Masterwork 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	Jan '22 Jan 1, 2022
Cash & Equivalents	452.83	369.56	286.04	231.38	355.25	616.48
Short-Term Investments	-	-	20	103.91	10.59	45.03
Trading Asset Securities	-	-	-	4.17	-	16.83
Cash & Short-Term Investments	452.83	369.56	306.04	339.46	365.84	678.34
Cash Growth	72.10%	20.76%	-9.84%	-7.21%	-46.07%	35.36%
Accounts Receivable	391.4	457.74	968.35	852.1	869.2	833.07
Other Receivables	10.51	13.42	13.42	47.33	5.01	5.92
Receivables	401.92	471.15	981.77	899.43	874.21	838.99
Inventory	987.77	898.53	865.51	869.28	882.12	705.52
Prepaid Expenses	-	-	3.23	2.8	-	0.18
Other Current Assets	716.7	724.74	128.85	132.76	127.38	225.5
Total Current Assets	2,559	2,464	2,285	2,244	2,250	2,449
Property, Plant & Equipment	1,073	1,094	1,121	1,140	1,255	1,216
Long-Term Investments	348.46	349.2	376.86	334.89	491.27	515.76
Goodwill	14.59	14.59	14.59	14.43	14.43	14.43
Other Intangible Assets	227.98	232.63	254.36	275.48	213.58	221.02
Long-Term Accounts Receivable	-	-	453.46	501.72	400.67	403.06
Long-Term Deferred Tax Assets	48.78	48.83	45.53	52.5	51.65	38.32
Long-Term Deferred Charges	32.02	30.92	29.79	32.19	33.61	33.05
Other Long-Term Assets	2,083	2,103	1,656	1,664	1,676	1,723
Total Assets	6,387	6,337	6,237	6,259	6,385	6,614
Accounts Payable	437.09	423.44	421.97	342.64	463.09	447.79
Accrued Expenses	30.72	33.34	40.78	46.43	64.64	62.67
Short-Term Debt	789.65	740.31	522.98	539.1	596.86	629.82
Current Portion of Long-Term Debt	902.74	871.72	502.93	884.78	536.01	616.06
Current Portion of Leases	-	-	0.98	1.99	0.65	0.04
Current Income Taxes Payable	12.21	7.45	0.99	1.98	9.03	8.29
Current Unearned Revenue	200.21	172.75	155.09	156.54	177.94	202.97
Other Current Liabilities	52.71	43.88	171.53	143.82	138.41	166.41
Total Current Liabilities	2,425	2,293	1,817	2,117	1,987	2,134
Long-Term Debt	918.08	960	1,345	1,043	1,430	1,375
Long-Term Leases	0.53	0.62	75.34	56.17	12.29	0.11
Long-Term Unearned Revenue	41.77	43.82	42.97	52.4	44.2	50.73
Long-Term Deferred Tax Liabilities	108.41	109.48	109.42	109.54	120.52	123.05
Other Long-Term Liabilities	44.22	49.7	-	44.03	84.51	128.72
Total Liabilities	3,538	3,457	3,390	3,423	3,678	3,812
Common Stock	423.71	423.71	423.71	423.39	423.39	423.39
Additional Paid-In Capital	1,876	1,873	2,254	2,245	2,261	2,262
Retained Earnings	383.54	416.73	13.33	0.72	-43.47	23.99
Treasury Stock	-	-	-	-	-50.1	-50.1
Comprehensive Income & Other	-12.35	-10.61	-25.45	-17.97	20.4	46.63
Total Common Equity	2,671	2,703	2,666	2,651	2,611	2,706
Minority Interest	177.49	177.94	181.84	185.21	96.1	95.57
Shareholders' Equity	2,849	2,881	2,847	2,836	2,707	2,802
Total Liabilities & Equity	6,387	6,337	6,237	6,259	6,385	6,614
Total Debt	2,611	2,573	2,447	2,525	2,576	2,621
Net Cash (Debt)	-2,158	-2,203	-2,141	-2,186	-2,210	-1,943
Net Cash Per Share	-5.10	-5.20	-5.06	-5.86	-5.92	-4.51
Filing Date Shares Outstanding	423.87	422.9	423.71	423.39	414.7	414.7
Total Common Shares Outstanding	423.87	422.9	423.71	423.39	414.7	414.7
Working Capital	133.89	171.11	468.15	126.45	262.92	314.49
Book Value Per Share	6.30	6.39	6.29	6.26	6.30	6.53
Tangible Book Value	2,429	2,456	2,397	2,361	2,383	2,471
Tangible Book Value Per Share	5.73	5.81	5.66	5.58	5.75	5.96
Buildings	-	-	1,101	1,003	1,059	991.86
Machinery	-	-	567.63	517.86	538.91	477.85
Construction In Progress	-	-	23.77	103.94	72.39	95.27

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