Shanghai Belling Income Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	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	3,141	2,780	2,082	1,994	1,960
Other Revenue	33.04	38.93	55.32	50.63	63.98
Revenue	3,174	2,819	2,137	2,044	2,024
Revenue Growth (YoY)	12.60%	31.89%	4.54%	0.98%	51.95%
Cost of Revenue	2,342	2,051	1,529	1,361	1,342
Gross Profit	831.34	767.62	608.39	683.67	682.4
Selling, General & Admin	200.57	160.09	150.12	137.39	147.43
Research & Development	484.55	423.37	351.81	255.05	173.43
Other Operating Expenses	-44.39	-42.34	-6.6	-1.59	7.96
Operating Expenses	643.77	541.79	495.85	390.86	328.78
Operating Income	187.57	225.83	112.54	292.81	353.62
Interest Expense	-1.88	-2.15	-2.36	-1.45	-1.65
Interest & Investment Income	96.96	93.52	46.38	80.74	100.96
Currency Exchange Gain (Loss)	-9.11	3.14	1.04	12.96	-4.15
Other Non Operating Income (Expenses)	-0.29	-0.29	-0.31	-0.06	-0.5
EBT Excluding Unusual Items	273.25	320.05	157.29	385	448.28
Gain (Loss) on Sale of Investments	-	64.74	-279.23	27.21	299.93
Gain (Loss) on Sale of Assets	2.02	0.34	0.03	0.01	-0
Asset Writedown	-23.48	-10.22	-0.12	-0.03	-0.22
Other Unusual Items	22.19	18.42	19.74	16.07	18.68
Pretax Income	273.98	394.29	-102.28	428.27	766.67
Income Tax Expense	37.75	-1.24	-42.06	28.68	29.12
Earnings From Continuing Operations	236.23	395.53	-60.22	399.59	737.55
Minority Interest in Earnings	-	-	-	-0.55	-8.25
Net Income	236.23	395.53	-60.22	399.03	729.3
Net Income to Common	236.23	395.53	-60.22	399.03	729.3
Net Income Growth	-40.28%	-	-	-45.28%	38.12%
Shares Outstanding (Basic)	716	706	669	700	701
Shares Outstanding (Diluted)	716	706	669	700	708
Shares Change (YoY)	1.35%	5.56%	-4.42%	-1.13%	0.57%
EPS (Basic)	0.33	0.56	-0.09	0.57	1.04
EPS (Diluted)	0.33	0.56	-0.09	0.57	1.03
EPS Growth	-41.07%	-	-	-44.66%	37.33%
Free Cash Flow	207.83	66.34	88.65	-239.79	375.33
Free Cash Flow Per Share	0.29	0.09	0.13	-0.34	0.53
Dividend Per Share	0.120	0.170	0.100	0.200	0.200
Dividend Growth	-29.41%	70.00%	-50.00%	-	53.85%
Gross Margin	26.20%	27.23%	28.47%	33.44%	33.71%
Operating Margin	5.91%	8.01%	5.27%	14.32%	17.47%
Profit Margin	7.44%	14.03%	-2.82%	19.52%	36.03%
Free Cash Flow Margin	6.55%	2.35%	4.15%	-11.73%	18.54%
EBITDA	212.58	259.22	143.97	313.29	369.13
EBITDA Margin	6.70%	9.20%	6.74%	15.32%	18.23%
D&A For EBITDA	25	33.39	31.43	20.48	15.51
EBIT	187.57	225.83	112.54	292.81	353.62
EBIT Margin	5.91%	8.01%	5.27%	14.32%	17.47%
Effective Tax Rate	13.78%	-	-	6.70%	3.80%
Revenue as Reported	3,174	2,819	2,137	2,044	2,024

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.