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ZENA ZenaTech Inc.

ZenaTech, Inc. is a technology solutions company that specializes in mission-critical cloud-based software applications integrated with smart hardware to deliver innovative solutions across diverse industries.

Owner earnings 2023–2025 (C$2M)(C$10M)(C$38M)

Retained capital not read

Balance sheet Net cash, debt-free, +C$6M

ZGN Ermenegildo Zegna N.V.

Ermenegildo Zegna Group operates in the personal luxury goods market, which includes the following product segments: accessories, jewelry, beauty, apparel and watches.

Owner earnings 2019–2025 €128M€43M€201M€97M€218M€179M€255M

Retained capital Paid out €379M more than it earned over 2019–2025; annual owner earnings grew €93M.

Balance sheet Net cash, +€135M · dividend paid 5 of 7 yrs, never cut

ZH Zhihu Inc.

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings 2019–2025 (CN¥720M)(CN¥246M)(CN¥448M)(CN¥1.1B)(CN¥424M)(CN¥283M)(CN¥365M)

Retained capital not read

Balance sheet Net cash, debt-free, +CN¥4.2B

ZIM ZIM Integrated Shipping Services Ltd.

We are a global container liner shipping company with leadership positions in niche markets where we believe we have distinct competitive advantages that allow us to maximize our market position and profitability.

Owner earnings 2018–2025 $202M$354M$838M$5.2B$5.8B$904M$3.5B$2.1B

Retained capital Retained $3.9B of earnings over 2018–2025; annual owner earnings grew $1.7B, $0.44 per $1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 5 of 8 yrs, cut at least once

ZJK ZJK Industrial Co. Ltd.

Revenue is Third Party Sales (64%) and Related Party Sales (36%).

Owner earnings not read

Retained capital not read

Balance sheet Net cash, debt-free, +$17M

ZKH ZKH Group Limited

A retailer, earning thin margins on high volume, where inventory turns, unit economics and scale decide the outcome.

Owner earnings 2021–2025 (CN¥1.5B)(CN¥541M)(CN¥618M)CN¥150M(CN¥44M)

Retained capital not read

Balance sheet Net cash, +CN¥1.8B

ZKIN ZK INTERNATIONAL GROUP CO., LTD.

Our core business focuses on providing systematic solutions to construction projects that require sophisticated piping systems.

Owner earnings 2016–2025 ($1M)$991K($3M)$8M$22K($4M)($3M)($3M)($7M)$148K

Retained capital not read

Balance sheet Net cash, debt-free, +$2M

ZOOZ ZOOZ Strategy Ltd.

A capital-goods maker, whose demand swings with its customers' own spending.

Owner earnings 2021–2025 ($6M)($11M)($12M)($10M)($14M)

Retained capital not read

Balance sheet Net cash, debt-free, +$27M

ZTO ZTO Express (Cayman) Inc.

A logistics business, moving goods across a network of assets and partners.

Owner earnings 2016–2025 CN¥2.2BCN¥3.1BCN¥3.6BCN¥5.0BCN¥3.1BCN¥5.0BCN¥8.8BCN¥10.5BCN¥8.4BCN¥8.6B

Retained capital Retained CN¥29.0B of earnings over 2016–2025; annual owner earnings grew CN¥6.2B, CN¥0.21 per CN¥1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 8 of 10 yrs, cut at least once

ZYBT Zhengye Biotechnology Holding Limited

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2022–2025 (CN¥10M)CN¥41MCN¥27MCN¥12M

Retained capital Paid out CN¥53M more than it earned over 2022–2025; annual owner earnings grew CN¥7M.

Balance sheet Net cash, +CN¥15M · dividend paid 3 of 4 yrs, cut at least once