HKG:0535 Income Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	8,505	13,196	17,452	10,302	14,185
Revenue Growth (YoY)	-35.55%	-24.39%	69.40%	-27.37%	-15.99%
Cost of Revenue	8,726	12,691	15,607	10,039	13,255
Gross Profit	-221.58	505.08	1,845	263.83	930.09
Selling, General & Admin	88.44	104.61	127.6	200.38	172.94
Operating Expenses	1,095	508.92	453.46	254.73	172.94
Operating Income	-1,316	-3.84	1,392	9.1	757.15
Interest Expense	-935.56	-1,157	-1,336	-1,102	-853.3
Interest & Investment Income	95.12	282.32	523.26	384.43	396.05
Earnings From Equity Investments	-752.72	-2,378	-356.31	2,160	1,881
Other Non Operating Income (Expenses)	351.25	572.33	517.27	422.14	641.83
EBT Excluding Unusual Items	-2,558	-2,685	740.05	1,874	2,823
Impairment of Goodwill	-	-48.77	-	-	-
Gain (Loss) on Sale of Investments	-138.17	-673.55	542.63	317.46	179.85
Gain (Loss) on Sale of Assets	12.24	-63.41	-	20.62	166.4
Asset Writedown	-703.69	-38.67	491.58	1,272	1,396
Other Unusual Items	-	-	10.78	4.06	1,158
Pretax Income	-3,388	-3,509	1,785	3,488	5,723
Income Tax Expense	59.73	658.25	952.28	1,121	1,395
Earnings From Continuing Operations	-3,448	-4,167	832.75	2,367	4,329
Minority Interest in Earnings	36.47	-403.5	-490.03	-42.86	-314.7
Net Income	-3,411	-4,571	342.72	2,324	4,014
Net Income to Common	-3,411	-4,571	342.72	2,324	4,014
Net Income Growth	-	-	-85.25%	-42.11%	-7.81%
Shares Outstanding (Basic)	16,614	16,614	16,613	16,601	16,553
Shares Outstanding (Diluted)	16,614	16,614	16,617	16,617	16,634
Shares Change (YoY)	-	-0.02%	-0.00%	-0.10%	0.73%
EPS (Basic)	-0.21	-0.28	0.02	0.14	0.24
EPS (Diluted)	-0.21	-0.28	0.02	0.14	0.24
EPS Growth	-	-	-85.27%	-42.06%	-8.49%
Free Cash Flow	-	-189.45	1,669	2,030	71.07
Free Cash Flow Per Share	-	-0.01	0.10	0.12	0.00
Dividend Per Share	-	-	0.001	0.007	0.060
Dividend Growth	-	-	-85.29%	-88.33%	-25.00%
Gross Margin	-2.60%	3.83%	10.57%	2.56%	6.56%
Operating Margin	-15.48%	-0.03%	7.98%	0.09%	5.34%
Profit Margin	-40.11%	-34.64%	1.96%	22.56%	28.30%
Free Cash Flow Margin	-	-1.44%	9.56%	19.70%	0.50%
EBITDA	-1,255	57.83	1,446	40.89	792.8
EBITDA Margin	-14.75%	0.44%	8.28%	0.40%	5.59%
D&A For EBITDA	61.67	61.67	53.64	31.79	35.65
EBIT	-1,316	-3.84	1,392	9.1	757.15
EBIT Margin	-15.48%	-0.03%	7.98%	0.09%	5.34%
Effective Tax Rate	-	-	53.35%	32.15%	24.37%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.