Forest Packaging Group Balance Sheet

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

Millions CNY. Fiscal year is Jan - Dec.

Assets

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 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	178.33	174.88	239.08	495.3	426.87	230.52
Short-Term Investments	-	-	10.84	85	137	40
Trading Asset Securities	50.24	104.11	210.8	-	-	351.12
Cash & Short-Term Investments	228.57	279	460.73	580.3	563.87	621.64
Cash Growth	-6.79%	-39.44%	-20.61%	2.91%	-9.29%	-28.40%
Accounts Receivable	647.58	558.13	565.78	520.38	450.58	466.97
Other Receivables	2.41	2.52	3.04	3.29	3.19	1.2
Receivables	649.99	560.65	568.81	523.67	453.76	468.17
Inventory	381.83	391.05	216.27	194.62	251.62	306.71
Prepaid Expenses	-	0.52	0.38	0.2	0.94	13.37
Other Current Assets	117.86	178.4	135.69	75.1	30.74	39.94
Total Current Assets	1,378	1,410	1,382	1,374	1,301	1,450
Property, Plant & Equipment	2,772	2,826	2,147	1,355	1,020	933.83
Long-Term Investments	23.25	23.12	22.59	2.04	2.04	2.04
Other Intangible Assets	292.21	295.69	278.21	284.18	283.83	201.79
Long-Term Deferred Tax Assets	68.27	64.06	20.5	19.59	18	22.09
Long-Term Deferred Charges	16.45	15.14	15.87	1.24	1.88	0.06
Other Long-Term Assets	32.3	32.04	143.24	201.63	126.42	103.81
Total Assets	4,583	4,666	4,009	3,238	2,753	2,713

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 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
Accounts Payable	405.26	527.45	384.46	176.38	66.49	178.9
Accrued Expenses	72.93	68.57	59.92	67.47	62.72	90.06
Short-Term Debt	102	90.48	-	-	-	-
Current Portion of Long-Term Debt	54.9	53.74	-	-	-	-
Current Portion of Leases	2.11	2.27	1.45	1.21	-	-
Current Income Taxes Payable	0.4	1.7	0.9	1.26	0.27	0.4
Current Unearned Revenue	41.11	33.5	28.05	24.82	21.3	28.62
Other Current Liabilities	82.01	78.66	47.1	123.84	50.6	8.75
Total Current Liabilities	760.73	856.36	521.88	394.98	201.38	306.73
Long-Term Debt	987.54	957.84	645.86	124.41	-	-
Long-Term Leases	1.14	1.94	-	0.87	-	-
Long-Term Unearned Revenue	101.19	86.01	20.64	23.61	27.1	12.13
Long-Term Deferred Tax Liabilities	10.74	12.92	18.1	23.25	26.38	28.57
Total Liabilities	1,861	1,915	1,206	567.13	254.86	347.43

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 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
Common Stock	414.4	414.4	414.4	414.4	296	200
Additional Paid-In Capital	879.15	879.15	879.82	879.82	998.9	1,095
Retained Earnings	1,269	1,290	1,291	1,160	1,047	992.22
Comprehensive Income & Other	1.52	1.52	1.52	0.58	0.33	1.05
Total Common Equity	2,564	2,585	2,587	2,455	2,342	2,288
Minority Interest	156.88	165.42	215.8	216.31	155.87	77.83
Shareholders' Equity	2,721	2,751	2,803	2,671	2,498	2,366
Total Liabilities & Equity	4,583	4,666	4,009	3,238	2,753	2,713

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 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
Total Debt	1,148	1,106	647.31	126.5	-	-
Net Cash (Debt)	-919.11	-827.27	-186.58	453.8	563.87	621.64
Net Cash Growth	-	-	-	-19.52%	-9.29%	-18.32%
Net Cash Per Share	-2.20	-2.03	-0.45	1.10	1.36	1.49
Filing Date Shares Outstanding	414.4	414.4	414.4	414.4	414.4	414.4
Total Common Shares Outstanding	414.4	414.4	414.4	414.4	414.4	414.4
Working Capital	617.53	553.25	860	978.9	1,100	1,143
Book Value Per Share	6.19	6.24	6.24	5.92	5.65	5.52
Tangible Book Value	2,272	2,290	2,309	2,170	2,058	2,086
Tangible Book Value Per Share	5.48	5.52	5.57	5.24	4.97	5.03
Buildings	1,390	1,385	697.64	594.93	590.52	561.89
Machinery	2,487	2,207	1,029	1,017	1,007	944.77
Construction In Progress	42.65	273.28	1,365	598.84	193.83	108.43