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 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	Jan '22 Jan 1, 2022
Cash & Equivalents	375.99	348.29	318.46	508.12	643.08	509.67
Trading Asset Securities	2	1	-	-	-	-
Cash & Short-Term Investments	377.99	349.29	318.46	508.12	643.08	509.67
Cash Growth	28.32%	9.68%	-37.33%	-20.99%	26.17%	-28.79%
Accounts Receivable	3,566	3,467	3,603	2,907	2,165	1,462
Other Receivables	406.68	442.32	559.98	475.22	451.54	538.69
Receivables	3,972	3,909	4,163	3,382	2,616	2,001
Inventory	29.14	33.2	34.92	25.49	32.02	33.15
Other Current Assets	121.55	128.95	19.9	32.88	243.38	28.31
Total Current Assets	4,501	4,421	4,537	3,949	3,535	2,572
Property, Plant & Equipment	718.69	762.06	828.77	858.47	1,225	1,053
Long-Term Investments	186.34	179.64	163.84	141.09	117.52	80.78
Goodwill	4.4	4.4	4.4	4.4	4.4	-
Other Intangible Assets	1,827	1,865	1,627	1,535	1,487	1,641
Long-Term Deferred Tax Assets	167.56	152.54	120.8	83.39	55.94	24.03
Long-Term Deferred Charges	163.71	168.24	153.42	160.59	116.33	28.47
Other Long-Term Assets	799.2	771.39	824.65	789.84	339.38	283.29
Total Assets	8,368	8,324	8,260	7,521	6,881	5,683
Accounts Payable	798.46	871.89	855.42	731.29	773.87	627.57
Accrued Expenses	187.55	193.26	410.39	393.33	303.29	245.65
Short-Term Debt	1,462	1,325	1,866	2,053	1,710	1,404
Current Portion of Long-Term Debt	925.54	949.87	101.26	86.4	48.19	13.69
Current Portion of Leases	-	-	198.01	61.48	54.77	36.58
Current Income Taxes Payable	110.03	97.51	63.36	40.43	49.36	16.15
Current Unearned Revenue	7.49	3.31	10.24	8.1	5.8	4.16
Other Current Liabilities	248.65	248.39	74.05	45.87	126.72	35.83
Total Current Liabilities	3,739	3,689	3,579	3,420	3,072	2,384
Long-Term Debt	1,141	1,139	1,432	1,425	1,431	1,297
Long-Term Leases	67.63	59.44	364.12	78.95	110.52	41.84
Long-Term Unearned Revenue	24.59	27.87	7.39	7.5	4	0.04
Long-Term Deferred Tax Liabilities	22.77	24.21	19.73	14.89	18.7	-
Other Long-Term Liabilities	502.71	564.72	179.22	134.3	101.89	71.68
Total Liabilities	5,498	5,504	5,581	5,081	4,738	3,794
Common Stock	408.67	408.67	408.67	408.66	408.66	408.66
Additional Paid-In Capital	259.93	259.93	258.21	261.14	261.14	261.32
Retained Earnings	1,918	1,883	1,740	1,492	1,216	942.34
Comprehensive Income & Other	28.24	28.23	28.23	28.23	28.23	28.24
Total Common Equity	2,615	2,580	2,435	2,190	1,914	1,641
Minority Interest	254.07	239.55	242.98	249.66	229.2	248.32
Shareholders' Equity	2,869	2,820	2,678	2,440	2,143	1,889
Total Liabilities & Equity	8,368	8,324	8,260	7,521	6,881	5,683
Total Debt	3,596	3,473	3,962	3,706	3,354	2,793
Net Cash (Debt)	-3,218	-3,124	-3,643	-3,198	-2,711	-2,283
Net Cash Per Share	-7.92	-7.64	-8.94	-7.87	-6.64	-5.55
Filing Date Shares Outstanding	387.01	417.59	408.67	408.66	408.66	408.66
Total Common Shares Outstanding	387.01	417.59	408.67	408.66	408.66	408.66
Working Capital	761.39	731.93	957.9	528.35	463.24	188.38
Book Value Per Share	6.76	6.18	5.96	5.36	4.68	4.01
Tangible Book Value	783.88	710.67	803.71	650.99	422.37	-0.75
Tangible Book Value Per Share	2.03	1.70	1.97	1.59	1.03	-0.00
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.