Step 1:
The backside of this Panda paper is white.
Prefold

Step 2:
Fold over these two lines.

Step 3:
Fold over these two lines

Step 4:
Turn the model.

Step 5:
Valley-fold over the 2 lines at the bottom right, mountain-fold over the 2 diagonal lines. And valley-fold over the 2 lines at the top left.

Step 6:
Fold one flap upwards.

Step 7:
Squash-fold the flap.

Step 8:
Fold over these 2 lines.

Step 9:
Unfold the folds of step 8

Step 10:
Fold this edge downwards

Step 11:
Press these edges downwards / flat.

Step 12:
Fold the triangle flap upwards.

Step 13:
Repeat steps 7 to 12 on the other three large flaps.

Step 14:
Open the model.

Step 15:
Fold the triangle flap inwards.

Step 16:
Close the model again.

Step 17:
Repeat steps 14 to 16 with the other 3 triangle flaps

Step 18:
Bookfold 2 layers to the left.

Step 19:
Fold the edge on the left and the edge on the right of the green line upwards.

Step 20:
Pull the upper paper layer upwards, loose from the edges.

Step 21:
Fold over the prefolded lines.

Step 22:
Now you've made an extra / new flap, fold it upwards

Step 23:
There should be the same amount of flaps / layers on the left and right now. Repeat steps 19 to 22 one more time on the backside.

Step 24:
Bookfold one edge to the left

Step 25:
Valley-fold over this line. Make the same fold on the flap behind this one (=mountain-fold).
Repeat both folds on the left.

Step 26:
Prefold the tip to the line between both arrows

Step 27:
Open the model by pulling the legs outwards.

Step 28:
Sink-fold over the prefolded line.

Step 29:
Press flat again.

Step 30:
Pull this flap upwards

Step 31:
Fold over this line.

Step 32:
Pull the head to the left.

Step 33:
Fold the head downwards (make the same folds on the other side).

Step 34:
Fold the edge indicated by the arrow inwards, do the same on the other side.

Step 35:
Now the model looks like this.

Step 36:
Fold / pull the paper layer on the backside of the head outwards

Step 37:
Mountain-fold the tip to the spot indicated by the upper arrow.

Step 38:
Fold over these 3 lines.

Step 39:
Press / fold these two edges against each other.
Do the same on the left.

Step 40:
Now the head looks like this.

Step 41:
Pull this flap upwards

Step 42:
Pull the lower paper layer outwards, do the same on the other side of the tail.

Step 43:
Fold over these three lines

Step 44:
Fold these edges inwards over the prefolded lines, do the same on the other side of the tail

Step 45:
Mountain-fold the tip to the spot indicated by the arrow on the left.

Step 46:
Press flat.

Step 47:
Hold the leg on the spot indicated by the yellow dot. Then squash-fold the tip upwards. Do the same on the other three legs.

Finally, open the body of the model.

Done!