SHA:600035 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	6,189	6,347	4,229	3,080	2,843	3,179
Other Revenue	226.93	226.93	157.88	116.31	73.95	85.43
Revenue	6,416	6,574	4,387	3,196	2,917	3,264
Revenue Growth (YoY)	38.86%	49.83%	37.27%	9.57%	-10.63%	31.26%
Cost of Revenue	5,266	5,358	2,976	1,724	1,432	1,661
Gross Profit	1,150	1,216	1,412	1,472	1,485	1,603
Selling, General & Admin	173.74	169.94	173.48	156.46	149.34	136.94
Research & Development	8.96	8.98	8.92	8.32	15.63	23.03
Other Operating Expenses	-46.78	-46.28	-39.35	-40.44	-21.05	18.79
Operating Expenses	146.11	142.83	151.78	-4.1	184.68	230.96
Operating Income	1,004	1,073	1,260	1,476	1,301	1,372
Interest Expense	-193.62	-193.62	-243.34	-272.66	-312.53	-294.17
Interest & Investment Income	111.91	106.75	82.94	64.47	24.99	14.13
Currency Exchange Gain (Loss)	-0.2	-0.2	-4.52	-0.34	12.69	-3.2
Other Non Operating Income (Expenses)	6.63	-17.33	-1.32	0.32	-0.85	-0.7
EBT Excluding Unusual Items	928.99	968.4	1,094	1,268	1,025	1,088
Gain (Loss) on Sale of Investments	1.42	1.42	-	-	-3.75	-
Gain (Loss) on Sale of Assets	-0.48	-0.31	-2.71	0.73	2.98	-
Asset Writedown	-319.78	-319.65	-0.96	0.62	-3.9	-0.46
Legal Settlements	-	-	-	-	-1.49	-
Other Unusual Items	103.27	103.27	0.68	5.45	2.65	32.66
Pretax Income	713.43	753.13	1,091	1,275	1,021	1,120
Income Tax Expense	293.34	294.77	305.82	313.06	274.55	347.24
Earnings From Continuing Operations	420.09	458.37	784.94	961.48	746.91	772.97
Minority Interest in Earnings	82.35	81.53	-17.3	-19.23	-24.27	-32.77
Net Income	502.44	539.89	767.63	942.25	722.65	740.2
Net Income to Common	502.44	539.89	767.63	942.25	722.65	740.2
Net Income Growth	-34.20%	-29.67%	-18.53%	30.39%	-2.37%	128.14%
Shares Outstanding (Basic)	1,580	1,588	1,599	1,597	1,606	1,609
Shares Outstanding (Diluted)	1,580	1,588	1,599	1,597	1,606	1,609
Shares Change (YoY)	-0.85%	-0.71%	0.14%	-0.55%	-0.20%	-5.77%
EPS (Basic)	0.32	0.34	0.48	0.59	0.45	0.46
EPS (Diluted)	0.32	0.34	0.48	0.59	0.45	0.46
EPS Growth	-33.63%	-29.17%	-18.64%	31.11%	-2.17%	142.10%
Free Cash Flow	-2,387	-1,320	794.42	604.79	1,519	1,543
Free Cash Flow Per Share	-1.51	-0.83	0.50	0.38	0.95	0.96
Dividend Per Share	0.160	0.160	0.170	0.190	0.140	0.140
Dividend Growth	-5.88%	-5.88%	-10.53%	35.71%	-	100.00%
Gross Margin	17.93%	18.49%	32.18%	46.05%	50.92%	49.11%
Operating Margin	15.65%	16.32%	28.72%	46.18%	44.59%	42.03%
Profit Margin	7.83%	8.21%	17.50%	29.48%	24.77%	22.68%
Free Cash Flow Margin	-37.21%	-20.08%	18.11%	18.92%	52.08%	47.26%
EBITDA	1,880	1,935	2,068	2,208	1,931	1,920
EBITDA Margin	29.30%	29.43%	47.13%	69.07%	66.19%	58.82%
D&A For EBITDA	875.64	862.07	807.81	731.72	630.04	548.01
EBIT	1,004	1,073	1,260	1,476	1,301	1,372
EBIT Margin	15.65%	16.32%	28.72%	46.18%	44.59%	42.03%
Effective Tax Rate	41.12%	39.14%	28.04%	24.56%	26.88%	31.00%
Revenue as Reported	6,574	6,574	4,387	3,196	2,917	3,264
Advertising Expenses	-	0.43	0.86	0.76	0.73	0.43

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