SPIC Hydropower 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	1,047	801.11	1,369	712.24	600.69	440.52
Short-Term Investments	-	13.07	96.59	-	-	-
Accounts Receivable	5,410	4,830	9,403	2,851	2,951	2,762
Other Receivables	4,682	4,318	1,132	105.6	198.27	223.06
Inventory	300.34	191.67	211.59	203.49	279.11	386.05
Prepaid Expenses	-	-	-	-	0.02	0.7
Loans Receivable Current	-	-	-	22.52	-	1.62
Other Current Assets	792.06	477.51	878.2	300.24	295.03	390.78
Total Current Assets	12,232	10,632	13,090	4,195	4,324	4,205
Property, Plant & Equipment	47,788	48,090	69,082	3,118	3,474	3,720
Goodwill	12.72	12.72	123.99	0.17	0.17	2.03
Other Intangible Assets	1,877	1,923	2,063	1,463	1,535	1,479
Long-Term Investments	1,395	1,338	1,289	630.63	647.99	612.02
Long-Term Deferred Tax Assets	357.35	359.54	419.34	133.53	145.08	157.71
Long-Term Deferred Charges	170.66	160.56	178.2	117.74	103.88	81.3
Other Long-Term Assets	928.33	1,050	1,982	115.42	166.07	174.51
Total Assets	64,762	63,566	88,228	9,774	10,396	10,431
Accounts Payable	3,914	4,024	3,870	1,825	1,936	1,867
Accrued Expenses	97.44	223.12	251.72	49.07	72.83	69.68
Short-Term Debt	7,659	7,525	7,242	648.21	794.28	560
Current Portion of Long-Term Debt	2,187	2,239	8,588	179.06	208.6	221.25
Current Unearned Revenue	358.52	297.82	375.78	299.32	219.13	248.04
Current Portion of Leases	-	20.56	12.12	2.33	3.84	2.68
Current Income Taxes Payable	348.52	296.71	122.72	9.2	9.25	6.16
Other Current Liabilities	6,973	6,853	2,258	206.46	309.7	444.52
Total Current Liabilities	21,538	21,479	22,721	3,219	3,553	3,420
Long-Term Debt	19,110	18,578	30,928	843.94	1,167	1,288
Long-Term Leases	327.28	303.35	388.43	7.53	8.49	9.4
Long-Term Unearned Revenue	16.69	17.02	29.71	20.8	33.42	36.21
Pension & Post-Retirement Benefits	-	1.32	-	-	-	-
Long-Term Deferred Tax Liabilities	55.33	56.44	60.9	59.93	64.69	66.05
Other Long-Term Liabilities	2,547	2,476	2,576	49.87	41.21	32.25
Total Liabilities	43,594	42,911	56,704	4,201	4,868	4,851
Common Stock	4,380	4,380	780.82	780.82	780.82	780.82
Additional Paid-In Capital	8,193	8,193	11,077	2,987	2,989	2,989
Retained Earnings	4,634	4,241	4,324	1,233	1,179	1,223
Comprehensive Income & Other	241.2	200.91	222.94	128.48	124.85	134.74
Total Common Equity	17,449	17,016	16,404	5,129	5,074	5,128
Minority Interest	3,719	3,639	15,120	443.2	454.39	451.92
Shareholders' Equity	21,168	20,654	31,524	5,573	5,528	5,580
Total Liabilities & Equity	64,762	63,566	88,228	9,774	10,396	10,431
Total Debt	29,283	28,666	47,159	1,681	2,182	2,081
Net Cash (Debt)	-28,236	-27,852	-45,693	-968.83	-1,581	-1,640
Net Cash Per Share	-6.56	-6.28	-10.19	-1.26	-2.25	-2.07
Filing Date Shares Outstanding	4,367	4,380	780.82	780.82	780.82	780.82
Total Common Shares Outstanding	4,367	4,380	780.82	780.82	780.82	780.82
Working Capital	-9,305	-10,847	-9,631	975.83	770.47	784.89
Book Value Per Share	4.00	3.88	21.01	6.57	6.50	6.57
Tangible Book Value	15,559	15,079	14,217	3,666	3,539	3,647
Tangible Book Value Per Share	3.56	3.44	18.21	4.70	4.53	4.67
Buildings	-	44,093	47,402	1,165	1,344	1,138
Machinery	-	40,512	58,058	4,934	4,879	5,087
Construction In Progress	-	3,519	6,473	55.23	45.26	38.18

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