Jiangsu Zhongshe 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	132.7	139.77	190.63	207.89	182.49	202.07
Trading Asset Securities	50	3.78	-	0.7	-	0.44
Cash & Short-Term Investments	182.7	143.55	190.63	208.59	182.49	202.51
Cash Growth	-0.31%	-24.70%	-8.61%	14.30%	-9.89%	-6.32%
Accounts Receivable	681.06	821.8	605.58	871.39	831.39	763.79
Other Receivables	4.57	4.6	5.42	15.92	18.48	35.29
Receivables	685.63	826.4	611	887.3	849.87	799.08
Inventory	5.47	4.31	-	-	-	-
Other Current Assets	2.42	3.54	2.02	23.63	18.94	14.77
Total Current Assets	876.22	977.79	803.66	1,120	1,051	1,016
Property, Plant & Equipment	124.27	129.05	75.44	87.72	96.65	99.97
Long-Term Investments	10.2	10.2	10.2	6.34	4.81	1.67
Goodwill	-	-	-	37.65	37.65	37.65
Other Intangible Assets	14.9	15.2	9.41	18.97	20.4	21.95
Long-Term Deferred Tax Assets	73.63	73.63	36.09	47.6	39.31	30.01
Long-Term Deferred Charges	0.23	0.26	0.49	1.01	1.54	1.49
Other Long-Term Assets	0.01	0.01	0.33	-	-	-
Total Assets	1,099	1,206	935.62	1,319	1,252	1,209
Accounts Payable	328.87	456.45	126.79	304.79	260.62	274.28
Accrued Expenses	16.53	21.47	13.93	33.4	33.11	47.81
Short-Term Debt	123.14	109.49	73.14	83.98	107.34	81.76
Current Portion of Long-Term Debt	0.97	1.16	-	-	-	-
Current Portion of Leases	-	-	1.38	3.28	3.22	3.39
Current Income Taxes Payable	7.27	11.28	6.13	16.97	15.73	19.25
Current Unearned Revenue	21.67	12.32	3.68	26.52	31.54	37.51
Other Current Liabilities	42.68	46.74	30.35	69.95	60.98	56
Total Current Liabilities	541.13	658.91	255.4	538.89	512.54	520
Long-Term Debt	51.34	41.34	-	-	-	-
Long-Term Leases	1.18	1.12	1.95	2.91	5.91	7.42
Long-Term Deferred Tax Liabilities	2.19	2.21	0.41	2	2.66	1.86
Total Liabilities	595.85	703.58	257.75	543.8	521.11	529.28
Common Stock	156.16	156.16	156.16	156.16	156.23	130.26
Additional Paid-In Capital	91.94	91.94	127.12	127.12	126.98	150.55
Retained Earnings	220.26	219.23	394.58	394.57	364.29	327.55
Treasury Stock	-	-	-	-	-6.48	-6.89
Comprehensive Income & Other	0	0	0	-0.08	-0.08	0.02
Total Common Equity	468.36	467.34	677.86	677.78	640.94	601.5
Minority Interest	35.26	35.23	-	97.25	89.62	78.34
Shareholders' Equity	503.62	502.57	677.86	775.02	730.57	679.84
Total Liabilities & Equity	1,099	1,206	935.62	1,319	1,252	1,209
Total Debt	176.63	153.11	76.47	90.17	116.47	92.57
Net Cash (Debt)	6.06	-9.56	114.16	118.42	66.03	109.94
Net Cash Growth	-95.11%	-	-3.60%	79.36%	-39.95%	-29.78%
Net Cash Per Share	0.04	-0.06	0.79	0.75	0.42	0.71
Filing Date Shares Outstanding	157.31	140.76	156.16	156.16	155.18	154.96
Total Common Shares Outstanding	157.31	140.76	156.16	156.16	155.18	154.96
Working Capital	335.08	318.88	548.26	580.64	538.77	496.37
Book Value Per Share	2.98	3.32	4.34	4.34	4.13	3.88
Tangible Book Value	453.45	452.13	668.46	621.15	582.88	541.9
Tangible Book Value Per Share	2.88	3.21	4.28	3.98	3.76	3.50
Buildings	-	-	101.18	101.06	100.8	99.61
Machinery	-	-	28.57	39.21	39.2	33.52
Construction In Progress	-	-	-	-	-	0.05

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