Zero2IPO Holdings Income Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	176.08	192.48	238.46	220.63	207.89	178.47
Revenue Growth (YoY)	-21.71%	-19.28%	8.08%	6.13%	16.49%	6.58%
Cost of Revenue	119.91	125.5	143.27	123.64	108.77	74.89
Gross Profit	56.17	66.98	95.2	96.99	99.12	103.58
Selling, General & Admin	61.32	61.93	72.19	57.53	73.97	56
Research & Development	12.34	15.66	17.75	20.28	17.18	8.87
Other Operating Expenses	-6.11	-6.77	-1.69	-9.34	-8.36	-1.92
Operating Expenses	70.44	73.71	94.83	76.22	87.01	64
Operating Income	-14.27	-6.73	0.36	20.77	12.12	39.58
Interest Expense	-1.91	-1.57	-1.94	-1.01	-1.09	-1.37
Interest & Investment Income	9.07	14.51	16.19	5.48	0.7	0.12
Earnings From Equity Investments	0.54	1.29	1.45	0.17	0.5	-0.54
Currency Exchange Gain (Loss)	-0.35	-0.41	-0.35	-4.83	-0.02	-0.51
Other Non Operating Income (Expenses)	0.02	0.02	-0.32	-0.1	-	-
EBT Excluding Unusual Items	-6.9	7.11	15.41	20.48	12.21	37.27
Gain (Loss) on Sale of Investments	18.23	10.1	5.63	2.58	5.85	1.49
Gain (Loss) on Sale of Assets	-0.14	-0.14	-0.03	0.63	-	0.37
Pretax Income	12.42	17.06	21	23.7	18.05	39.13
Income Tax Expense	7.23	4.73	4.97	4.06	6.59	7.68
Earnings From Continuing Operations	5.19	12.33	16.04	19.63	11.47	31.45
Minority Interest in Earnings	-0.97	-0.19	0.09	0.72	-	-
Net Income	4.22	12.14	16.13	20.35	11.47	31.45
Net Income to Common	4.22	12.14	16.13	20.35	11.47	31.45
Net Income Growth	-76.77%	-24.72%	-20.77%	77.49%	-63.54%	-8.91%
Shares Outstanding (Basic)	304	304	307	311	309	260
Shares Outstanding (Diluted)	304	304	307	311	309	260
Shares Change (YoY)	-0.95%	-0.86%	-1.27%	0.79%	18.60%	0.08%
EPS (Basic)	0.01	0.04	0.05	0.07	0.04	0.12
EPS (Diluted)	0.01	0.04	0.05	0.07	0.04	0.12
EPS Growth	-76.55%	-24.07%	-19.75%	76.10%	-69.25%	-8.99%
Free Cash Flow	-26.95	4.92	16.74	7.87	33.7	78.02
Free Cash Flow Per Share	-0.09	0.02	0.05	0.03	0.11	0.30
Gross Margin	31.90%	34.80%	39.92%	43.96%	47.68%	58.04%
Operating Margin	-8.10%	-3.50%	0.15%	9.41%	5.83%	22.18%
Profit Margin	2.40%	6.31%	6.76%	9.22%	5.52%	17.62%
Free Cash Flow Margin	-15.30%	2.56%	7.02%	3.56%	16.21%	43.72%
EBITDA	-11.07	-4.26	3.32	23.34	13.84	41.88
EBITDA Margin	-6.28%	-2.21%	1.39%	10.58%	6.65%	23.47%
D&A For EBITDA	3.21	2.47	2.96	2.57	1.72	2.3
EBIT	-14.27	-6.73	0.36	20.77	12.12	39.58
EBIT Margin	-8.10%	-3.50%	0.15%	9.41%	5.83%	22.18%
Effective Tax Rate	58.18%	27.72%	23.65%	17.15%	36.48%	19.62%
Advertising Expenses	-	4.35	3.22	5.65	4.76	4.81

Source: S&P Global Market Intelligence. Standard template. Financial Sources.