Grandblue Environment 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	12,490	11,485	12,177	12,510	11,469	7,236
Other Revenue	401.47	401.47	364.09	365.29	307.53	245.55
Revenue	12,892	11,886	12,541	12,875	11,777	7,481
Revenue Growth (YoY)	4.72%	-5.22%	-2.59%	9.33%	57.41%	21.45%
Operations & Maintenance	15.29	15.29	14.81	11.39	12.21	10.57
Selling, General & Admin	938.63	826.82	748.93	730.74	676.33	566.28
Provision for Bad Debts	68	75.59	154.14	79.9	67.88	36.56
Other Operating Expenses	8,888	8,555	9,465	10,321	9,053	5,236
Total Operating Expenses	9,993	9,546	10,464	11,235	9,938	5,960
Operating Income	2,899	2,340	2,077	1,640	1,839	1,521
Interest Expense	-685.57	-528.95	-514.46	-500.83	-475.06	-335.38
Interest Income	282.51	165.26	85.17	66.47	85.56	92.2
Net Interest Expense	-403.06	-363.68	-429.3	-434.36	-389.5	-243.17
Currency Exchange Gain (Loss)	-0.54	-0.54	-0.14	-0.03	0.5	3.62
Other Non-Operating Income (Expenses)	26.97	-4.01	-1.41	9.67	14.79	-12.1
EBT Excluding Unusual Items	2,522	1,972	1,647	1,215	1,465	1,269
Gain (Loss) on Sale of Investments	-10.64	-10.64	1.5	-0.35	-0.32	0.86
Gain (Loss) on Sale of Assets	7.78	3.65	2.25	4.7	-4.15	-9.84
Asset Writedown	-83.17	-56.75	-9.6	0.44	-81.06	-15.92
Other Unusual Items	188.94	188.94	189.73	189.56	57.17	54
Pretax Income	2,625	2,097	1,831	1,410	1,436	1,299
Income Tax Expense	520.98	412.67	360.86	238.26	250.19	240.91
Earnings From Continuing Ops.	2,104	1,684	1,470	1,171	1,186	1,058
Minority Interest in Earnings	-220.9	-20.19	-40.01	-29.78	-22.7	-0.2
Net Income	1,884	1,664	1,430	1,142	1,163	1,057
Net Income to Common	1,884	1,664	1,430	1,142	1,163	1,057
Net Income Growth	14.22%	16.39%	25.24%	-1.88%	10.02%	15.88%
Shares Outstanding (Basic)	815	816	817	815	802	766
Shares Outstanding (Diluted)	815	816	817	815	802	783
Shares Change (YoY)	-0.14%	-0.16%	0.19%	1.63%	2.43%	2.14%
EPS (Basic)	2.31	2.04	1.75	1.40	1.45	1.38
EPS (Diluted)	2.31	2.04	1.75	1.40	1.45	1.35
EPS Growth	14.38%	16.57%	25.00%	-3.45%	7.41%	13.44%
Free Cash Flow	2,889	1,607	433.97	-1,972	-1,125	-1,609
Free Cash Flow Per Share	3.54	1.97	0.53	-2.42	-1.40	-2.05
Dividend Per Share	1.050	0.800	0.480	0.220	0.220	0.220
Dividend Growth	118.75%	66.67%	118.18%	-	-	-
Profit Margin	14.61%	14.00%	11.40%	8.87%	9.88%	14.13%
Free Cash Flow Margin	22.41%	13.52%	3.46%	-15.31%	-9.55%	-21.50%
EBITDA	3,927	3,398	3,177	2,561	2,684	2,451
EBITDA Margin	30.46%	28.59%	25.33%	19.89%	22.79%	32.77%
D&A For EBITDA	1,028	1,058	1,099	921.13	845.39	930.19
EBIT	2,899	2,340	2,077	1,640	1,839	1,521
EBIT Margin	22.49%	19.68%	16.56%	12.74%	15.61%	20.33%
Effective Tax Rate	19.84%	19.68%	19.71%	16.90%	17.42%	18.55%
Revenue as Reported	12,892	11,886	12,541	12,875	11,777	7,481

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