QiaoYin City Management Balance Sheet

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Jan '22 Jan 1, 2022	Dec '20 Dec 31, 2020
Cash & Equivalents	312.58	318.46	508.12	643.08	509.67	673.23
Short-Term Investments	-	-	-	-	-	14.5
Trading Asset Securities	6.32	-	-	-	-	28
Cash & Short-Term Investments	318.9	318.46	508.12	643.08	509.67	715.73
Cash Growth	-17.37%	-37.33%	-20.99%	26.17%	-28.79%	81.54%
Accounts Receivable	3,590	3,603	2,907	2,165	1,462	962.55
Other Receivables	466.7	559.98	475.22	451.54	538.69	491.2
Receivables	4,057	4,163	3,382	2,616	2,001	1,454
Inventory	32.77	34.92	25.49	32.02	33.15	3.11
Other Current Assets	113.84	19.9	32.88	243.38	28.31	27.59
Total Current Assets	4,522	4,537	3,949	3,535	2,572	2,200
Property, Plant & Equipment	825.15	828.77	858.47	1,225	1,053	760.77
Long-Term Investments	165.55	163.84	141.09	117.52	80.78	44.07
Goodwill	4.4	4.4	4.4	4.4	-	-
Other Intangible Assets	1,839	1,627	1,535	1,487	1,641	1,085
Long-Term Deferred Tax Assets	149.4	120.8	83.39	55.94	24.03	15.23
Long-Term Deferred Charges	165.57	153.42	160.59	116.33	28.47	88.18
Other Long-Term Assets	802.4	824.65	789.84	339.38	283.29	279
Total Assets	8,474	8,260	7,521	6,881	5,683	4,472
Accounts Payable	950.06	855.42	731.29	773.87	627.57	499.49
Accrued Expenses	256.35	410.39	393.33	303.29	245.65	189.4
Short-Term Debt	1,413	1,866	2,053	1,710	1,404	934.45
Current Portion of Long-Term Debt	430.02	101.26	86.4	48.19	13.69	53.57
Current Portion of Leases	-	198.01	61.48	54.77	36.58	-
Current Income Taxes Payable	110.2	63.36	40.43	49.36	16.15	24.05
Current Unearned Revenue	27.18	10.24	8.1	5.8	4.16	1.49
Other Current Liabilities	93.72	74.05	45.87	126.72	35.83	13.28
Total Current Liabilities	3,281	3,579	3,420	3,072	2,384	1,716
Long-Term Debt	2,055	1,432	1,425	1,431	1,297	1,028
Long-Term Leases	72.43	364.12	78.95	110.52	41.84	0.88
Long-Term Unearned Revenue	27.26	7.39	7.5	4	0.04	8.26
Long-Term Deferred Tax Liabilities	24.44	19.73	14.89	18.7	-	-
Other Long-Term Liabilities	206.26	179.22	134.3	101.89	71.68	14.97
Total Liabilities	5,666	5,581	5,081	4,738	3,794	2,768
Common Stock	408.67	408.67	408.66	408.66	408.66	408.66
Additional Paid-In Capital	259.93	258.21	261.14	261.14	261.32	266.73
Retained Earnings	1,850	1,740	1,492	1,216	942.34	743.16
Comprehensive Income & Other	28.23	28.23	28.23	28.23	28.24	28.24
Total Common Equity	2,546	2,435	2,190	1,914	1,641	1,447
Minority Interest	261.37	242.98	249.66	229.2	248.32	257.78
Shareholders' Equity	2,808	2,678	2,440	2,143	1,889	1,705
Total Liabilities & Equity	8,474	8,260	7,521	6,881	5,683	4,472
Total Debt	3,970	3,962	3,706	3,354	2,793	2,017
Net Cash (Debt)	-3,652	-3,643	-3,198	-2,711	-2,283	-1,301
Net Cash Per Share	-9.05	-8.94	-7.87	-6.64	-5.55	-3.19
Filing Date Shares Outstanding	408.67	408.67	408.66	408.66	408.66	408.66
Total Common Shares Outstanding	408.67	408.67	408.66	408.66	408.66	408.66
Working Capital	1,242	957.9	528.35	463.24	188.38	484.46
Book Value Per Share	6.23	5.96	5.36	4.68	4.01	3.54
Tangible Book Value	703.12	803.71	650.99	422.37	-0.75	361.91
Tangible Book Value Per Share	1.72	1.97	1.59	1.03	-0.00	0.89
Buildings	-	173.86	157.79	0.33	0.33	-
Machinery	-	1,242	1,219	1,145	1,070	-
Construction In Progress	-	15.63	34.66	520.77	349.78	-

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