SHA:600428 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	19,919	15,352	11,166	11,423	8,159	6,597
Other Revenue	1,428	1,428	1,031	784.01	594.44	443.61
Revenue	21,348	16,780	12,197	12,207	8,753	7,040
Revenue Growth (YoY)	40.58%	37.57%	-0.08%	39.46%	24.33%	-14.83%
Cost of Revenue	16,609	13,123	10,062	9,529	6,840	5,987
Gross Profit	4,739	3,657	2,135	2,678	1,914	1,053
Selling, General & Admin	1,167	1,052	914.76	762.22	682.36	593.64
Research & Development	153.16	145.94	97.98	98.1	38.85	22.44
Other Operating Expenses	27.7	25.11	20.14	26.05	28.39	28.16
Operating Expenses	1,361	1,227	1,037	902.44	743.98	632.62
Operating Income	3,378	2,430	1,098	1,776	1,170	420.61
Interest Expense	-613.76	-493.1	-390.47	-270.79	-210.21	-249.27
Interest & Investment Income	129.22	222.09	139.05	55.4	52.98	34.64
Currency Exchange Gain (Loss)	37.96	37.96	37.76	1.34	-8.62	-24.45
Other Non Operating Income (Expenses)	-101.07	-32.45	-10.01	-43.67	-43.81	-60.72
EBT Excluding Unusual Items	2,830	2,165	874.34	1,518	959.97	120.81
Gain (Loss) on Sale of Investments	-327.93	-308.54	81.09	35.41	3.17	9.86
Gain (Loss) on Sale of Assets	1.09	62.98	115.49	55.91	4.15	49.12
Asset Writedown	-100.67	-21.24	-	-514.3	-516.34	-109.48
Legal Settlements	-	-	-	-47.1	-	-
Other Unusual Items	79.75	79.75	128.62	19.74	15.39	81.08
Pretax Income	2,482	1,977	1,200	1,068	466.35	151.39
Income Tax Expense	352.82	243.57	116.54	240.43	159.73	24.92
Earnings From Continuing Operations	2,130	1,734	1,083	827.16	306.62	126.47
Minority Interest in Earnings	-472.31	-203.33	-18.76	-5.82	-6.29	-1.01
Net Income	1,657	1,531	1,064	821.34	300.33	125.46
Net Income to Common	1,657	1,531	1,064	821.34	300.33	125.46
Net Income Growth	22.64%	43.82%	29.58%	173.48%	139.38%	24.31%
Shares Outstanding (Basic)	2,446	2,147	2,146	2,144	2,145	2,163
Shares Outstanding (Diluted)	2,446	2,147	2,146	2,144	2,145	2,163
Shares Change (YoY)	14.05%	0.05%	0.06%	-0.03%	-0.83%	0.73%
EPS (Basic)	0.68	0.71	0.50	0.38	0.14	0.06
EPS (Diluted)	0.68	0.71	0.50	0.38	0.14	0.06
EPS Growth	7.53%	43.75%	29.50%	173.57%	141.38%	23.40%
Free Cash Flow	3,971	2,980	907.28	1,511	843.3	868.4
Free Cash Flow Per Share	1.62	1.39	0.42	0.70	0.39	0.40
Dividend Per Share	0.279	0.279	0.248	0.160	0.050	0.020
Dividend Growth	12.50%	12.50%	55.00%	220.00%	150.00%	-
Gross Margin	22.20%	21.79%	17.51%	21.94%	21.86%	14.96%
Operating Margin	15.82%	14.48%	9.00%	14.55%	13.36%	5.97%
Profit Margin	7.76%	9.12%	8.72%	6.73%	3.43%	1.78%
Free Cash Flow Margin	18.60%	17.76%	7.44%	12.38%	9.63%	12.34%
EBITDA	4,335	3,362	1,996	2,660	2,006	1,286
EBITDA Margin	20.31%	20.04%	16.36%	21.79%	22.91%	18.26%
D&A For EBITDA	957.39	931.86	897.81	883.98	836.02	865.21
EBIT	3,378	2,430	1,098	1,776	1,170	420.61
EBIT Margin	15.82%	14.48%	9.00%	14.55%	13.36%	5.97%
Effective Tax Rate	14.21%	12.32%	9.71%	22.52%	34.25%	16.46%
Revenue as Reported	21,348	16,780	12,197	12,207	8,753	7,040
Advertising Expenses	-	13.87	12.02	3.51	1.59	1.58

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