SHANGHAI ZHENHUA HEAVY INDUSTRY

SHANGHAI ZHENHUA HEAVY INDUSTRY — Financial Statements

Annual Quarterly

5 10 All

Income Statement

Balance Sheet

Cash Flow

Line Item	FY 2024Dec 31, 2024	FY 2023Dec 31, 2023	FY 2022Dec 31, 2022	FY 2021Dec 31, 2021	FY 2020Dec 31, 2020	FY 2019Dec 31, 2019	FY 2018Dec 31, 2018	FY 2017Dec 31, 2017	FY 2016Dec 31, 2016	FY 2015Dec 31, 2015	FY 2014Dec 31, 2014	FY 2013Dec 31, 2013	FY 2012Dec 31, 2012	FY 2011Dec 31, 2011	FY 2010Dec 31, 2010	FY 2009Dec 31, 2009	FY 2008Dec 31, 2008	FY 2007Dec 31, 2007	FY 2006Dec 31, 2006	FY 2005Dec 31, 2005
+Revenue	34.5B	32.9B	30.2B	26.0B	22.7B	24.6B	21.8B	21.9B	24.3B	23.3B	25.5B	23.2B	18.3B	19.1B	17.1B	27.6B	27.4B	24.0B	17.1B	12.1B
Revenue Growth %	4.6%	9.1%	16.2%	14.7%	-7.9%	12.8%	-0.2%	-10.2%	4.6%	-8.7%	9.8%	27.1%	-4.6%	11.8%	-37.9%	0.4%	14.4%	40.3%	41.2%	--
Total Revenue	34.5B	32.9B	30.2B	26.0B	22.7B	24.6B	21.8B	21.9B	24.3B	23.3B	25.5B	23.2B	18.3B	19.1B	17.1B	27.6B	27.4B	24.0B	17.1B	12.1B
Cost Of Revenue	30.1B	28.5B	26.1B	23.5B	19.4B	20.6B	18.1B	18.0B	19.7B	19.7B	22.0B	21.4B	17.4B	18.2B	16.6B	24.6B	23.9B	20.5B	14.5B	10.5B
+Gross Profit	4.4B	4.5B	4.0B	2.5B	3.2B	4.0B	3.7B	3.8B	4.6B	3.6B	3.4B	1.8B	892.0M	958.0M	517.0M	3.0B	3.5B	3.5B	2.6B	1.6B
Gross Margin %	12.8%	13.5%	13.4%	9.5%	14.3%	16.3%	17.1%	17.6%	19.0%	15.3%	13.5%	7.6%	4.9%	5.0%	3.0%	10.8%	12.8%	14.7%	15.1%	13.4%
Total Operating Cost	33.9B	32.4B	29.7B	26.6B	22.8B	24.4B	21.6B	21.6B	24.2B	23.5B	25.6B	24.4B	19.6B	19.5B	18.0B	27.0B	25.6B	21.9B	15.4B	10.8B
Selling Expenses	233.0M	211.0M	177.0M	115.0M	106.0M	123.0M	116.0M	121.0M	100.0M	79.4M	73.4M	68.6M	49.3M	59.4M	59.9M	68.2M	72.5M	72.6M	35.7M	22.9M
Admin Expenses	818.0M	849.0M	836.0M	869.0M	938.0M	1.1B	1.1B	1.0B	1.8B	1.6B	1.5B	1.4B	1.1B	1.1B	902.0M	1.6B	1.4B	708.0M	291.0M	225.0M
Rd Expenses	1.5B	1.3B	1.1B	883.0M	737.0M	887.0M	673.0M	702.0M	--	--	--	--	--	--	--	--	--	--	--	--
Finance Expenses	325.0M	546.0M	775.0M	664.0M	1.1B	1.5B	1.5B	758.0M	1.2B	1.5B	1.3B	627.0M	681.0M	-151.0M	215.0M	622.0M	154.0M	524.0M	456.0M	49.8M
+Operating Income	908.0M	757.0M	626.0M	588.0M	493.0M	605.0M	602.0M	485.0M	317.0M	207.0M	122.0M	-173.0M	-1.3B	-333.0M	-864.0M	563.0M	2.6B	2.2B	1.7B	1.3B
Operating Margin %	2.6%	2.3%	2.1%	2.3%	2.2%	2.5%	2.8%	2.2%	1.3%	0.9%	0.5%	-0.7%	-7.0%	-1.7%	-5.0%	2.0%	9.4%	9.3%	10.0%	10.9%
Non Operating Income	54.0M	30.2M	32.1M	26.7M	17.3M	16.5M	12.1M	29.3M	57.0M	70.7M	61.5M	315.0M	132.0M	386.0M	89.2M	221.0M	303.0M	140.0M	33.1M	9.1M
Non Operating Expenses	24.8M	2.3M	2.4M	9.4M	8.0M	30.2M	76.8M	92.1M	5.5M	5.7M	5.5M	21.8M	20.2M	4.8M	72.7M	19.3M	45.6M	49.5M	21.6M	11.9M
Investment Income	78.1M	67.9M	204.0M	1.3B	414.0M	175.0M	116.0M	123.0M	119.0M	498.0M	371.0M	898.0M	141.0M	13.0M	25.5M	3.6M	7.7M	11.8M	333,300	1.3M
Fair Value Change Income	13.4M	-27.3M	-276.0M	-236.0M	94.2M	88.0M	44.5M	-4.6M	28.9M	-21.2M	-124.0M	94.5M	-33.4M	33.4M	18.2M	7.8M	732.0M	128.0M	-15.9M	--
Asset Disposal Income	107.0M	79.0M	66.2M	71.3M	6.8M	49.1M	156.0M	10.7M	1.3M	--	--	--	--	--	--	--	--	--	--	--
Asset Impairment Loss	201.0M	429.0M	92.5M	294.0M	214.0M	52.5M	-12.6M	825.0M	1.2B	637.0M	548.0M	786.0M	394.0M	270.0M	220.0M	95.9M	6.6M	85.5M	56.9M	--
Other Income	146.0M	99.3M	104.0M	76.0M	93.2M	88.5M	112.0M	76.2M	--	--	--	--	--	--	--	--	--	--	--	--
Income Before Tax	937.0M	785.0M	655.0M	605.0M	502.0M	591.0M	537.0M	422.0M	369.0M	272.0M	178.0M	120.0M	-1.2B	47.8M	-848.0M	764.0M	2.8B	2.3B	1.7B	1.3B
Income Tax	157.0M	139.0M	57.7M	77.0M	86.1M	93.8M	143.0M	92.3M	61.5M	77.5M	21.2M	-13.6M	-72.1M	18.1M	-135.0M	-14.8M	252.0M	187.0M	103.0M	98.9M
+Net Income	780.0M	647.0M	598.0M	528.0M	416.0M	497.0M	394.0M	329.0M	307.0M	194.0M	157.0M	134.0M	-1.1B	29.7M	-713.0M	779.0M	2.6B	2.1B	1.6B	1.2B
Net Margin %	2.3%	2.0%	2.0%	2.0%	1.8%	2.0%	1.8%	1.5%	1.3%	0.8%	0.6%	0.6%	-6.0%	0.2%	-4.2%	2.8%	9.5%	8.9%	9.5%	10.1%
Net Income Attributable	534.0M	520.0M	372.0M	440.0M	422.0M	515.0M	443.0M	300.0M	212.0M	212.0M	202.0M	140.0M	-1.0B	30.3M	-695.0M	840.0M	2.6B	2.1B	1.6B	1.2B
Minority Interest	246.0M	127.0M	226.0M	88.5M	-6.1M	-17.8M	-49.2M	29.2M	94.9M	-18.2M	-45.6M	-5.8M	-55.4M	-639,300	-17.7M	-60.7M	21.5M	45.0M	11.8M	12.5M
Eps Basic	0.10	0.10	0.07	0.08	0.08	0.10	0.08	0.06	0.05	0.05	0.05	0.03	-0.24	0.01	-0.16	0.19	0.59	0.64	0.52	0.78
Eps Diluted	0.10	0.10	0.07	0.08	0.08	0.10	0.08	0.06	0.05	0.05	0.05	0.03	-0.24	0.01	-0.16	0.19	0.59	0.64	0.52	--

Line Item	FY 2024Dec 31, 2024	FY 2023Dec 31, 2023	FY 2022Dec 31, 2022	FY 2021Dec 31, 2021	FY 2020Dec 31, 2020	FY 2019Dec 31, 2019	FY 2018Dec 31, 2018	FY 2017Dec 31, 2017	FY 2016Dec 31, 2016	FY 2015Dec 31, 2015	FY 2014Dec 31, 2014	FY 2013Dec 31, 2013	FY 2012Dec 31, 2012	FY 2011Dec 31, 2011	FY 2010Dec 31, 2010	FY 2009Dec 31, 2009	FY 2008Dec 31, 2008	FY 2007Dec 31, 2007	FY 2006Dec 31, 2006	FY 2005Dec 31, 2005
Cash And Equivalents	5.9B	5.1B	2.4B	4.6B	2.9B	3.3B	3.7B	5.8B	3.6B	2.5B	3.5B	3.5B	5.4B	2.1B	1.3B	1.9B	3.8B	1.9B	803.0M	582.0M
Trading Financial Assets	534.0M	712.0M	877.0M	1.2B	1.6B	1.7B	52.9M	8.4M	4.6M	676,100	25.7M	121.0M	26.0M	61.7M	47.8M	16.3M	1.3B	442.0M	3.0M	--
Accounts Receivable	7.4B	7.3B	7.2B	6.4B	7.2B	5.0B	5.0B	4.0B	4.2B	3.9B	3.7B	3.5B	3.7B	4.8B	5.7B	6.0B	6.2B	4.5B	2.8B	2.2B
Notes Receivable	50.0M	14.1M	56.1M	4.0M	753,000	5.7M	189.0M	421.0M	297.0M	243.0M	292.0M	335.0M	115.0M	80.6M	35.2M	6.6M	11.5M	22.5M	--	--
Notes And Accounts Receivable	7.4B	7.3B	7.2B	6.5B	7.2B	5.0B	5.2B	4.4B	4.5B	4.1B	4.0B	3.9B	3.8B	4.9B	5.8B	6.1B	6.2B	4.6B	2.8B	2.2B
Prepayments	1.0B	1.3B	951.0M	1.2B	767.0M	936.0M	1.7B	1.0B	900.0M	1.2B	1.3B	1.3B	996.0M	1.1B	1.3B	2.1B	4.8B	3.7B	1.2B	688.0M
Inventory	24.6B	24.3B	21.5B	22.1B	22.3B	8.6B	8.8B	7.1B	6.8B	5.8B	4.5B	6.0B	7.6B	6.2B	7.2B	7.6B	7.7B	1.7B	1.2B	1.3B
Total Current Assets	46.9B	45.5B	38.8B	40.4B	40.8B	35.6B	34.7B	35.2B	29.6B	28.7B	28.1B	27.0B	25.9B	22.4B	22.9B	29.6B	35.6B	20.9B	12.8B	9.6B
Long Term Equity Investment	1.8B	2.0B	2.0B	1.8B	3.0B	2.9B	2.8B	2.3B	2.2B	1.6B	925.0M	353.0M	204.0M	153.0M	41.7M	57.8M	50.4M	54.2M	7.9M	26.3M
Fixed Assets	--	20.0B	20.7B	20.0B	19.8B	21.5B	18.7B	17.3B	15.0B	15.7B	16.1B	14.1B	14.1B	14.3B	14.4B	13.9B	11.5B	6.4B	5.1B	3.4B
Fixed Assets Total	23.7B	20.0B	20.7B	20.0B	19.8B	21.5B	18.7B	17.3B	15.0B	15.7B	16.1B	14.1B	14.1B	14.3B	14.4B	13.9B	11.5B	6.4B	5.1B	3.4B
Construction In Progress	--	5.2B	4.8B	4.7B	4.5B	4.4B	3.0B	1.9B	4.0B	3.6B	2.8B	1.5B	3.7B	4.6B	5.1B	5.2B	3.7B	4.0B	1.5B	824.0M
Construction In Progress Total	1.3B	5.2B	4.8B	4.7B	4.5B	4.4B	3.0B	1.9B	4.0B	3.6B	2.8B	1.5B	3.7B	4.6B	5.1B	5.2B	3.7B	4.0B	1.5B	824.0M
Intangible Assets	4.4B	4.1B	3.6B	3.4B	3.3B	3.5B	3.6B	3.7B	3.7B	3.8B	3.4B	3.2B	2.0B	2.2B	2.4B	2.2B	2.4B	1.9B	231.0M	32.6M
Long Term Deferred Expenses	1.6M	1.1M	409,900	103,700	502,800	1.4M	5.1M	7.8M	10.9M	4.6M	--	--	--	--	--	--	--	--	--	-11,000
Total Non Current Assets	38.8B	39.4B	39.4B	38.0B	38.5B	38.8B	35.9B	32.3B	31.2B	30.3B	30.0B	22.3B	20.9B	21.6B	22.4B	21.5B	18.0B	12.7B	6.9B	4.4B
Total Assets	85.8B	84.9B	78.2B	78.3B	79.3B	74.4B	70.6B	67.5B	60.8B	59.0B	58.0B	49.3B	46.8B	44.1B	45.3B	51.1B	53.6B	33.7B	19.6B	14.0B
Short Term Borrowings	2.3B	4.8B	1.8B	6.0B	17.8B	22.0B	16.6B	25.5B	21.5B	18.2B	21.3B	14.7B	11.9B	8.0B	13.2B	13.6B	13.9B	5.5B	3.8B	3.1B
Accounts Payable	10.6B	8.6B	7.3B	7.0B	7.8B	7.9B	7.0B	6.9B	5.1B	5.5B	5.0B	3.6B	2.6B	2.3B	1.9B	2.6B	3.7B	2.2B	1.1B	928.0M
Advance Receipts	--	--	--	--	4.9M	823.0M	495.0M	592.0M	293.0M	424.0M	319.0M	232.0M	1.0B	116.0M	1.6B	1.5B	1.2B	356.0M	335.0M	304.0M
Contract Liabilities	21.5B	19.2B	13.3B	12.4B	11.2B	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--
Total Current Liabilities	47.0B	48.2B	36.4B	32.6B	42.6B	44.3B	34.6B	40.9B	37.9B	40.1B	35.5B	28.2B	23.2B	17.3B	21.6B	28.5B	31.9B	14.8B	11.4B	7.8B
Long Term Borrowings	17.8B	15.1B	21.0B	24.9B	16.9B	8.4B	15.1B	6.7B	3.9B	1.8B	2.5B	2.1B	874.0M	3.1B	5.6B	3.9B	5.3B	5.2B	2.2B	1.5B
Total Non Current Liabilities	20.5B	17.8B	23.7B	28.1B	19.7B	11.6B	18.4B	9.8B	6.4B	3.2B	7.0B	6.3B	9.1B	11.3B	8.1B	6.4B	5.9B	5.9B	2.2B	1.5B
Total Liabilities	67.4B	66.0B	60.1B	60.7B	62.2B	55.8B	53.0B	50.7B	44.3B	43.2B	42.4B	34.6B	32.4B	28.6B	29.7B	34.9B	37.8B	20.7B	13.6B	9.2B
Paid In Capital	5.3B	5.3B	5.3B	5.3B	5.3B	5.3B	5.3B	4.4B	4.4B	4.4B	4.4B	4.4B	4.4B	4.4B	4.4B	4.4B	3.2B	3.2B	3.1B	1.5B
Capital Reserve	4.7B	4.9B	4.8B	4.8B	4.8B	4.8B	4.6B	5.5B	5.5B	5.5B	5.7B	5.5B	5.6B	5.6B	5.7B	5.5B	6.0B	5.2B	262.0M	1.2B
Surplus Reserve	1.8B	1.7B	1.7B	1.7B	1.7B	1.8B	1.7B	1.6B	1.6B	1.6B	1.6B	1.5B	1.5B	1.5B	1.5B	1.5B	1.4B	1.2B	982.0M	823.0M
Retained Earnings	3.5B	3.3B	2.8B	2.8B	2.4B	3.7B	3.3B	3.2B	3.4B	3.2B	3.0B	2.8B	2.7B	3.7B	3.7B	4.4B	4.7B	2.9B	1.5B	1.0B
Minority Equity	2.5B	3.1B	3.0B	2.7B	2.5B	3.0B	2.4B	1.8B	1.3B	917.0M	618.0M	203.0M	206.0M	262.0M	327.0M	352.0M	462.0M	450.0M	191.0M	179.0M
Equity Attributable	15.9B	15.8B	15.2B	15.0B	14.6B	15.5B	15.2B	15.0B	15.2B	14.9B	15.0B	14.5B	14.2B	15.2B	15.3B	15.8B	15.3B	12.5B	5.9B	4.6B
Total Equity	18.3B	18.9B	18.1B	17.6B	17.1B	18.6B	17.6B	16.8B	16.5B	15.8B	15.6B	14.7B	14.4B	15.5B	15.6B	16.2B	15.8B	12.9B	6.0B	4.8B

Line Item	FY 2024Dec 31, 2024	FY 2023Dec 31, 2023	FY 2022Dec 31, 2022	FY 2021Dec 31, 2021	FY 2020Dec 31, 2020	FY 2019Dec 31, 2019	FY 2018Dec 31, 2018	FY 2017Dec 31, 2017	FY 2016Dec 31, 2016	FY 2015Dec 31, 2015	FY 2014Dec 31, 2014	FY 2013Dec 31, 2013	FY 2012Dec 31, 2012	FY 2011Dec 31, 2011	FY 2010Dec 31, 2010	FY 2009Dec 31, 2009	FY 2008Dec 31, 2008	FY 2007Dec 31, 2007	FY 2006Dec 31, 2006	FY 2005Dec 31, 2005
Cash From Sales	37.4B	38.8B	25.3B	28.1B	24.1B	23.0B	20.1B	16.6B	21.4B	19.5B	18.8B	19.4B	19.5B	17.4B	20.0B	25.5B	30.3B	22.9B	21.3B	12.1B
Tax Refunds Received	652.0M	417.0M	856.0M	728.0M	852.0M	1.3B	328.0M	890.0M	917.0M	985.0M	585.0M	630.0M	730.0M	1.0B	816.0M	3.0B	2.0B	1.3B	987.0M	650.0M
Total Operating Cash Inflow	38.6B	39.9B	26.4B	29.1B	25.3B	24.6B	20.8B	17.9B	22.7B	20.9B	19.8B	20.3B	20.3B	18.6B	21.0B	28.6B	32.6B	24.5B	22.5B	12.9B
Cash Paid For Goods	29.3B	30.8B	19.8B	23.6B	21.3B	19.9B	17.0B	13.7B	18.2B	20.2B	18.3B	17.5B	15.5B	15.3B	13.9B	25.4B	34.2B	22.0B	20.7B	12.8B
Cash Paid To Employees	2.6B	2.5B	2.6B	2.4B	2.2B	2.2B	2.1B	1.9B	1.8B	1.8B	1.6B	1.3B	1.2B	1.2B	1.2B	1.4B	1.1B	899.0M	433.0M	260.0M
Taxes Paid	718.0M	697.0M	595.0M	490.0M	326.0M	297.0M	400.0M	478.0M	525.0M	270.0M	327.0M	218.0M	240.0M	256.0M	421.0M	687.0M	458.0M	332.0M	175.0M	58.8M
Total Operating Cash Outflow	33.3B	34.7B	23.8B	27.0B	24.4B	23.3B	20.3B	16.6B	21.1B	22.8B	20.7B	19.3B	17.2B	17.0B	15.8B	28.0B	36.7B	24.0B	21.7B	13.4B
Operating Cash Flow	5.3B	5.2B	2.6B	2.1B	819.0M	1.3B	554.0M	1.3B	1.7B	-1.8B	-864.0M	965.0M	3.1B	1.5B	5.2B	550.0M	-4.1B	483.0M	760.0M	-464.0M
Total Investing Cash Inflow	929.0M	584.0M	405.0M	3.8B	835.0M	674.0M	735.0M	172.0M	1.1B	8.6B	7.0B	5.7B	7.4B	181.0M	219.0M	152.0M	95.7M	193.0M	87.0M	157.0M
Total Investing Cash Outflow	1.1B	766.0M	489.0M	1.3B	2.0B	2.2B	3.5B	1.9B	1.8B	6.0B	8.8B	8.4B	7.8B	804.0M	1.3B	4.2B	5.7B	5.4B	2.9B	1.4B
Investing Cash Flow	-222.0M	-182.0M	-83.7M	2.5B	-1.2B	-1.5B	-2.8B	-1.7B	-726.0M	2.6B	-1.9B	-2.7B	-391.0M	-623.0M	-1.0B	-4.1B	-5.6B	-5.2B	-2.8B	-1.3B
Cash From Borrowings	15.9B	26.7B	38.6B	35.2B	41.1B	31.8B	34.3B	33.1B	36.9B	31.4B	35.2B	23.7B	28.6B	14.1B	22.3B	32.4B	19.0B	14.7B	11.8B	4.7B
Dividends And Interest Paid	1.2B	1.1B	1.4B	1.2B	1.7B	2.1B	1.8B	1.6B	1.2B	1.6B	1.4B	968.0M	1.2B	627.0M	632.0M	921.0M	1.6B	895.0M	823.0M	299.0M
Debt Repayments	17.6B	27.6B	42.8B	37.4B	39.2B	30.0B	33.1B	29.0B	40.4B	35.7B	31.5B	22.9B	26.8B	19.4B	22.4B	33.7B	9.1B	13.1B	10.5B	4.8B
Total Financing Cash Inflow	17.9B	28.0B	40.3B	36.7B	42.7B	33.4B	35.8B	34.6B	43.9B	38.2B	39.0B	29.9B	32.1B	19.9B	22.3B	38.7B	22.3B	19.2B	13.5B	5.9B
Total Financing Cash Outflow	22.2B	30.4B	45.1B	39.6B	42.3B	33.3B	36.2B	32.1B	43.8B	38.5B	37.9B	27.3B	34.4B	20.0B	27.1B	37.0B	10.7B	14.0B	11.3B	5.1B
Financing Cash Flow	-4.3B	-2.4B	-4.7B	-3.0B	349.0M	142.0M	-408.0M	2.6B	152.0M	-319.0M	1.1B	2.5B	-2.3B	-133.0M	-4.8B	1.7B	11.7B	5.2B	2.2B	803.0M
Net Change In Cash	791.0M	2.7B	-2.1B	1.6B	-170.0M	-81.0M	-2.5B	2.2B	1.2B	456.0M	-1.6B	795.0M	365.0M	786.0M	-655.0M	-1.8B	2.0B	459.0M	163.0M	-954.0M
Ending Cash Balance	5.8B	5.0B	2.4B	4.5B	2.9B	3.1B	3.1B	5.7B	3.5B	2.3B	1.9B	3.2B	2.4B	2.0B	1.2B	1.9B	3.7B	1.7B	727.0M	--
Capex	1.1B	747.0M	489.0M	1.3B	1.6B	1.7B	3.1B	1.3B	1.2B	2.1B	828.0M	346.0M	219.0M	702.0M	1.2B	4.2B	5.6B	5.4B	2.9B	1.4B