SHA:601985 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	21,763	15,582	19,738	9,774	16,162	13,064
Short-Term Investments	-	-	55.27	57.08	54.87	49.07
Trading Asset Securities	-	-	-	-	1.91	-
Accounts Receivable	26,499	25,606	24,884	21,667	17,546	15,594
Other Receivables	2,829	2,182	2,093	1,790	1,193	547.41
Inventory	36,545	36,322	30,860	26,423	24,809	22,755
Other Current Assets	7,386	6,386	6,551	8,530	5,994	5,796
Total Current Assets	95,023	86,077	84,182	68,240	65,760	57,806
Property, Plant & Equipment	615,814	598,569	522,512	435,889	374,209	333,582
Goodwill	5,419	5,419	5,771	5,611	3,937	2,112
Other Intangible Assets	7,653	7,680	6,162	2,736	2,134	1,576
Long-Term Investments	10,508	10,527	8,506	7,686	5,788	4,949
Long-Term Deferred Tax Assets	1,970	2,005	1,910	1,827	1,985	1,686
Long-Term Deferred Charges	2,843	2,806	2,423	2,080	2,064	1,732
Other Long-Term Assets	37,735	36,179	28,274	15,199	8,974	6,456
Total Assets	776,965	749,262	659,739	539,267	464,851	409,899
Accounts Payable	31,643	28,665	26,866	22,408	20,539	16,390
Accrued Expenses	605.45	5,099	4,748	4,285	3,843	3,072
Short-Term Debt	27,207	26,788	30,090	20,868	15,770	8,552
Current Portion of Long-Term Debt	32,397	36,256	27,773	34,088	19,705	28,671
Current Unearned Revenue	298.92	418.56	433.21	245.21	94.73	65.02
Current Portion of Leases	-	397.86	2,280	5,236	7,505	3,274
Current Income Taxes Payable	3,250	1,049	2,602	404.49	394.21	597.1
Other Current Liabilities	3,322	6,839	6,950	10,065	6,086	4,951
Total Current Liabilities	98,724	105,513	101,743	97,598	73,937	65,573
Long-Term Debt	402,726	381,783	326,911	261,498	226,354	195,459
Long-Term Leases	4,745	14,304	8,209	5,835	4,851	12,336
Long-Term Unearned Revenue	125.69	106.34	168.44	152.05	140.04	134.39
Pension & Post-Retirement Benefits	-	371.68	396.67	392.33	406.81	427.72
Long-Term Deferred Tax Liabilities	679.23	672.2	488.42	149.09	506.17	317.14
Other Long-Term Liabilities	32,530	14,286	12,455	10,845	10,695	10,096
Total Liabilities	539,530	517,036	450,371	376,469	316,890	284,343
Common Stock	20,568	20,568	20,568	18,883	18,861	17,523
Additional Paid-In Capital	43,640	43,444	40,206	27,336	27,400	18,106
Retained Earnings	55,744	53,680	48,102	43,411	36,228	30,405
Treasury Stock	-453.81	-374.84	-	-	-	-
Comprehensive Income & Other	1,478	1,400	1,341	1,319	6,244	10,268
Total Common Equity	120,976	118,718	110,217	90,950	88,733	76,302
Minority Interest	116,459	113,508	99,151	71,848	59,228	49,254
Shareholders' Equity	237,435	232,226	209,368	162,798	147,961	125,555
Total Liabilities & Equity	776,965	749,262	659,739	539,267	464,851	409,899
Total Debt	467,075	459,529	395,262	327,524	274,185	248,293
Net Cash (Debt)	-445,312	-443,948	-375,469	-317,693	-257,967	-235,180
Net Cash Per Share	-21.68	-21.61	-19.81	-16.57	-13.37	-12.42
Filing Date Shares Outstanding	20,568	20,568	20,568	18,883	18,861	17,523
Total Common Shares Outstanding	20,568	20,568	20,568	18,883	18,861	17,523
Working Capital	-3,701	-19,436	-17,561	-29,358	-8,177	-7,767
Book Value Per Share	5.83	5.72	5.31	4.76	4.39	3.84
Tangible Book Value	107,904	105,619	98,285	82,603	82,662	72,614
Tangible Book Value Per Share	5.20	5.09	4.73	4.32	4.06	3.63
Land	-	77.49	77.49	77.49	77.49	77.49
Buildings	-	102,389	88,851	86,297	84,850	78,130
Machinery	-	429,273	369,492	331,824	308,055	278,990
Construction In Progress	-	240,079	215,766	153,575	101,514	78,863

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