Xinjiang Tianrun Dairy 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	727.84	709.51	849.06	510.75	704.34	900.72
Cash & Short-Term Investments	727.84	709.51	849.06	510.75	704.34	900.72
Cash Growth	12.41%	-16.44%	66.24%	-27.48%	-21.80%	143.34%
Accounts Receivable	133.82	118.26	134.34	143.14	97.8	67.08
Other Receivables	18.81	8.91	10.92	21.11	14.1	11.15
Receivables	152.63	127.16	145.26	164.25	111.91	78.23
Inventory	509.96	577.49	621.08	811.83	501.55	401.12
Other Current Assets	77.06	55.28	71.97	68.98	41.62	29.22
Total Current Assets	1,467	1,469	1,687	1,556	1,359	1,409
Property, Plant & Equipment	4,133	4,182	4,274	4,036	2,503	2,001
Long-Term Investments	3.3	4.04	17.8	19.41	3.47	2.69
Goodwill	2	2	2	2	2	2
Other Intangible Assets	161.88	163.55	169.56	62.22	42.43	38.19
Long-Term Deferred Tax Assets	47.03	45.04	27.78	5.67	4.62	1.86
Long-Term Deferred Charges	6.37	7.01	6.87	6.67	3.77	3.99
Other Long-Term Assets	3.63	2.33	7.07	12.64	17.5	12.77
Total Assets	5,825	5,875	6,192	5,700	3,936	3,472
Accounts Payable	596.57	541.2	549.44	601.75	400.12	450.41
Accrued Expenses	67.39	161.55	123.07	122.25	118.1	87.36
Short-Term Debt	280	100.06	544.31	475.67	269.18	138
Current Portion of Long-Term Debt	232.01	2.51	3.55	5	100	-
Current Portion of Leases	-	59.17	54.73	38.76	9.26	6.95
Current Income Taxes Payable	17.32	4.4	3.26	2.43	2.89	1.11
Current Unearned Revenue	64.2	132.09	125.78	105.51	87.38	76.34
Other Current Liabilities	253.75	311.28	293.89	373.26	66.33	61.6
Total Current Liabilities	1,511	1,312	1,698	1,725	1,053	821.77
Long-Term Debt	1,108	1,373	1,341	842.39	-	100
Long-Term Leases	102.38	106.48	105.55	100.14	103	27.2
Long-Term Unearned Revenue	-	428.27	397.52	375.8	237.96	220.51
Long-Term Deferred Tax Liabilities	420.98	4.86	3.61	3.73	3.69	-
Other Long-Term Liabilities	4.75	-	0.58	0.58	0.58	0.58
Total Liabilities	3,148	3,225	3,546	3,047	1,398	1,170
Common Stock	315.51	315.51	320.19	320.19	320.19	320.19
Additional Paid-In Capital	1,317	1,317	1,372	1,372	1,372	1,372
Retained Earnings	825.15	795.4	760.53	759.77	676.72	526.43
Treasury Stock	-	-	-61.33	-61.33	-61.33	-
Comprehensive Income & Other	21.25	21.25	21.27	-	-	-
Total Common Equity	2,479	2,449	2,413	2,391	2,308	2,219
Minority Interest	198.57	201.24	233.25	262.01	229.7	83.14
Shareholders' Equity	2,677	2,650	2,646	2,653	2,538	2,302
Total Liabilities & Equity	5,825	5,875	6,192	5,700	3,936	3,472
Total Debt	1,723	1,641	2,049	1,462	481.44	272.15
Net Cash (Debt)	-995.01	-931.87	-1,200	-951.21	222.9	628.57
Net Cash Growth	-	-	-	-	-64.54%	132.67%
Net Cash Per Share	-2.70	-2.65	-3.80	-3.02	0.70	2.34
Filing Date Shares Outstanding	315.46	315.51	315.39	315.39	315.39	320.19
Total Common Shares Outstanding	315.46	315.51	315.39	315.39	315.39	320.19
Working Capital	-43.75	157.19	-10.66	-168.82	306.16	587.51
Book Value Per Share	7.86	7.76	7.65	7.58	7.32	6.93
Tangible Book Value	2,315	2,283	2,241	2,327	2,263	2,179
Tangible Book Value Per Share	7.34	7.24	7.11	7.38	7.18	6.80
Buildings	-	2,246	1,949	1,739	1,011	955.56
Machinery	-	1,639	1,375	1,143	694.01	666.34
Construction In Progress	-	15.81	317.42	509.92	389.33	117.58

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