Zero2IPO Holdings Balance Sheet

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	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	116.52	70.25	103.68	142.28	427.86
Short-Term Investments	133.02	232.7	309.47	304.08	-
Trading Asset Securities	325.27	244.42	163.04	115.13	122.56
Cash & Short-Term Investments	574.81	547.37	576.2	561.49	550.42
Cash Growth	5.01%	-5.00%	2.62%	2.01%	12.80%
Accounts Receivable	18.55	22.9	35.32	70.61	43.64
Other Receivables	1.52	1.2	0.57	2.54	2.47
Receivables	20.07	24.1	35.89	73.15	46.11
Prepaid Expenses	2.97	2.77	0.76	1.29	0.11
Other Current Assets	343.95	10.86	13.53	19.19	9.07
Total Current Assets	941.8	585.09	626.38	655.11	605.71
Property, Plant & Equipment	57.9	67.07	45.38	54.09	23.22
Long-Term Investments	126.41	89.57	45.85	33.3	2.15
Other Intangible Assets	2.32	2.9	3	3.35	3.44
Long-Term Accounts Receivable	1.7	2.49	-	-	-
Long-Term Deferred Tax Assets	4.83	7.08	8.09	10.07	6.49
Other Long-Term Assets	4.21	7.41	10.75	6.4	4.79
Total Assets	1,139	761.61	739.45	762.31	645.81
Accounts Payable	1.83	3.5	4.49	6.37	1.35
Accrued Expenses	30.84	16.32	21.08	20.5	20.5
Current Portion of Leases	22.76	21	18.62	14.36	11.72
Current Income Taxes Payable	11.25	6.32	5.91	11.71	7.61
Current Unearned Revenue	42.09	66.38	72.27	102.2	73.8
Other Current Liabilities	347.67	16.35	13.7	15.69	6.89
Total Current Liabilities	456.43	129.87	136.07	170.82	121.86
Long-Term Leases	32.34	43.07	25.51	32.18	2.35
Long-Term Unearned Revenue	7.57	9.68	10.06	10.45	10.84
Long-Term Deferred Tax Liabilities	4.67	0.01	0.05	0	0.05
Total Liabilities	501	182.62	171.7	213.45	135.09
Common Stock	0.2	0.2	0.2	0.2	0.21
Additional Paid-In Capital	413.44	413.44	414.53	418.33	435.95
Retained Earnings	169.81	99.37	87.23	71.11	50.76
Treasury Stock	-9.1	-6.87	-1.49	-1.99	-3.6
Comprehensive Income & Other	64.01	73.41	67.64	61.49	27.4
Total Common Equity	638.36	579.56	568.11	549.13	510.71
Minority Interest	-0.21	-0.57	-0.36	-0.27	-
Shareholders' Equity	638.15	578.98	567.75	548.86	510.71
Total Liabilities & Equity	1,139	761.61	739.45	762.31	645.81
Total Debt	55.1	64.08	44.13	46.54	14.06
Net Cash (Debt)	519.71	483.29	532.07	514.95	536.36
Net Cash Growth	7.54%	-9.17%	3.32%	-3.99%	14.21%
Net Cash Per Share	1.71	1.59	1.73	1.66	1.74
Filing Date Shares Outstanding	299.13	300.99	306.97	310.98	311.88
Total Common Shares Outstanding	299.13	300.99	306.97	310.98	311.88
Working Capital	485.37	455.22	490.31	484.29	483.86
Book Value Per Share	2.13	1.93	1.85	1.77	1.64
Tangible Book Value	636.04	576.66	565.11	545.78	507.27
Tangible Book Value Per Share	2.13	1.92	1.84	1.76	1.63
Buildings	7.96	7.96	7.96	7.96	7.96
Machinery	6.26	8.66	19.5	15.2	13.66
Leasehold Improvements	10.16	11.66	-	-	-

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