SHE:000539 Balance Sheet

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	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	14,840	15,362	16,431	11,504	8,108
Accounts Receivable	9,584	9,103	8,971	7,586	7,036
Other Receivables	500.34	509.34	775.34	911.34	2,403
Inventory	2,294	2,577	2,656	3,377	2,999
Other Current Assets	3,430	3,436	3,098	2,434	2,334
Total Current Assets	30,647	30,987	31,931	25,812	22,880
Property, Plant & Equipment	128,531	116,590	102,404	81,395	71,014
Goodwill	2.45	2.45	8.61	128.1	139.98
Other Intangible Assets	3,700	3,787	3,480	3,347	2,659
Long-Term Investments	14,553	13,463	12,663	12,256	11,306
Long-Term Deferred Tax Assets	959.06	1,099	1,333	1,479	1,177
Other Long-Term Assets	7,642	9,225	9,387	7,207	5,317
Total Assets	186,034	175,154	161,207	131,624	114,493
Accounts Payable	5,247	6,057	4,802	7,248	8,269
Accrued Expenses	1,352	1,025	1,080	765.48	1,069
Short-Term Debt	9,741	14,109	17,768	19,765	13,368
Current Portion of Long-Term Debt	9,036	6,031	8,631	3,020	2,827
Current Unearned Revenue	145	38.46	41.33	4.96	5.86
Current Portion of Leases	491.77	531.13	268.89	937.14	870.86
Current Income Taxes Payable	79.85	116.29	170.7	142.67	91.42
Other Current Liabilities	19,726	16,441	14,081	10,122	11,250
Total Current Liabilities	45,818	44,349	46,843	42,004	37,752
Long-Term Debt	83,992	80,649	67,929	51,955	37,634
Long-Term Leases	12,394	12,376	10,453	6,871	4,728
Long-Term Unearned Revenue	141.79	113.26	128.3	142.29	163.61
Pension & Post-Retirement Benefits	592.11	537.14	509.05	429.27	415.48
Long-Term Deferred Tax Liabilities	523.85	470.21	526.99	584.59	635.75
Other Long-Term Liabilities	1,110	697.38	907.24	795.73	197.25
Total Liabilities	144,572	139,192	127,296	102,782	81,526
Common Stock	5,250	5,250	5,250	5,250	5,250
Additional Paid-In Capital	5,028	5,203	5,203	4,257	4,277
Retained Earnings	11,541	11,047	10,187	9,213	12,109
Comprehensive Income & Other	1,624	1,395	1,502	1,630	1,750
Total Common Equity	23,444	22,895	22,142	20,350	23,386
Minority Interest	18,018	13,067	11,769	8,491	9,581
Shareholders' Equity	41,463	35,962	33,911	28,842	32,968
Total Liabilities & Equity	186,034	175,154	161,207	131,624	114,493
Total Debt	115,654	113,696	105,049	82,548	59,428
Net Cash (Debt)	-100,815	-98,335	-88,618	-71,044	-51,320
Net Cash Per Share	-18.48	-18.36	-16.88	-13.53	-9.77
Filing Date Shares Outstanding	5,250	5,250	5,250	5,250	5,250
Total Common Shares Outstanding	5,250	5,250	5,250	5,250	5,250
Working Capital	-15,170	-13,362	-14,912	-16,192	-14,872
Book Value Per Share	4.47	4.36	4.22	3.88	4.45
Tangible Book Value	19,742	19,106	18,653	16,875	20,587
Tangible Book Value Per Share	3.76	3.64	3.55	3.21	3.92
Buildings	40,310	37,936	34,294	34,221	30,225
Machinery	125,716	111,332	99,750	95,648	90,584
Construction In Progress	31,582	31,383	29,991	11,769	8,711

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Utility template. Financial Sources.