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	Jun '26 Jun 30, 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	2,720	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	2,807	2,752	2,804	2,714	2,410	2,109
Revenue Growth	1.82%	-1.87%	3.33%	12.62%	14.25%	19.32%
Cost of Revenue	2,340	2,314	2,378	2,225	1,982	1,761
Gross Profit	467.11	437.48	425.96	489.07	427.95	348.51
Selling, General & Admin	293.37	274.42	261.27	243.58	209.74	164.96
Research & Development	22.4	21.41	26.63	24.79	10.25	6.5
Other Operating Expenses	23.85	18.59	13.56	13.21	12.59	10.09
Operating Expenses	347.95	322.73	305.55	284.69	234.34	181.08
Operating Income	119.16	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	-0.24	-	-1.61	0.73	0.79	0.1
Other Non Operating Income (Expenses)	116.67	-1.33	-0.09	-1.62	1.82	1.83
EBT Excluding Unusual Items	217.56	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	-17.48	-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	141.57	10.63	3.41	173.04	215.42	179.86
Income Tax Expense	41.04	-3.55	-11.49	32.95	14.72	18.9
Earnings From Continuing Operations	100.53	14.18	14.9	140.09	200.7	160.96
Minority Interest in Earnings	17.06	27.3	28.76	1.94	-4.23	-11.29
Net Income	117.59	41.48	43.66	142.03	196.47	149.67
Net Income to Common	117.59	41.48	43.66	142.03	196.47	149.67
Net Income Growth	136.55%	-4.98%	-69.26%	-27.71%	31.26%	1.52%
Shares Outstanding (Basic)	316	315	315	315	316	269
Shares Outstanding (Diluted)	375	352	315	315	316	269
Shares Change	18.90%	11.54%	0.02%	-0.29%	17.76%	1.95%
EPS (Basic)	0.37	0.13	0.14	0.45	0.62	0.56
EPS (Diluted)	0.31	0.12	0.14	0.45	0.62	0.56
EPS Growth	98.95%	-14.81%	-69.27%	-27.50%	11.47%	-0.43%

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 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
Free Cash Flow	96.29	86.38	-237.69	-573.23	-426.45	-102.96
Free Cash Flow Per Share	0.26	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	16.64%	15.90%	15.19%	18.02%	17.76%	16.52%
Operating Margin	4.25%	4.17%	4.29%	7.53%	8.03%	7.94%
Profit Margin	4.19%	1.51%	1.56%	5.23%	8.15%	7.10%
Free Cash Flow Margin	3.43%	3.14%	-8.48%	-21.12%	-17.70%	-4.88%
EBITDA	394.11	389.8	376.78	385.05	324.09	280.21
EBITDA Margin	14.04%	14.16%	13.44%	14.19%	13.45%	13.29%
D&A For EBITDA	274.96	275.05	256.37	180.68	130.48	112.78
EBIT	119.16	114.75	120.41	204.38	193.6	167.43
EBIT Margin	4.25%	4.17%	4.29%	7.53%	8.03%	7.94%
Effective Tax Rate	28.99%	-	-	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