Zheshang Securities 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	-	7,759	8,333	9,110	7,316
Short-Term Investments	-	39,597	38,841	40,146	34,039
Trading Asset Securities	-	36,593	43,197	44,999	46,422
Accounts Receivable	-	24,576	20,233	17,862	19,713
Other Receivables	-	2	1.63	87.92	28.46
Property, Plant & Equipment	-	1,255	1,329	1,341	1,378
Goodwill	-	19.85	19.85	19.85	19.85
Other Intangible Assets	-	255.5	267.29	242.29	225.04
Investments in Debt & Equity Securities	-	14,149	8,167	820.94	-
Other Current Assets	-	19,485	18,374	18,380	15,019
Long-Term Deferred Tax Assets	-	484.9	556.13	560.88	501.91
Other Long-Term Assets	-	8,569	4,806	2,684	127.6
Total Assets	-	154,086	145,528	136,961	125,251
Accounts Payable	-	587.73	704.54	201.76	578.22
Accrued Expenses	-	31,401	21,670	22,124	21,405
Short-Term Debt	-	33,118	30,014	31,514	37,746
Current Portion of Long-Term Debt	-	2,073	2,005	4,389	3,562
Current Portion of Leases	-	146.35	147.16	119.68	105.7
Other Current Liabilities	-	839.13	539.29	1,279	4,365
Long-Term Debt	-	22,349	25,556	14,666	11,536
Long-Term Leases	-	245.44	326.77	324.35	360.22
Long-Term Unearned Revenue	-	123.58	104	161.38	204.21
Long-Term Deferred Tax Liabilities	-	267.19	76.63	214.2	225.68
Other Long-Term Liabilities	-	25,884	35,686	34,318	20,725
Total Liabilities	-	117,561	117,256	109,653	101,414
Common Stock	-	4,574	3,878	3,878	3,878
Additional Paid-In Capital	-	17,116	10,471	10,471	9,874
Retained Earnings	-	13,505	12,338	11,084	10,089
Comprehensive Income & Other	-	403.2	734.4	692.46	-3.86
Total Common Equity	36,552	35,193	27,016	26,125	23,837
Minority Interest	-	1,332	1,255	1,183	-
Shareholders' Equity	46,994	36,524	28,271	27,309	23,837
Total Liabilities & Equity	-	154,086	145,528	136,961	125,251
Total Debt	86,087	57,932	58,049	51,014	53,311
Net Cash (Debt)	30,483	26,016	32,321	43,241	34,466
Net Cash Growth	17.17%	-19.51%	-25.25%	25.46%	36.37%
Net Cash Per Share	5.68	6.19	7.74	10.72	9.10
Filing Date Shares Outstanding	7,940	4,535	4,162	3,878	3,878
Total Common Shares Outstanding	4,535	4,535	4,162	3,878	3,878
Working Capital	-	60,620	74,835	71,287	54,651
Book Value Per Share	8.06	7.76	6.33	6.56	6.15
Tangible Book Value	35,367	34,917	26,729	25,863	23,592
Tangible Book Value Per Share	7.80	7.70	6.26	6.49	6.08

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Capital Markets template. Financial Sources.