HKG:2048 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	2,375	3,798	4,446	5,033	8,866
Revenue Growth (YoY)	-37.47%	-14.59%	-11.66%	-43.23%	10.12%
Gross Profit	2,375	3,798	4,446	5,033	8,866
Selling, General & Admin	2,268	3,791	4,761	6,373	9,171
Other Operating Expenses	231.66	268.35	361.13	458.98	717.74
Operating Expenses	2,599	4,279	5,421	8,091	15,653
Operating Income	-223.99	-480.91	-974.62	-3,057	-6,787
Interest Expense	-478.73	-504.77	-443.05	-471.75	-538.8
Interest & Investment Income	-	2.82	11.85	48.67	43.59
Earnings From Equity Investments	-2.73	4.82	1.96	2.83	-33.04
Currency Exchange Gain (Loss)	-	-42.25	-59.03	-239.62	-6.56
Other Non Operating Income (Expenses)	145.29	-25.05	-0.5	-165.14	-3,406
EBT Excluding Unusual Items	-560.15	-1,045	-1,463	-3,882	-10,727
Impairment of Goodwill	-	-	-	-	-549.22
Gain (Loss) on Sale of Investments	-	-7.52	-22.93	-111.6	-324.74
Gain (Loss) on Sale of Assets	-	-126.87	-20.82	18.32	3.98
Asset Writedown	-33.44	-378.66	-41.01	-1,035	-309.31
Other Unusual Items	-	25.75	5.24	3.03	2.85
Pretax Income	-593.59	-1,533	-1,543	-5,008	-11,904
Income Tax Expense	2.47	-101.48	-18.12	-38.99	360.9
Earnings From Continuing Operations	-596.06	-1,431	-1,525	-4,969	-12,265
Minority Interest in Earnings	-15.88	157.86	285.05	1,072	621.97
Net Income	-611.93	-1,273	-1,240	-3,896	-11,643
Net Income to Common	-611.93	-1,273	-1,240	-3,896	-11,643
Shares Outstanding (Basic)	1,749	1,749	1,749	1,749	1,749
Shares Outstanding (Diluted)	1,749	1,749	1,749	1,749	1,749
Shares Change (YoY)	-0.01%	-	-	-	19.90%
EPS (Basic)	-0.35	-0.73	-0.71	-2.23	-6.66
EPS (Diluted)	-0.35	-0.73	-0.71	-2.23	-6.66
Free Cash Flow	-	-217.11	-445.01	-1,122	-2,740
Free Cash Flow Per Share	-	-0.12	-0.25	-0.64	-1.57
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%
Operating Margin	-9.43%	-12.66%	-21.92%	-60.75%	-76.55%
Profit Margin	-25.77%	-33.53%	-27.88%	-77.41%	-131.32%
Free Cash Flow Margin	-	-5.72%	-10.01%	-22.29%	-30.91%
EBITDA	-86.68	-343.6	-779.36	-2,656	-6,516
EBITDA Margin	-3.65%	-9.05%	-17.53%	-52.76%	-73.50%
D&A For EBITDA	137.31	137.31	195.25	401.82	270.52
EBIT	-223.99	-480.91	-974.62	-3,057	-6,787
EBIT Margin	-9.43%	-12.66%	-21.92%	-60.75%	-76.55%
Advertising Expenses	1,554	1,838	1,987	2,375	3,048

Updated Jun 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.