Balance Sheet

Current Liabilities	644.5m
Accounts Payable	216.5m
Short-Term Debt	7.8m
Other Current Liabilities	420.2m
Non-Current Liabilities	419.6m
Long-Term Debt	287.4m
Other Non-Current Liabilities	132.2m

Currency: CNY

	Dec-2018	Dec-2019	Dec-2020	Dec-2021	Dec-2022	Dec-2023
Assets
Cash & Cash Equivalents	93	138	250	1 031	994	1 301
Cash Equivalents	93	138	250	1 031	994	1 301
Short-Term Investments	51	52	114	3	35	35
Total Receivables	81	87	101	73	89	182
Accounts Receivables	54	42	57	73	89	180
Other Receivables	26	45	44	0	0	2
Inventory	58	45	58	77	105	153
Other Current Assets	76	64	88	113	136	167
Total Current Assets	358	387	611	1 297	1 360	1 838
PP&E Net	216	216	226	313	339	443
PP&E Gross	216	216	226	313	0	443
Accumulated Depreciation	86	104	126	150	0	208
Intangible Assets	2	3	23	31	28	25
Goodwill	449	463	545	689	817	985
Long-Term Investments	0	0	6	11	6	31
Other Long-Term Assets	20	34	35	56	69	58
Other Assets	449	463	545	689	817	985
Total Assets	1 047 N/A	1 102 +5%	1 445 +31%	2 396 +66%	2 618 +9%	3 379 +29%
Liabilities
Accounts Payable	146	121	113	161	164	287
Accrued Liabilities	16	13	13	31	0	4
Short-Term Debt	6	0	329	0	0	0
Current Portion of Long-Term Debt	42	1 016	1 328	75	76	93
Other Current Liabilities	168	161	254	285	314	324
Total Current Liabilities	378	1 311	2 038	521	554	708
Long-Term Debt	1 386	653	418	270	276	277
Deferred Income Tax	0	0	4	12	14	6
Minority Interest	1	1	0	1	1	1
Other Liabilities	100	108	119	45	56	82
Total Liabilities	1 865 N/A	2 073 +11%	2 579 +24%	849 -67%	901 +6%	1 074 +19%
Equity
Common Stock	0	0	0	0	0	0
Retained Earnings	779	917	1 159	1 547	1 424	1 426
Additional Paid In Capital	0	0	0	3 087	3 087	3 684
Treasury Stock	0	0	0	0	0	12
Other Equity	39	54	25	62	54	59
Total Equity	818 N/A	971 -19%	1 134 -17%	1 547 N/A	1 717 +11%	2 305 +34%
Total Liabilities & Equity	1 047 N/A	1 102 +5%	1 445 +31%	2 396 +66%	2 618 +9%	3 379 +29%
Shares Outstanding
Common Shares Outstanding	78	78	78	230	230	246

Gushengtang Holdings Ltd
HKEX:2273

52 Week Range	33.25 51.35
Price Target