Minfeng Special Paper 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	1,204	1,447	1,607	1,653	1,503
Other Revenue	-	12.04	10.44	18.76	22.82
Revenue	1,204	1,459	1,618	1,671	1,526
Revenue Growth (YoY)	-17.44%	-9.82%	-3.21%	9.54%	12.76%
Cost of Revenue	1,019	1,230	1,407	1,482	1,264
Gross Profit	185.13	228.92	210.38	189.81	261.57
Selling, General & Admin	113.96	101.5	87.6	91.2	118.33
Research & Development	41.63	50.16	51.28	48.08	47.07
Other Operating Expenses	-12	-6.58	11.24	16.2	15.61
Operating Expenses	143.6	142.32	148.08	154	183.61
Operating Income	41.53	86.6	62.29	35.81	77.97
Interest Expense	-	-16.97	-20.78	-23.56	-26.39
Interest & Investment Income	5.47	5.4	7.11	1.77	3.86
Currency Exchange Gain (Loss)	-	-0.03	-0.28	1.1	6.32
Other Non Operating Income (Expenses)	-21.94	-0.76	-1.66	-0.34	-0.25
EBT Excluding Unusual Items	25.06	74.24	46.69	14.78	61.51
Gain (Loss) on Sale of Investments	-	-0.16	-	-	-1.15
Gain (Loss) on Sale of Assets	0.59	-0.02	0.1	-	-0.02
Asset Writedown	-11.65	-0.16	-0.07	-1.57	-0.31
Other Unusual Items	-	0.03	-0	2.7	1.13
Pretax Income	14.01	73.94	46.73	15.9	61.16
Income Tax Expense	-2.28	1.93	-	0.5	2.84
Earnings From Continuing Operations	16.28	72	46.73	15.4	58.31
Net Income	16.28	72	46.73	15.4	58.31
Net Income to Common	16.28	72	46.73	15.4	58.31
Net Income Growth	-77.38%	54.10%	203.35%	-73.58%	20.11%
Shares Outstanding (Basic)	326	360	359	385	343
Shares Outstanding (Diluted)	326	360	359	385	343
Shares Change (YoY)	-9.54%	0.16%	-6.66%	12.26%	-1.09%
EPS (Basic)	0.05	0.20	0.13	0.04	0.17
EPS (Diluted)	0.05	0.20	0.13	0.04	0.17
EPS Growth	-75.00%	53.85%	225.00%	-76.47%	21.43%
Free Cash Flow	85.7	-388.66	-217.73	146.99	47.31
Free Cash Flow Per Share	0.26	-1.08	-0.61	0.38	0.14
Dividend Per Share	-	0.062	0.015	0.010	0.020
Dividend Growth	-	313.33%	50.00%	-50.00%	33.33%
Gross Margin	15.37%	15.69%	13.00%	11.36%	17.14%
Operating Margin	3.45%	5.94%	3.85%	2.14%	5.11%
Profit Margin	1.35%	4.93%	2.89%	0.92%	3.82%
Free Cash Flow Margin	7.12%	-26.64%	-13.46%	8.79%	3.10%
EBITDA	136.31	159.11	135.55	108.94	148.75
EBITDA Margin	11.32%	10.91%	8.38%	6.52%	9.75%
D&A For EBITDA	94.78	72.51	73.26	73.13	70.78
EBIT	41.53	86.6	62.29	35.81	77.97
EBIT Margin	3.45%	5.94%	3.85%	2.14%	5.11%
Effective Tax Rate	-	2.62%	-	3.14%	4.65%
Revenue as Reported	-	1,459	1,618	1,671	1,526

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