Jiaxing ZMAX Optech Balance Sheet

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

Millions CNY. Fiscal year is Jan - Dec.

Assets

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 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	277.81	385.66	432.01	462.16	21.72	35.22
Trading Asset Securities	-	-	45.55	-	-	-
Cash & Short-Term Investments	277.81	385.66	477.56	462.16	21.72	35.22
Cash Growth	-31.39%	-19.24%	3.33%	2027.82%	-38.33%	52.30%
Accounts Receivable	246.43	231.97	115.86	134.4	162	167.8
Other Receivables	1.6	1.55	0.32	0.47	5.68	0.31
Receivables	248.04	233.52	116.18	134.88	167.68	168.11
Inventory	201.32	179.02	99.32	91.55	103.2	102.63
Prepaid Expenses	-	-	-	-	0.46	-
Other Current Assets	43.27	33.21	8.12	5.02	2.89	1.99
Total Current Assets	770.43	831.41	701.18	693.6	295.95	307.94
Property, Plant & Equipment	561.55	505.21	275.34	237.99	228.34	201.19
Long-Term Investments	47.41	20.45	17.27	-	-	-
Goodwill	56.1	56.1	1.6	1.6	1.6	1.6
Other Intangible Assets	50.67	52.78	28.6	28.56	29.42	30.29
Long-Term Deferred Tax Assets	33.97	16.95	9.46	9.11	8.16	8.14
Long-Term Deferred Charges	18.36	15.45	10.23	11.29	12.42	9.91
Other Long-Term Assets	34.54	30.88	8.26	35.38	4.52	10.53
Total Assets	1,573	1,529	1,052	1,018	580.42	569.61

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 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
Accounts Payable	239.11	210.1	119.58	90.76	79.67	141.3
Accrued Expenses	27.89	45.63	22.02	23.21	23.28	19.49
Short-Term Debt	88.2	57.89	0.9	-	42.24	11.01
Current Portion of Long-Term Debt	16.97	4.24	0.41	0.45	1.47	0.49
Current Portion of Leases	-	3.5	0.45	0.12	0.12	0.16
Current Income Taxes Payable	5.36	1.53	2.53	0.67	2.06	2.2
Current Unearned Revenue	10.57	10.19	6.69	6.88	3.75	6.1
Other Current Liabilities	6.44	32.3	6.22	5.05	21.38	21.67
Total Current Liabilities	394.53	365.38	158.8	127.14	173.98	202.43
Long-Term Debt	119.83	122.83	3.74	24.31	10.12	6.96
Long-Term Leases	3.53	3.21	1.49	0.21	0.17	0.42
Long-Term Unearned Revenue	22.46	22.23	23.75	24.32	24.99	22
Long-Term Deferred Tax Liabilities	4.32	4.67	0.37	0.05	0.04	0.07
Other Long-Term Liabilities	0.59	0.28	0.15	-	-	-
Total Liabilities	545.25	518.59	188.31	176.03	209.29	231.89

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 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
Common Stock	124.28	88.77	88	88	66	66
Additional Paid-In Capital	657.44	677.38	659.14	654.38	224.07	218.21
Retained Earnings	134.79	138.48	115.11	96.88	78.15	50.23
Comprehensive Income & Other	-3.03	-1.84	-1.61	-0.96	-0.86	-0.47
Total Common Equity	913.48	902.79	860.64	838.3	367.36	333.98
Minority Interest	114.3	107.85	2.98	3.2	3.77	3.74
Shareholders' Equity	1,028	1,011	863.63	841.51	371.13	337.72
Total Liabilities & Equity	1,573	1,529	1,052	1,018	580.42	569.61

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 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
Total Debt	228.52	191.67	6.99	25.09	54.12	19.06
Net Cash (Debt)	49.28	193.99	470.57	437.07	-32.4	16.16
Net Cash Growth	-87.32%	-58.77%	7.66%	-	-	43.27%
Net Cash Per Share	0.39	1.56	3.84	3.69	-0.35	0.17
Filing Date Shares Outstanding	122.04	124.28	123.2	123.2	92.4	92.4
Total Common Shares Outstanding	122.04	124.28	123.2	123.2	92.4	92.4
Working Capital	375.9	466.04	542.38	566.46	121.97	105.51
Book Value Per Share	7.49	7.26	6.99	6.80	3.98	3.61
Tangible Book Value	806.71	793.91	830.44	808.15	336.34	302.09
Tangible Book Value Per Share	6.61	6.39	6.74	6.56	3.64	3.27
Buildings	-	290.9	125.05	125.77	125.41	125.95
Machinery	-	347.67	208.59	186.31	175.15	149.14
Construction In Progress	-	69	80.64	46.36	30.11	10.6