Zhang Xiaoquan 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	191.55	224.74	195.11	177.59	222.49	185.99
Trading Asset Securities	96.46	55.67	85.21	40.9	-	-
Cash & Short-Term Investments	288.01	280.41	280.32	218.49	222.49	185.99
Cash Growth	53.12%	0.03%	28.30%	-1.80%	19.63%	21.68%
Accounts Receivable	28.12	25.8	30.94	33.86	36.31	25.76
Other Receivables	2.97	3.87	3.97	3.68	3.57	3.66
Receivables	31.08	29.67	34.91	37.54	39.88	29.42
Inventory	146.85	171.07	159.2	148.52	163.94	108.18
Other Current Assets	22.65	8.79	7.48	10.36	32.23	25.46
Total Current Assets	488.6	489.94	481.91	414.92	458.54	349.05
Property, Plant & Equipment	375.64	390.64	416.13	443.72	474.85	287.3
Long-Term Investments	9.3	9.45	9.75	9.88	10	-
Goodwill	7.15	7.15	7.15	7.15	7.15	7.15
Other Intangible Assets	51.57	55.32	60.49	62.14	70.88	76.53
Long-Term Deferred Tax Assets	4.14	2.9	2.05	0.87	2.2	1.51
Long-Term Deferred Charges	2.87	2.84	5.6	5.11	3.52	1.63
Other Long-Term Assets	35.06	35.95	37.13	33.84	0.09	-
Total Assets	974.33	994.19	1,020	977.62	1,027	723.17
Accounts Payable	197.84	247.38	225.68	199.85	228.12	98.94
Accrued Expenses	19.47	31.46	26.43	22.21	20.82	14.12
Short-Term Debt	5.1	0.5	19.9	0.55	-	-
Current Portion of Long-Term Debt	-	-	-	-	-	20.22
Current Portion of Leases	0.62	2.33	5.71	7.1	6.51	-
Current Income Taxes Payable	15.56	3.53	2.63	2	4.92	4.85
Current Unearned Revenue	31.33	30.69	29.45	25.96	26.07	21.96
Other Current Liabilities	21.79	20.37	14.73	13.64	10.38	8.53
Total Current Liabilities	291.7	336.26	324.53	271.32	296.81	168.61
Long-Term Debt	-	-	-	-	-	113.63
Long-Term Leases	1.02	0.05	2.13	3.21	5.6	-
Long-Term Unearned Revenue	5.55	5.75	6.16	4.14	0.8	0.8
Long-Term Deferred Tax Liabilities	-	0.09	0.55	0.8	1.48	1.1
Total Liabilities	298.26	342.15	333.37	279.48	304.68	284.15
Common Stock	156	156	156	156	156	117
Additional Paid-In Capital	314.75	314.75	314.77	314.77	314.77	148.98
Retained Earnings	223.66	203.86	201.53	215.41	251.77	173.04
Treasury Stock	-39.98	-39.98	-	-	-	-
Total Common Equity	654.43	634.63	672.3	686.18	722.54	439.02
Minority Interest	21.63	17.42	14.56	11.97	-	-
Shareholders' Equity	676.06	652.05	686.86	698.15	722.54	439.02
Total Liabilities & Equity	974.33	994.19	1,020	977.62	1,027	723.17
Total Debt	6.74	2.88	27.74	10.86	12.11	133.85
Net Cash (Debt)	281.28	277.53	252.58	207.63	210.38	52.14
Net Cash Growth	53.00%	9.88%	21.65%	-1.31%	303.50%	-65.89%
Net Cash Per Share	1.84	1.77	1.61	1.35	1.63	0.45
Filing Date Shares Outstanding	151.43	151.43	156	156	156	117
Total Common Shares Outstanding	151.43	151.43	156	156	156	117
Working Capital	196.9	153.68	157.38	143.59	161.72	180.44
Book Value Per Share	4.32	4.19	4.31	4.40	4.63	3.75
Tangible Book Value	595.71	572.15	604.66	616.89	644.51	355.34
Tangible Book Value Per Share	3.93	3.78	3.88	3.95	4.13	3.04
Buildings	-	393.33	392.87	395.27	379.16	87.68
Machinery	-	90.87	88.67	86.25	53.99	35.33
Construction In Progress	-	1.52	1.45	3.35	61.35	188.9

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