Zhang Xiaoquan 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	202.36	243.54	224.74	195.11	177.59	222.49
Trading Asset Securities	224.86	164.07	55.67	85.21	40.9	-
Cash & Short-Term Investments	427.21	407.61	280.41	280.32	218.49	222.49
Cash Growth	61.71%	45.36%	0.03%	28.30%	-1.80%	19.63%
Accounts Receivable	30.5	27.95	25.8	30.94	33.86	36.31
Other Receivables	2.72	3.07	3.87	3.97	3.68	3.57
Receivables	33.22	31.02	29.67	34.91	37.54	39.88
Inventory	151.35	150.17	171.07	159.2	148.52	163.94
Other Current Assets	32.65	11.98	8.79	7.48	10.36	32.23
Total Current Assets	644.44	600.77	489.94	481.91	414.92	458.54
Property, Plant & Equipment	365.52	370.48	390.64	416.13	443.72	474.85
Long-Term Investments	9.25	9.25	9.45	9.75	9.88	10
Goodwill	7.15	7.15	7.15	7.15	7.15	7.15
Other Intangible Assets	49.01	50.35	55.32	60.49	62.14	70.88
Long-Term Deferred Tax Assets	6.2	5.8	2.9	2.05	0.87	2.2
Long-Term Deferred Charges	3.62	3.59	2.84	5.6	5.11	3.52
Other Long-Term Assets	34.47	34.77	35.95	37.13	33.84	0.09
Total Assets	1,120	1,082	994.19	1,020	977.62	1,027
Accounts Payable	263.78	277.91	247.38	225.68	199.85	228.12
Accrued Expenses	18.33	25.93	31.46	26.43	22.21	20.82
Short-Term Debt	5.1	5.1	0.5	19.9	0.55	-
Current Portion of Long-Term Debt	0.4	0.35	-	-	-	-
Current Portion of Leases	-	-	2.33	5.71	7.1	6.51
Current Income Taxes Payable	11.96	10.95	3.53	2.63	2	4.92
Current Unearned Revenue	58.64	40.39	30.69	29.45	25.96	26.07
Other Current Liabilities	31.48	22.14	20.37	14.73	13.64	10.38
Total Current Liabilities	389.69	382.76	336.26	324.53	271.32	296.81
Long-Term Leases	1.02	1.01	0.05	2.13	3.21	5.6
Long-Term Unearned Revenue	5.41	5.48	5.75	6.16	4.14	0.8
Long-Term Deferred Tax Liabilities	0.51	0.52	0.09	0.55	0.8	1.48
Total Liabilities	396.64	389.77	342.15	333.37	279.48	304.68
Common Stock	156	156	156	156	156	156
Additional Paid-In Capital	314.75	314.75	314.75	314.77	314.77	314.77
Retained Earnings	269.91	240.75	203.86	201.53	215.41	251.77
Treasury Stock	-39.98	-39.98	-39.98	-	-	-
Total Common Equity	700.68	671.52	634.63	672.3	686.18	722.54
Minority Interest	22.34	20.87	17.42	14.56	11.97	-
Shareholders' Equity	723.02	692.38	652.05	686.86	698.15	722.54
Total Liabilities & Equity	1,120	1,082	994.19	1,020	977.62	1,027
Total Debt	6.52	6.46	2.88	27.74	10.86	12.11
Net Cash (Debt)	420.69	401.15	277.53	252.58	207.63	210.38
Net Cash Growth	61.10%	44.54%	9.88%	21.65%	-1.31%	303.50%
Net Cash Per Share	2.71	2.62	1.77	1.61	1.35	1.63
Filing Date Shares Outstanding	153.49	156.1	151.43	156	156	156
Total Common Shares Outstanding	153.49	156.1	151.43	156	156	156
Working Capital	254.75	218.01	153.68	157.38	143.59	161.72
Book Value Per Share	4.57	4.30	4.19	4.31	4.40	4.63
Tangible Book Value	644.52	614.02	572.15	604.66	616.89	644.51
Tangible Book Value Per Share	4.20	3.93	3.78	3.88	3.95	4.13
Buildings	-	-	393.33	392.87	395.27	379.16
Machinery	-	-	90.87	88.67	86.25	53.99
Construction In Progress	1.07	-	1.52	1.45	3.35	61.35

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