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