Zero2IPO Holdings Balance Sheet

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Cash & Equivalents	63.52	70.25	103.68	142.28	427.86	403.06
Short-Term Investments	119.03	229.48	309.47	304.08	-	-
Trading Asset Securities	346.38	244.42	163.04	115.13	122.56	84.88
Cash & Short-Term Investments	528.93	544.15	576.2	561.49	550.42	487.94
Cash Growth	-9.63%	-5.56%	2.62%	2.01%	12.80%	392.50%
Accounts Receivable	14.12	21.11	35.32	70.61	43.64	29.04
Other Receivables	8.54	1.2	0.57	2.54	2.47	0.96
Receivables	22.66	22.31	35.89	73.15	46.11	30
Prepaid Expenses	3.05	2.77	0.76	1.29	0.11	0.13
Other Current Assets	16.19	15.87	13.53	19.19	9.07	3.04
Total Current Assets	570.82	585.09	626.38	655.11	605.71	521.11
Property, Plant & Equipment	64.66	67.07	45.38	54.09	23.22	24.9
Long-Term Investments	80.26	89.57	45.85	33.3	2.15	0.46
Other Intangible Assets	2.6	2.9	3	3.35	3.44	0.14
Long-Term Deferred Tax Assets	7.65	7.08	8.09	10.07	6.49	8.33
Other Long-Term Assets	6.25	9.9	10.75	6.4	4.79	2.92
Total Assets	732.23	761.61	739.45	762.31	645.81	557.86
Accounts Payable	2.05	3.5	4.49	6.37	1.35	3.91
Accrued Expenses	7.45	18.88	21.08	20.5	20.5	14.32
Current Portion of Leases	21	21	18.62	14.36	11.72	10.02
Current Income Taxes Payable	4.71	6.32	5.91	11.71	7.61	13.62
Current Unearned Revenue	72.07	66.38	72.27	102.2	73.8	45.12
Other Current Liabilities	16.11	13.79	13.7	15.69	6.89	20.35
Total Current Liabilities	123.39	129.87	136.07	170.82	121.86	107.34
Long-Term Leases	38.92	43.07	25.51	32.18	2.35	8.27
Long-Term Unearned Revenue	9.48	9.68	10.06	10.45	10.84	11.2
Long-Term Deferred Tax Liabilities	0.01	0.01	0.05	0	0.05	0.02
Total Liabilities	171.8	182.62	171.7	213.45	135.09	126.82
Common Stock	0.2	0.2	0.2	0.2	0.21	0.2
Additional Paid-In Capital	413.44	413.44	414.53	418.33	435.95	355.82
Retained Earnings	66.1	99.37	87.23	71.11	50.76	39.29
Treasury Stock	-8.72	-6.87	-1.49	-1.99	-3.6	-
Comprehensive Income & Other	89.44	73.41	67.64	61.49	27.4	35.73
Total Common Equity	560.45	579.56	568.11	549.13	510.71	431.03
Minority Interest	-0.03	-0.57	-0.36	-0.27	-	-
Shareholders' Equity	560.43	578.98	567.75	548.86	510.71	431.03
Total Liabilities & Equity	732.23	761.61	739.45	762.31	645.81	557.86
Total Debt	59.93	64.08	44.13	46.54	14.06	18.3
Net Cash (Debt)	469	480.07	532.07	514.95	536.36	469.65
Net Cash Growth	-14.79%	-9.77%	3.32%	-3.99%	14.21%	525.03%
Net Cash Per Share	1.54	1.58	1.73	1.66	1.74	1.80
Filing Date Shares Outstanding	299.35	300.99	306.97	310.98	311.88	300
Total Common Shares Outstanding	299.35	300.99	306.97	310.98	311.88	300
Working Capital	447.43	455.22	490.31	484.29	483.86	413.77
Book Value Per Share	1.87	1.93	1.85	1.77	1.64	1.44
Tangible Book Value	557.86	576.66	565.11	545.78	507.27	430.89
Tangible Book Value Per Share	1.86	1.92	1.84	1.76	1.63	1.44
Buildings	7.96	7.96	7.96	7.96	7.96	7.96
Machinery	23.89	20.32	19.5	15.2	13.66	10.69

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