Hailun Piano 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	36.02	20.46	39.68	63.47	95.06	121.98
Cash & Short-Term Investments	36.02	20.46	39.68	63.47	95.06	121.98
Cash Growth	29.22%	-48.44%	-37.48%	-33.23%	-22.07%	18.97%
Accounts Receivable	104.74	104.35	113.16	142.68	140.04	122.34
Other Receivables	23.18	22.51	28.8	4.89	9.09	8.72
Receivables	127.92	126.86	141.96	147.57	149.13	131.06
Inventory	342.55	344.42	371.54	397.21	390.67	336.46
Prepaid Expenses	-	-	0.56	1.12	0.87	2.57
Other Current Assets	63.96	56.92	40.51	55.75	81.65	69.58
Total Current Assets	570.45	548.66	594.25	665.11	717.38	661.65
Property, Plant & Equipment	265.05	268.01	296.12	324.23	345.1	408.2
Long-Term Investments	85.44	85.44	101.46	187.11	246.05	249.1
Other Intangible Assets	42.48	43.19	58.34	65.44	89.12	57.13
Long-Term Deferred Tax Assets	38.5	37.71	26.59	12.11	6.17	3.71
Long-Term Deferred Charges	7.49	8.11	9.37	7.91	4.91	5.65
Other Long-Term Assets	23.68	24.07	25.01	-	-	-
Total Assets	1,033	1,015	1,111	1,262	1,409	1,385
Accounts Payable	36.64	34.48	42.97	131.64	120.49	128.16
Accrued Expenses	4.08	4.94	11.92	13.78	11.62	22.71
Short-Term Debt	221.81	180.92	212.97	260.1	300.95	259.1
Current Portion of Long-Term Debt	13.13	3.63	-	-	-	-
Current Income Taxes Payable	1.27	4.99	-	-	1.66	0.01
Current Unearned Revenue	6.32	4.4	7.06	5.99	10.08	12.42
Other Current Liabilities	8.31	8.8	20.43	14.04	31.66	35.12
Total Current Liabilities	291.55	242.17	295.34	425.55	476.46	457.54
Long-Term Debt	130.5	143.5	97.58	-	-	-
Long-Term Unearned Revenue	0.15	0.16	0.22	0.27	0.32	0.43
Long-Term Deferred Tax Liabilities	1.26	0.91	0.22	-	11.43	11.43
Total Liabilities	425.44	386.74	393.36	425.82	488.21	469.4
Common Stock	252.89	252.89	252.89	252.89	252.89	252.89
Additional Paid-In Capital	359.16	359.16	359.16	359.16	359.16	360.99
Retained Earnings	13.1	33.72	123.5	214.82	299.53	291.2
Comprehensive Income & Other	-17.88	-17.88	-17.88	9.18	8.95	8.95
Total Common Equity	607.27	627.89	717.67	836.05	920.53	914.03
Minority Interest	0.37	0.56	0.12	0.04	-	2.01
Shareholders' Equity	607.64	628.44	717.79	836.09	920.53	916.05
Total Liabilities & Equity	1,033	1,015	1,111	1,262	1,409	1,385
Total Debt	367.41	328.05	310.55	260.1	300.95	259.1
Net Cash (Debt)	-331.39	-307.59	-270.87	-196.63	-205.89	-137.12
Net Cash Per Share	-1.33	-1.23	-1.08	-0.77	-0.74	-0.53
Filing Date Shares Outstanding	252.97	238.86	252.89	252.89	252.89	252.89
Total Common Shares Outstanding	252.97	238.86	252.89	252.89	252.89	252.89
Working Capital	278.89	306.49	298.91	239.56	240.93	204.11
Book Value Per Share	2.40	2.63	2.84	3.31	3.64	3.61
Tangible Book Value	564.79	584.7	659.33	770.61	831.41	856.9
Tangible Book Value Per Share	2.23	2.45	2.61	3.05	3.29	3.39
Buildings	-	-	311.21	337.24	362.52	271.03
Machinery	-	-	172.34	167.42	157.35	142.07
Construction In Progress	-	-	10.98	29.47	18.17	161.94

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