Zhejiang Truelove Vogue 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	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022	Dec '20 Dec 31, 2020
Cash & Equivalents	53.26	202.13	332.65	236.21	380.08	275.2
Trading Asset Securities	-	-	-	18.96	242	-
Cash & Short-Term Investments	53.26	202.13	332.65	255.17	622.08	275.2
Cash Growth	-30.13%	-39.23%	30.36%	-58.98%	126.05%	82.47%
Accounts Receivable	288.93	197.35	153.03	160.45	116.08	85.59
Other Receivables	40.99	28.02	36.92	14.24	11.01	11.62
Receivables	329.91	225.37	189.94	174.69	127.09	97.21
Inventory	172.81	203.34	203.96	194.92	165.71	138.18
Other Current Assets	152.2	46.56	23.95	54.2	23.66	27.08
Total Current Assets	708.18	677.41	750.5	678.97	938.55	537.67
Property, Plant & Equipment	1,332	1,360	1,284	1,009	495.04	229.24
Long-Term Investments	9.78	9.78	9.78	9.78	9.78	9.78
Other Intangible Assets	44.51	58.7	47.51	49.1	51.65	51.65
Long-Term Deferred Tax Assets	2.26	27.72	31.39	14.36	2.15	1.9
Long-Term Deferred Charges	14.39	12.43	4.79	4.49	4.57	4.06
Other Long-Term Assets	3.3	22.07	17.09	126.41	4.17	4.55
Total Assets	2,115	2,168	2,145	1,892	1,506	838.85
Accounts Payable	122.42	174.88	173.94	241.88	178.13	121.43
Accrued Expenses	16.55	30.95	33.54	23.39	23.92	24
Short-Term Debt	31.22	37.01	11.01	-	-	0.1
Current Portion of Long-Term Debt	91.93	100.77	124.89	22.49	-	-
Current Portion of Leases	-	0.1	0.62	0.68	1.63	-
Current Income Taxes Payable	6.53	0.09	2.69	3.42	2.74	7.33
Current Unearned Revenue	26.26	22.05	17.29	19.64	12.32	20.47
Other Current Liabilities	20.57	29.95	69.36	73.84	13.05	8.7
Total Current Liabilities	315.48	395.8	433.36	385.33	231.78	182.02
Long-Term Debt	242.33	341.79	303.8	174.88	109.15	-
Long-Term Leases	0.3	-	0.1	0.62	0.38	-
Long-Term Unearned Revenue	86.33	80.76	76.1	55.23	31.25	6.87
Long-Term Deferred Tax Liabilities	6.82	1.12	1.99	3.53	1.19	0.36
Total Liabilities	651.25	819.48	815.35	619.6	373.75	189.24
Common Stock	144	144	144	120	100	75
Additional Paid-In Capital	395.54	395.54	395.54	419.54	439.54	89.54
Retained Earnings	923.88	808.77	790.57	732.63	592.61	485.06
Shareholders' Equity	1,463	1,348	1,330	1,272	1,132	649.6
Total Liabilities & Equity	2,115	2,168	2,145	1,892	1,506	838.85
Total Debt	365.78	479.67	440.43	198.68	111.16	0.1
Net Cash (Debt)	-312.52	-277.54	-107.79	56.49	510.93	275.1
Net Cash Growth	-	-	-	-88.94%	85.72%	95.22%
Net Cash Per Share	-2.19	-1.94	-0.75	0.39	3.79	2.54
Filing Date Shares Outstanding	144	144	144	144	144	108
Total Common Shares Outstanding	144	144	144	144	144	108
Working Capital	392.7	281.6	317.15	293.64	706.76	355.65
Book Value Per Share	10.16	9.36	9.24	8.83	7.86	6.01
Tangible Book Value	1,419	1,290	1,283	1,223	1,081	597.96
Tangible Book Value Per Share	9.85	8.96	8.91	8.49	7.50	5.54
Buildings	-	795.52	692.77	164.36	164.36	164.32
Machinery	-	741.6	282.33	250.86	246.28	240.57
Construction In Progress	-	35.22	591.23	850.16	320.02	52

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.