SHA:600025 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	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	5,645	3,943	3,093	1,760	2,509	1,510
Accounts Receivable	2,987	2,582	1,962	1,971	1,799	1,917
Other Receivables	802.39	696.37	764.49	418.94	249.5	141.54
Inventory	43.32	46.2	40.26	44.1	49.53	44.03
Prepaid Expenses	-	-	9.41	16.59	-	22.12
Other Current Assets	819.39	895.55	192.37	129.05	122.26	32.35
Total Current Assets	10,296	8,163	6,062	4,340	4,730	3,667
Property, Plant & Equipment	203,786	203,973	193,993	177,706	164,457	145,360
Other Intangible Assets	5,871	6,034	6,308	6,335	6,375	6,009
Long-Term Investments	5,363	5,313	5,166	4,969	4,803	4,425
Long-Term Deferred Tax Assets	561.51	396.31	238.14	216.02	167.46	73.59
Long-Term Deferred Charges	32.79	33.34	28.47	114.86	90.74	26.43
Long-Term Accounts Receivable	-	-	35.6	39.16	-	-
Other Long-Term Assets	3,058	2,804	2,776	1,519	1,008	1,093
Total Assets	228,970	226,717	214,607	195,239	181,631	160,654
Accounts Payable	299.22	294.96	316.74	339.52	394.37	145.33
Accrued Expenses	465.95	245.69	1,016	923.43	848.92	281.72
Short-Term Debt	10,678	11,409	19,279	13,164	9,369	7,138
Current Portion of Long-Term Debt	13,171	13,366	12,057	6,881	7,049	8,801
Current Unearned Revenue	3.84	0.87	-	-	-	12.33
Current Portion of Leases	-	-	33.68	58.09	0.51	3.85
Current Income Taxes Payable	1,144	1,390	180.34	266.33	163.3	90.72
Other Current Liabilities	18,609	17,696	9,884	7,406	6,163	6,152
Total Current Liabilities	44,371	44,403	42,766	29,039	23,989	22,625
Long-Term Debt	91,670	92,924	91,704	94,805	82,108	71,447
Long-Term Leases	879.07	873.18	494.11	256.98	66.42	4.25
Long-Term Unearned Revenue	21.05	21.09	17.36	14.82	13.22	6.61
Long-Term Deferred Tax Liabilities	251.46	89.1	187.14	147.55	112.28	91.84
Other Long-Term Liabilities	279.08	292.33	269.17	252.75	236.36	252.95
Total Liabilities	137,471	138,602	135,439	124,516	106,526	94,428
Common Stock	18,631	18,631	18,000	18,000	18,000	18,000
Additional Paid-In Capital	17,974	17,974	12,821	12,827	21,418	18,892
Retained Earnings	33,364	31,893	27,366	22,766	18,767	14,128
Comprehensive Income & Other	15,199	13,461	15,414	13,737	13,602	13,343
Total Common Equity	85,169	81,960	73,601	67,329	71,787	64,364
Minority Interest	6,329	6,155	5,567	3,394	3,318	1,863
Shareholders' Equity	91,498	88,115	79,168	70,723	75,105	66,227
Total Liabilities & Equity	228,970	226,717	214,607	195,239	181,631	160,654
Total Debt	116,398	118,572	123,568	115,166	98,594	87,394
Net Cash (Debt)	-110,753	-114,629	-120,475	-113,406	-96,085	-85,884
Net Cash Per Share	-5.83	-6.07	-6.39	-5.94	-4.91	-4.71
Filing Date Shares Outstanding	19,291	19,047	18,000	18,000	18,000	18,000
Total Common Shares Outstanding	19,291	19,047	18,000	18,000	18,000	18,000
Working Capital	-34,075	-36,240	-36,704	-24,699	-19,260	-18,958
Book Value Per Share	4.42	4.30	3.28	3.02	3.27	2.86
Tangible Book Value	79,298	75,926	67,293	60,994	65,413	58,355
Tangible Book Value Per Share	4.11	3.99	2.93	2.67	2.91	2.52
Buildings	-	-	184,022	168,836	167,768	151,989
Machinery	-	-	45,647	39,412	33,904	28,221
Construction In Progress	-	-	40,996	40,960	28,807	16,356

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