Forest Packaging Group 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	84.41	174.88	239.08	495.3	426.87	230.52
Short-Term Investments	-	-	10.84	85	137	40
Trading Asset Securities	80.07	104.11	210.8	-	-	351.12
Cash & Short-Term Investments	164.48	279	460.73	580.3	563.87	621.64
Cash Growth	-54.35%	-39.44%	-20.61%	2.91%	-9.29%	-28.40%
Accounts Receivable	577.47	558.13	565.78	520.38	450.58	466.97
Other Receivables	4.2	2.52	3.04	3.29	3.19	1.2
Receivables	581.67	560.65	568.81	523.67	453.76	468.17
Inventory	403.65	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	145.97	178.4	135.69	75.1	30.74	39.94
Total Current Assets	1,296	1,410	1,382	1,374	1,301	1,450
Property, Plant & Equipment	2,820	2,826	2,147	1,355	1,020	933.83
Long-Term Investments	2.04	23.12	22.59	2.04	2.04	2.04
Other Intangible Assets	293.55	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	14.67	15.14	15.87	1.24	1.88	0.06
Other Long-Term Assets	44.08	32.04	143.24	201.63	126.42	103.81
Total Assets	4,539	4,666	4,009	3,238	2,753	2,713
Accounts Payable	405.53	527.45	384.46	176.38	66.49	178.9
Accrued Expenses	33.9	68.57	59.92	67.47	62.72	90.06
Short-Term Debt	74.78	90.48	-	-	-	-
Current Portion of Long-Term Debt	-	53.74	-	-	-	-
Current Portion of Leases	52.19	2.27	1.45	1.21	-	-
Current Income Taxes Payable	15.8	1.7	0.9	1.26	0.27	0.4
Current Unearned Revenue	39.57	33.5	28.05	24.82	21.3	28.62
Other Current Liabilities	79.13	78.66	47.1	123.84	50.6	8.75
Total Current Liabilities	700.9	856.36	521.88	394.98	201.38	306.73
Long-Term Debt	981.48	957.84	645.86	124.41	-	-
Long-Term Leases	1.34	1.94	-	0.87	-	-
Long-Term Unearned Revenue	99.57	86.01	20.64	23.61	27.1	12.13
Long-Term Deferred Tax Liabilities	12.19	12.92	18.1	23.25	26.38	28.57
Total Liabilities	1,795	1,915	1,206	567.13	254.86	347.43
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	1,287	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	2,582	2,585	2,587	2,455	2,342	2,288
Minority Interest	160.83	165.42	215.8	216.31	155.87	77.83
Shareholders' Equity	2,743	2,751	2,803	2,671	2,498	2,366
Total Liabilities & Equity	4,539	4,666	4,009	3,238	2,753	2,713
Total Debt	1,110	1,106	647.31	126.5	-	-
Net Cash (Debt)	-945.3	-827.27	-186.58	453.8	563.87	621.64
Net Cash Growth	-	-	-	-19.52%	-9.29%	-18.32%
Net Cash Per Share	-2.51	-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	594.87	553.25	860	978.9	1,100	1,143
Book Value Per Share	6.23	6.24	6.24	5.92	5.65	5.52
Tangible Book Value	2,289	2,290	2,309	2,170	2,058	2,086
Tangible Book Value Per Share	5.52	5.52	5.57	5.24	4.97	5.03
Buildings	-	1,385	697.64	594.93	590.52	561.89
Machinery	-	2,207	1,029	1,017	1,007	944.77
Construction In Progress	-	273.28	1,365	598.84	193.83	108.43

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