Panda Dairy 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	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Cash & Equivalents	76.24	95.34	182.3	261.36	143.61	140.52
Short-Term Investments	-	95.04	70	-	100.99	-
Trading Asset Securities	360.64	350.45	324.79	295.35	202.89	334.46
Cash & Short-Term Investments	436.88	540.83	577.09	556.71	447.5	474.98
Cash Growth	-9.79%	-6.28%	3.66%	24.40%	-5.79%	0.13%
Accounts Receivable	44.71	55.64	22.11	35.93	38.97	27.94
Other Receivables	5.02	7.49	16.51	24.69	16.78	6.73
Receivables	49.73	63.12	38.62	60.62	55.75	34.66
Inventory	139.84	119.38	98.92	123.65	176.83	133.76
Prepaid Expenses	-	-	-	-	0.54	-
Other Current Assets	121.68	36.4	15.9	36.97	38.62	81.44
Total Current Assets	748.13	759.73	730.53	777.94	719.24	724.84
Property, Plant & Equipment	282.2	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	48.69	49.15	44.63	46.25	47.9	49.28
Long-Term Deferred Tax Assets	7.98	8.09	7.66	6.72	3.95	2.96
Long-Term Deferred Charges	2.76	3.23	1.27	0.12	0.11	0.21
Other Long-Term Assets	9.47	6.82	7.28	12.36	8.76	12.97
Total Assets	1,144	1,152	1,092	1,146	1,079	1,066
Accounts Payable	32.05	34.61	23.95	39.58	40.81	47.66
Accrued Expenses	8.75	31.02	24.77	25.95	24.32	38.24
Short-Term Debt	20.02	27.01	-	80.07	90.1	70.08
Current Portion of Long-Term Debt	0.21	-	20.02	0.02	-	-
Current Portion of Leases	-	0.21	0.31	0.42	0.56	1.5
Current Income Taxes Payable	7.72	5.12	5.79	5.05	2.82	2.73
Current Unearned Revenue	11.21	8.29	8.33	7.7	10.85	33.95
Other Current Liabilities	6.9	8.44	7.87	14.68	29.89	23.25
Total Current Liabilities	86.86	114.71	91.05	173.46	199.36	217.39
Long-Term Debt	-	-	-	20	-	-
Long-Term Leases	0.47	0.52	0.67	-	0.45	-
Long-Term Unearned Revenue	4.33	4.59	5.63	3.56	4.36	5.03
Long-Term Deferred Tax Liabilities	0.76	0.5	0.9	0.09	0.01	0.44
Other Long-Term Liabilities	-	-	-	-	-	0.66
Total Liabilities	92.42	120.31	98.25	197.11	204.18	223.52
Common Stock	124	124	124	124	125.23	124.98
Additional Paid-In Capital	419.87	416.11	414.86	414.73	432.28	425.94
Retained Earnings	495.92	479.03	445.42	404.92	320.94	292.52
Treasury Stock	-	-	-	-	-19.21	-15.5
Total Common Equity	1,040	1,019	984.28	943.65	859.23	827.94
Minority Interest	11.7	12.25	9.3	5.73	15.53	14.98
Shareholders' Equity	1,051	1,031	993.58	949.38	874.76	842.92
Total Liabilities & Equity	1,144	1,152	1,092	1,146	1,079	1,066
Total Debt	20.7	27.74	21	100.51	91.12	71.57
Net Cash (Debt)	416.18	513.09	556.09	456.2	356.38	403.41
Net Cash Growth	-10.18%	-7.73%	21.90%	28.01%	-11.66%	13.33%
Net Cash Per Share	3.36	4.14	4.48	3.67	2.87	3.23
Filing Date Shares Outstanding	124.02	124	124	124	125.23	124.98
Total Common Shares Outstanding	124.02	124	124	124	125.23	124.98
Working Capital	661.27	645.03	639.48	604.48	519.88	507.45
Book Value Per Share	8.38	8.22	7.94	7.61	6.86	6.62
Tangible Book Value	946.43	925.32	939.65	897.39	811.33	778.67
Tangible Book Value Per Share	7.63	7.46	7.58	7.24	6.48	6.23
Buildings	-	151.48	146.66	138.15	131.24	106.08
Machinery	-	244.22	232.45	204.82	200.87	189.04
Construction In Progress	-	78.5	78.2	97.18	86.28	94.93

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