Shanghai Belling Income Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Operating Revenue	3,122	2,780	2,082	1,994	1,960	1,280
Other Revenue	38.93	38.93	55.32	50.63	63.98	52.15
Revenue	3,161	2,819	2,137	2,044	2,024	1,332
Revenue Growth (YoY)	22.69%	31.89%	4.54%	0.98%	51.95%	21.34%
Cost of Revenue	2,326	2,051	1,529	1,361	1,342	952.21
Gross Profit	834.81	767.34	608.39	683.67	682.4	379.99
Selling, General & Admin	189.19	159.81	150.12	137.39	147.43	109.15
Research & Development	455.56	423.37	351.81	255.05	173.43	113.44
Other Operating Expenses	-32.72	-42.34	-6.6	-1.59	7.96	4.96
Operating Expenses	611.7	541.51	495.85	390.86	328.78	227.29
Operating Income	223.11	225.83	112.54	292.81	353.62	152.71
Interest Expense	-2.07	-2.15	-2.36	-1.45	-1.65	-0.32
Interest & Investment Income	104.89	93.52	46.38	80.74	100.96	69.66
Currency Exchange Gain (Loss)	3.14	3.14	1.04	12.96	-4.15	-8.62
Other Non Operating Income (Expenses)	-2.31	-0.29	-0.31	-0.06	-0.5	0.19
EBT Excluding Unusual Items	326.76	320.05	157.29	385	448.28	213.62
Gain (Loss) on Sale of Investments	16.07	55.02	-279.23	27.21	299.93	385.59
Gain (Loss) on Sale of Assets	2.02	0.34	0.03	0.01	-0	0.14
Asset Writedown	-0.49	-0.49	-0.12	-0.03	-0.22	-0.23
Other Unusual Items	18.42	18.42	19.74	16.07	18.68	19.5
Pretax Income	363.73	394.29	-102.28	428.27	766.67	618.61
Income Tax Expense	2.5	-1.24	-42.06	28.68	29.12	76.85
Earnings From Continuing Operations	361.23	395.53	-60.22	399.59	737.55	541.76
Minority Interest in Earnings	-	-	-	-0.55	-8.25	-13.76
Net Income	361.23	395.53	-60.22	399.03	729.3	528.01
Net Income to Common	361.23	395.53	-60.22	399.03	729.3	528.01
Net Income Growth	16.91%	-	-	-45.28%	38.12%	110.24%
Shares Outstanding (Basic)	708	706	669	700	701	704
Shares Outstanding (Diluted)	708	706	669	700	708	704
Shares Change (YoY)	8.80%	5.56%	-4.42%	-1.13%	0.57%	0.91%
EPS (Basic)	0.51	0.56	-0.09	0.57	1.04	0.75
EPS (Diluted)	0.51	0.56	-0.09	0.57	1.03	0.75
EPS Growth	7.45%	-	-	-44.66%	37.33%	108.33%
Free Cash Flow	116.69	66.34	88.65	-239.79	375.33	56.71
Free Cash Flow Per Share	0.17	0.09	0.13	-0.34	0.53	0.08
Dividend Per Share	0.170	0.170	0.100	0.200	0.200	0.130
Dividend Growth	70.00%	70.00%	-50.00%	-	53.85%	18.18%
Gross Margin	26.41%	27.22%	28.47%	33.44%	33.71%	28.52%
Operating Margin	7.06%	8.01%	5.27%	14.32%	17.47%	11.46%
Profit Margin	11.43%	14.03%	-2.82%	19.52%	36.03%	39.63%
Free Cash Flow Margin	3.69%	2.35%	4.15%	-11.73%	18.54%	4.26%
EBITDA	244.66	251.62	143.97	313.29	369.13	167.34
EBITDA Margin	7.74%	8.93%	6.74%	15.32%	18.23%	12.56%
D&A For EBITDA	21.55	25.79	31.43	20.48	15.51	14.63
EBIT	223.11	225.83	112.54	292.81	353.62	152.71
EBIT Margin	7.06%	8.01%	5.27%	14.32%	17.47%	11.46%
Effective Tax Rate	0.69%	-	-	6.70%	3.80%	12.42%
Revenue as Reported	3,161	2,819	2,137	2,044	2,024	1,332

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.