Zero2IPO Holdings 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	232	192.48	238.46	220.63	207.89
Revenue Growth (YoY)	20.54%	-19.28%	8.08%	6.13%	16.49%
Cost of Revenue	123.87	125.5	143.27	123.64	108.77
Gross Profit	108.14	66.98	95.2	96.99	99.12
Selling, General & Admin	67.16	61.93	72.19	57.53	73.97
Research & Development	8.51	15.66	17.75	20.28	17.18
Other Operating Expenses	-5.2	-6.77	-1.69	-9.34	-8.36
Operating Expenses	70.47	73.71	94.83	76.22	87.01
Operating Income	37.66	-6.73	0.36	20.77	12.12
Interest Expense	-2.15	-1.57	-1.94	-1.01	-1.09
Interest & Investment Income	5.94	14.51	16.19	5.48	0.7
Earnings From Equity Investments	-0.55	1.29	1.45	0.17	0.5
Currency Exchange Gain (Loss)	-0.22	-0.41	-0.35	-4.83	-0.02
Other Non Operating Income (Expenses)	-	0.02	-0.32	-0.1	-
EBT Excluding Unusual Items	40.67	7.11	15.41	20.48	12.21
Gain (Loss) on Sale of Investments	43.15	10.1	5.63	2.58	5.85
Gain (Loss) on Sale of Assets	1.9	-0.14	-0.03	0.63	-
Pretax Income	85.72	17.06	21	23.7	18.05
Income Tax Expense	14.91	4.73	4.97	4.06	6.59
Earnings From Continuing Operations	70.8	12.33	16.04	19.63	11.47
Minority Interest in Earnings	-0.37	-0.19	0.09	0.72	-
Net Income	70.44	12.14	16.13	20.35	11.47
Net Income to Common	70.44	12.14	16.13	20.35	11.47
Net Income Growth	480.24%	-24.72%	-20.77%	77.49%	-63.54%
Shares Outstanding (Basic)	304	304	307	311	309
Shares Outstanding (Diluted)	304	304	307	311	309
Shares Change (YoY)	-0.17%	-0.86%	-1.27%	0.79%	18.60%
EPS (Basic)	0.23	0.04	0.05	0.07	0.04
EPS (Diluted)	0.23	0.04	0.05	0.07	0.04
EPS Growth	481.24%	-24.07%	-19.75%	76.10%	-69.25%
Free Cash Flow	-	4.92	16.74	7.87	33.7
Free Cash Flow Per Share	-	0.02	0.05	0.03	0.11
Gross Margin	46.61%	34.80%	39.92%	43.96%	47.68%
Operating Margin	16.23%	-3.50%	0.15%	9.41%	5.83%
Profit Margin	30.36%	6.31%	6.76%	9.22%	5.52%
Free Cash Flow Margin	-	2.56%	7.02%	3.56%	16.21%
EBITDA	40.13	-4.26	3.32	23.34	13.84
EBITDA Margin	17.30%	-2.21%	1.39%	10.58%	6.65%
D&A For EBITDA	2.47	2.47	2.96	2.57	1.72
EBIT	37.66	-6.73	0.36	20.77	12.12
EBIT Margin	16.23%	-3.50%	0.15%	9.41%	5.83%
Effective Tax Rate	17.40%	27.72%	23.65%	17.15%	36.48%
Advertising Expenses	2.77	4.35	3.22	5.65	4.76

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