Zerun 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	576.69	495.8	240.7	280.94	105.71	9.26
Trading Asset Securities	216.18	296.74	-	-	-	7.04
Cash & Short-Term Investments	792.88	792.54	240.7	280.94	105.71	16.3
Cash Growth	152.01%	229.27%	-14.32%	165.76%	548.64%	-15.55%
Accounts Receivable	544.5	514.93	466.76	412.04	293.81	136.96
Other Receivables	8.58	7.04	1.48	3.26	3.54	1.97
Receivables	553.08	521.96	468.24	415.3	297.34	138.93
Inventory	144.37	116.41	114.07	77.65	87.52	54.37
Prepaid Expenses	-	-	4.46	2.68	-	-
Other Current Assets	22.98	61	10.41	3.6	8.54	12.67
Total Current Assets	1,513	1,492	837.88	780.17	499.11	222.28
Property, Plant & Equipment	163.36	151.29	146.4	141.19	91.95	56.73
Long-Term Investments	5	-	10.31	10.31	-	-
Other Intangible Assets	31.98	19.82	19.32	6.38	-	-
Long-Term Deferred Tax Assets	14.95	13.83	9.59	8.67	5.35	4.48
Long-Term Deferred Charges	6.64	7.05	6.06	7.02	5.88	5.01
Other Long-Term Assets	19.75	29.59	39.88	11.05	7.09	7.34
Total Assets	1,755	1,714	1,069	964.78	609.39	295.84
Accounts Payable	316.69	312.62	380.55	346.79	170.74	68.87
Accrued Expenses	6.58	9.75	14.14	11.94	9.13	4.48
Short-Term Debt	316.77	269.65	30.16	84.82	21.02	10.03
Current Portion of Long-Term Debt	5.54	4.68	-	-	-	-
Current Portion of Leases	-	-	6.35	8.13	5.99	-
Current Income Taxes Payable	3.12	2.92	4.7	5.98	-	1.04
Current Unearned Revenue	4.48	1.18	1.76	1.05	3.17	-
Other Current Liabilities	30.16	37.35	26.52	33.73	60.95	33.83
Total Current Liabilities	683.34	638.14	464.19	492.44	271.01	118.25
Long-Term Leases	5.21	7.62	10.54	17.2	12.73	14.53
Long-Term Unearned Revenue	1.91	2.01	1.54	1.86	2.17	2.08
Long-Term Deferred Tax Liabilities	3.72	4.14	4.7	6.4	6.29	2.55
Total Liabilities	694.18	651.91	480.97	517.89	292.2	137.42
Common Stock	63.87	63.87	47.9	47.9	47.9	40
Additional Paid-In Capital	698.6	696.7	242.77	233.8	224.5	79.65
Retained Earnings	297.81	297.53	296.26	164.94	44.79	38.77
Comprehensive Income & Other	0.54	3.49	1.54	0.26	-	-0
Total Common Equity	1,061	1,062	588.47	446.89	317.19	158.42
Minority Interest	-	-	-	0	-	-
Shareholders' Equity	1,061	1,062	588.47	446.89	317.19	158.42
Total Liabilities & Equity	1,755	1,714	1,069	964.78	609.39	295.84
Total Debt	327.52	281.94	47.06	110.15	39.74	24.56
Net Cash (Debt)	465.36	510.59	193.64	170.78	65.97	-8.26
Net Cash Growth	195.27%	163.68%	13.38%	158.89%	-	-
Net Cash Per Share	7.61	8.92	4.04	3.57	1.55	-
Filing Date Shares Outstanding	63.53	63.55	47.9	47.9	47.9	-
Total Common Shares Outstanding	63.53	63.55	47.9	47.9	47.9	-
Working Capital	829.97	853.77	373.69	287.73	228.1	104.03
Book Value Per Share	16.70	16.71	12.29	9.33	6.62	-
Tangible Book Value	1,029	1,042	569.15	440.52	317.19	158.42
Tangible Book Value Per Share	16.20	16.39	11.88	9.20	6.62	-
Machinery	-	-	170.08	146.62	98.84	-
Construction In Progress	28.6	-	13.86	10.57	6.66	-

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