Balance Sheet

Current Liabilities	424.3m
Accounts Payable	103.6m
Accrued Liabilities	23.5m
Short-Term Debt	199.9m
Other Current Liabilities	97.4m
Non-Current Liabilities	235.1m
Long-Term Debt	125.1m
Other Non-Current Liabilities	110m

Currency: CNY

	Dec-2018	Dec-2019	Dec-2020	Dec-2021	Dec-2022	Dec-2023
Assets
Cash & Cash Equivalents	28	58	200	170	123	124
Cash	28	58	200	170	123	124
Short-Term Investments	0	0	0	0	24	0
Total Receivables	175	160	183	208	289	325
Accounts Receivables	132	119	141	156	221	242
Other Receivables	43	41	42	52	69	83
Inventory	109	134	141	185	210	249
Other Current Assets	50	36	55	49	52	19
Total Current Assets	362	388	578	613	698	716
PP&E Net	279	294	394	522	613	753
PP&E Gross	279	294	394	522	613	753
Accumulated Depreciation	112	133	144	162	190	234
Intangible Assets	48	64	65	98	97	94
Long-Term Investments	9	8	12	13	22	81
Other Long-Term Assets	9	10	8	35	68	71
Total Assets	706 N/A	763 +8%	1 057 +39%	1 280 +21%	1 497 +17%	1 715 +15%
Liabilities
Accounts Payable	67	55	71	85	79	104
Accrued Liabilities	15	14	18	27	26	24
Short-Term Debt	236	149	192	249	103	200
Current Portion of Long-Term Debt	1	11	86	38	40	88
Other Current Liabilities	44	54	45	39	16	10
Total Current Liabilities	362	284	412	438	263	424
Long-Term Debt	9	98	60	300	157	125
Deferred Income Tax	3	5	13	15	29	16
Minority Interest	0	0	0	0	17	35
Other Liabilities	39	56	48	60	37	59
Total Liabilities	413 N/A	443 +7%	533 +20%	693 +30%	503 -27%	659 +31%
Equity
Common Stock	60	60	360	360	400	560
Retained Earnings	35	61	107	169	216	282
Additional Paid In Capital	198	198	57	57	374	214
Unrealized Security Profit/Loss	0	0	0	1	4	3
Treasury Stock	0	0	0	0	0	3
Other Equity	0	0	0	0	0	0
Total Equity	293 N/A	319 +9%	524 +64%	587 +12%	994 +69%	1 056 +6%
Total Liabilities & Equity	706 N/A	763 +8%	1 057 +39%	1 280 +21%	1 497 +17%	1 715 +15%
Shares Outstanding
Common Shares Outstanding	400	400	560	560	560	560

Shaanxi Sirui Advanced Materials Co Ltd
SSE:688102

52 Week Range	6.1721 10.82
Price Target