Zhejiang Expressway 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	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	24,850	23,566	20,932	23,830	23,990	17,154
Short-Term Investments	-	12,091	3,403	4,714	454.32	413.84
Trading Asset Securities	-	49,832	35,537	41,729	43,790	45,446
Cash & Short-Term Investments	24,850	85,489	59,872	70,273	68,234	63,014
Cash Growth	29.93%	42.79%	-14.80%	2.99%	8.29%	65.32%
Accounts Receivable	-	40,341	25,275	20,766	18,120	19,862
Other Receivables	-	707.07	248.76	149.9	150.36	152.93
Receivables	-	48,324	31,195	28,826	24,357	27,093
Inventory	-	1,786	1,235	1,306	606.29	371.71
Restricted Cash	-	116.83	80.26	100.63	70.18	132.09
Other Current Assets	208,318	78,777	53,542	52,356	52,946	40,233
Total Current Assets	233,168	214,492	145,924	152,862	146,214	130,843
Property, Plant & Equipment	-	6,934	6,550	7,137	6,535	5,686
Long-Term Investments	-	48,539	42,189	23,946	11,280	10,479
Goodwill	-	749.03	86.87	86.87	86.87	86.87
Other Intangible Assets	-	19,506	20,172	21,401	24,022	26,357
Long-Term Deferred Tax Assets	-	1,551	1,274	1,446	1,417	1,618
Other Long-Term Assets	84,898	1,641	985.61	854.47	938.36	1,036
Total Assets	318,066	293,413	217,182	207,734	190,861	176,297
Accounts Payable	-	73,652	49,613	46,238	49,670	39,649
Accrued Expenses	-	3,140	2,335	1,863	1,937	2,358
Short-Term Debt	-	53,436	31,975	28,680	28,092	33,691
Current Portion of Long-Term Debt	-	21,670	13,727	11,828	12,177	12,772
Current Portion of Leases	-	203.14	147.69	147.91	119.68	105.7
Current Income Taxes Payable	-	394.65	339.17	654.11	419.68	1,305
Current Unearned Revenue	-	6,211	6,314	10,338	6,104	2,998
Other Current Liabilities	179,476	4,311	3,815	3,557	3,037	4,821
Total Current Liabilities	179,476	163,018	108,266	103,306	101,556	97,700
Long-Term Debt	43,235	36,386	34,454	43,435	39,199	33,336
Long-Term Leases	-	460.31	246.41	327.52	324.35	360.22
Long-Term Deferred Tax Liabilities	-	499.52	518.09	260.06	481.07	477.53
Total Liabilities	222,711	200,364	143,484	147,329	141,561	131,874
Common Stock	6,038	6,038	5,994	5,993	4,343	4,343
Additional Paid-In Capital	-	8,018	7,805	7,804	3,356	3,356
Retained Earnings	-	24,875	20,500	16,917	13,322	12,516
Comprehensive Income & Other	45,707	11,449	11,741	9,078	8,989	6,935
Total Common Equity	51,745	50,380	46,041	39,792	30,009	27,150
Minority Interest	43,610	42,669	27,657	20,613	19,291	17,273
Shareholders' Equity	95,355	93,049	73,698	60,405	49,300	44,423
Total Liabilities & Equity	318,066	293,413	217,182	207,734	190,861	176,297
Total Debt	43,235	112,155	80,550	84,418	79,913	80,265
Net Cash (Debt)	-18,385	-26,666	-20,678	-14,145	-11,678	-17,251
Net Cash Per Share	-3.06	-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	53,692	51,474	37,658	49,556	44,657	33,143
Book Value Per Share	8.57	8.34	7.68	6.64	6.91	6.25
Tangible Book Value	51,745	30,125	25,782	18,304	5,900	706.87
Tangible Book Value Per Share	8.57	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

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