Xinjiang Tianrun Dairy 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	2,707	2,665	2,724	2,700	2,402	2,102
Other Revenue	87.11	87.11	80.34	13.96	7.71	6.87
Revenue	2,794	2,752	2,804	2,714	2,410	2,109
Revenue Growth (YoY)	0.21%	-1.87%	3.33%	12.62%	14.25%	19.32%
Cost of Revenue	2,325	2,314	2,378	2,225	1,982	1,761
Gross Profit	469.14	437.48	425.96	489.07	427.95	348.51
Selling, General & Admin	292.96	274.42	261.27	243.58	209.74	164.96
Research & Development	21.79	21.41	26.63	24.79	10.25	6.5
Other Operating Expenses	20.16	18.59	13.56	13.21	12.59	10.09
Operating Expenses	343.23	322.73	305.55	284.69	234.34	181.08
Operating Income	125.91	114.75	120.41	204.38	193.6	167.43
Interest Expense	-30.23	-30.23	-46.72	-32.04	-13.56	-7.24
Interest & Investment Income	12.2	12.2	9.01	14.13	18.68	12.46
Earnings From Equity Investments	-0.17	-	-1.61	0.73	0.79	0.1
Other Non Operating Income (Expenses)	94.58	-1.33	-0.09	-1.62	1.82	1.83
EBT Excluding Unusual Items	202.29	95.4	81.01	185.57	201.33	174.58
Impairment of Goodwill	-	-	-	-	-	-7.94
Gain (Loss) on Sale of Assets	-231.53	-231.47	-113.54	-75.59	-18.62	-6.88
Asset Writedown	-18.51	-26.31	-35	-19.61	-5.79	-4.29
Other Unusual Items	173.02	173.02	70.93	82.68	38.5	24.39
Pretax Income	125.27	10.63	3.41	173.04	215.42	179.86
Income Tax Expense	-4.68	-3.55	-11.49	32.95	14.72	18.9
Earnings From Continuing Operations	129.95	14.18	14.9	140.09	200.7	160.96
Minority Interest in Earnings	14.59	27.3	28.76	1.94	-4.23	-11.29
Net Income	144.53	41.48	43.66	142.03	196.47	149.67
Net Income to Common	144.53	41.48	43.66	142.03	196.47	149.67
Net Income Growth	-	-4.98%	-69.26%	-27.71%	31.26%	1.52%
Shares Outstanding (Basic)	315	315	315	315	316	269
Shares Outstanding (Diluted)	369	352	315	315	316	269
Shares Change (YoY)	17.01%	11.54%	0.02%	-0.29%	17.76%	1.95%
EPS (Basic)	0.46	0.13	0.14	0.45	0.62	0.56
EPS (Diluted)	0.39	0.12	0.14	0.45	0.62	0.56
EPS Growth	-	-14.81%	-69.27%	-27.50%	11.47%	-0.43%
Free Cash Flow	62.66	86.38	-237.69	-573.23	-426.45	-102.96
Free Cash Flow Per Share	0.17	0.25	-0.75	-1.82	-1.35	-0.38
Dividend Per Share	0.020	0.020	0.021	0.136	0.187	0.143
Dividend Growth	-4.72%	-4.72%	-84.57%	-27.27%	30.63%	-13.24%
Gross Margin	16.79%	15.90%	15.19%	18.02%	17.76%	16.52%
Operating Margin	4.51%	4.17%	4.29%	7.53%	8.03%	7.94%
Profit Margin	5.17%	1.51%	1.56%	5.23%	8.15%	7.10%
Free Cash Flow Margin	2.24%	3.14%	-8.48%	-21.12%	-17.70%	-4.88%
EBITDA	405.63	389.8	376.78	385.05	324.09	280.21
EBITDA Margin	14.52%	14.16%	13.44%	14.19%	13.45%	13.29%
D&A For EBITDA	279.72	275.05	256.37	180.68	130.48	112.78
EBIT	125.91	114.75	120.41	204.38	193.6	167.43
EBIT Margin	4.51%	4.17%	4.29%	7.53%	8.03%	7.94%
Effective Tax Rate	-	-	-	19.04%	6.83%	10.51%
Revenue as Reported	2,752	2,752	2,804	2,714	2,410	2,109
Advertising Expenses	-	55.87	40.99	40.84	32.24	9.75

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