Duality Biotherapeutics 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
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Revenue	1,852	1,941	1,787
Revenue Growth (YoY)	-4.61%	8.66%	-
Cost of Revenue	1,263	1,157	427.66
Gross Profit	589.09	784.67	1,359
Selling, General & Admin	214.61	158.69	62.57
Research & Development	837.77	815.38	559
Other Operating Expenses	-3.16	-2.36	1.06
Operating Expenses	1,049	971.71	622.62
Operating Income	-460.12	-187.04	736.27
Interest Expense	-1.21	-0.25	-0.19
Interest & Investment Income	99.31	48.11	34.48
Currency Exchange Gain (Loss)	-34.74	12.27	41.94
Other Non Operating Income (Expenses)	-2,206	-873.42	-1,018
EBT Excluding Unusual Items	-2,603	-1,000	-205.4
Asset Writedown	-	-21.35	-
Other Unusual Items	7.99	7.12	3.15
Pretax Income	-2,595	-1,015	-202.25
Income Tax Expense	-	35.89	155.26
Net Income	-2,595	-1,050	-357.51
Net Income to Common	-2,595	-1,050	-357.51
Shares Outstanding (Basic)	65	8	8
Shares Outstanding (Diluted)	65	8	8
Shares Change (YoY)	714.45%	-	-
EPS (Basic)	-39.82	-131.30	-44.69
EPS (Diluted)	-39.82	-131.30	-44.69
Free Cash Flow	194.58	281.7	805.05
Free Cash Flow Per Share	2.99	35.21	100.63
Gross Margin	31.81%	40.42%	76.06%
Operating Margin	-24.85%	-9.63%	41.21%
Profit Margin	-140.13%	-54.11%	-20.01%
Free Cash Flow Margin	10.51%	14.51%	45.06%
EBITDA	-447.81	-183.72	737.75
EBITDA Margin	-24.18%	-9.46%	41.30%
D&A For EBITDA	12.32	3.32	1.48
EBIT	-460.12	-187.04	736.27
EBIT Margin	-24.85%	-9.63%	41.21%

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