Zhefu Holding Group 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	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022	Dec '20 Dec 31, 2020
Cash & Equivalents	4,572	4,484	2,790	5,328	2,870	1,581
Trading Asset Securities	66.42	275.85	296.9	171.05	109.32	174.18
Cash & Short-Term Investments	4,638	4,760	3,087	5,499	2,979	1,755
Cash Growth	-2.91%	54.18%	-43.86%	84.61%	69.69%	-25.60%
Accounts Receivable	2,112	1,815	1,247	1,360	1,307	1,081
Other Receivables	92.65	112.88	143.15	190.16	242.37	172.78
Receivables	2,204	1,927	1,390	1,550	1,549	1,254
Inventory	10,162	8,425	8,262	7,542	6,799	4,638
Other Current Assets	950.48	609.17	834.54	1,081	997.58	729.23
Total Current Assets	17,955	15,722	13,573	15,672	12,324	8,377
Property, Plant & Equipment	5,738	5,703	5,411	5,206	5,081	5,890
Long-Term Investments	623.85	672.33	706.61	1,216	957.14	1,462
Goodwill	1,151	1,151	1,151	1,151	1,151	1,282
Other Intangible Assets	749.52	795.92	849.2	902.76	907.62	1,371
Long-Term Deferred Tax Assets	359.51	356.42	339.07	171.79	81.95	86.24
Long-Term Deferred Charges	34.56	25.57	1.9	-	-	35.07
Other Long-Term Assets	164.88	216.33	199.62	302.55	278.26	212.32
Total Assets	26,777	24,642	22,232	24,621	20,782	18,716
Accounts Payable	8,475	7,200	4,614	3,301	3,516	2,551
Accrued Expenses	135.77	348.27	324.96	291.57	482.7	428.31
Short-Term Debt	3,496	2,580	3,051	6,644	4,503	3,392
Current Portion of Long-Term Debt	494.79	832.14	1,039	461.58	348.1	519.47
Current Portion of Leases	-	4.86	6.25	4.4	2.73	-
Current Income Taxes Payable	188.81	33.46	21.82	54.7	51.96	160.31
Current Unearned Revenue	549	705.73	390.25	595.06	535.64	393.24
Other Current Liabilities	232.67	220.62	245.28	324.2	255.18	649.57
Total Current Liabilities	13,572	11,925	9,692	11,677	9,695	8,094
Long-Term Debt	885.32	896.2	1,027	1,611	909.25	1,436
Long-Term Leases	1.12	1.8	4.34	6.9	5.31	-
Long-Term Unearned Revenue	104.68	108.41	106.83	115.77	108.83	97.24
Pension & Post-Retirement Benefits	-	-	-	-	-	8.39
Long-Term Deferred Tax Liabilities	152.58	157.52	168.55	299.67	85.65	96.36
Other Long-Term Liabilities	67.93	74.54	73.81	73.25	73.56	70.08
Total Liabilities	14,783	13,163	11,073	13,784	10,878	9,803
Common Stock	5,219	5,219	5,244	5,370	5,370	5,370
Additional Paid-In Capital	3.13	3.13	2.83	195.23	-	17.15
Retained Earnings	6,997	6,517	6,008	5,475	4,436	2,340
Treasury Stock	-172.52	-172.52	-155.04	-155.04	-120.04	-
Comprehensive Income & Other	-306.34	-284.67	-157.03	-270.4	1.28	-25.22
Total Common Equity	11,741	11,282	10,943	10,615	9,687	7,701
Minority Interest	252.67	196.59	216.05	222.25	216.84	1,212
Shareholders' Equity	11,993	11,479	11,159	10,837	9,904	8,913
Total Liabilities & Equity	26,777	24,642	22,232	24,621	20,782	18,716
Total Debt	4,877	4,315	5,128	8,728	5,769	5,348
Net Cash (Debt)	-238.58	444.7	-2,040	-3,229	-2,790	-3,592
Net Cash Per Share	-0.05	0.09	-0.38	-0.59	-0.52	-0.79
Filing Date Shares Outstanding	5,165	5,165	6,015	5,345	5,345	5,370
Total Common Shares Outstanding	5,165	5,165	6,015	5,345	5,345	5,370
Working Capital	4,384	3,797	3,881	3,995	2,629	282.66
Book Value Per Share	2.27	2.18	1.82	1.99	1.81	1.43
Tangible Book Value	9,840	9,335	8,942	8,561	7,629	5,048
Tangible Book Value Per Share	1.91	1.81	1.49	1.60	1.43	0.94
Buildings	-	2,794	2,575	2,325	2,102	1,275
Machinery	-	4,252	3,555	164.15	153.93	1,646
Construction In Progress	-	1,155	1,339	1,164	1,829	4,060

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