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Balance Sheets

Consolidated Statement of Financial Position

	Notes	31 December 2025 RMB'000	31 December 2024 RMB'000
Non-current assets
Property, plant and equipment, net	16	5,952,308	5,910,252
Right-of-use assets	17	1,877,917	2,020,473
Investment properties	18	1,699,929	1,730,368
Construction in progress	19	776,983	1,074,572
Goodwill	20	103,005	103,005
Intangible assets	21	769,774	794,529
Interests in associates and joint ventures	22	1,318,293	1,377,552
Financial assets at fair value through profit or loss	31	435,105	385,070
Equity instruments at fair value through other comprehensive income	23	4,795,324	4,500,818
Deferred tax assets	24	999,062	1,037,039
Deposits at financial institutions with original maturity more than one year	25	15,435,885	12,170,901
Other non-current assets	26	714,330	840,012
Total non-current assets		34,877,915	31,944,591
Current assets
Inventories	27	1,181,544	1,183,231
Accounts and bills receivables, net	28	22,428,627	25,296,205
Contract assets, net	29	41,078,390	37,767,809
Current portion of deposits at financial institutions with original maturity more than one year	25	1,126,583	3,603,728
Prepayments and other current assets	30	18,795,796	14,486,725
Short-term bank deposits and restricted cash	32	2,851,711	2,697,251
Cash and cash equivalents	33	14,341,265	19,638,036
Total current assets		101,803,916	104,672,985
Total assets		136,681,831	136,617,576
Current liabilities
Interest-bearing borrowings		699,358	706,249
Accounts and bills payables		63,142,294	65,894,889
Current portion of lease liabilities		505,329	454,967
Contract liabilities	34	9,660,358	9,190,050
Accrued expenses and other payables	35	11,348,007	11,420,957
Income tax payable	36	245,678	287,567
Total current liabilities	37	85,601,024	87,954,679
Net current assets	38	16,202,892	16,718,306
Total assets less current liabilities		51,080,807	48,662,897
Non-current liabilities
Lease liabilities	36	756,726	868,286
Other non-current liabilities	39	212,512	242,025
Deferred tax liabilities	24	1,023,602	939,434
Total non-current liabilities		1,992,840	2,049,745
Total liabilities		87,593,864	90,004,424
Equity
Share capital	40	6,926,018	6,926,018
Reserves		40,912,682	38,509,853
Equity attributable to equity shareholders of the Company		47,838,700	45,435,871
Non-controlling interests		1,249,267	1,177,281
Total equity		49,087,967	46,613,152
Total liabilities and equity		136,681,831	136,617,576

The notes on pages 190 to 262 form part of these financial statements.