Baiwang 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	728.6	659.21	713	525.77	453.76
Revenue Growth (YoY)	10.53%	-7.54%	35.61%	15.87%	55.87%
Cost of Revenue	420.46	395.79	430.97	311.48	237.6
Gross Profit	308.13	263.42	282.03	214.29	216.16
Selling, General & Admin	193.74	251.97	371.91	172.38	269.82
Research & Development	135.03	179.93	187.96	144.28	137.78
Other Operating Expenses	8.29	-2.03	-2.55	-7.58	0.21
Operating Expenses	341.99	438.11	563.14	310.37	409.36
Operating Income	-33.86	-174.68	-281.11	-96.08	-193.2
Interest Expense	-0.52	-0.36	-1.02	-1.57	-0.24
Interest & Investment Income	3.54	2.45	6.88	10.31	10.58
Earnings From Equity Investments	-0.31	-5.32	-4.03	1.07	4.96
Currency Exchange Gain (Loss)	-	2.91	-	-	-
Other Non Operating Income (Expenses)	-	-24.66	-24.11	-16.24	-6.56
EBT Excluding Unusual Items	-31.15	-199.66	-303.39	-102.5	-184.46
Gain (Loss) on Sale of Investments	21.19	-298.37	-55.76	-53.49	-263.91
Gain (Loss) on Sale of Assets	-	-0.39	-0.03	-0.03	-0.01
Legal Settlements	-	-2.44	-	-	-
Pretax Income	-9.96	-500.86	-359.17	-156.03	-448.37
Income Tax Expense	0.02	0.46	0.12	0.2	-
Earnings From Continuing Operations	-9.98	-501.32	-359.29	-156.22	-448.37
Minority Interest in Earnings	0.35	0.11	1.31	2.72	1.44
Net Income	-9.63	-501.21	-357.98	-153.5	-446.94
Net Income to Common	-9.63	-501.21	-357.98	-153.5	-446.94
Shares Outstanding (Basic)	226	183	140	140	140
Shares Outstanding (Diluted)	226	183	140	140	140
Shares Change (YoY)	23.24%	30.93%	-	-	-
EPS (Basic)	-0.04	-2.73	-2.56	-1.10	-3.19
EPS (Diluted)	-0.04	-2.73	-2.56	-1.10	-3.19
Free Cash Flow	-	-155.31	-104.37	-68.42	-16.11
Free Cash Flow Per Share	-	-0.85	-0.74	-0.49	-0.12
Gross Margin	42.29%	39.96%	39.56%	40.76%	47.64%
Operating Margin	-4.65%	-26.50%	-39.43%	-18.27%	-42.58%
Profit Margin	-1.32%	-76.03%	-50.21%	-29.20%	-98.50%
Free Cash Flow Margin	-	-23.56%	-14.64%	-13.01%	-3.55%
EBITDA	-28.93	-169.76	-276.52	-91.81	-186.88
EBITDA Margin	-3.97%	-25.75%	-38.78%	-17.46%	-41.18%
D&A For EBITDA	4.93	4.93	4.59	4.28	6.33
EBIT	-33.86	-174.68	-281.11	-96.08	-193.2
EBIT Margin	-4.65%	-26.50%	-39.43%	-18.27%	-42.58%
Advertising Expenses	1.52	10.02	11.89	-	-

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