LZ Technology Holdings Limited Class B (LZMH) Balance Sheet

NASDAQ: LZMHAssets, liabilities, debt and equity over 5 years.

LZMH balance sheet, 2025

December 31, 2025 · Chinese yuan

CN¥390.1M assets = CN¥332.7M liabilities + CN¥57.4M equity

Both columns are drawn to the same scale: what LZMH owns equals what it owes plus shareholders’ equity. Hover a block for its value.

LZMH financial health

Current ratio1.12

Adequate · current assets cover current liabilities 1.12×

Debt / equity1.28

Moderate leverage · CN¥1.28 of debt for each $1 of equity

Equity / assets12.5%

Thin equity · of assets funded by shareholders

Cash / debt37.6%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles0.7%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

LZMH balance sheet trends, 2021–2025

LZ Technology Holdings Limited Class B balance sheet trends
Metric	Then	Latest	Change
Total assets	CN¥140.5M2021	CN¥390.1M2025	+29.1%/yr
Total liabilities	CN¥169.9M2021	CN¥332.7M2025	+18.3%/yr
Shareholders’ equity	−CN¥27.5M2021	CN¥48.7M2025	—
Cash & short-term investments	CN¥6.1M2021	CN¥23.5M2025	+39.9%/yr
Total debt	CN¥140.1M2021	CN¥62.5M2025	−18.3%/yr
Net cash (debt)	−CN¥134.0M2021	−CN¥39.0M2025	+CN¥95.0M
Working capital	−CN¥72.7M2021	CN¥39.8M2025	+CN¥112.5M
Current ratio	0.572021	1.122025	+0.55
Debt / equity	4.822022	1.282025	−3.54
Shares outstanding	479K2021	7.7M2025	+100.2%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

LZMH assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

LZMH liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

LZMH debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

LZMH balance sheet in Chinese yuan

LZ Technology Holdings Limited Class B annual balance sheet
	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	CN¥23.5M	CN¥4.2M	CN¥10.8M	CN¥8.7M	CN¥6.1M
Cash & equivalents	CN¥23.5M	CN¥4.2M	CN¥10.8M	CN¥7.0M	CN¥5.1M
Short-term investments	—	—	CN¥0	CN¥1.7M	CN¥989,000
Receivables	CN¥308.0M	CN¥262.6M	CN¥224.6M	CN¥73.1M	CN¥78.2M
Inventory	CN¥3.2M	CN¥0	CN¥0	CN¥0	CN¥0
Other current assets	CN¥35.4M	CN¥11.4M	CN¥19.2M	CN¥1.8M	CN¥12.7M
Total current assets	CN¥370.1M	CN¥278.2M	CN¥254.5M	CN¥83.7M	CN¥97.0M
Property, plant & equipment (net)	CN¥12.2M	CN¥19.2M	CN¥24.4M	CN¥34.2M	CN¥42.2M
Goodwill & intangible assets	CN¥2.8M	CN¥2.1M	CN¥3.1M	CN¥4.0M	CN¥0
Long-term investments	CN¥5.0M	CN¥0	CN¥0	CN¥0	CN¥1.3M
Other non-current assets	CN¥0	CN¥6.1M	CN¥4.1M	CN¥554,000	CN¥0
Total assets	CN¥390.1M	CN¥305.6M	CN¥286.1M	CN¥122.5M	CN¥140.5M
Liabilities
Accounts payable	CN¥201.9M	CN¥182.2M	CN¥163.1M	CN¥35.3M	CN¥17.1M
Short-term debt	CN¥60.3M	CN¥32.3M	CN¥32.1M	CN¥67.1M	CN¥140.0M
Deferred revenue	CN¥39.2M	CN¥940,000	CN¥4.6M	CN¥445,000	CN¥508,000
Total current liabilities	CN¥330.2M	CN¥234.7M	CN¥222.2M	CN¥107.6M	CN¥169.7M
Long-term debt	CN¥0	CN¥667,000	CN¥0	CN¥0	CN¥0
Lease obligations	CN¥3.4M	CN¥2.7M	CN¥0	CN¥0	CN¥361,000
Other long-term liabilities	CN¥2.4M	CN¥2.9M	CN¥2.3M	CN¥0	CN¥214,000
Total liabilities	CN¥332.7M	CN¥238.2M	CN¥224.5M	CN¥107.6M	CN¥169.9M
Shareholders' equity
Common stock & paid-in capital	CN¥28,000	CN¥27,000	CN¥46,000	CN¥43,000	CN¥40,000
Retained earnings (deficit)	−CN¥328.7M	−CN¥155.2M	−CN¥160.8M	−CN¥154.3M	−CN¥139.9M
Accumulated other comprehensive income	−CN¥390,000	—	—	—	—
Minority interest	CN¥8.8M	CN¥2.3M	CN¥4.1M	CN¥958,000	—
Total shareholders' equity	CN¥48.7M	CN¥65.1M	CN¥57.6M	CN¥13.9M	−CN¥27.5M
Key figures
Total debt	CN¥62.5M	CN¥35.2M	CN¥32.1M	CN¥67.1M	CN¥140.1M
Net cash (debt)	−CN¥39.0M	−CN¥31.1M	−CN¥21.3M	−CN¥58.4M	−CN¥134.0M
Working capital	CN¥39.8M	CN¥43.5M	CN¥32.3M	−CN¥23.9M	−CN¥72.7M
Tangible book value	CN¥45.8M	CN¥63.0M	CN¥54.5M	CN¥9.9M	−CN¥27.5M
Shares outstanding	7.7M	495K	495K	495K	479K
Current ratio	1.12	1.19	1.15	0.78	0.57
Quick ratio	1.00	1.14	1.06	0.76	0.50
Debt / equity	1.28	0.54	0.56	4.82	—
Equity / assets	12.5%	21.3%	20.1%	11.4%	−19.6%

LZ Technology Holdings Limited Class B quarterly balance sheet
	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Assets
Cash & short-term investments	CN¥23.5M	CN¥23.5M	CN¥15.9M	CN¥15.9M	CN¥4.2M	CN¥4.2M	CN¥4.3M	CN¥10.8M	CN¥18.4M	CN¥8.7M
Cash & equivalents	CN¥23.5M	CN¥23.5M	CN¥15.9M	CN¥15.9M	CN¥4.2M	CN¥4.2M	CN¥4.3M	CN¥10.8M	CN¥18.4M	CN¥7.0M
Short-term investments	—	—	—	—	—	—	—	CN¥0	CN¥0	CN¥1.7M
Receivables	CN¥308.0M	CN¥248.0M	CN¥456.4M	CN¥434.3M	CN¥262.6M	CN¥223.4M	CN¥295.6M	CN¥224.6M	CN¥162.5M	CN¥73.1M
Inventory	CN¥3.2M	CN¥3.2M	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Other current assets	CN¥35.4M	CN¥95.3M	CN¥21.2M	CN¥43.2M	CN¥11.4M	CN¥50.7M	CN¥33.9M	CN¥19.2M	CN¥12.5M	CN¥1.8M
Total current assets	CN¥370.1M	CN¥370.1M	CN¥493.5M	CN¥493.5M	CN¥278.2M	CN¥278.2M	CN¥333.7M	CN¥254.5M	CN¥193.3M	CN¥83.7M
Property, plant & equipment (net)	CN¥12.2M	CN¥12.2M	CN¥14.3M	CN¥14.3M	CN¥19.2M	CN¥19.2M	CN¥19.7M	CN¥24.4M	CN¥30.4M	CN¥34.2M
Goodwill & intangible assets	CN¥2.8M	CN¥2.8M	CN¥1.7M	CN¥1.7M	CN¥2.1M	CN¥2.1M	CN¥2.6M	CN¥3.1M	CN¥3.6M	CN¥4.0M
Long-term investments	CN¥0	CN¥5.0M	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Other non-current assets	CN¥5.0M	CN¥0	CN¥2.5M	CN¥2.5M	CN¥6.1M	CN¥6.1M	CN¥6.1M	CN¥4.1M	CN¥0	CN¥554,000
Total assets	CN¥390.1M	CN¥390.1M	CN¥511.9M	CN¥511.9M	CN¥305.6M	CN¥305.6M	CN¥362.2M	CN¥286.1M	CN¥227.2M	CN¥122.5M
Liabilities
Accounts payable	CN¥201.9M	CN¥201.9M	CN¥377.3M	CN¥377.3M	CN¥182.2M	CN¥181.1M	CN¥221.6M	CN¥163.1M	CN¥113.5M	CN¥35.3M
Short-term debt	CN¥60.3M	—	CN¥27.6M	—	CN¥32.3M	—	CN¥39.7M	CN¥32.1M	CN¥65.8M	CN¥67.1M
Deferred revenue	CN¥39.2M	—	CN¥1.5M	—	CN¥940,000	—	CN¥10.9M	CN¥4.6M	CN¥3.3M	CN¥445,000
Total current liabilities	CN¥330.2M	CN¥330.2M	CN¥437.9M	CN¥437.9M	CN¥234.7M	CN¥234.7M	CN¥295.7M	CN¥222.2M	CN¥197.0M	CN¥107.6M
Long-term debt	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥667,000	CN¥0	CN¥0	CN¥0	CN¥0
Lease obligations	—	CN¥3.4M	—	CN¥2.5M	—	CN¥2.7M	—	CN¥0	—	—
Other long-term liabilities	CN¥2.4M	CN¥2.4M	CN¥3.9M	CN¥3.9M	CN¥3.5M	CN¥2.9M	CN¥4.8M	CN¥2.3M	CN¥0	CN¥0
Total liabilities	CN¥332.7M	CN¥332.7M	CN¥441.8M	CN¥441.8M	CN¥238.2M	CN¥238.2M	CN¥300.5M	CN¥224.5M	CN¥197.0M	CN¥107.6M
Shareholders' equity
Common stock & paid-in capital	CN¥28,000	—	CN¥27,000	—	CN¥27,000	—	CN¥27,000	CN¥46,000	CN¥46,000	CN¥43,000
Retained earnings (deficit)	−CN¥328.7M	−CN¥328.7M	−CN¥198.5M	−CN¥198.5M	−CN¥155.2M	−CN¥155.2M	−CN¥161.4M	−CN¥160.8M	−CN¥153.3M	−CN¥154.3M
Accumulated other comprehensive income	−CN¥390,000	—	—	—	—	—	—	—	—	—
Minority interest	—	CN¥8.8M	—	CN¥2.0M	—	CN¥2.3M	—	—	—	—
Total shareholders' equity	CN¥48.7M	CN¥48.7M	CN¥68.2M	CN¥68.2M	CN¥65.1M	CN¥65.1M	CN¥59.0M	CN¥57.6M	CN¥28.3M	CN¥13.9M
Key figures
Total debt	CN¥62.5M	—	CN¥29.6M	—	CN¥35.2M	CN¥667,000	CN¥39.7M	CN¥32.1M	CN¥65.8M	CN¥67.1M
Net cash (debt)	−CN¥39.0M	—	−CN¥13.7M	—	−CN¥31.1M	CN¥3.5M	−CN¥35.4M	−CN¥21.3M	−CN¥47.4M	−CN¥58.4M
Working capital	CN¥39.8M	CN¥39.8M	CN¥55.6M	CN¥55.6M	CN¥43.5M	CN¥43.5M	CN¥38.0M	CN¥32.3M	−CN¥3.7M	−CN¥23.9M
Tangible book value	CN¥45.8M	CN¥45.8M	CN¥66.5M	CN¥66.5M	CN¥63.0M	CN¥63.0M	CN¥56.4M	CN¥54.5M	CN¥24.8M	CN¥9.9M
Shares outstanding	—	7.9M	—	7.6M	—	7.6M	151.8M	151.8M	—	—
Current ratio	1.12	1.12	1.13	1.13	1.19	1.19	1.13	1.15	0.98	0.78
Quick ratio	1.00	0.82	1.08	1.03	1.14	0.97	1.01	1.06	0.92	0.76
Debt / equity	1.28	—	0.43	—	0.54	0.01	0.67	0.56	2.32	4.82
Equity / assets	12.5%	12.5%	13.3%	13.3%	21.3%	21.3%	16.3%	20.1%	12.5%	11.4%

Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported (latest annual report filed April 28, 2026); data from EODHD.

LZMH financial position

At the end of fiscal 2025 (December 31, 2025), LZ Technology had total assets of CN¥390.1 million (up 27.6% from a year earlier), total liabilities of CN¥332.7 million and shareholders' equity of CN¥48.7 million. It held CN¥23.5 million in cash and short-term investments against CN¥62.5 million of debt, net debt of CN¥39.0 million. Its current ratio was 1.12. In the latest quarter (ended March 31, 2026) total assets were CN¥390.1 million and equity CN¥48.7 million.

Related: LZMH income statement, LZMH cash flow statement, LZMH key metrics. See the LZMH stock overview for the latest quote and news.

LZMH balance sheet FAQ

What are LZ Technology's total assets?

LZ Technology reported total assets of CN¥390.1 million at the end of fiscal 2025 (December 31, 2025), compared with CN¥305.6 million a year earlier.

How much debt does LZ Technology have?

LZ Technology had CN¥62.5 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.28.

How much cash does LZ Technology have?

LZ Technology held CN¥23.5 million in cash and short-term investments at the end of fiscal 2025; with CN¥62.5 million of debt that is net debt of CN¥39.0 million.

What is LZ Technology's book value?

LZ Technology's shareholders' equity (book value) was CN¥48.7 million at the end of fiscal 2025.

What is LZ Technology's current ratio?

LZ Technology had current assets of CN¥370.1 million and current liabilities of CN¥330.2 million, a current ratio of 1.12 (it can cover its short-term obligations).

How much goodwill does LZ Technology have?

LZ Technology carried CN¥2.8 million of goodwill and intangible assets, 0.7% of total assets, at the end of fiscal 2025.