SHA:600452 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	3,112	2,957	2,751	2,274	2,212	1,183
Accounts Receivable	677.55	592.11	541.91	860.98	874.69	582.37
Other Receivables	3.16	3.16	5.3	13.63	4.01	5.06
Inventory	2.61	1.33	1.34	1.1	1.09	1.1
Other Current Assets	52.62	19.37	19.21	20.27	0.83	8.46
Total Current Assets	3,848	3,573	3,319	3,170	3,093	1,780
Property, Plant & Equipment	2,408	2,601	2,964	3,267	3,634	4,250
Other Intangible Assets	37.87	38.31	40.89	43.4	44.15	44.84
Long-Term Investments	128.75	128.01	126.28	121.73	124.96	136.42
Long-Term Deferred Tax Assets	52.05	52.87	46.63	49.03	37.79	24.19
Long-Term Deferred Charges	2.55	2.8	2.92	1.42	0.35	-
Other Long-Term Assets	0.09	0.56	5.96	-	51.5	48.94
Total Assets	6,478	6,396	6,506	6,652	6,986	6,285
Accounts Payable	521.99	571.43	958.53	1,473	1,817	1,572
Accrued Expenses	3.72	5.53	33.09	7.55	29.44	22.66
Short-Term Debt	-	-	-	-	280	280
Current Portion of Long-Term Debt	10.01	-	-	-	-	-
Current Unearned Revenue	11.8	12.45	10.05	10.6	35.53	85.18
Current Portion of Leases	-	11.73	4.85	8.63	15.38	20.18
Current Income Taxes Payable	26.97	17.16	10.75	6.49	37.68	24.81
Other Current Liabilities	105.87	108.26	123.72	132.99	145.01	137.59
Total Current Liabilities	680.36	726.56	1,141	1,639	2,361	2,142
Long-Term Leases	6.36	9.13	7.6	4.15	8.21	24.63
Long-Term Unearned Revenue	44.08	45.32	46.15	25.55	11.2	10.89
Long-Term Deferred Tax Liabilities	0.38	0.06	0.01	0.33	0.46	0.04
Other Long-Term Liabilities	0.65	0.65	-	-	-	-
Total Liabilities	731.84	781.72	1,195	1,669	2,380	2,178
Common Stock	1,537	1,537	1,537	1,098	914.61	762.17
Additional Paid-In Capital	2,073	2,072	2,024	1,975	1,959	1,952
Retained Earnings	2,132	2,003	1,748	1,909	1,731	1,393
Comprehensive Income & Other	4.99	2.46	1.87	1.26	-	-
Shareholders' Equity	5,746	5,615	5,311	4,983	4,605	4,107
Total Liabilities & Equity	6,478	6,396	6,506	6,652	6,986	6,285
Total Debt	16.37	20.86	12.45	12.78	303.6	324.81
Net Cash (Debt)	3,096	2,936	2,739	2,261	1,909	858.07
Net Cash Growth	15.61%	7.19%	21.14%	18.45%	122.45%	-
Net Cash Per Share	2.01	1.94	1.76	1.46	1.25	0.56
Filing Date Shares Outstanding	1,604	1,537	1,537	1,537	1,537	1,537
Total Common Shares Outstanding	1,604	1,537	1,537	1,537	1,537	1,537
Working Capital	3,168	2,846	2,178	1,530	732.49	-362.43
Book Value Per Share	3.58	3.65	3.46	3.24	3.00	2.67
Tangible Book Value	5,708	5,576	5,270	4,939	4,561	4,062
Tangible Book Value Per Share	3.56	3.63	3.43	3.21	2.97	2.64
Buildings	-	232.58	232.84	224.74	160	143.79
Machinery	-	8,920	9,688	8,807	8,750	8,052
Construction In Progress	-	123.63	69.18	564.91	237.85	523.23

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