Nongfu Spring Balance Sheet

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Assets

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	21,080	11,178	10,722	24,125	15,211	14,784
Short-Term Investments	-	80.8	116.4	106.23	82.06	106.29
Trading Asset Securities	11,110	7,555	1,529	-	-	204.75
Cash & Short-Term Investments	32,191	18,814	12,368	24,231	15,293	15,095
Cash Growth	68.19%	52.12%	-48.96%	58.45%	1.32%	64.06%
Accounts Receivable	900.67	598.15	581.37	547.02	478.59	476.28
Other Receivables	-	853.89	762.38	123.9	155.05	184.96
Receivables	900.67	1,452	1,344	670.92	633.63	661.24
Inventory	6,214	5,846	5,013	3,092	2,108	1,809
Prepaid Expenses	-	301.93	238.82	209.12	124.35	108.16
Restricted Cash	8.09	8.13	7.68	-	-	-
Other Current Assets	1,434	141.26	100.7	258.21	201.91	162.4
Total Current Assets	40,748	26,564	19,072	28,461	18,361	17,836
Property, Plant & Equipment	28,532	25,982	22,110	18,127	16,251	13,524
Long-Term Investments	5,426	11,088	10,631	1,511	4,102	1,121
Other Intangible Assets	72.47	80.89	71.56	74.22	58.08	65.1
Long-Term Deferred Tax Assets	1,655	1,347	1,088	921.33	433.11	293.09
Other Long-Term Assets	139.52	108.57	188.22	42.83	49.44	56.41
Total Assets	76,573	65,169	53,160	49,137	39,255	32,896

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Accounts Payable	2,076	1,654	1,499	1,770	1,425	1,153
Accrued Expenses	-	7,747	5,973	6,001	3,230	2,489
Short-Term Debt	5,186	4,390	3,625	3,121	2,425	2,500
Current Portion of Leases	67.73	61.84	55.71	58.03	68.68	46.72
Current Income Taxes Payable	2,087	2,560	1,695	2,054	1,500	1,050
Current Unearned Revenue	3,439	4,195	3,566	3,585	2,677	2,351
Other Current Liabilities	25,672	4,215	3,571	3,288	3,276	1,999
Total Current Liabilities	38,528	24,823	19,985	19,877	14,601	11,589
Long-Term Leases	20.05	40.86	65.91	31.25	31.18	43.3
Long-Term Unearned Revenue	384.4	359.32	319.4	303.06	291.42	264.55
Long-Term Deferred Tax Liabilities	474.17	476.15	503.1	355.36	246.74	257.7
Total Liabilities	39,407	25,699	20,873	20,566	15,171	12,154

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Common Stock	1,125	1,125	1,125	1,125	1,125	1,125
Retained Earnings	-	30,058	22,737	19,049	14,617	11,182
Comprehensive Income & Other	36,041	8,287	8,425	8,398	8,343	8,435
Total Common Equity	37,166	39,470	32,287	28,571	24,084	20,742
Shareholders' Equity	37,166	39,470	32,287	28,571	24,084	20,742
Total Liabilities & Equity	76,573	65,169	53,160	49,137	39,255	32,896

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Total Debt	5,273	4,493	3,747	3,210	2,525	2,590
Net Cash (Debt)	26,918	14,321	8,621	21,022	12,768	12,504
Net Cash Growth	84.51%	66.12%	-58.99%	64.64%	2.11%	85.77%
Net Cash Per Share	2.39	1.27	0.77	1.87	1.14	1.11
Filing Date Shares Outstanding	11,239	11,246	11,246	11,246	11,246	11,246
Total Common Shares Outstanding	11,239	11,246	11,246	11,246	11,246	11,246
Working Capital	2,220	1,741	-912.86	8,585	3,760	6,247
Book Value Per Share	3.31	3.51	2.87	2.54	2.14	1.84
Tangible Book Value	37,094	39,389	32,216	28,497	24,026	20,677
Tangible Book Value Per Share	3.30	3.50	2.86	2.53	2.14	1.84
Land	-	70.29	-	-	-	-
Buildings	-	8,837	6,652	6,211	5,250	4,931
Machinery	-	33,231	29,252	25,092	21,970	18,117
Construction In Progress	-	2,900	3,466	1,699	1,738	1,194
Leasehold Improvements	-	253.04	237.42	214.02	213.17	153.04