Zungwon EnSys Q1 Sales +88%, Net Profit Surges, New Borrowings & Cash Flow Deterioration

Consolidated sales: 75.3 billion KRW (vs 40.1 billion in Q1 2025, +87.7%), net profit 729 million KRW (vs 2.2 million, surge)
New short-term borrowings 12.5 billion KRW (supply chain financing), net debt 7.7 billion, net debt ratio 16.7%
Operating cash flow -17.8 billion (due to increase in trade receivables +11.5B and decrease in contract liabilities -14.0B)
Trade receivables 35.4 billion (vs year-end 23.9B, +48%), inventories 32.5 billion (vs 26.1B, +25%)
Two pending lawsuits: shareholder meeting validity (100 million KRW) and damage claim (1.2 billion, appealed after loss in first trial)
Treasury stock trust terminated, now held directly (729,335 shares, 1.44 billion), no new buyback or cancellation