Fulu 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	330.96	359.79	560.41	479.86	399.28
Revenue Growth (YoY)	-8.01%	-35.80%	16.79%	20.18%	21.65%
Cost of Revenue	72.17	105.57	144.23	120.63	104.04
Gross Profit	258.79	254.22	416.18	359.24	295.24
Selling, General & Admin	159.14	190.51	282.45	247.63	218.54
Research & Development	33.57	44.22	58.57	61.29	41.36
Operating Expenses	222.1	238	351.64	314.13	262.32
Operating Income	36.7	16.22	64.53	45.11	32.93
Interest Expense	-2.14	-3.67	-3.56	-1.51	-0.66
Interest & Investment Income	3.2	3.53	3.84	3.52	4.97
Currency Exchange Gain (Loss)	-	0.15	-2.01	0.43	-3.02
Other Non Operating Income (Expenses)	4.5	9.27	30.27	38.73	40.98
EBT Excluding Unusual Items	42.27	25.49	93.07	86.28	75.2
Gain (Loss) on Sale of Assets	0.17	0.54	2.29	-	-
Pretax Income	42.43	26.03	95.36	86.28	75.2
Income Tax Expense	22.56	6.62	15.23	-4.45	6.98
Earnings From Continuing Operations	19.88	19.41	80.13	90.73	68.22
Minority Interest in Earnings	7.43	0.76	11.49	7.16	-
Net Income	27.3	20.16	91.61	97.88	68.22
Net Income to Common	27.3	20.16	91.61	97.88	68.22
Net Income Growth	35.41%	-77.99%	-6.40%	43.47%	-43.57%
Shares Outstanding (Basic)	403	407	404	402	400
Shares Outstanding (Diluted)	403	408	406	404	401
Shares Change (YoY)	-1.13%	0.44%	0.45%	0.72%	21.88%
EPS (Basic)	0.07	0.05	0.23	0.24	0.17
EPS (Diluted)	0.07	0.05	0.23	0.24	0.17
EPS Growth	36.83%	-78.15%	-5.58%	41.18%	-53.71%
Free Cash Flow	-	203.92	-53.75	19.56	-126.6
Free Cash Flow Per Share	-	0.50	-0.13	0.05	-0.32
Dividend Per Share	-	-	-	0.103	0.143
Dividend Growth	-	-	-	-28.44%	-46.79%
Gross Margin	78.19%	70.66%	74.26%	74.86%	73.94%
Operating Margin	11.09%	4.51%	11.52%	9.40%	8.25%
Profit Margin	8.25%	5.60%	16.35%	20.40%	17.09%
Free Cash Flow Margin	-	56.68%	-9.59%	4.08%	-31.71%
EBITDA	39.53	19.05	66.94	47.14	34.41
EBITDA Margin	11.95%	5.30%	11.94%	9.82%	8.62%
D&A For EBITDA	2.84	2.84	2.4	2.03	1.48
EBIT	36.7	16.22	64.53	45.11	32.93
EBIT Margin	11.09%	4.51%	11.52%	9.40%	8.25%
Effective Tax Rate	53.16%	25.44%	15.97%	-	9.28%

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