Zhejiang Expressway Balance Sheet

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

Millions CNY. Fiscal year is Jan - Dec.

Assets

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 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	24,354	23,566	20,932	23,830	23,990	17,154
Short-Term Investments	11,933	12,091	3,403	4,714	454.32	413.84
Trading Asset Securities	48,066	49,832	35,537	41,729	43,790	45,446
Cash & Short-Term Investments	84,353	85,489	59,872	70,273	68,234	63,014
Cash Growth	18.24%	42.79%	-14.80%	2.99%	8.29%	65.32%
Accounts Receivable	48,077	40,341	25,275	20,766	18,120	19,862
Other Receivables	430.35	707.07	248.76	149.9	150.36	152.93
Receivables	55,603	48,324	31,195	28,826	24,357	27,093
Inventory	1,745	1,786	1,235	1,306	606.29	371.71
Restricted Cash	129.69	116.83	80.26	100.63	70.18	132.09
Other Current Assets	115,634	78,777	53,542	52,356	52,946	40,233
Total Current Assets	257,465	214,492	145,924	152,862	146,214	130,843
Property, Plant & Equipment	6,429	6,934	6,550	7,137	6,535	5,686
Long-Term Investments	54,096	48,539	42,189	23,946	11,280	10,479
Goodwill	749.03	749.03	86.87	86.87	86.87	86.87
Other Intangible Assets	19,186	19,506	20,172	21,401	24,022	26,357
Long-Term Deferred Tax Assets	1,929	1,551	1,274	1,446	1,417	1,618
Other Long-Term Assets	2,015	1,641	985.61	854.47	938.36	1,036
Total Assets	341,868	293,413	217,182	207,734	190,861	176,297

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 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
Accounts Payable	108,497	73,652	49,613	46,238	49,670	39,649
Accrued Expenses	3,346	3,140	2,335	1,863	1,937	2,358
Short-Term Debt	46,217	53,436	31,975	28,680	28,092	33,691
Current Portion of Long-Term Debt	22,298	21,670	13,727	11,828	12,177	12,772
Current Portion of Leases	201.22	203.14	147.69	147.91	119.68	105.7
Current Income Taxes Payable	786.01	394.65	339.17	654.11	419.68	1,305
Current Unearned Revenue	8,051	6,211	6,314	10,338	6,104	2,998
Other Current Liabilities	7,103	4,311	3,815	3,557	3,037	4,821
Total Current Liabilities	196,499	163,018	108,266	103,306	101,556	97,700
Long-Term Debt	49,586	36,386	34,454	43,435	39,199	33,336
Long-Term Leases	427.01	460.31	246.41	327.52	324.35	360.22
Long-Term Deferred Tax Liabilities	483.65	499.52	518.09	260.06	481.07	477.53
Total Liabilities	246,996	200,364	143,484	147,329	141,561	131,874

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 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
Common Stock	6,038	6,038	5,994	5,993	4,343	4,343
Additional Paid-In Capital	8,018	8,018	7,805	7,804	3,356	3,356
Retained Earnings	25,991	24,875	20,500	16,917	13,322	12,516
Comprehensive Income & Other	11,380	11,449	11,741	9,078	8,989	6,935
Total Common Equity	51,427	50,380	46,041	39,792	30,009	27,150
Minority Interest	43,445	42,669	27,657	20,613	19,291	17,273
Shareholders' Equity	94,872	93,049	73,698	60,405	49,300	44,423
Total Liabilities & Equity	341,868	293,413	217,182	207,734	190,861	176,297

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 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
Total Debt	118,729	112,155	80,550	84,418	79,913	80,265
Net Cash (Debt)	-34,376	-26,666	-20,678	-14,145	-11,678	-17,251
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share	-5.68	-4.44	-3.43	-2.88	-2.42	-3.76
Filing Date Shares Outstanding	6,038	6,038	5,994	5,993	4,343	4,343
Total Common Shares Outstanding	6,038	6,038	5,994	5,993	4,343	4,343
Working Capital	60,966	51,474	37,658	49,556	44,657	33,143
Book Value Per Share	8.52	8.34	7.68	6.64	6.91	6.25
Tangible Book Value	31,492	30,125	25,782	18,304	5,900	706.87
Tangible Book Value Per Share	5.22	4.99	4.30	3.05	1.36	0.16
Land	-	2,511	2,490	2,356	2,041	2,388
Machinery	-	4,884	4,660	4,719	4,492	3,655
Construction In Progress	-	575.04	305.94	677.65	723.75	539.67