Activation Group 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	707.4	847.75	967.23	694.81	904.06
Revenue Growth (YoY)	-16.56%	-12.35%	39.21%	-23.15%	97.39%
Cost of Revenue	499.82	593.48	669.01	492.57	636.77
Gross Profit	207.58	254.27	298.22	202.24	267.28
Selling, General & Admin	122.31	146.14	145.13	152.12	128.5
Other Operating Expenses	3.43	5.45	2.14	10.15	2.39
Operating Expenses	125.74	151.59	147.28	162.27	130.89
Operating Income	81.84	102.68	150.95	39.97	136.4
Interest Expense	-0.37	-0.42	-0.41	-0.53	-0.61
Interest & Investment Income	-	1.95	1.33	1.7	1.68
Earnings From Equity Investments	3.48	4.41	4.2	0.32	-3.82
Other Non Operating Income (Expenses)	23.11	11.68	12.53	14.57	10.07
EBT Excluding Unusual Items	108.05	120.3	168.59	56.03	143.71
Gain (Loss) on Sale of Investments	-	-0.17	-3.81	-0.33	0.22
Gain (Loss) on Sale of Assets	-	-	-	-	0.7
Pretax Income	108.05	120.13	164.79	55.7	144.63
Income Tax Expense	26.96	32.75	46.37	27.45	42.07
Earnings From Continuing Operations	81.09	87.38	118.42	28.24	102.55
Minority Interest in Earnings	-5.09	-8.14	-10.43	-4.61	-10.07
Net Income	76	79.24	107.99	23.63	92.49
Net Income to Common	76	79.24	107.99	23.63	92.49
Net Income Growth	-4.09%	-26.62%	356.97%	-74.45%	294.86%
Shares Outstanding (Basic)	744	728	730	735	740
Shares Outstanding (Diluted)	744	744	740	735	740
Shares Change (YoY)	0.06%	0.58%	0.59%	-0.57%	-3.81%
EPS (Basic)	0.10	0.11	0.15	0.03	0.13
EPS (Diluted)	0.10	0.11	0.15	0.03	0.13
EPS Growth	-4.13%	-27.05%	354.84%	-74.33%	310.48%
Free Cash Flow	-	167.75	114.46	57.82	171.11
Free Cash Flow Per Share	-	0.23	0.15	0.08	0.23
Dividend Per Share	-	0.054	0.074	0.012	0.025
Dividend Growth	-	-27.68%	534.37%	-52.70%	-
Gross Margin	29.34%	29.99%	30.83%	29.11%	29.57%
Operating Margin	11.57%	12.11%	15.61%	5.75%	15.09%
Profit Margin	10.74%	9.35%	11.16%	3.40%	10.23%
Free Cash Flow Margin	-	19.79%	11.83%	8.32%	18.93%
EBITDA	84.06	104.9	153.14	42.03	137.21
EBITDA Margin	11.88%	12.37%	15.83%	6.05%	15.18%
D&A For EBITDA	2.22	2.22	2.19	2.06	0.81
EBIT	81.84	102.68	150.95	39.97	136.4
EBIT Margin	11.57%	12.11%	15.61%	5.75%	15.09%
Effective Tax Rate	24.95%	27.26%	28.14%	49.29%	29.09%

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