Shanghai Belling 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	3,276	3,141	2,780	2,082	1,994	1,960
Other Revenue	33.04	33.04	38.93	55.32	50.63	63.98
Revenue	3,309	3,174	2,819	2,137	2,044	2,024
Revenue Growth (YoY)	16.31%	12.60%	31.89%	4.54%	0.98%	51.95%
Cost of Revenue	2,437	2,342	2,051	1,529	1,361	1,342
Gross Profit	872.87	831.34	767.62	608.39	683.67	682.4
Selling, General & Admin	208.65	200.57	160.09	150.12	137.39	147.43
Research & Development	503.5	484.55	423.37	351.81	255.05	173.43
Other Operating Expenses	-41.06	-44.39	-42.34	-6.6	-1.59	7.96
Operating Expenses	674.13	643.77	541.79	495.85	390.86	328.78
Operating Income	198.74	187.57	225.83	112.54	292.81	353.62
Interest Expense	-1.88	-1.88	-2.15	-2.36	-1.45	-1.65
Interest & Investment Income	92.83	96.96	93.52	46.38	80.74	100.96
Currency Exchange Gain (Loss)	-9.11	-9.11	3.14	1.04	12.96	-4.15
Other Non Operating Income (Expenses)	-7.55	-0.29	-0.29	-0.31	-0.06	-0.5
EBT Excluding Unusual Items	273.04	273.25	320.05	157.29	385	448.28
Gain (Loss) on Sale of Investments	-15.14	-	64.74	-279.23	27.21	299.93
Gain (Loss) on Sale of Assets	1.84	2.02	0.34	0.03	0.01	-0
Asset Writedown	-23.48	-23.48	-10.22	-0.12	-0.03	-0.22
Other Unusual Items	22.19	22.19	18.42	19.74	16.07	18.68
Pretax Income	258.44	273.98	394.29	-102.28	428.27	766.67
Income Tax Expense	38.18	37.75	-1.24	-42.06	28.68	29.12
Earnings From Continuing Operations	220.26	236.23	395.53	-60.22	399.59	737.55
Minority Interest in Earnings	-	-	-	-	-0.55	-8.25
Net Income	220.26	236.23	395.53	-60.22	399.03	729.3
Net Income to Common	220.26	236.23	395.53	-60.22	399.03	729.3
Net Income Growth	-44.52%	-40.28%	-	-	-45.28%	38.12%
Shares Outstanding (Basic)	713	716	706	669	700	701
Shares Outstanding (Diluted)	713	716	706	669	700	708
Shares Change (YoY)	0.94%	1.35%	5.56%	-4.42%	-1.13%	0.57%
EPS (Basic)	0.31	0.33	0.56	-0.09	0.57	1.04
EPS (Diluted)	0.31	0.33	0.56	-0.09	0.57	1.03
EPS Growth	-45.04%	-41.07%	-	-	-44.66%	37.33%
Free Cash Flow	208.05	207.83	66.34	88.65	-239.79	375.33
Free Cash Flow Per Share	0.29	0.29	0.09	0.13	-0.34	0.53
Dividend Per Share	0.120	0.120	0.170	0.100	0.200	0.200
Dividend Growth	-29.41%	-29.41%	70.00%	-50.00%	-	53.85%
Gross Margin	26.38%	26.20%	27.23%	28.47%	33.44%	33.71%
Operating Margin	6.00%	5.91%	8.01%	5.27%	14.32%	17.47%
Profit Margin	6.66%	7.44%	14.03%	-2.82%	19.52%	36.03%
Free Cash Flow Margin	6.29%	6.55%	2.35%	4.15%	-11.73%	18.54%
EBITDA	221.65	212.58	259.22	143.97	313.29	369.13
EBITDA Margin	6.70%	6.70%	9.20%	6.74%	15.32%	18.23%
D&A For EBITDA	22.91	25	33.39	31.43	20.48	15.51
EBIT	198.74	187.57	225.83	112.54	292.81	353.62
EBIT Margin	6.00%	5.91%	8.01%	5.27%	14.32%	17.47%
Effective Tax Rate	14.77%	13.78%	-	-	6.70%	3.80%
Revenue as Reported	3,174	3,174	2,819	2,137	2,044	2,024

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