SHA:601985 Balance Sheet

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Cash & Equivalents	18,803	19,738	9,774	16,162	13,064	15,402
Short-Term Investments	-	55.27	57.08	54.87	49.07	-
Trading Asset Securities	-	-	-	1.91	-	-
Accounts Receivable	25,580	24,884	21,667	17,546	15,594	10,287
Other Receivables	2,484	2,093	1,790	1,193	547.41	508.18
Inventory	34,609	30,860	26,423	24,809	22,755	20,173
Other Current Assets	6,945	6,551	8,530	5,994	5,796	5,581
Total Current Assets	88,421	84,182	68,240	65,760	57,806	51,950
Property, Plant & Equipment	570,039	522,512	435,889	374,209	333,582	312,142
Goodwill	5,771	5,771	5,611	3,937	2,112	1,623
Other Intangible Assets	7,641	6,162	2,736	2,134	1,576	854.23
Long-Term Investments	9,964	8,506	7,686	5,788	4,949	3,927
Long-Term Deferred Tax Assets	1,911	1,910	1,827	1,985	1,686	1,146
Long-Term Deferred Charges	2,748	2,423	2,080	2,064	1,732	1,552
Other Long-Term Assets	34,222	28,274	15,199	8,974	6,456	8,552
Total Assets	720,717	659,739	539,267	464,851	409,899	381,746
Accounts Payable	28,378	26,866	22,408	20,539	16,390	9,754
Accrued Expenses	614.04	4,748	4,285	3,843	3,072	2,492
Short-Term Debt	27,266	30,090	20,868	15,770	8,552	13,263
Current Portion of Long-Term Debt	35,222	27,773	34,088	19,705	28,671	24,509
Current Unearned Revenue	428.95	433.21	245.21	94.73	65.02	58.9
Current Portion of Leases	-	2,280	5,236	7,505	3,274	581.7
Current Income Taxes Payable	4,664	2,602	404.49	394.21	597.1	447.71
Other Current Liabilities	3,796	6,950	10,065	6,086	4,951	3,523
Total Current Liabilities	100,369	101,743	97,598	73,937	65,573	54,628
Long-Term Debt	359,795	326,911	261,498	226,354	195,459	192,932
Long-Term Leases	4,050	8,209	5,835	4,851	12,336	7,889
Long-Term Unearned Revenue	115.95	168.44	152.05	140.04	134.39	368.17
Pension & Post-Retirement Benefits	379.87	396.67	392.33	406.81	427.72	427.12
Long-Term Deferred Tax Liabilities	554.57	488.42	149.09	506.17	317.14	188.35
Other Long-Term Liabilities	31,632	12,455	10,845	10,695	10,096	8,824
Total Liabilities	496,896	450,371	376,469	316,890	284,343	265,256
Common Stock	20,568	20,568	18,883	18,861	17,523	17,456
Additional Paid-In Capital	41,902	40,206	27,336	27,400	18,106	17,953
Retained Earnings	52,815	48,102	43,411	36,228	30,405	24,747
Comprehensive Income & Other	1,485	1,341	1,319	6,244	10,268	10,307
Total Common Equity	116,575	110,217	90,950	88,733	76,302	70,462
Minority Interest	107,246	99,151	71,848	59,228	49,254	46,027
Shareholders' Equity	223,821	209,368	162,798	147,961	125,555	116,490
Total Liabilities & Equity	720,717	659,739	539,267	464,851	409,899	381,746
Total Debt	426,333	395,262	327,524	274,185	248,293	239,174
Net Cash (Debt)	-407,530	-375,469	-317,693	-257,967	-235,180	-223,772
Net Cash Per Share	-20.18	-19.81	-16.57	-13.37	-12.42	-13.70
Filing Date Shares Outstanding	20,568	20,568	18,883	18,861	17,523	17,456
Total Common Shares Outstanding	20,568	20,568	18,883	18,861	17,523	17,456
Working Capital	-11,947	-17,561	-29,358	-8,177	-7,767	-2,678
Book Value Per Share	5.62	5.31	4.76	4.39	3.84	4.04
Tangible Book Value	103,164	98,285	82,603	82,662	72,614	67,985
Tangible Book Value Per Share	4.97	4.73	4.32	4.06	3.63	3.89
Land	-	77.49	77.49	77.49	77.49	-
Buildings	-	88,851	86,297	84,850	78,130	-
Machinery	-	369,492	331,824	308,055	278,990	-
Construction In Progress	-	215,766	153,575	101,514	78,863	-

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Utility template. Financial Sources.