DO and Shuihua Group 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	632.97	573.11	545.69	711.73	905.3	1,758
Cash & Short-Term Investments	632.97	573.11	545.69	711.73	905.3	1,758
Cash Growth	-14.68%	5.03%	-23.33%	-21.38%	-48.50%	108.45%
Accounts Receivable	415.75	433.04	725.09	1,358	2,107	3,741
Other Receivables	236.03	240.3	418.5	305.19	278.59	226.3
Receivables	651.79	673.33	1,144	1,663	2,386	3,968
Inventory	537.04	545.72	680.73	728.78	773.18	1,272
Other Current Assets	141.76	145.17	147.07	124.94	137.25	313.07
Total Current Assets	1,964	1,937	2,517	3,228	4,201	7,311
Property, Plant & Equipment	1,582	1,658	1,893	2,125	2,304	2,431
Long-Term Investments	-	27.68	32.21	34.38	59.77	68.72
Goodwill	-	-	-	-	223.59	521.37
Other Intangible Assets	535.2	550.36	578.97	696.71	717.31	738.17
Long-Term Deferred Tax Assets	283.59	283.71	279.03	253.48	199.01	77.66
Long-Term Deferred Charges	18.29	18.48	20.45	20.46	17.98	9.44
Other Long-Term Assets	523.77	495.6	571.69	229.29	177.88	116.34
Total Assets	4,907	4,971	5,893	6,588	7,901	11,273
Accounts Payable	511.21	577.7	767.36	1,025	1,347	2,430
Accrued Expenses	76.7	78.56	100.47	103.4	86.02	141.72
Short-Term Debt	816.17	786.88	893.91	798.93	1,096	1,400
Current Portion of Long-Term Debt	-	168.34	215.6	200.48	116.84	190.49
Current Portion of Leases	-	-	8.17	2.74	4.11	27.71
Current Income Taxes Payable	-	16.09	0.27	-	0.35	7.99
Current Unearned Revenue	127.96	127.69	155.69	148.65	160.85	208.06
Other Current Liabilities	460.88	305.29	404.1	236.35	309.32	402.25
Total Current Liabilities	1,993	2,061	2,546	2,516	3,120	4,808
Long-Term Debt	877.02	1,037	1,493	1,664	1,735	1,689
Long-Term Leases	103.38	126.97	133.51	148.55	114.53	134.96
Long-Term Unearned Revenue	31.59	27.56	33.34	22.67	27.25	27.95
Long-Term Deferred Tax Liabilities	49.13	51.81	55.14	58.74	65.05	69.33
Other Long-Term Liabilities	0.57	0.75	0.99	-	1.54	-
Total Liabilities	3,055	3,305	4,262	4,409	5,064	6,729
Common Stock	550.18	513.35	394.19	384.98	384.97	386.89
Additional Paid-In Capital	3,029	2,832	2,305	2,261	2,261	2,280
Retained Earnings	-1,730	-1,715	-1,185	-615.85	42.24	1,625
Treasury Stock	-117.76	-117.76	-148.37	-123.36	-123.36	-20.99
Comprehensive Income & Other	119.85	154.17	265.22	274.06	274.08	274.1
Total Common Equity	1,851	1,666	1,631	2,181	2,839	4,545
Minority Interest	1.12	0.29	-	-2.13	-1.44	-0.41
Shareholders' Equity	1,852	1,667	1,631	2,179	2,837	4,544
Total Liabilities & Equity	4,907	4,971	5,893	6,588	7,901	11,273
Total Debt	1,797	2,119	2,745	2,814	3,066	3,442
Net Cash (Debt)	-1,164	-1,546	-2,199	-2,103	-2,161	-1,684
Net Cash Per Share	-2.60	-3.70	-6.03	-5.69	-5.60	-4.39
Filing Date Shares Outstanding	487.46	487.97	372.4	370.33	370.32	386.89
Total Common Shares Outstanding	487.46	487.97	372.4	370.33	370.32	386.89
Working Capital	-29.37	-123.23	-28.48	712.71	1,081	2,503
Book Value Per Share	3.80	3.41	4.38	5.89	7.67	11.75
Tangible Book Value	1,316	1,116	1,052	1,484	1,898	3,285
Tangible Book Value Per Share	2.70	2.29	2.82	4.01	5.12	8.49
Buildings	-	-	1,469	1,470	1,438	1,349
Machinery	-	-	1,193	1,309	1,405	1,281
Construction In Progress	-	-	25.96	3.54	55.68	174.18

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