets	277.77	355.94	377.9	478.94	1,133	1,178
Property, Plant & Equipment	275.94	275.29	317.34	314.28	671.04	663.01
Long-Term Investments	99.53	99.53	101.55	84	-	-
Other Intangible Assets	157.68	159	164.24	171.16	176.84	307.71
Long-Term Deferred Tax Assets	0.78	0.78	1.03	0	0.31	3.72
Long-Term Deferred Charges	1.35	1.66	1.41	2.28	3.35	4.52
Other Long-Term Assets	724.01	724.01	823.69	910.59	761.76	1,045
Total Assets	1,537	1,616	1,787	1,961	2,747	3,203
Accounts Payable	109.82	119.26	124.28	152.51	275.89	324.81
Accrued Expenses	1.57	3.43	5.7	8.52	13.29	29.27
Short-Term Debt	16	66	28	86.8	201.93	101.44
Current Portion of Long-Term Debt	0.59	0.62	0.36	229.02	576.38	446.3
Current Portion of Leases	-	-	1.42	0.76	1.48	0.51
Current Income Taxes Payable	1.22	1.93	0.04	0.04	0	0.16
Current Unearned Revenue	7.54	9.75	13.43	9.98	25.66	80.27
Other Current Liabilities	359.86	361.08	367.14	91.48	216.81	222.78
Total Current Liabilities	496.61	562.08	540.38	579.1	1,311	1,206
Long-Term Debt	-	-	-	0.63	1.45	-
Long-Term Leases	2.14	2.22	2.67	-	0.69	0.9
Long-Term Unearned Revenue	-	-	-	-	31.98	236.05
Long-Term Deferred Tax Liabilities	4.63	4.63	5.4	4.88	4.3	5.97
Other Long-Term Liabilities	19.11	17.02	8.52	0.35	-	-
Total Liabilities	522.5	585.95	556.97	584.96	1,350	1,448
Common Stock	544	544	544	544	544	544
Additional Paid-In Capital	1,058	1,058	1,058	1,057	1,057	1,057
Retained Earnings	-598.17	-582.49	-391.29	-239.62	-228.99	119.89
Comprehensive Income & Other	11.65	11.65	20.3	14.65	12.91	16.99
Total Common Equity	1,015	1,031	1,231	1,376	1,385	1,738
Minority Interest	-0.44	-0.42	-0.33	-0.19	11.49	16.49
Shareholders' Equity	1,015	1,030	1,230	1,376	1,397	1,754
Total Liabilities & Equity	1,537	1,616	1,787	1,961	2,747	3,203
Total Debt	18.74	68.84	32.45	317.21	781.93	549.15
Net Cash (Debt)	147.94	89.91	197.43	-139.22	-690.85	-487.49
Net Cash Growth	-26.09%	-54.46%	-	-	-	-
Net Cash Per Share	0.27	0.17	0.36	-0.26	-1.27	-0.90
Filing Date Shares Outstanding	544.48	543.44	544	544	544	544
Total Common Shares Outstanding	544.48	543.44	544	544	544	544
Working Capital	-218.85	-206.14	-162.48	-100.16	-178.07	-27.23
Book Value Per Share	1.86	1.90	2.26	2.53	2.55	3.19
Tangible Book Value	857.32	871.68	1,066	1,205	1,208	1,430
Tangible Book Value Per Share	1.57	1.60	1.96	2.22	2.22	2.63
Buildings	-	-	-	-	147.47	147.47
Machinery	-	-	14.14	13.66	14.46	23.48
Construction In Progress	-	-	308.44	309.38	521.1	497.9

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