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	Sep '26 Sep 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	67.08	95.34	182.3	261.36	143.61	140.52
Short-Term Investments	-	95.04	70	-	100.99	-
Trading Asset Securities	320.36	350.45	324.79	295.35	202.89	334.46
Cash & Short-Term Investments	387.44	540.83	577.09	556.71	447.5	474.98
Cash Growth	-18.54%	-6.28%	3.66%	24.40%	-5.79%	0.13%
Accounts Receivable	35.6	55.64	22.11	35.93	38.97	27.94
Other Receivables	3.52	7.49	16.51	24.69	16.78	6.73
Receivables	39.12	63.12	38.62	60.62	55.75	34.66
Inventory	176.96	119.38	98.92	123.65	176.83	133.76
Prepaid Expenses	-	-	-	-	0.54	-
Other Current Assets	107.24	36.4	15.9	36.97	38.62	81.44
Total Current Assets	710.76	759.73	730.53	777.94	719.24	724.84
Property, Plant & Equipment	289.35	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	47.78	49.15	44.63	46.25	47.9	49.28
Long-Term Deferred Tax Assets	9.02	8.09	7.66	6.72	3.95	2.96
Long-Term Deferred Charges	1.82	3.23	1.27	0.12	0.11	0.21
Other Long-Term Assets	6.27	6.82	7.28	12.36	8.76	12.97
Total Assets	1,110	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	Sep '26 Sep 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	38.22	34.61	23.95	39.58	40.81	47.66
Accrued Expenses	14.7	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	0.21	-	20.02	0.02	-	-
Current Portion of Leases	-	0.21	0.31	0.42	0.56	1.5
Current Income Taxes Payable	8.41	5.12	5.79	5.05	2.82	2.73
Current Unearned Revenue	12.97	13.32	13.67	13.9	10.85	33.95
Other Current Liabilities	7.28	3.42	2.54	8.49	29.89	23.25
Total Current Liabilities	101.81	114.71	91.05	173.46	199.36	217.39
Long-Term Debt	-	-	-	20	-	-
Long-Term Leases	0.34	0.52	0.67	-	0.45	-
Long-Term Unearned Revenue	2.8	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	104.96	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	Sep '26 Sep 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	429.71	416.11	414.86	414.73	432.28	425.94
Retained Earnings	461.69	479.03	445.42	404.92	320.94	292.52
Treasury Stock	-19.73	-	-	-	-19.21	-15.5
Total Common Equity	995.67	1,019	984.28	943.65	859.23	827.94
Minority Interest	9.05	12.25	9.3	5.73	15.53	14.98
Shareholders' Equity	1,005	1,031	993.58	949.38	874.76	842.92
Total Liabilities & Equity	1,110	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	Sep '26 Sep 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	20.56	27.74	21	100.51	91.12	71.57
Net Cash (Debt)	366.89	513.09	556.09	456.2	356.38	403.41
Net Cash Growth	-19.32%	-7.73%	21.90%	28.01%	-11.66%	13.33%
Net Cash Per Share	2.95	4.14	4.48	3.67	2.87	3.23
Filing Date Shares Outstanding	124.68	124	124	124	125.23	124.98
Total Common Shares Outstanding	124.68	124	124	124	125.23	124.98
Working Capital	608.95	645.03	639.48	604.48	519.88	507.45
Book Value Per Share	7.99	8.22	7.94	7.61	6.86	6.62
Tangible Book Value	903.21	925.32	939.65	897.39	811.33	778.67
Tangible Book Value Per Share	7.24	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