VATS LIQUOR CHAIN STORE MANAGEMENTCO., LTD.

Balance Sheet VATS Liquor Chain Store ManagementCo., Ltd.

Equities

300755

CNE100003JR4

Food Retail & Distribution

End-of-day quote Shenzhen S.E. Other stock markets 10/04/2026			5-day change	1st Jan Change
13.05 ^CNY	+0.93%		+5.75%	-25.94%

02-06	Beijing Xunzhong Communication Technology Co., Ltd. Announces Secretary to the Board Changes, Effective 6 February 2026	CI
29/10/25	VATS Liquor Chain Store Management Joint Stock Co., Ltd. Reports Earnings Results for the Nine Months Ended September 30, 2025	CI

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Published financial data: VATS LIQUOR CHAIN STORE MANAGEMENTCO., LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	4.88B	7.37B	8.64B	10.04B	9.34B
Other Revenues, Total	63.41M	94.13M	72.26M	79.83M	122M
Total Revenues	4.94B	7.46B	8.71B	10.12B	9.46B
Cost of Goods Sold, Total	3.99B	5.91B	7.5B	9.05B	8.65B
Gross Profit	950M	1.55B	1.21B	1.07B	813M
Selling General & Admin Expenses, Total	479M	707M	759M	833M	665M
Provision for Bad Debts	1.53M	2.25M	10.44M	-3.32M	9.71M
Other Operating Expenses	14.86M	22.31M	27.54M	28.4M	27.96M
Other Operating Expenses, Total	495M	732M	797M	858M	702M
Operating Income	455M	819M	411M	215M	111M
Interest Expense, Total	-20.52M	-15.01M	-32.39M	-45.33M	-53.62M
Interest And Investment Income	13M	14.26M	20.77M	27.45M	14.76M
Net Interest Expenses	-7.53M	-757K	-11.61M	-17.87M	-38.85M
Currency Exchange Gains (Loss)	-3.52M	-3.69M	3.19M	2.32M	-1.05M
Other Non Operating Income (Expenses)	-1.45M	-8.15M	-9.13M	-5.43M	-3.52M
EBT, Excl. Unusual Items	442M	806M	393M	194M	67.2M
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	-60.64K	109K	-7.39K	325K	453K
Asset Writedown	-	-	-	-	-
Other Unusual Items	33.98M	19.9M	30.24M	68.25M	24.33M
EBT, Incl. Unusual Items	476M	826M	423M	262M	91.98M
Income Tax Expense	95.79M	138M	49.8M	20.35M	44.73M
Earnings From Continuing Operations	380M	688M	374M	242M	47.25M
Net Income to Company	380M	688M	374M	242M	47.25M
Minority Interest	-7.07M	-12.61M	-7.19M	-6.6M	-2.8M
Net Income - (IS)	373M	676M	366M	235M	44.45M
Net Income to Common Incl Extra Items	373M	676M	366M	235M	44.45M
Net Income to Common Excl. Extra Items	373M	676M	366M	235M	44.45M
Per Share Items
Net EPS - Basic	0.9	1.62	0.88	0.56	0.11
Basic EPS - Continuing Operations	0.9	1.62	0.88	0.56	0.11
Basic Weighted Average Shares Outstanding	415M	417M	416M	420M	404M
Net EPS - Diluted	0.9	1.62	0.88	0.56	0.11
Diluted EPS - Continuing Operations	0.9	1.62	0.88	0.56	0.11
Diluted Weighted Average Shares Outstanding	415M	417M	416M	420M	404M
Normalized Basic EPS	0.65	1.18	0.57	0.27	0.1
Normalized Diluted EPS	0.65	1.18	0.57	0.27	0.1
Dividend Per Share	0.18	0.33	0.18	0.12	0.9
Payout Ratio	23.28	13.13	44.92	46.41	1.31K
Supplemental Items
EBITDA	460M	823M	418M	230M	126M
EBITA	455M	819M	411M	215M	111M
EBIT	455M	819M	411M	215M	111M
EBITDAR	461M	-	-	-	-
Total Revenues (As Reported)	4.94B	7.46B	8.71B	10.12B	9.46B
Effective Tax Rate - (Ratio)	20.12	16.72	11.76	7.76	48.63
Total Current Taxes	83.53M	170M	81.85M	87.92M	31.1M
Total Deferred Taxes	12.26M	-31.66M	-32.06M	-67.57M	13.63M
Normalized Net Income	269M	491M	238M	114M	39.2M
Supplemental Operating Expense Items
Advertising Expense	112M	167M	131M	179M	-
Marketing Expenses	38.42M	34.91M	21.36M	19.46M	140M
Selling and Marketing Expenses	376M	576M	604M	651M	509M
General and Administrative Expenses	103M	131M	155M	181M	155M
Research And Development Expense From Footnotes	21.75M	28.11M	17.08M	26.58M	20.2M
Net Rental Expense, Total	1.02M	-	-	-	-
Imputed Operating Lease Interest Expense	353K	-	-	-	-
Imputed Operating Lease Depreciation	672K	-	-	-	-

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	1.22B	1.14B	1.18B	1.09B	1.39B
Total Cash And Short Term Investments	1.22B	1.14B	1.18B	1.09B	1.39B
Accounts Receivable, Total	123M	141M	297M	219M	213M
Other Receivables	58.76M	96.98M	85.13M	78.67M	8.88M
Total Receivables	182M	238M	382M	297M	222M
Inventory	1.89B	3.05B	3.43B	3.35B	3.26B
Other Current Assets, Total	841M	2.07B	2.95B	1.93B	1.7B
Total Current Assets	4.14B	6.5B	7.94B	6.67B	6.57B
Gross Property Plant And Equipment	65.57M	172M	370M	413M	414M
Accumulated Depreciation	-22.38M	-73.67M	-70.51M	-102M	-112M
Net Property Plant And Equipment	43.18M	98.15M	300M	311M	302M
Long-term Investments	40M	60.41M	60.41M	60.41M	60.41M
Other Intangibles, Total	6.69M	6.87M	9.33M	7.11M	4.16M
Deferred Tax Assets Long-Term	36.67M	68.11M	101M	168M	170M
Deferred Charges Long-Term	53.03M	35.8M	23.92M	14.6M	9.42M
Other Long-Term Assets, Total	-	61.14M	4.53M	17.88M	-
Total Assets	4.32B	6.83B	8.44B	7.25B	7.11B
Liabilities
Accounts Payable, Total	340M	1.57B	2.16B	1.07B	1.05B
Accrued Expenses, Total	161M	188M	164M	159M	163M
Short-term Borrowings	359M	524M	1.37B	1.32B	1.86B
Current Portion of Leases	-	19.6M	10.8M	15.89M	10.95M
Current Income Taxes Payable	31.58M	60.88M	25.73M	45.89M	12.45M
Unearned Revenue Current, Total	292M	607M	660M	419M	425M
Other Current Liabilities	269M	348M	294M	260M	259M
Total Current Liabilities	1.45B	3.32B	4.68B	3.29B	3.78B
Long-Term Leases	-	32.66M	36.95M	58.72M	51.74M
Deferred Tax Liability Non Current	-	-	1.02M	167K	16.31M
Total Liabilities	1.45B	3.35B	4.72B	3.35B	3.85B
Common Stock, Total	417M	417M	417M	417M	417M
Additional Paid In Capital	857M	857M	857M	857M	857M
Retained Earnings	1.54B	2.14B	2.37B	2.53B	2.04B
Treasury Stock	-	-	-	-	-150M
Comprehensive Income and Other	-181K	825K	-2.48M	-3.09M	-4.24M
Total Common Equity	2.82B	3.41B	3.64B	3.8B	3.16B
Minority Interest	51.67M	67.61M	79.35M	102M	106M
Total Equity	2.87B	3.48B	3.72B	3.9B	3.26B
Total Liabilities And Equity	4.32B	6.83B	8.44B	7.25B	7.11B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	417M	417M	417M	417M	408M
ECS Total Common Shares Outstanding	417M	417M	417M	417M	408M
Book Value / Share	6.76	8.19	8.73	9.12	7.74
Tangible Book Value	2.81B	3.41B	3.63B	3.79B	3.15B
Tangible Book Value Per Share	6.74	8.17	8.71	9.1	7.73
Total Debt	359M	576M	1.41B	1.4B	1.92B
Net Debt	-866M	-565M	235M	305M	538M
Debt Equivalent Oper. Leases	8.2M	-	-	-	-
Minority Interest, Total (Incl. Fin. Div)	51.67M	67.61M	79.35M	102M	106M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	-	-	-	-	32.18M
Inventories - Finished Goods, Total	1.91B	3.07B	3.45B	3.38B	3.29B
Inventories - Others	-	-	-	-	-
Buildings, Total	40.22M	40.22M	248M	248M	267M
Machinery, Total	25.35M	26.59M	31.77M	30.32M	31.44M
Full Time Employees	1.21K	1.87K	2.57K	2K	1.37K
Accumulated Allowance for Doubtful Accounts (Supple)	12.83M	14.81M	24.76M	17.85M	28.36M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	373M	676M	366M	235M	44.45M
Depreciation & Amortization - CF	5.59M	26.93M	31.88M	38.66M	35.69M
Amortization of Goodwill and Intangible Assets - (CF)	168K	286K	50K	50K	8.33K
Depreciation & Amortization, Total	5.76M	27.22M	31.93M	38.71M	35.7M
Amortization of Deferred Charges, Total - (CF)	11.86M	15.04M	15.98M	15.2M	16.79M
(Gain) Loss From Sale Of Asset	60.64K	-109K	7.39K	-325K	-453K
(Gain) Loss on Sale of Investments - (CF)	-1.75M	-1.97M	-4.25M	-5.99M	-5.54M
Asset Writedown & Restructuring Costs	-	16.31M	24.75M	-	-
Provision and Write-off of Bad Debts	1.53M	-	-	-2.56M	9.71M
Other Operating Activities, Total	23.15M	33.84M	36.38M	64.7M	96.11M
Change In Accounts Receivable	-81.97M	-1.59B	-908M	1.3B	275M
Change In Inventories	-216M	-1.17B	-395M	59.66M	95.8M
Change In Accounts Payable	197M	1.65B	535M	-1.36B	-145M
Change In Deferred Taxes	12.27M	-31.44M	-32.06M	-65.85M	13.59M
Cash from Operations	325M	-373M	-330M	283M	436M
Capital Expenditure	-57.73M	-72.28M	-178M	-18.46M	-5.84M
Sale of Property, Plant, and Equipment	-	181K	5.06K	80.49K	138K
Cash Acquisitions	-	-	-	-	-
Divestitures	5.22M	2.22M	1.62M	-2.31M	3.32M
Investment in Marketable and Equity Securities, Total	-	-20.41M	-	-	-1
Other Investing Activities, Total	1.75M	1.97M	4.25M	6.04M	5.54M
Cash from Investing	-50.77M	-88.32M	-172M	-14.65M	3.17M
Short Term Debt Issued, Total	359M	584M	1.42B	1.62B	2B
Total Debt Issued	359M	584M	1.42B	1.62B	2B
Short Term Debt Repaid, Total	-694M	-419M	-578M	-1.67B	-1.52B
Long-Term Debt Repaid, Total	-	-24.34M	-22.28M	-18.37M	-17.65M
Total Debt Repaid	-694M	-443M	-600M	-1.68B	-1.54B
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-	-	-	-	-150M
Common Dividends Paid	-86.89M	-88.71M	-165M	-109M	-581M
Common & Preferred Stock Dividends Paid	-86.89M	-88.71M	-165M	-109M	-581M
Other Financing Activities, Total	-1.41M	9.96M	-113M	79.22M	37.86M
Cash from Financing	-423M	61.88M	538M	-96.3M	-229M
Foreign Exchange Rate Adjustments	-363K	-533K	184K	235K	56.64K
Net Change in Cash	-149M	-400M	36.21M	172M	210M
Supplemental Items
Cash Income Tax Paid (Refund)	161M	275M	307M	228M	261M
Levered Free Cash Flow	81.72M	-290M	-763M	-32.35M	440M
Unlevered Free Cash Flow	94.55M	-281M	-743M	-4.02M	474M
Change In Net Working Capital	149M	763M	870M	174M	-358M
Net Debt Issued / Repaid	-335M	141M	816M	-66.33M	464M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	6.72	9.18	3.36	1.71	0.96
Return on Total Capital	8.91	14.05	5.59	2.57	1.32
Return On Equity %	14.01	21.68	10.38	6.35	1.32
Return on Common Equity	14.02	21.69	10.39	6.32	1.28
Margin Analysis
Gross Profit Margin %	19.22	20.78	13.87	10.6	8.59
SG&A Margin	9.68	9.48	8.72	8.23	7.02
EBITDA Margin %	9.32	11.03	4.8	2.27	1.33
EBITA Margin %	9.2	10.98	4.72	2.12	1.17
EBIT Margin %	9.2	10.98	4.72	2.12	1.17
Income From Continuing Operations Margin %	7.69	9.22	4.29	2.39	0.5
Net Income Margin %	7.55	9.06	4.21	2.32	0.47
Net Avail. For Common Margin %	7.55	9.06	4.21	2.32	0.47
Normalized Net Income Margin	5.45	6.59	2.74	1.13	0.41
Levered Free Cash Flow Margin	1.65	-3.89	-8.77	-0.32	4.65
Unlevered Free Cash Flow Margin	1.91	-3.77	-8.53	-0.04	5
Asset Turnover
Asset Turnover	1.17	1.34	1.14	1.29	1.32
Fixed Assets Turnover	188.38	105.57	43.78	33.15	30.89
Receivables Turnover (Average Receivables)	52.05	55.75	39.4	38.91	43.24
Inventory Turnover (Average Inventory)	2.24	2.39	2.32	2.67	2.62
Short Term Liquidity
Current Ratio	2.85	1.96	1.7	2.03	1.74
Quick Ratio	0.97	0.42	0.33	0.42	0.43
Operating Cash Flow to Current Liabilities	0.22	-0.11	-0.07	0.09	0.12
Days Sales Outstanding (Average Receivables)	7.03	6.55	9.26	9.38	8.46
Days Outstanding Inventory (Average Inventory)	163.31	152.58	157.61	136.82	139.88
Average Days Payable Outstanding	33.24	49.32	86.46	65.73	45.31
Cash Conversion Cycle (Average Days)	137.1	109.81	80.42	80.47	103.04
Long Term Solvency
Total Debt/Equity	12.52	16.56	38.01	35.84	58.99
Total Debt / Total Capital	11.13	14.2	27.54	26.38	37.1
LT Debt/Equity	-	0.94	0.99	1.5	1.59
Long-Term Debt / Total Capital	-	0.8	0.72	1.11	1
Total Liabilities / Total Assets	33.62	49.04	55.95	46.19	54.13
EBIT / Interest Expense	22.15	54.55	12.68	4.74	2.06
EBITDA / Interest Expense	22.43	56.36	13.66	5.59	2.73
(EBITDA - Capex) / Interest Expense	19.62	51.55	8.17	5.18	2.62
Total Debt / EBITDA	0.78	0.68	3.19	5.52	13.15
Net Debt / EBITDA	-1.88	-0.67	0.53	1.2	3.68
Total Debt / (EBITDA - Capex)	0.89	0.74	5.34	5.95	13.7
Net Debt / (EBITDA - Capex)	-2.15	-0.73	0.89	1.3	3.83
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	32.2	50.97	16.73	16.22	-6.49
Gross Profit, 1 Yr. Growth %	20.82	63.3	-22.09	-11.23	-24.21
EBITDA, 1 Yr. Growth %	19.17	78.34	-49.29	-45.37	-45.8
EBITA, 1 Yr. Growth %	18.13	79.65	-49.98	-48.01	-49.04
EBIT, 1 Yr. Growth %	18.25	80.14	-49.86	-47.71	-48.28
Earnings From Cont. Operations, 1 Yr. Growth %	18.48	80.98	-45.72	-35.25	-80.47
Net Income, 1 Yr. Growth %	16.82	81.03	-45.77	-35.78	-81.11
Normalized Net Income, 1 Yr. Growth %	20.49	82.49	-51.46	-51.92	-66.88
Diluted EPS Before Extra, 1 Yr. Growth %	15.38	80	-45.68	-36.36	-80.36
Accounts Receivable, 1 Yr. Growth %	91.76	14.48	110.82	-26.43	-2.48
Inventory, 1 Yr. Growth %	13.33	61.06	12.51	-2.18	-2.86
Net Property, Plant and Equip., 1 Yr. Growth %	365.35	127.28	205.3	3.78	-2.97
Total Assets, 1 Yr. Growth %	4.39	58.11	23.57	-14.09	-1.91
Tangible Book Value, 1 Yr. Growth %	12.24	21.25	6.55	4.5	-16.9
Common Equity, 1 Yr. Growth %	12.31	21.21	6.61	4.43	-16.94
Cash From Operations, 1 Yr. Growth %	200.49	-214.92	-11.66	-185.74	54.23
Capital Expenditures, 1 Yr. Growth %	4.21	25.2	146.38	-89.63	-68.39
Levered Free Cash Flow, 1 Yr. Growth %	-155.96	-455.44	162.81	-95.76	-1.44K
Unlevered Free Cash Flow, 1 Yr. Growth %	-175.92	-397.3	164.38	-99.46	-10.65K
Dividend Per Share, 1 Yr. Growth %	12.5	83.33	-46.67	-34.09	677.59
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	34.77	41.27	32.75	16.48	4.25
Gross Profit, 2 Yr. CAGR %	28.26	40.46	12.8	-16.84	-17.97
EBITDA, 2 Yr. CAGR %	27.5	45.98	-4.8	-47.23	-45.3
EBITA, 2 Yr. CAGR %	27.01	45.87	-5.1	-48.87	-48.24
EBIT, 2 Yr. CAGR %	27.05	45.95	-4.96	-48.8	-48.08
Earnings From Cont. Operations, 2 Yr. CAGR %	29.28	46.43	-0.89	-40.71	-64.43
Net Income, 2 Yr. CAGR %	28.82	45.42	-0.92	-40.99	-65.17
Normalized Net Income, 2 Yr. CAGR %	27.63	48.28	-5.89	-51.74	-59.42
Diluted EPS Before Extra, 2 Yr. CAGR %	12.06	44.12	-1.12	-41.21	-64.64
Accounts Receivable, 2 Yr. CAGR %	-5.33	48.17	55.36	24.54	-15.3
Inventory, 2 Yr. CAGR %	11.93	35.1	34.61	4.91	-2.52
Net Property, Plant and Equip., 2 Yr. CAGR %	139.4	225.22	163.42	78	0.35
Total Assets, 2 Yr. CAGR %	27.14	28.48	39.78	3.03	-8.2
Tangible Book Value, 2 Yr. CAGR %	44.35	16.66	13.66	5.52	-6.81
Common Equity, 2 Yr. CAGR %	44.51	16.67	13.67	5.51	-6.87
Cash From Operations, 2 Yr. CAGR %	16.06	85.83	0.76	-12.97	14.99
Capital Expenditures, 2 Yr. CAGR %	531.93	14.22	75.63	-49.46	-81.9
Levered Free Cash Flow, 2 Yr. CAGR %	-46.07	41.04	205.63	-66.63	-24.09
Unlevered Free Cash Flow, 2 Yr. CAGR %	-40.85	50.23	180.35	-88.05	-20.19
Dividend Per Share, 2 Yr. CAGR %	27.29	43.61	-1.12	-40.71	126.38
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	27.1	39.96	32.57	27	8.26
Gross Profit, 3 Yr. CAGR %	25.33	39.01	15.41	4.14	-19.37
EBITDA, 3 Yr. CAGR %	23.84	42.72	2.69	-20.74	-46.57
EBITA, 3 Yr. CAGR %	23.57	42.7	2.18	-22.21	-48.73
EBIT, 3 Yr. CAGR %	23.62	42.73	2.22	-22.13	-48.69
Earnings From Cont. Operations, 3 Yr. CAGR %	22.37	44.62	5.19	-14	-59.05
Net Income, 3 Yr. CAGR %	22.56	44.29	4.67	-14.25	-59.63
Normalized Net Income, 3 Yr. CAGR %	26.24	43.78	2.19	-24.82	-56.95
Diluted EPS Before Extra, 3 Yr. CAGR %	11.46	31.24	4.1	-14.63	-59.2
Accounts Receivable, 3 Yr. CAGR %	13.41	0.86	66.65	21.09	14.79
Inventory, 3 Yr. CAGR %	24.28	26.36	27.11	21.02	2.25
Net Property, Plant and Equip., 3 Yr. CAGR %	76.21	135.29	218.44	93.11	45.41
Total Assets, 3 Yr. CAGR %	29.75	36.73	26.82	18.84	1.36
Tangible Book Value, 3 Yr. CAGR %	35.7	36.2	13.19	10.52	-2.55
Common Equity, 3 Yr. CAGR %	35.78	36.28	13.22	10.51	-2.58
Cash From Operations, 3 Yr. CAGR %	-3.8	15.68	45.03	-4.52	5.32
Capital Expenditures, 3 Yr. CAGR %	193.26	268.39	47.58	-31.62	-56.78
Levered Free Cash Flow, 3 Yr. CAGR %	-3.67	1.11	73.55	-26.58	14.84
Unlevered Free Cash Flow, 3 Yr. CAGR %	-2.62	1.32	81.38	-65.1	18.98
Dividend Per Share, 3 Yr. CAGR %	-	43.75	3.23	-13.62	39.82
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	25.65	27.85	29.33	30.05	20.42
Gross Profit, 5 Yr. CAGR %	20.65	32.66	20.16	13.19	0.68
EBITDA, 5 Yr. CAGR %	61.65	44.25	11.53	-4.09	-20.09
EBITA, 5 Yr. CAGR %	64.05	44.67	11.25	-5.3	-22.07
EBIT, 5 Yr. CAGR %	64.46	44.81	11.28	-5.29	-22.05
Earnings From Cont. Operations, 5 Yr. CAGR %	72.32	43.67	12.48	1.23	-31.83
Net Income, 5 Yr. CAGR %	71.68	42.99	12.56	0.91	-32.6
Normalized Net Income, 5 Yr. CAGR %	73.86	44.67	12.25	-7.09	-29.4
Diluted EPS Before Extra, 5 Yr. CAGR %	60.96	33.8	6.25	-4.81	-32.41
Accounts Receivable, 5 Yr. CAGR %	-5.7	-14.07	28.62	9.74	27.13
Inventory, 5 Yr. CAGR %	13.06	30.43	28.32	17.3	14.31
Net Property, Plant and Equip., 5 Yr. CAGR %	37.02	65.39	106.95	110.44	100.64
Total Assets, 5 Yr. CAGR %	17.32	25	33.67	22.1	11.44
Tangible Book Value, 5 Yr. CAGR %	22.41	29.93	26.41	22.98	4.72
Common Equity, 5 Yr. CAGR %	22.43	29.96	26.46	23.02	4.71
Cash From Operations, 5 Yr. CAGR %	2.89	30.24	-2.01	3.23	32.17
Capital Expenditures, 5 Yr. CAGR %	49.15	102.22	138.89	66.43	-36.25
Levered Free Cash Flow, 5 Yr. CAGR %	-17.72	25.31	52.87	-35.1	24.68
Unlevered Free Cash Flow, 5 Yr. CAGR %	-16.14	22.23	48.65	-56.9	30.62
Dividend Per Share, 5 Yr. CAGR %	-	-	-	0.87	41.32