Xinjiang Tianrun Dairy 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	709.51	849.06	510.75	704.34	900.72
Cash & Short-Term Investments	709.51	849.06	510.75	704.34	900.72
Cash Growth	-16.44%	66.24%	-27.48%	-21.80%	143.34%
Accounts Receivable	118.26	134.34	143.14	97.8	67.08
Other Receivables	8.91	10.92	21.11	14.1	11.15
Receivables	127.16	145.26	164.25	111.91	78.23
Inventory	577.49	621.08	811.83	501.55	401.12
Other Current Assets	55.28	71.97	68.98	41.62	29.22
Total Current Assets	1,469	1,687	1,556	1,359	1,409
Property, Plant & Equipment	4,182	4,274	4,036	2,503	2,001
Long-Term Investments	4.04	17.8	19.41	3.47	2.69
Goodwill	2	2	2	2	2
Other Intangible Assets	163.55	169.56	62.22	42.43	38.19
Long-Term Deferred Tax Assets	45.04	27.78	5.67	4.62	1.86
Long-Term Deferred Charges	7.01	6.87	6.67	3.77	3.99
Other Long-Term Assets	2.33	7.07	12.64	17.5	12.77
Total Assets	5,875	6,192	5,700	3,936	3,472
Accounts Payable	541.2	549.44	601.75	400.12	450.41
Accrued Expenses	161.55	123.07	122.25	118.1	87.36
Short-Term Debt	100.06	544.31	475.67	269.18	138
Current Portion of Long-Term Debt	2.51	3.55	5	100	-
Current Portion of Leases	59.17	54.73	38.76	9.26	6.95
Current Income Taxes Payable	4.4	3.26	2.43	2.89	1.11
Current Unearned Revenue	132.09	125.78	105.51	87.38	76.34
Other Current Liabilities	311.28	293.89	373.26	66.33	61.6
Total Current Liabilities	1,312	1,698	1,725	1,053	821.77
Long-Term Debt	1,373	1,341	842.39	-	100
Long-Term Leases	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	4.86	3.61	3.73	3.69	-
Other Long-Term Liabilities	-	0.58	0.58	0.58	0.58
Total Liabilities	3,225	3,546	3,047	1,398	1,170
Common Stock	315.51	320.19	320.19	320.19	320.19
Additional Paid-In Capital	1,317	1,372	1,372	1,372	1,372
Retained Earnings	795.4	760.53	759.77	676.72	526.43
Treasury Stock	-	-61.33	-61.33	-61.33	-
Comprehensive Income & Other	21.25	21.27	-	-	-
Total Common Equity	2,449	2,413	2,391	2,308	2,219
Minority Interest	201.24	233.25	262.01	229.7	83.14
Shareholders' Equity	2,650	2,646	2,653	2,538	2,302
Total Liabilities & Equity	5,875	6,192	5,700	3,936	3,472
Total Debt	1,641	2,049	1,462	481.44	272.15
Net Cash (Debt)	-931.87	-1,200	-951.21	222.9	628.57
Net Cash Growth	-	-	-	-64.54%	132.67%
Net Cash Per Share	-2.65	-3.80	-3.02	0.70	2.34
Filing Date Shares Outstanding	315.51	315.39	315.39	315.39	320.19
Total Common Shares Outstanding	315.51	315.39	315.39	315.39	320.19
Working Capital	157.19	-10.66	-168.82	306.16	587.51
Book Value Per Share	7.76	7.65	7.58	7.32	6.93
Tangible Book Value	2,283	2,241	2,327	2,263	2,179
Tangible Book Value Per Share	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.