SHA:600048 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	298,891	307,432	310,299	345,380	280,126	283,875
Other Revenue	711.86	711.86	1,368	1,492	936.51	1,077
Revenue	299,603	308,144	311,666	346,872	281,063	284,952
Revenue Growth (YoY)	-5.25%	-1.13%	-10.15%	23.41%	-1.36%	17.18%
Cost of Revenue	268,654	274,299	273,225	295,678	220,123	208,514
Gross Profit	30,949	33,845	38,441	51,194	60,940	76,438
Selling, General & Admin	13,089	13,242	13,974	14,036	12,274	12,818
Research & Development	36.49	36.82	56.31	85.87	1,238	1,436
Other Operating Expenses	5,451	5,729	5,904	10,169	12,883	15,596
Operating Expenses	18,790	19,190	20,073	24,289	26,437	29,899
Operating Income	12,159	14,655	18,368	26,905	34,503	46,539
Interest Expense	-4,789	-4,638	-5,763	-6,573	-5,507	-5,583
Interest & Investment Income	823.93	987.33	3,557	4,981	7,470	8,716
Currency Exchange Gain (Loss)	23.82	23.82	-154.26	-77.49	-848.47	78.21
Other Non Operating Income (Expenses)	-587.26	-714.42	-1,018	-530.97	56.47	-439.82
EBT Excluding Unusual Items	7,630	10,314	14,990	24,705	35,674	49,311
Gain (Loss) on Sale of Investments	-1,181	-983.72	-16.63	-661.22	-414.55	246.22
Gain (Loss) on Sale of Assets	153.28	154.25	81.68	231.97	112.93	15.8
Asset Writedown	0.06	-1.41	1.42	-2.01	-1.12	-1.41
Other Unusual Items	288.99	254.12	524.82	351.95	-70.42	463.73
Pretax Income	6,892	9,737	15,581	24,626	35,301	50,035
Income Tax Expense	4,260	4,715	5,843	6,727	8,313	12,845
Earnings From Continuing Operations	2,632	5,022	9,738	17,899	26,987	37,189
Minority Interest in Earnings	-2,814	-3,987	-4,737	-5,832	-8,667	-9,802
Net Income	-182.27	1,035	5,001	12,067	18,320	27,388
Net Income to Common	-182.27	1,035	5,001	12,067	18,320	27,388
Net Income Growth	-	-79.31%	-58.55%	-34.13%	-33.11%	-5.39%
Shares Outstanding (Basic)	11,396	11,497	11,908	11,948	11,974	11,960
Shares Outstanding (Diluted)	11,396	11,497	11,908	11,948	11,974	11,960
Shares Change (YoY)	-4.58%	-3.45%	-0.34%	-0.22%	0.12%	-0.02%
EPS (Basic)	-0.02	0.09	0.42	1.01	1.53	2.29
EPS (Diluted)	-0.02	0.09	0.42	1.01	1.53	2.29
EPS Growth	-	-78.57%	-58.42%	-33.99%	-33.19%	-5.37%
Free Cash Flow	21,693	14,702	6,078	13,751	7,236	10,280
Free Cash Flow Per Share	1.90	1.28	0.51	1.15	0.60	0.86
Dividend Per Share	0.035	0.035	0.170	0.410	0.450	0.580
Dividend Growth	-79.41%	-79.41%	-58.54%	-8.89%	-22.41%	-20.55%
Gross Margin	10.33%	10.98%	12.33%	14.76%	21.68%	26.82%
Operating Margin	4.06%	4.76%	5.89%	7.76%	12.28%	16.33%
Profit Margin	-0.06%	0.34%	1.60%	3.48%	6.52%	9.61%
Free Cash Flow Margin	7.24%	4.77%	1.95%	3.96%	2.57%	3.61%
EBITDA	14,218	16,622	19,965	28,533	36,026	47,933
EBITDA Margin	4.75%	5.39%	6.41%	8.23%	12.82%	16.82%
D&A For EBITDA	2,060	1,967	1,597	1,627	1,524	1,394
EBIT	12,159	14,655	18,368	26,905	34,503	46,539
EBIT Margin	4.06%	4.76%	5.89%	7.76%	12.28%	16.33%
Effective Tax Rate	61.81%	48.42%	37.50%	27.32%	23.55%	25.67%
Revenue as Reported	299,603	308,144	311,666	346,894	281,108	285,024
Advertising Expenses	-	1,343	1,661	1,666	1,625	1,824

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