Zerun 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	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Cash & Equivalents	511.4	240.7	280.94	105.71	9.26	15.3
Trading Asset Securities	320	-	-	-	7.04	4
Cash & Short-Term Investments	831.4	240.7	280.94	105.71	16.3	19.3
Cash Growth	-	-14.32%	165.76%	548.64%	-15.55%	-
Accounts Receivable	549.65	466.76	412.04	293.81	136.96	110.92
Other Receivables	8.59	1.48	3.26	3.54	1.97	0.38
Receivables	558.24	468.24	415.3	297.34	138.93	111.3
Inventory	110.98	114.07	77.65	87.52	54.37	28.65
Prepaid Expenses	-	4.46	2.68	-	-	-
Other Current Assets	17.51	10.41	3.6	8.54	12.67	7.11
Total Current Assets	1,518	837.88	780.17	499.11	222.28	166.36
Property, Plant & Equipment	148.25	146.4	141.19	91.95	56.73	24.55
Long-Term Investments	-	10.31	10.31	-	-	-
Other Intangible Assets	19.89	19.32	6.38	-	-	-
Long-Term Deferred Tax Assets	15.42	9.59	8.67	5.35	4.48	1.22
Long-Term Deferred Charges	7.64	6.06	7.02	5.88	5.01	4.78
Other Long-Term Assets	60.67	39.88	11.05	7.09	7.34	7.86
Total Assets	1,770	1,069	964.78	609.39	295.84	204.77
Accounts Payable	311.78	380.55	346.79	170.74	68.87	24.07
Accrued Expenses	6.91	14.14	11.94	9.13	4.48	2.39
Short-Term Debt	316.69	30.16	84.82	21.02	10.03	14.05
Current Portion of Leases	5.88	6.35	8.13	5.99	-	-
Current Income Taxes Payable	0.77	4.7	5.98	-	1.04	0.08
Current Unearned Revenue	2.16	1.76	1.05	3.17	-	5.06
Other Current Liabilities	31.06	26.52	33.73	60.95	33.83	16.17
Total Current Liabilities	675.25	464.19	492.44	271.01	118.25	61.82
Long-Term Leases	8.41	10.54	17.2	12.73	14.53	-
Long-Term Unearned Revenue	2.11	1.54	1.86	2.17	2.08	2.32
Long-Term Deferred Tax Liabilities	4.97	4.7	6.4	6.29	2.55	-
Total Liabilities	690.73	480.97	517.89	292.2	137.42	64.13
Common Stock	63.87	47.9	47.9	47.9	40	10
Additional Paid-In Capital	695.01	242.77	233.8	224.5	79.65	70
Retained Earnings	317.28	296.26	164.94	44.79	38.77	60.63
Comprehensive Income & Other	3.12	1.54	0.26	-	-0	-
Total Common Equity	1,079	588.47	446.89	317.19	158.42	140.63
Minority Interest	-	-	0	-	-	-
Shareholders' Equity	1,079	588.47	446.89	317.19	158.42	140.63
Total Liabilities & Equity	1,770	1,069	964.78	609.39	295.84	204.77
Total Debt	330.97	47.06	110.15	39.74	24.56	14.05
Net Cash (Debt)	500.43	193.64	170.78	65.97	-8.26	5.25
Net Cash Growth	-	13.38%	158.89%	-	-	-
Net Cash Per Share	9.37	4.04	3.57	1.55	-	-
Filing Date Shares Outstanding	63.87	47.9	47.9	47.9	-	-
Total Common Shares Outstanding	63.87	47.9	47.9	47.9	-	-
Working Capital	842.89	373.69	287.73	228.1	104.03	104.54
Book Value Per Share	16.90	12.29	9.33	6.62	-	-
Tangible Book Value	1,059	569.15	440.52	317.19	158.42	140.63
Tangible Book Value Per Share	16.59	11.88	9.20	6.62	-	-
Machinery	-	170.08	146.62	98.84	-	-
Construction In Progress	-	13.86	10.57	6.66	-	-

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