Panda Dairy 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	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Cash & Equivalents	84.86	95.34	182.3	261.36	143.61	140.52
Short-Term Investments	66.02	95.04	70	-	100.99	-
Trading Asset Securities	298.07	350.45	324.79	295.35	202.89	334.46
Cash & Short-Term Investments	448.95	540.83	577.09	556.71	447.5	474.98
Cash Growth	-4.25%	-6.28%	3.66%	24.40%	-5.79%	0.13%
Accounts Receivable	35.59	55.64	22.11	35.93	38.97	27.94
Other Receivables	3.73	7.49	16.51	24.69	16.78	6.73
Receivables	39.32	63.12	38.62	60.62	55.75	34.66
Inventory	168.44	119.38	98.92	123.65	176.83	133.76
Prepaid Expenses	-	-	-	-	0.54	-
Other Current Assets	40.48	36.4	15.9	36.97	38.62	81.44
Total Current Assets	697.18	759.73	730.53	777.94	719.24	724.84
Property, Plant & Equipment	289.81	280.01	291.33	291.07	287.16	273.76
Long-Term Investments	-	-	9.12	12.03	11.82	2.42
Goodwill	44.68	44.68	-	-	-	-
Other Intangible Assets	48.23	49.15	44.63	46.25	47.9	49.28
Long-Term Deferred Tax Assets	8.21	8.09	7.66	6.72	3.95	2.96
Long-Term Deferred Charges	2.29	3.23	1.27	0.12	0.11	0.21
Other Long-Term Assets	7.94	6.82	7.28	12.36	8.76	12.97
Total Assets	1,098	1,152	1,092	1,146	1,079	1,066

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	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Accounts Payable	33.5	34.61	23.95	39.58	40.81	47.66
Accrued Expenses	20.34	31.02	24.77	25.95	24.32	38.24
Short-Term Debt	20.01	27.01	-	80.07	90.1	70.08
Current Portion of Long-Term Debt	-	-	20.02	0.02	-	-
Current Portion of Leases	0.2	0.21	0.31	0.42	0.56	1.5
Current Income Taxes Payable	3.96	5.12	5.79	5.05	2.82	2.73
Current Unearned Revenue	13.14	13.32	13.67	13.9	10.85	33.95
Other Current Liabilities	3.82	3.42	2.54	8.49	29.89	23.25
Total Current Liabilities	94.97	114.71	91.05	173.46	199.36	217.39
Long-Term Debt	-	-	-	20	-	-
Long-Term Leases	0.41	0.52	0.67	-	0.45	-
Long-Term Unearned Revenue	4.07	4.59	5.63	3.56	4.36	5.03
Long-Term Deferred Tax Liabilities	0.01	0.5	0.9	0.09	0.01	0.44
Other Long-Term Liabilities	-	-	-	-	-	0.66
Total Liabilities	99.46	120.31	98.25	197.11	204.18	223.52

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	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Common Stock	124	124	124	124	125.23	124.98
Additional Paid-In Capital	423.63	416.11	414.86	414.73	432.28	425.94
Retained Earnings	440.29	479.03	445.42	404.92	320.94	292.52
Treasury Stock	-	-	-	-	-19.21	-15.5
Total Common Equity	987.93	1,019	984.28	943.65	859.23	827.94
Minority Interest	10.96	12.25	9.3	5.73	15.53	14.98
Shareholders' Equity	998.88	1,031	993.58	949.38	874.76	842.92
Total Liabilities & Equity	1,098	1,152	1,092	1,146	1,079	1,066

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	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Total Debt	20.63	27.74	21	100.51	91.12	71.57
Net Cash (Debt)	428.32	513.09	556.09	456.2	356.38	403.41
Net Cash Growth	-4.37%	-7.73%	21.90%	28.01%	-11.66%	13.33%
Net Cash Per Share	3.45	4.14	4.48	3.67	2.87	3.23
Filing Date Shares Outstanding	124	124	124	124	125.23	124.98
Total Common Shares Outstanding	124	124	124	124	125.23	124.98
Working Capital	602.21	645.03	639.48	604.48	519.88	507.45
Book Value Per Share	7.97	8.22	7.94	7.61	6.86	6.62
Tangible Book Value	895.02	925.32	939.65	897.39	811.33	778.67
Tangible Book Value Per Share	7.22	7.46	7.58	7.24	6.48	6.23
Buildings	151.48	151.48	146.66	138.15	131.24	106.08
Machinery	246.42	244.22	232.45	204.82	200.87	189.04
Construction In Progress	98.64	78.5	78.2	97.18	86.28	94.93