SHA:600018 Income Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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
Operating Revenue	39,126	38,360	36,986	36,423	36,195	33,282
Other Revenue	1,251	1,251	1,131	1,128	1,085	1,006
Revenue	40,377	39,611	38,117	37,552	37,280	34,289
Revenue Growth (YoY)	4.38%	3.92%	1.51%	0.73%	8.72%	31.28%
Cost of Revenue	25,584	25,353	24,629	23,563	24,178	20,369
Gross Profit	14,793	14,259	13,488	13,989	13,102	13,920
Selling, General & Admin	3,362	3,282	3,338	3,137	3,217	4,293
Research & Development	184.53	185.71	173.32	205.77	191.06	143.45
Other Operating Expenses	352.99	391.59	744.15	891.43	996.72	811.34
Operating Expenses	3,905	3,865	4,285	4,213	4,428	5,252
Operating Income	10,888	10,394	9,202	9,776	8,674	8,667
Interest Expense	-1,064	-1,064	-1,205	-1,123	-1,040	-1,025
Interest & Investment Income	8,208	8,375	8,784	7,664	12,508	10,349
Currency Exchange Gain (Loss)	-49.71	-49.71	27.11	-60.49	-69.38	-120.46
Other Non Operating Income (Expenses)	-213.62	-153.09	-6.77	-20.79	-29.78	-50.3
EBT Excluding Unusual Items	17,769	17,503	16,802	16,235	20,043	17,820
Gain (Loss) on Sale of Investments	193.87	144.46	216.29	139.97	258.5	107.48
Gain (Loss) on Sale of Assets	499.99	445.53	502.67	-6.55	53.34	-94.35
Asset Writedown	-890.41	-890.58	-	-733.62	-302	-643.65
Other Unusual Items	1,009	1,009	1,195	611.63	71.66	771.85
Pretax Income	18,581	18,211	18,716	16,247	20,124	17,961
Income Tax Expense	3,403	3,257	2,652	2,239	2,214	2,481
Earnings From Continuing Operations	15,178	14,954	16,064	14,008	17,910	15,481
Minority Interest in Earnings	-1,513	-1,389	-1,109	-804.65	-686.2	-
Net Income	13,665	13,565	14,954	13,203	17,224	15,481
Net Income to Common	13,665	13,565	14,954	13,203	17,224	15,481
Net Income Growth	-9.89%	-9.29%	13.26%	-23.34%	11.26%	86.35%
Shares Outstanding (Basic)	23,247	23,239	23,221	23,200	23,203	24,433
Shares Outstanding (Diluted)	23,255	23,251	23,235	23,212	23,203	24,433
Shares Change (YoY)	0.06%	0.07%	0.10%	0.04%	-5.03%	5.44%
EPS (Basic)	0.59	0.58	0.64	0.57	0.74	0.63
EPS (Diluted)	0.59	0.58	0.64	0.57	0.74	0.63
EPS Growth	-9.94%	-9.35%	13.15%	-23.37%	17.16%	76.74%
Free Cash Flow	5,821	4,931	2,972	5,412	8,048	9,189
Free Cash Flow Per Share	0.25	0.21	0.13	0.23	0.35	0.38
Dividend Per Share	0.195	0.195	0.195	0.172	0.140	0.190
Dividend Growth	-	-	13.37%	22.86%	-26.30%	48.41%
Gross Margin	36.64%	36.00%	35.38%	37.25%	35.14%	40.60%
Operating Margin	26.96%	26.24%	24.14%	26.03%	23.27%	25.28%
Profit Margin	33.84%	34.24%	39.23%	35.16%	46.20%	45.15%
Free Cash Flow Margin	14.42%	12.45%	7.80%	14.41%	21.59%	26.80%
EBITDA	14,758	14,237	12,937	13,262	11,961	11,962
EBITDA Margin	36.55%	35.94%	33.94%	35.32%	32.08%	34.89%
D&A For EBITDA	3,870	3,843	3,735	3,486	3,287	3,295
EBIT	10,888	10,394	9,202	9,776	8,674	8,667
EBIT Margin	26.96%	26.24%	24.14%	26.03%	23.27%	25.28%
Effective Tax Rate	18.32%	17.89%	14.17%	13.78%	11.00%	13.81%
Revenue as Reported	39,611	39,611	38,117	37,552	37,280	34,289
Advertising Expenses	-	25.68	33.62	38.01	42.94	42.59

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