SEP Analytical (Shanghai) 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	168.95	249.14	313.74	344.6	166.9	106.33
Short-Term Investments	-	-	33.04	10.02	32.56	-
Trading Asset Securities	13.01	0.71	0	0.62	181.05	-
Cash & Short-Term Investments	181.96	249.85	346.78	355.24	380.51	106.33
Cash Growth	-40.96%	-27.95%	-2.38%	-6.64%	257.84%	30.30%
Accounts Receivable	379.72	392.36	394.27	376.25	395.01	284.36
Other Receivables	4.59	3.66	6.06	9.34	7.9	7.48
Receivables	384.31	396.02	400.33	385.59	402.91	291.84
Inventory	87.9	84.33	119.44	126.2	97.78	71.26
Other Current Assets	21.19	12.28	9.43	25.14	8.89	9.3
Total Current Assets	675.36	742.48	875.98	892.17	890.09	478.73
Property, Plant & Equipment	136.59	107.94	91.49	129.01	159.28	157.31
Long-Term Investments	38.03	36.89	33.09	84.44	77.77	5
Goodwill	79.58	79.58	48.06	48.06	48.06	-
Other Intangible Assets	38.03	36.56	6.25	7.25	9.23	0.51
Long-Term Deferred Tax Assets	44.37	45.31	55.81	48.15	32.16	16.26
Long-Term Deferred Charges	3.04	3.63	16.78	25.49	22.61	16.88
Other Long-Term Assets	0.73	0.62	2.02	0.34	2.07	0.76
Total Assets	1,016	1,053	1,129	1,235	1,241	675.44
Accounts Payable	126.82	147.44	136.4	130.11	96.22	58.39
Accrued Expenses	18.38	25.66	33.87	29.74	37.17	27.5
Short-Term Debt	46.82	59.33	52.69	42.99	32.8	48.99
Current Portion of Long-Term Debt	8.57	8	-	-	-	-
Current Portion of Leases	-	-	14.61	13.38	12.85	14.19
Current Income Taxes Payable	16.92	22.31	8.93	7.34	6.58	8.15
Current Unearned Revenue	31.6	30.51	39.55	43.57	30.05	16.93
Other Current Liabilities	97.1	106.93	29.12	15.51	10.02	8.6
Total Current Liabilities	346.22	400.18	315.17	282.64	225.68	182.74
Long-Term Debt	45.41	15.75	-	-	-	-
Long-Term Leases	5.32	5.59	8.71	18.95	24.13	30.21
Long-Term Unearned Revenue	3.24	2.26	1.05	1.76	2.26	1.42
Long-Term Deferred Tax Liabilities	8.67	9.16	12.36	18.44	22.07	16.71
Other Long-Term Liabilities	-	-	-	0.35	-	-
Total Liabilities	408.85	432.93	337.29	322.14	274.15	231.08
Common Stock	120	120	120	120	120	90
Additional Paid-In Capital	639.4	638.87	666.88	670.33	671.5	176.03
Retained Earnings	-113.88	-109.53	-41.53	24.26	117.8	158.86
Treasury Stock	-46.34	-37.1	-24.57	-8	-	-
Total Common Equity	599.18	612.23	720.78	806.58	909.3	424.9
Minority Interest	7.71	7.86	71.41	106.2	57.82	19.46
Shareholders' Equity	606.89	620.1	792.19	912.78	967.12	444.36
Total Liabilities & Equity	1,016	1,053	1,129	1,235	1,241	675.44
Total Debt	106.13	88.66	76.01	75.32	69.78	93.39
Net Cash (Debt)	75.83	161.19	270.77	279.92	310.73	12.95
Net Cash Growth	-69.90%	-40.47%	-3.27%	-9.91%	2299.89%	-22.02%
Net Cash Per Share	0.65	1.37	2.30	2.33	2.60	0.14
Filing Date Shares Outstanding	118.09	117.92	104.8	120	120	120
Total Common Shares Outstanding	118.09	117.92	104.8	120	120	90
Working Capital	329.14	342.3	560.82	609.53	664.41	295.99
Book Value Per Share	5.07	5.19	6.88	6.72	7.58	4.72
Tangible Book Value	481.57	496.09	666.47	751.27	852	424.39
Tangible Book Value Per Share	4.08	4.21	6.36	6.26	7.10	4.72
Machinery	-	-	271.21	291.11	275.31	220.93
Construction In Progress	-	-	0.79	0.53	6.3	1.84

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