Panda 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	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Cash & Equivalents	95.34	182.3	261.36	143.61	140.52
Short-Term Investments	-	-	-	100.99	-
Trading Asset Securities	350.45	324.79	295.35	202.89	334.46
Cash & Short-Term Investments	445.79	507.09	556.71	447.5	474.98
Cash Growth	-12.09%	-8.91%	24.40%	-5.79%	0.13%
Accounts Receivable	55.64	22.11	35.93	38.97	27.94
Other Receivables	7.49	16.51	24.69	16.78	6.73
Receivables	63.12	38.62	60.62	55.75	34.66
Inventory	119.38	98.92	123.65	176.83	133.76
Finance Div. Other Current Assets	-	70	-	-	-
Prepaid Expenses	-	-	-	0.54	-
Other Current Assets	131.44	15.9	36.97	38.62	81.44
Total Current Assets	759.73	730.53	777.94	719.24	724.84
Property, Plant & Equipment	280.01	291.33	291.07	287.16	273.76
Long-Term Investments	-	9.12	12.03	11.82	2.42
Goodwill	44.68	-	-	-	-
Other Intangible Assets	49.15	44.63	46.25	47.9	49.28
Long-Term Deferred Tax Assets	8.09	7.66	6.72	3.95	2.96
Long-Term Deferred Charges	3.23	1.27	0.12	0.11	0.21
Other Long-Term Assets	6.82	7.28	12.36	8.76	12.97
Total Assets	1,152	1,092	1,146	1,079	1,066
Accounts Payable	34.61	23.95	39.58	40.81	47.66
Accrued Expenses	21.22	24.77	25.95	24.32	38.24
Short-Term Debt	27.01	-	80.07	90.1	70.08
Current Portion of Long-Term Debt	0.21	20.02	0.02	-	-
Current Portion of Leases	-	0.31	0.42	0.56	1.5
Current Income Taxes Payable	12.22	5.79	5.05	2.82	2.73
Current Unearned Revenue	13.32	8.33	7.7	10.85	33.95
Other Current Liabilities	6.12	7.87	14.68	29.89	23.25
Total Current Liabilities	114.71	91.05	173.46	199.36	217.39
Long-Term Debt	-	-	20	-	-
Long-Term Leases	0.52	0.67	-	0.45	-
Long-Term Unearned Revenue	4.59	5.63	3.56	4.36	5.03
Long-Term Deferred Tax Liabilities	0.5	0.9	0.09	0.01	0.44
Other Long-Term Liabilities	-	-	-	-	0.66
Total Liabilities	120.31	98.25	197.11	204.18	223.52
Common Stock	124	124	124	125.23	124.98
Additional Paid-In Capital	416.11	414.86	414.73	432.28	425.94
Retained Earnings	479.03	445.42	404.92	320.94	292.52
Treasury Stock	-	-	-	-19.21	-15.5
Total Common Equity	1,019	984.28	943.65	859.23	827.94
Minority Interest	12.25	9.3	5.73	15.53	14.98
Shareholders' Equity	1,031	993.58	949.38	874.76	842.92
Total Liabilities & Equity	1,152	1,092	1,146	1,079	1,066
Total Debt	27.74	21	100.51	91.12	71.57
Net Cash (Debt)	418.05	486.09	456.2	356.38	403.41
Net Cash Growth	-14.00%	6.55%	28.01%	-11.66%	13.33%
Net Cash Per Share	3.37	3.92	3.67	2.87	3.23
Filing Date Shares Outstanding	123.99	124	124	125.23	124.98
Total Common Shares Outstanding	123.99	124	124	125.23	124.98
Working Capital	645.03	639.48	604.48	519.88	507.45
Book Value Per Share	8.22	7.94	7.61	6.86	6.62
Tangible Book Value	925.32	939.65	897.39	811.33	778.67
Tangible Book Value Per Share	7.46	7.58	7.24	6.48	6.23
Buildings	-	146.66	138.15	131.24	106.08
Machinery	-	232.45	204.82	200.87	189.04
Construction In Progress	-	78.2	97.18	86.28	94.93

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