Hailun Piano 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	32.58	39.68	63.47	95.06	121.98	100.93
Short-Term Investments	-	-	-	-	-	1.61
Cash & Short-Term Investments	32.58	39.68	63.47	95.06	121.98	102.53
Cash Growth	-33.74%	-37.48%	-33.23%	-22.07%	18.97%	-38.13%
Accounts Receivable	112	113.16	142.68	140.04	122.34	118.57
Other Receivables	27.76	28.8	4.89	9.09	8.72	10.23
Receivables	139.76	141.96	147.57	149.13	131.06	128.8
Inventory	355.61	371.54	397.21	390.67	336.46	282.23
Prepaid Expenses	-	0.56	1.12	0.87	2.57	2.57
Other Current Assets	44.14	40.51	55.75	81.65	69.58	60.54
Total Current Assets	572.09	594.25	665.11	717.38	661.65	576.67
Property, Plant & Equipment	277.26	296.12	324.23	345.1	408.2	305.96
Long-Term Investments	105.26	101.46	187.11	246.05	249.1	338.98
Other Intangible Assets	56	58.34	65.44	89.12	57.13	58.81
Long-Term Deferred Tax Assets	34.73	26.59	12.11	6.17	3.71	4.09
Long-Term Deferred Charges	8.13	9.37	7.91	4.91	5.65	5.23
Other Long-Term Assets	24.49	25.01	-	-	-	-
Total Assets	1,078	1,111	1,262	1,409	1,385	1,290
Accounts Payable	46.84	42.97	131.64	120.49	128.16	136.28
Accrued Expenses	3.27	11.92	13.78	11.62	22.71	20.22
Short-Term Debt	180.16	212.97	260.1	300.95	259.1	63.84
Current Income Taxes Payable	3.33	-	-	1.66	0.01	0.27
Current Unearned Revenue	7.09	7.06	5.99	10.08	12.42	8.71
Other Current Liabilities	13.49	20.43	14.04	31.66	35.12	48.5
Total Current Liabilities	254.18	295.34	425.55	476.46	457.54	277.82
Long-Term Debt	144.75	97.58	-	-	-	-
Long-Term Unearned Revenue	0.18	0.22	0.27	0.32	0.43	0.53
Long-Term Deferred Tax Liabilities	0.35	0.22	-	11.43	11.43	11.23
Total Liabilities	399.46	393.36	425.82	488.21	469.4	289.58
Common Stock	252.89	252.89	252.89	252.89	252.89	253.56
Additional Paid-In Capital	359.16	359.16	359.16	359.16	360.99	363.18
Retained Earnings	83.64	123.5	214.82	299.53	291.2	374.36
Treasury Stock	-	-	-	-	-	-2.71
Comprehensive Income & Other	-17.88	-17.88	9.18	8.95	8.95	8.36
Total Common Equity	677.81	717.67	836.05	920.53	914.03	996.75
Minority Interest	0.69	0.12	0.04	-	2.01	3.4
Shareholders' Equity	678.5	717.79	836.09	920.53	916.05	1,000
Total Liabilities & Equity	1,078	1,111	1,262	1,409	1,385	1,290
Total Debt	324.91	310.55	260.1	300.95	259.1	63.84
Net Cash (Debt)	-292.33	-270.87	-196.63	-205.89	-137.12	38.7
Net Cash Growth	-	-	-	-	-	-70.13%
Net Cash Per Share	-1.16	-1.08	-0.77	-0.74	-0.53	0.16
Filing Date Shares Outstanding	252.89	252.89	252.89	252.89	252.89	253.56
Total Common Shares Outstanding	252.89	252.89	252.89	252.89	252.89	253.56
Working Capital	317.91	298.91	239.56	240.93	204.11	298.85
Book Value Per Share	2.68	2.84	3.31	3.64	3.61	3.93
Tangible Book Value	621.81	659.33	770.61	831.41	856.9	937.94
Tangible Book Value Per Share	2.46	2.61	3.05	3.29	3.39	3.70
Buildings	-	311.21	337.24	362.52	271.03	217.46
Machinery	-	172.34	167.42	157.35	142.07	144.79
Construction In Progress	-	10.98	29.47	18.17	161.94	105.14

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