SHE:301109 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	Jan '23 Jan 1, 2023	Dec '21 Dec 31, 2021
Cash & Equivalents	1,233	1,233	1,457	870.28	1,038	779.22
Short-Term Investments	-	459.09	137.65	30	30	-
Trading Asset Securities	1,502	1,377	547.27	814.07	1,673	-
Accounts Receivable	1,910	1,785	1,829	803.73	600.02	330.96
Other Receivables	2.78	24.67	25.41	17.29	16.98	13.84
Inventory	42.11	41.47	36.29	28.05	19.07	15.91
Other Current Assets	698.14	157.72	173.9	249.45	133.94	148.27
Total Current Assets	5,388	5,079	4,207	2,813	3,510	1,288
Property, Plant & Equipment	1,239	1,226	694.01	59.13	41.69	26.26
Goodwill	145.87	145.87	145.87	-	-	-
Other Intangible Assets	7,639	7,754	8,039	5,811	5,714	5,839
Long-Term Investments	0.3	32.43	480.73	601.56	222.53	-
Long-Term Deferred Tax Assets	115.31	110.94	109.74	73.45	58.44	40.32
Long-Term Deferred Charges	78	82.34	97.48	3.73	3.72	5.11
Other Long-Term Assets	190.52	192.55	268.8	292.51	227.23	274.28
Total Assets	14,796	14,623	14,043	9,654	9,778	7,473
Accounts Payable	355.18	433.83	429.9	291.11	403.95	694.34
Accrued Expenses	90.03	93.06	74.19	57.4	48.47	40.12
Short-Term Debt	-	-	-	-	-	71.93
Current Portion of Long-Term Debt	-	502.89	482.4	490.87	383.8	334.7
Current Unearned Revenue	5.75	2.62	6	0.28	0.27	0.31
Current Portion of Leases	-	0.44	0.56	1	0.22	0.22
Current Income Taxes Payable	-	34.71	53.57	22.08	15.39	10.84
Other Current Liabilities	586.11	92.54	757.9	75.59	57.35	78.97
Total Current Liabilities	1,037	1,160	1,805	938.32	909.45	1,231
Long-Term Debt	2,753	2,506	2,404	2,155	2,564	2,801
Long-Term Leases	7.35	7.26	7.22	9.17	8.1	8.1
Long-Term Deferred Tax Liabilities	256.45	263.33	285.91	52.58	48.1	37.04
Other Long-Term Liabilities	1,116	1,114	940.35	769.86	708.97	607.48
Total Liabilities	5,169	5,050	5,442	3,925	4,238	4,685
Common Stock	789.1	789.1	515.63	410.01	410.01	205
Additional Paid-In Capital	4,463	4,463	3,990	2,554	2,547	474.57
Retained Earnings	2,777	2,558	2,349	2,181	2,036	1,674
Treasury Stock	-300.01	-51	-	-	-	-
Comprehensive Income & Other	-10.68	-8.47	0.35	-	-	-
Total Common Equity	7,719	7,750	6,855	5,146	4,993	2,354
Minority Interest	1,908	1,823	1,746	583.61	546.32	434.06
Shareholders' Equity	9,627	9,573	8,601	5,729	5,540	2,788
Total Liabilities & Equity	14,796	14,623	14,043	9,654	9,778	7,473
Total Debt	2,760	3,016	2,894	2,656	2,956	3,216
Net Cash (Debt)	-24.04	53.42	-751.57	-942.08	-215.39	-2,437
Net Cash Per Share	-0.03	0.07	-1.28	-1.64	-0.41	-5.66
Filing Date Shares Outstanding	786.55	785.5	789.1	574.01	574.01	430.5
Total Common Shares Outstanding	786.55	785.5	721.88	574.01	574.01	430.5
Working Capital	4,351	3,918	2,403	1,875	2,601	56.77
Book Value Per Share	9.81	9.87	9.50	8.96	8.70	5.47
Tangible Book Value	-65.51	-149.68	-1,330	-665.69	-720.58	-3,485
Tangible Book Value Per Share	-0.08	-0.19	-1.84	-1.16	-1.26	-8.10
Buildings	-	832.82	501.31	-	-	-
Machinery	-	881.33	586.61	59.46	52.12	47.71
Construction In Progress	-	101.97	106.38	32.12	19.95	5.27

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