Minfeng Special Paper Balance Sheet

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Cash & Equivalents	108.68	177.34	195.41	189.69	131.32	151.01
Cash & Short-Term Investments	108.68	177.34	195.41	189.69	131.32	151.01
Cash Growth	-49.84%	-9.24%	3.01%	44.46%	-13.04%	20.34%
Accounts Receivable	234.44	386.37	425.48	399.42	411.94	395.66
Other Receivables	9.15	8.93	9.74	8.66	6.45	9.78
Receivables	243.6	395.3	435.22	408.07	418.4	405.44
Inventory	424.52	358.21	412.79	332.04	373.34	383.78
Other Current Assets	169.09	49.54	48.82	42.74	86.2	81.2
Total Current Assets	945.88	980.39	1,092	972.55	1,009	1,021
Property, Plant & Equipment	1,931	1,866	1,004	998.98	1,027	990.02
Long-Term Investments	104.13	104.08	104.27	103.82	103.99	105.14
Other Intangible Assets	76.93	77.95	79.81	52.77	54.05	55.34
Long-Term Deferred Charges	-	0.82	1.65	1.64	2.19	-
Other Long-Term Assets	6.52	55	147.8	21.1	20.46	9.69
Total Assets	3,065	3,084	2,429	2,151	2,217	2,182
Accounts Payable	222.67	279.44	91.67	94.51	82.49	67.04
Accrued Expenses	9.54	21.41	28.37	19.85	37.74	62.58
Short-Term Debt	663.98	664.95	757.29	579.11	638.69	681.98
Current Portion of Long-Term Debt	146.25	147.25	0.5	-	-	-
Current Income Taxes Payable	13.98	1.93	-	-	2.84	-
Current Unearned Revenue	10.03	7.55	7.82	6.1	9.26	5.83
Other Current Liabilities	25.19	26.15	18.56	22.03	18.02	15.48
Total Current Liabilities	1,092	1,149	904.2	721.6	789.04	832.91
Long-Term Debt	445.58	420.32	67.98	-	-	-
Other Long-Term Liabilities	14.38	14.38	7.48	22.82	30.18	4.38
Total Liabilities	1,552	1,583	979.66	744.42	819.22	837.29
Common Stock	351.3	351.3	351.3	351.3	351.3	351.3
Additional Paid-In Capital	830.31	830.31	830.31	830.31	830.31	830.31
Retained Earnings	331.63	318.96	268.03	224.82	216.44	163.4
Comprehensive Income & Other	-	-	-	-	-0.7	-0.69
Total Common Equity	1,513	1,501	1,450	1,406	1,397	1,344
Shareholders' Equity	1,513	1,501	1,450	1,406	1,397	1,344
Total Liabilities & Equity	3,065	3,084	2,429	2,151	2,217	2,182
Total Debt	1,256	1,233	825.77	579.11	638.69	681.98
Net Cash (Debt)	-1,147	-1,055	-630.36	-389.41	-507.38	-530.97
Net Cash Per Share	-3.28	-2.93	-1.75	-1.01	-1.48	-1.53
Filing Date Shares Outstanding	351.3	351.3	351.3	351.3	351.3	351.3
Total Common Shares Outstanding	351.3	351.3	351.3	351.3	351.3	351.3
Working Capital	-145.75	-168.29	188.03	250.95	220.21	188.52
Book Value Per Share	4.31	4.27	4.13	4.00	3.98	3.83
Tangible Book Value	1,436	1,423	1,370	1,354	1,343	1,289
Tangible Book Value Per Share	4.09	4.05	3.90	3.85	3.82	3.67
Buildings	-	633.67	636.49	634.96	603.12	551.55
Machinery	-	2,208	2,201	2,186	2,101	2,092
Construction In Progress	-	982.26	57.61	1.16	76.09	33.51

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.