Binwalk could not extract the full content

Question

Binwalk v2.1.1 on Ubuntu, and tried to research Zyxel Router firmware. First I unzipped FW, there was 3 files:

360AUG0C0.bin, 360AUG0C0.rom, AUG107.bm

I used binwalk to extract content of bin file, binwalk -Me 360AUG0C0.bin, but extracted content was just a lot of xml files and two .7z archives. What can be a problem? Below is binwalk log:

Scan Time:     2018-01-13 00:07:37
Target File:   /../../Downloads/stuff/P-2302R-P1C_360AUG0C0/360AUG0C0.bin
MD5 Checksum:  9c6fd89abcc52bebe35f9120ce84c0bf
Signatures:    344

DECIMAL       HEXADECIMAL     DESCRIPTION
--------------------------------------------------------------------------------
60068         0xEAA4          ZyXEL rom-0 configuration block, name: "dbgarea", compressed size: 0, uncompressed size: 0, data offset from start of block: 16
60224         0xEB40          ZyXEL rom-0 configuration block, name: "dbgarea", compressed size: 0, uncompressed size: 0, data offset from start of block: 16
98352         0x18030         LZMA compressed data, properties: 0x5D, dictionary size: 8388608 bytes, uncompressed size: 227420 bytes
232724        0x38D14         Unix path: /usr/share/tabset/vt100:\
233492        0x39014         ZyXEL rom-0 configuration block, name: "spt.dat", compressed size: 0, uncompressed size: 0, data offset from start of block: 16
233512        0x39028         ZyXEL rom-0 configuration block, name: "autoexec.net", compressed size: 25972, uncompressed size: 11886, data offset from start of block: 16
307248        0x4B030         LZMA compressed data, properties: 0x5D, dictionary size: 8388608 bytes, uncompressed size: 5587504 bytes


Scan Time:     2018-01-13 00:07:38
Target File:   /../../Downloads/stuff/P-2302R-P1C_360AUG0C0/_360AUG0C0.bin.extracted/18030
MD5 Checksum:  325a9d0d1f51e73fd07acc08941e72a2
Signatures:    344

DECIMAL       HEXADECIMAL     DESCRIPTION
--------------------------------------------------------------------------------


Scan Time:     2018-01-13 00:07:38
Target File:   /../../Downloads/stuff/P-2302R-P1C_360AUG0C0/_360AUG0C0.bin.extracted/4B030
MD5 Checksum:  31495089c3a566f413f2b86afed41c82
Signatures:    344

DECIMAL       HEXADECIMAL     DESCRIPTION
--------------------------------------------------------------------------------
3441718       0x348436        ZyXEL rom-0 configuration block, name: "autoexec.net", compressed size: 25972, uncompressed size: 11886, data offset from start of block: 16
3442044       0x34857C        Copyright string: "Copyright (c) 1994 - 2006 ZyXEL Communications Corp."
3471518       0x34F89E        ZyXEL rom-0 configuration block, name: "autoexec.net", compressed size: 25972, uncompressed size: 11886, data offset from start of block: 16
3493934       0x35502E        Neighborly text, "neighbor loss %d: adslAtucPerfLolThreshTrap"
3552100       0x363364        CRC32 polynomial table, big endian
3591525       0x36CD65        Unix path: /UDP/ICMP/GRE/ESP, from %s, proto=%u
3592386       0x36D0C2        Unix path: /UDP/ICMP/GRE/ESP, proto=%u
3607249       0x370AD1        Unix path: /in/out/both/none]
3621495       0x374277        Unix path: /disableAllExceptTrusted/unblockRWFToTrusted/keywordBlock/fullPath/caseInsensitive/fileName][enable/disable]
3700452       0x3876E4        Unix path: /C/Zyxel-XXXXXXXXX/CBRCPRXX/-/0104/0/www.taiwan-adult.com/80/ HTTP/1.1
3705584       0x388AF0        HTML document footer
3705864       0x388C08        HTML document header
3706140       0x388D1C        HTML document header
3715484       0x38B19C        Base64 standard index table
3869496       0x3B0B38        ZyXEL rom-0 configuration block, name: "dbgarea", compressed size: 0, uncompressed size: 0, data offset from start of block: 16
3906504       0x3B9BC8        XML document, version: "1.0"
3910084       0x3BA9C4        XML document, version: "1.0"
3910916       0x3BAD04        XML document, version: "1.0"
3916304       0x3BC210        XML document, version: "1.0"
3917004       0x3BC4CC        XML document, version: "1.0"
3928628       0x3BF234        XML document, version: "1.0"
3937121       0x3C1361        HTML document header
3937822       0x3C161E        XML document, version: "1.0"
3937939       0x3C1693        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
3984353       0x3CCBE1        HTML document header
3985051       0x3CCE9B        XML document, version: "1.0"
3985167       0x3CCF0F        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
3989273       0x3CDF19        HTML document header
3989960       0x3CE1C8        XML document, version: "1.0"
3990074       0x3CE23A        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
3994089       0x3CF1E9        HTML document header
3994779       0x3CF49B        XML document, version: "1.0"
3994895       0x3CF50F        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
3996009       0x3CF969        HTML document header
3996705       0x3CFC21        XML document, version: "1.0"
3996823       0x3CFC97        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4030866       0x3D8192        Base64 standard index table
4038917       0x3DA105        Copyright string: "Copyright.html"
4055567       0x3DE20F        Copyright string: "copyright {"
4056555       0x3DE5EB        Copyright string: "copyright {"
4058339       0x3DECE3        Copyright string: "copyright {"
4069187       0x3E1743        Copyright string: "copyright {"
4124248       0x3EEE58        HTML document header
4124852       0x3EF0B4        XML document, version: "1.0"
4124966       0x3EF126        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4138534       0x3F2626        HTML document header
4139218       0x3F28D2        XML document, version: "1.0"
4139335       0x3F2947        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4143697       0x3F3A51        HTML document header
4144384       0x3F3D00        XML document, version: "1.0"
4144498       0x3F3D72        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4148081       0x3F4B71        HTML document header
4148765       0x3F4E1D        XML document, version: "1.0"
4148879       0x3F4E8F        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4158731       0x3F750B        Copyright string: "Copyright.html','Copyright','width=430,height=310')" onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('Image4','','ima"
4158748       0x3F751C        Copyright string: "Copyright','width=430,height=310')" onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('Image4','','images/i_about_on.gi"
4223380       0x407194        Copyright string: "Copyright 2005 by ZyXEL Communications Corp."
4223432       0x4071C8        Copyright string: "Copyright 2005 par ZyXEL Communications Corp."
4223484       0x4071FC        Copyright string: "Copyright 2005 por ZyXEL Communications Corp."
4223536       0x407230        Copyright string: "Copyright 2005 di ZyXEL Communications Corp."
4345709       0x424F6D        HTML document header
4346435       0x425243        XML document, version: "1.0"
4346551       0x4252B7        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4353349       0x426D45        HTML document header
4354061       0x42700D        XML document, version: "1.0"
4354179       0x427083        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4356825       0x427AD9        HTML document header
4357526       0x427D96        XML document, version: "1.0"
4357643       0x427E0B        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4359497       0x428549        HTML document header
4360206       0x42880E        XML document, version: "1.0"
4360323       0x428883        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4365849       0x429E19        HTML document header
4366552       0x42A0D8        XML document, version: "1.0"
4366667       0x42A14B        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4411292       0x434F9C        XML document, version: "1.0"
4420321       0x4372E1        HTML document header
4421032       0x4375A8        XML document, version: "1.0"
4421147       0x43761B        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4423521       0x437F61        HTML document header
4424231       0x438227        XML document, version: "1.0"
4424347       0x43829B        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4471437       0x443A8D        HTML document header
4472110       0x443D2E        XML document, version: "1.0"
4472224       0x443DA0        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4476657       0x444EF1        HTML document header
4477328       0x445190        XML document, version: "1.0"
4477442       0x445202        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4480441       0x445DB9        HTML document header
4481123       0x446063        XML document, version: "1.0"
4481237       0x4460D5        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4482881       0x446741        HTML document header
4483568       0x4469F0        XML document, version: "1.0"
4483682       0x446A62        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4488597       0x447D95        HTML document header
4489274       0x44803A        XML document, version: "1.0"
4489388       0x4480AC        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4494041       0x4492D9        HTML document header
4494721       0x449581        XML document, version: "1.0"
4494835       0x4495F3        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4541701       0x454D05        HTML document header
4542383       0x454FAF        XML document, version: "1.0"
4542497       0x455021        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4544889       0x455979        HTML document header
4545511       0x455BE7        XML document, version: "1.0"
4545625       0x455C59        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4546029       0x455DED        HTML document header
4546715       0x45609B        XML document, version: "1.0"
4546829       0x45610D        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4548489       0x456789        HTML document header
4549184       0x456A40        XML document, version: "1.0"
4549298       0x456AB2        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4555897       0x458479        HTML document header
4556588       0x45872C        XML document, version: "1.0"
4556702       0x45879E        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4626461       0x46981D        HTML document header
4627117       0x469AAD        XML document, version: "1.0"
4627231       0x469B1F        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4631797       0x46ACF5        HTML document header
4632448       0x46AF80        XML document, version: "1.0"
4632562       0x46AFF2        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4645229       0x46E16D        HTML document header
4645891       0x46E403        XML document, version: "1.0"
4646005       0x46E475        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4647909       0x46EBE5        HTML document header
4648567       0x46EE77        XML document, version: "1.0"
4648681       0x46EEE9        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4651789       0x46FB0D        HTML document header
4652454       0x46FDA6        XML document, version: "1.0"
4652568       0x46FE18        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4656709       0x470E45        HTML document header
4657372       0x4710DC        XML document, version: "1.0"
4657486       0x47114E        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4663141       0x472765        HTML document header
4663811       0x472A03        XML document, version: "1.0"
4663925       0x472A75        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4665425       0x473051        HTML document header
4666090       0x4732EA        XML document, version: "1.0"
4666204       0x47335C        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4667989       0x473A55        HTML document header
4668659       0x473CF3        XML document, version: "1.0"
4668773       0x473D65        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4671789       0x47492D        HTML document header
4672445       0x474BBD        XML document, version: "1.0"
4672559       0x474C2F        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4686680       0x478358        Base64 standard index table
4696558       0x47A9EE        GIF image data, version "89a", 2 x 2
4696606       0x47AA1E        GIF image data, version "89a", 4 x 7
4696702       0x47AA7E        GIF image data, version "89a", 1 x 34
4696798       0x47AADE        GIF image data, version "89a", 1 x 900
4698178       0x47B042        GIF image data, version "89a", 1 x 3
4698242       0x47B082        GIF image data, version "89a", 3 x 1
4698306       0x47B0C2        GIF image data, version "89a", 3 x 1
4698370       0x47B102        GIF image data, version "89a", 1 x 3
4698434       0x47B142        GIF image data, version "89a", 14 x 14
4698522       0x47B19A        GIF image data, version "89a", 12 x 12
4699426       0x47B522        GIF image data, version "89a", 1 x 1
4699478       0x47B556        GIF image data, version "89a", 13 x 13
4699602       0x47B5D2        GIF image data, version "89a", 13 x 13
4699786       0x47B68A        GIF image data, version "89a", 16 x 22
4700118       0x47B7D6        GIF image data, version "89a", 16 x 22
4700454       0x47B926        GIF image data, version "89a", 16 x 22
4700786       0x47BA72        GIF image data, version "89a", 16 x 22
4701122       0x47BBC2        GIF image data, version "89a", 16 x 22
4701206       0x47BC16        GIF image data, version "89a", 1 x 19
4701306       0x47BC7A        GIF image data, version "89a", 18 x 17
4701426       0x47BCF2        GIF image data, version "89a", 22 x 22
4701902       0x47BECE        GIF image data, version "89a", 22 x 22
4702378       0x47C0AA        GIF image data, version "89a", 11 x 17
4702694       0x47C1E6        GIF image data, version "89a", 22 x 22
4703190       0x47C3D6        GIF image data, version "89a", 22 x 22
4703682       0x47C5C2        GIF image data, version "89a", 17 x 16
4703818       0x47C64A        GIF image data, version "89a", 22 x 22
4705090       0x47CB42        GIF image data, version "89a", 22 x 22
4705614       0x47CD4E        GIF image data, version "89a", 18 x 18
4705698       0x47CDA2        GIF image data, version "89a", 18 x 18
4705774       0x47CDEE        GIF image data, version "89a", 169 x 50
4708034       0x47D6C2        GIF image data, version "89a", 1 x 1000
4708690       0x47D952        GIF image data, version "89a", 155 x 55
4711634       0x47E4D2        GIF image data, version "89a", 155 x 55
4714562       0x47F042        GIF image data, version "89a", 155 x 1
4714670       0x47F0AE        GIF image data, version "89a", 155 x 59
4716402       0x47F772        GIF image data, version "89a", 1 x 13
4716498       0x47F7D2        GIF image data, version "89a", 1 x 13
4716594       0x47F832        GIF image data, version "89a", 1 x 22
4716746       0x47F8CA        GIF image data, version "89a", 15 x 21
4717370       0x47FB3A        GIF image data, version "89a", 1 x 21
4717814       0x47FCF6        GIF image data, version "89a", 15 x 21
4718438       0x47FF66        GIF image data, version "89a", 14 x 24
4718842       0x4800FA        GIF image data, version "89a", 1 x 24
4718994       0x480192        GIF image data, version "89a", 14 x 24
4719402       0x48032A        GIF image data, version "89a", 14 x 24
4719562       0x4803CA        GIF image data, version "89a", 1 x 24
4719658       0x48042A        GIF image data, version "89a", 14 x 24
4719818       0x4804CA        GIF image data, version "89a", 1 x 55
4720098       0x4805E2        GIF image data, version "89a", 1 x 36
4720254       0x48067E        GIF image data, version "89a", 16 x 22
4720362       0x4806EA        GIF image data, version "89a", 34 x 358
4725174       0x4819B6        GIF image data, version "89a", 1 x 45
4726030       0x481D0E        GIF image data, version "89a", 13 x 13
4726150       0x481D86        GIF image data, version "89a", 13 x 13
4726338       0x481E42        GIF image data, version "89a", 3 x 20
4726390       0x481E76        GIF image data, version "89a", 1 x 600
4727550       0x4822FE        GIF image data, version "89a", 1 x 30
4728394       0x48264A        GIF image data, version "89a", 10 x 30
4729062       0x4828E6        GIF image data, version "89a", 10 x 30
4730138       0x482D1A        GIF image data, version "89a", 153 x 285
4735458       0x4841E2        GIF image data, version "89a", 1 x 20
4735558       0x484246        GIF image data, version "89a", 16 x 14
4735874       0x484382        GIF image data, version "89a", 16 x 18
4736226       0x4844E2        GIF image data, version "89a", 1 x 20
4736326       0x484546        GIF image data, version "89a", 41 x 36
4736846       0x48474E        GIF image data, version "89a", 19 x 14
4737406       0x48497E        GIF image data, version "89a", 17 x 14
4737738       0x484ACA        GIF image data, version "89a", 19 x 14
4738066       0x484C12        GIF image data, version "89a", 17 x 14
4738274       0x484CE2        GIF image data, version "89a", 19 x 14
4738374       0x484D46        GIF image data, version "89a", 61 x 47
4741454       0x48594E        GIF image data, version "89a", 61 x 47
4742834       0x485EB2        GIF image data, version "89a", 61 x 47
4744382       0x4864BE        GIF image data, version "89a", 61 x 47
4747466       0x4870CA        GIF image data, version "89a", 20 x 14
4747606       0x487156        GIF image data, version "89a", 20 x 14
4747942       0x4872A6        GIF image data, version "89a", 23 x 21
4749130       0x48774A        GIF image data, version "89a", 19 x 14
4749486       0x4878AE        GIF image data, version "89a", 26 x 10
4749578       0x48790A        GIF image data, version "89a", 26 x 10
4749670       0x487966        GIF image data, version "89a", 28 x 16
4750538       0x487CCA        GIF image data, version "89a", 28 x 16
4750610       0x487D12        GIF image data, version "89a", 28 x 16
4751482       0x48807A        GIF image data, version "89a", 19 x 14
4751838       0x4881DE        GIF image data, version "89a", 2 x 435
4752086       0x4882D6        GIF image data, version "89a", 61 x 47
4753750       0x488956        GIF image data, version "89a", 61 x 47
4756942       0x4895CE        GIF image data, version "89a", 48 x 67
4773114       0x48D4FA        GIF image data, version "89a", 50 x 37
4776430       0x48E1EE        GIF image data, version "89a", 53 x 19
4776974       0x48E40E        GIF image data, version "89a", 53 x 19
4777402       0x48E5BA        GIF image data, version "89a", 48 x 67
4827065       0x49A7B9        HTML document header
4827742       0x49AA5E        XML document, version: "1.0"
4827856       0x49AAD0        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4830673       0x49B5D1        HTML document header
4831356       0x49B87C        XML document, version: "1.0"
4831470       0x49B8EE        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4843989       0x49E9D5        HTML document header
4844681       0x49EC89        XML document, version: "1.0"
4844799       0x49ECFF        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4877565       0x4A6CFD        HTML document header
4878242       0x4A6FA2        XML document, version: "1.0"
4878356       0x4A7014        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4879897       0x4A7619        HTML document header
4880582       0x4A78C6        XML document, version: "1.0"
4880696       0x4A7938        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4884821       0x4A8955        HTML document header
4885514       0x4A8C0A        XML document, version: "1.0"
4885628       0x4A8C7C        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4888997       0x4A99A5        HTML document header
4889694       0x4A9C5E        XML document, version: "1.0"
4889811       0x4A9CD3        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4892621       0x4AA7CD        HTML document header
4893306       0x4AAA7A        XML document, version: "1.0"
4893420       0x4AAAEC        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4935349       0x4B4EB5        HTML document header
4936024       0x4B5158        XML document, version: "1.0"
4936138       0x4B51CA        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4937833       0x4B5869        HTML document header
4938514       0x4B5B12        XML document, version: "1.0"
4938628       0x4B5B84        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4940349       0x4B623D        HTML document header
4941028       0x4B64E4        XML document, version: "1.0"
4941142       0x4B6556        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4942829       0x4B6BED        HTML document header
4943498       0x4B6E8A        XML document, version: "1.0"
4943612       0x4B6EFC        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4946177       0x4B7901        HTML document header
4946852       0x4B7BA4        XML document, version: "1.0"
4946966       0x4B7C16        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4950533       0x4B8A05        HTML document header
4951239       0x4B8CC7        XML document, version: "1.0"
4951355       0x4B8D3B        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4978281       0x4BF669        HTML document header
4978966       0x4BF916        XML document, version: "1.0"
4979080       0x4BF988        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
4981993       0x4C04E9        HTML document header
4982674       0x4C0792        XML document, version: "1.0"
4982788       0x4C0804        Unix path: /www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
5031144       0x4CC4E8        Copyright string: "Copyright (c) BRECIS Communications"
5439908       0x5301A4        Base64 standard index table
5471481       0x537CF9        Unix path: /config_action/flow/classifier/statistics/web
5477216       0x539360        Unix path: /config/config-action/flow/classifier/statistics/web/help
5486005       0x53B5B5        Unix path: /proj/software/pub/CVSROOT/mips/t38/mdm_src/r17_cor.c,v 1.7 2005/09/28 18:59:56 bostromc Exp $
5486917       0x53B945        Unix path: /proj/software/pub/CVSROOT/mips/t38/mdm_src/r17_dcd.c,v 1.4 2005/04/25 23:13:33 sillettr Exp $
5488929       0x53C121        Unix path: /proj/software/pub/CVSROOT/mips/t38/mdm_src/r21_cor.c,v 1.6 2005/04/25 23:13:33 sillettr Exp $
5489073       0x53C1B1        Unix path: /proj/software/pub/CVSROOT/mips/t38/mdm_src/r2x_cor.c,v 1.7 2005/04/25 23:13:34 sillettr Exp $
5490821       0x53C885        Unix path: /proj/software/pub/CVSROOT/mips/t38/mdm_src/r2x_scm.c,v 1.2 2005/04/25 23:13:34 sillettr Exp $
5491157       0x53C9D5        Unix path: /proj/software/pub/CVSROOT/mips/t38/mdm_src/rcm_rot.c,v 1.2 2003/06/18 00:58:25 cbostrom Exp $
5494509       0x53D6ED        Unix path: /proj/software/pub/CVSROOT/mips/t38/mdm_src/t21_cor.c,v 1.3 2005/04/25 23:13:34 sillettr Exp $
5497205       0x53E175        Unix path: /proj/software/pub/CVSROOT/mips/t38/mdm_src/mdm_fltr.c,v 1.3 2005/04/25 23:13:33 sillettr Exp $
5499045       0x53E8A5        Unix path: /proj/software/pub/CVSROOT/mips/t38/mdm_src/r17_baud.c,v 1.5 2005/09/28 18:59:56 bostromc Exp $
5541456       0x548E50        HTML document footer
5541648       0x548F10        HTML document footer
5549106       0x54AC32        ZyXEL rom-0 configuration block, name: "spt.dat", compressed size: 30581, uncompressed size: 26729, data offset from start of block: 16
5550136       0x54B038        HTML document header
5550144       0x54B040        HTML document footer
5582796       0x552FCC        HTML document footer
5586092       0x553CAC        Copyright string: "Copyright (c) 1996-2000 Express Logic Inc. * ThreadX R3900/Green Hills Version G3.0f.3.0b *"
5586653       0x553EDD        MySQL MISAM index file Version 6
5586672       0x553EF0        MySQL ISAM compressed data file Version 6

Link

Answer 1

If the output of the Binwalk is not explicit enough, it is worth to see the content of the binary with a hex editor.

So, if you open the binary file, you will see a lot of zeros and identical bytes at the beginning, which is a clear indication, that at least the first part of the file is neither encrypted nor compressed. If you don't know what these bytes means, just go further in the file and you may find strings, which can clear the situation. In this case, the strings state that the first part of the binary is a bootloader, specifically the MultiBoot Client version 2.3.

You can find also, that the bootloader uses LZMA compression, such as stated by the Binwalk. Thus, you have a bootloader and two compressed image. By comparing the start of these parts, one can observe that each one contains the SIG string, the size of the image, name of the image and a CRC value. The compressed image started at the 0x30 offset with a typical LZMA header.

The decompressed parts have low entropy and contains strings, which means that the extraction was successful. The router OS is an RTOS (according to the strings it is ZynOS) and not Linux, so you won't find any filesystem in the firmware image.