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 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 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	93.19	139.86	177.34	195.41	189.69	131.32
Cash & Short-Term Investments	93.19	139.86	177.34	195.41	189.69	131.32
Cash Growth	-21.14%	-21.14%	-9.24%	3.01%	44.46%	-13.04%
Accounts Receivable	275.68	251.94	386.37	425.48	399.42	411.94
Other Receivables	10.04	13.26	8.93	9.74	8.66	6.45
Receivables	285.72	265.2	395.3	435.22	408.07	418.4
Inventory	408.28	422.36	358.21	412.79	332.04	373.34
Other Current Assets	102.76	81.65	49.54	48.82	42.74	86.2
Total Current Assets	889.95	909.07	980.39	1,092	972.55	1,009
Property, Plant & Equipment	1,906	1,769	1,866	1,004	998.98	1,027
Long-Term Investments	104.05	104.05	104.08	104.27	103.82	103.99
Other Intangible Assets	76	76.47	77.95	79.81	52.77	54.05
Long-Term Deferred Tax Assets	18.01	18.28	-	-	-	-
Long-Term Deferred Charges	-	-	0.82	1.65	1.64	2.19
Other Long-Term Assets	0.72	158.26	55	147.8	21.1	20.46
Total Assets	2,995	3,035	3,084	2,429	2,151	2,217
Accounts Payable	153.32	182.55	279.44	91.67	94.51	82.49
Accrued Expenses	3.99	23.79	23.8	28.37	19.85	37.74
Short-Term Debt	662.14	639.09	664.95	757.29	579.11	638.69
Current Portion of Long-Term Debt	157.41	157.41	147.25	0.5	-	-
Current Income Taxes Payable	8.56	15.94	1.93	-	-	2.84
Current Unearned Revenue	4.9	7.99	7.55	7.82	6.1	9.26
Other Current Liabilities	22.65	20.37	23.76	18.56	22.03	18.02
Total Current Liabilities	1,013	1,047	1,149	904.2	721.6	789.04
Long-Term Debt	340.69	340.69	420.32	67.98	-	-
Long-Term Unearned Revenue	117.09	121.88	-	-	-	-
Other Long-Term Liabilities	14.38	14.38	14.38	7.48	22.82	30.18
Total Liabilities	1,485	1,524	1,583	979.66	744.42	819.22
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	328.05	329.27	318.96	268.03	224.82	216.44
Comprehensive Income & Other	-	-	-	-	-	-0.7
Total Common Equity	1,510	1,511	1,501	1,450	1,406	1,397
Shareholders' Equity	1,510	1,511	1,501	1,450	1,406	1,397
Total Liabilities & Equity	2,995	3,035	3,084	2,429	2,151	2,217
Total Debt	1,160	1,137	1,233	825.77	579.11	638.69
Net Cash (Debt)	-1,067	-997.33	-1,055	-630.36	-389.41	-507.38
Net Cash Per Share	-3.12	-3.06	-2.93	-1.75	-1.01	-1.48
Filing Date Shares Outstanding	407.53	351.3	351.3	351.3	351.3	351.3
Total Common Shares Outstanding	407.53	351.3	351.3	351.3	351.3	351.3
Working Capital	-123	-138.07	-168.29	188.03	250.95	220.21
Book Value Per Share	3.70	4.30	4.27	4.13	4.00	3.98
Tangible Book Value	1,434	1,434	1,423	1,370	1,354	1,343
Tangible Book Value Per Share	3.52	4.08	4.05	3.90	3.85	3.82
Buildings	-	881.27	633.67	636.49	634.96	603.12
Machinery	-	1,540	2,208	2,201	2,186	2,101
Construction In Progress	-	0.08	982.26	57.61	1.16	76.09

Source: S&P Global Market Intelligence. Standard template. Financial Sources.