SPIC Hydropower 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	12,051	14,225	4,180	4,064	4,373
Other Revenue	100.74	224.79	71.95	73.29	69.28
Revenue	12,152	14,450	4,252	4,137	4,443
Revenue Growth (YoY)	-15.90%	239.88%	2.78%	-6.89%	20.78%
Operations & Maintenance	-	-	-	-	5.02
Selling, General & Admin	698.54	622.2	352.41	335.97	340.5
Provision for Bad Debts	64.37	27.51	41.95	31.58	3.24
Other Operating Expenses	8,630	10,060	3,610	3,583	3,866
Total Operating Expenses	9,525	10,835	4,107	4,045	4,279
Operating Income	2,627	3,615	144.17	91.63	163.33
Interest Expense	-953.15	-1,446	-83.79	-102.53	-100.38
Interest Income	82.27	56.05	57.3	27.85	41.26
Net Interest Expense	-870.88	-1,390	-26.5	-74.69	-59.13
Currency Exchange Gain (Loss)	4.31	19.03	1.05	6.3	1.03
Other Non-Operating Income (Expenses)	4.4	12.48	-29.27	-3.56	-4.43
EBT Excluding Unusual Items	1,764	2,257	89.45	19.69	100.8
Impairment of Goodwill	-	-0.17	-	-1.86	-15.06
Gain (Loss) on Sale of Investments	-5.06	-1.71	-	0.15	0.36
Gain (Loss) on Sale of Assets	-1.47	8.39	0	-0.06	-15.81
Asset Writedown	-11.14	-290.54	-7.6	-17.17	-
Other Unusual Items	-6.67	3.99	13.69	19.55	38.76
Pretax Income	1,740	1,977	95.54	20.3	109.05
Income Tax Expense	701.06	368.7	50.05	59.55	45.01
Earnings From Continuing Ops.	1,039	1,608	45.5	-39.26	64.04
Minority Interest in Earnings	-506.73	-800.81	8.52	11.13	-8.53
Net Income	532.21	807.22	54.01	-28.12	55.51
Net Income to Common	532.21	807.22	54.01	-28.12	55.51
Net Income Growth	-34.07%	1394.52%	-	-	110.81%
Shares Outstanding (Basic)	4,435	4,485	772	703	793
Shares Outstanding (Diluted)	4,435	4,485	772	703	793
Shares Change (YoY)	-1.10%	481.20%	9.75%	-11.35%	-9.65%
EPS (Basic)	0.12	0.18	0.07	-0.04	0.07
EPS (Diluted)	0.12	0.18	0.07	-0.04	0.07
EPS Growth	-33.33%	157.14%	-	-	133.33%
Free Cash Flow	590.48	330.38	400.12	179.43	340.59
Free Cash Flow Per Share	0.13	0.07	0.52	0.26	0.43
Dividend Per Share	0.061	-	0.028	-	0.021
Dividend Growth	-	-	-	-	90.91%
Profit Margin	4.38%	5.59%	1.27%	-0.68%	1.25%
Free Cash Flow Margin	4.86%	2.29%	9.41%	4.34%	7.67%
EBITDA	5,762	7,692	558.79	505.42	560.51
EBITDA Margin	47.41%	53.23%	13.14%	12.22%	12.62%
D&A For EBITDA	3,135	4,077	414.62	413.79	397.18
EBIT	2,627	3,615	144.17	91.63	163.33
EBIT Margin	21.61%	25.02%	3.39%	2.21%	3.68%
Effective Tax Rate	40.29%	18.65%	52.38%	293.40%	41.27%
Revenue as Reported	12,152	14,450	4,252	4,137	4,443

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