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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.

Revenue is led by ZEGNA brand (62%) and Tom Ford Fashion (17%), with 2 more lines behind.

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.

We are a Cayman Islands exempted company and our affairs are governed by our memorandum and articles of association, as amended from time to time, the Companies Act of the Cayman Islands, which we refer to as the Companies Act below, and the common law of the Cayman Islands.

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.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

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.

ZJK Industrial Co. Ltd. is a company incorporated outside the mainland China.

Owner earnings not read

Retained capital not read

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

ZKH ZKH Group Limited

Our methodology for estimating whether adjustments are necessary is continually evaluated for factors including significant changes in product demand, market conditions, condition of the inventory, or liquidation value.

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