Minfeng Special Paper Balance Sheet

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	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	139.86	177.34	195.41	189.69	131.32
Cash & Short-Term Investments	139.86	177.34	195.41	189.69	131.32
Cash Growth	-21.14%	-9.24%	3.01%	44.46%	-13.04%
Accounts Receivable	251.94	386.37	425.48	399.42	411.94
Other Receivables	13.26	8.93	9.74	8.66	6.45
Receivables	265.2	395.3	435.22	408.07	418.4
Inventory	422.36	358.21	412.79	332.04	373.34
Other Current Assets	81.65	49.54	48.82	42.74	86.2
Total Current Assets	909.07	980.39	1,092	972.55	1,009
Property, Plant & Equipment	1,926	1,866	1,004	998.98	1,027
Long-Term Investments	104.05	104.08	104.27	103.82	103.99
Other Intangible Assets	76.47	77.95	79.81	52.77	54.05
Long-Term Deferred Tax Assets	18.28	-	-	-	-
Long-Term Deferred Charges	-	0.82	1.65	1.64	2.19
Other Long-Term Assets	1.3	55	147.8	21.1	20.46
Total Assets	3,035	3,084	2,429	2,151	2,217
Accounts Payable	182.55	279.44	91.67	94.51	82.49
Accrued Expenses	2.52	21.41	28.37	19.85	37.74
Short-Term Debt	639.09	664.95	757.29	579.11	638.69
Current Portion of Long-Term Debt	157.41	147.25	0.5	-	-
Current Income Taxes Payable	30.61	1.93	-	-	2.84
Current Unearned Revenue	7.99	7.55	7.82	6.1	9.26
Other Current Liabilities	26.96	26.15	18.56	22.03	18.02
Total Current Liabilities	1,047	1,149	904.2	721.6	789.04
Long-Term Debt	340.69	420.32	67.98	-	-
Long-Term Unearned Revenue	121.88	-	-	-	-
Other Long-Term Liabilities	14.38	14.38	7.48	22.82	30.18
Total Liabilities	1,524	1,583	979.66	744.42	819.22
Common Stock	351.3	351.3	351.3	351.3	351.3
Additional Paid-In Capital	830.31	830.31	830.31	830.31	830.31
Retained Earnings	329.27	318.96	268.03	224.82	216.44
Comprehensive Income & Other	-	-	-	-	-0.7
Total Common Equity	1,511	1,501	1,450	1,406	1,397
Shareholders' Equity	1,511	1,501	1,450	1,406	1,397
Total Liabilities & Equity	3,035	3,084	2,429	2,151	2,217
Total Debt	1,137	1,233	825.77	579.11	638.69
Net Cash (Debt)	-997.33	-1,055	-630.36	-389.41	-507.38
Net Cash Per Share	-3.06	-2.93	-1.75	-1.01	-1.48
Filing Date Shares Outstanding	291.42	351.3	351.3	351.3	351.3
Total Common Shares Outstanding	291.42	351.3	351.3	351.3	351.3
Working Capital	-138.07	-168.29	188.03	250.95	220.21
Book Value Per Share	5.18	4.27	4.13	4.00	3.98
Tangible Book Value	1,434	1,423	1,370	1,354	1,343
Tangible Book Value Per Share	4.92	4.05	3.90	3.85	3.82
Buildings	-	633.67	636.49	634.96	603.12
Machinery	-	2,208	2,201	2,186	2,101
Construction In Progress	-	982.26	57.61	1.16	76.09

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.