Zheshang Securities 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	9,776	9,688	7,759	8,333	9,110	7,316
Short-Term Investments	65,960	58,955	39,597	38,841	40,146	34,039
Trading Asset Securities	49,627	50,890	36,593	43,197	44,999	46,422
Accounts Receivable	39,795	39,319	24,569	20,233	17,862	19,713
Other Receivables	480.32	5,429	3,302	1.63	87.92	28.46
Property, Plant & Equipment	1,541	1,605	1,255	1,329	1,341	1,378
Goodwill	682.01	682.01	19.85	19.85	19.85	19.85
Other Intangible Assets	530.27	555.85	255.5	267.29	242.29	225.04
Investments in Debt & Equity Securities	26,265	24,372	14,149	8,167	820.94	-
Other Current Assets	39,656	27,553	19,374	18,374	18,380	15,019
Long-Term Deferred Tax Assets	881.01	802.43	484.9	556.13	560.88	501.91
Other Long-Term Assets	12,823	3,067	5,388	4,806	2,684	127.6
Total Assets	248,016	224,814	154,086	145,528	136,961	125,251
Accounts Payable	129.65	610.22	587.73	704.54	201.76	578.22
Accrued Expenses	59,735	47,303	31,401	21,670	22,124	21,405
Short-Term Debt	49,781	54,988	33,118	30,014	31,514	37,746
Current Portion of Long-Term Debt	-	-	-	-	4,389	3,562
Current Portion of Leases	-	-	146.35	147.16	119.68	105.7
Other Current Liabilities	839.54	1,179	936.41	539.29	1,279	4,365
Long-Term Debt	44,386	36,898	24,422	27,561	14,666	11,536
Long-Term Leases	637.44	662.48	245.44	326.77	324.35	360.22
Long-Term Unearned Revenue	59.95	52.32	26.3	104	161.38	204.21
Long-Term Deferred Tax Liabilities	472.28	327.65	267.19	76.63	214.2	225.68
Other Long-Term Liabilities	42,948	34,808	25,884	35,686	34,318	20,725
Total Liabilities	199,612	177,484	117,561	117,256	109,653	101,414
Common Stock	4,574	4,574	4,574	3,878	3,878	3,878
Additional Paid-In Capital	17,116	17,116	17,116	10,471	10,471	9,874
Retained Earnings	16,022	15,292	13,505	12,338	11,084	10,089
Comprehensive Income & Other	391.61	212.07	403.2	734.4	692.46	-3.86
Total Common Equity	37,698	36,789	35,193	27,016	26,125	23,837
Minority Interest	10,706	10,540	1,332	1,255	1,183	-
Shareholders' Equity	48,404	47,329	36,524	28,271	27,309	23,837
Total Liabilities & Equity	248,016	224,814	154,086	145,528	136,961	125,251
Total Debt	94,804	92,548	57,932	58,049	51,014	53,311
Net Cash (Debt)	30,559	26,985	26,016	32,321	43,241	34,466
Net Cash Growth	-13.92%	3.72%	-19.51%	-25.25%	25.46%	36.37%
Net Cash Per Share	6.79	5.93	6.19	7.74	10.72	9.10
Filing Date Shares Outstanding	4,535	4,535	4,535	4,162	3,878	3,878
Total Common Shares Outstanding	4,535	4,535	4,535	4,162	3,878	3,878
Working Capital	94,186	88,984	65,777	76,840	71,287	54,651
Book Value Per Share	8.31	8.11	7.76	6.33	6.56	6.15
Tangible Book Value	36,486	35,551	34,917	26,729	25,863	23,592
Tangible Book Value Per Share	8.05	7.84	7.70	6.26	6.49	6.08

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