SHA:600428 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	22,942	21,591	15,352	11,166	11,423	8,159
Other Revenue	1,619	1,619	1,428	1,031	784.01	594.44
Revenue	24,562	23,211	16,780	12,197	12,207	8,753
Revenue Growth (YoY)	32.44%	38.32%	37.57%	-0.08%	39.46%	24.33%
Cost of Revenue	19,391	18,303	13,123	10,062	9,529	6,840
Gross Profit	5,171	4,907	3,657	2,135	2,678	1,914
Selling, General & Admin	1,319	1,239	1,052	914.76	762.22	682.36
Research & Development	101.23	95.64	145.94	97.98	98.1	38.85
Other Operating Expenses	8.62	21.22	25.11	20.14	26.05	28.39
Operating Expenses	1,470	1,408	1,227	1,037	902.44	743.98
Operating Income	3,701	3,499	2,430	1,098	1,776	1,170
Interest Expense	-647.21	-639.27	-493.1	-390.47	-270.79	-210.21
Interest & Investment Income	166.14	150.35	222.09	139.05	55.4	52.98
Currency Exchange Gain (Loss)	20.45	20.45	37.96	37.76	1.34	-8.62
Other Non Operating Income (Expenses)	-60.36	-27.4	47.3	-10.01	-43.67	-43.81
EBT Excluding Unusual Items	3,180	3,003	2,244	874.34	1,518	959.97
Gain (Loss) on Sale of Investments	-57.13	-54.11	-308.54	81.09	35.41	3.17
Gain (Loss) on Sale of Assets	1.33	-3.93	62.98	115.49	55.91	4.15
Asset Writedown	-103.38	-103.38	-21.24	-	-514.3	-516.34
Legal Settlements	-	-	-	-	-47.1	-
Other Unusual Items	26.98	26.7	-	128.62	19.74	15.39
Pretax Income	3,047	2,869	1,977	1,200	1,068	466.35
Income Tax Expense	542.03	500.12	243.57	116.54	240.43	159.73
Earnings From Continuing Operations	2,505	2,368	1,734	1,083	827.16	306.62
Minority Interest in Earnings	-664.96	-588.41	-203.33	-18.76	-5.82	-6.29
Net Income	1,841	1,780	1,531	1,064	821.34	300.33
Net Income to Common	1,841	1,780	1,531	1,064	821.34	300.33
Net Income Growth	19.83%	16.29%	43.82%	29.58%	173.48%	139.38%
Shares Outstanding (Basic)	2,744	2,595	2,147	2,146	2,144	2,145
Shares Outstanding (Diluted)	2,744	2,595	2,147	2,146	2,144	2,145
Shares Change (YoY)	27.94%	20.87%	0.05%	0.06%	-0.03%	-0.83%
EPS (Basic)	0.67	0.69	0.71	0.50	0.38	0.14
EPS (Diluted)	0.67	0.69	0.71	0.50	0.38	0.14
EPS Growth	-6.33%	-3.79%	43.75%	29.50%	173.57%	141.38%
Free Cash Flow	4,825	4,678	2,980	907.28	1,511	843.3
Free Cash Flow Per Share	1.76	1.80	1.39	0.42	0.70	0.39
Dividend Per Share	0.325	0.325	0.279	0.248	0.160	0.050
Dividend Growth	16.49%	16.49%	12.50%	55.00%	220.00%	150.00%
Gross Margin	21.05%	21.14%	21.79%	17.51%	21.94%	21.86%
Operating Margin	15.07%	15.07%	14.48%	9.00%	14.55%	13.36%
Profit Margin	7.49%	7.67%	9.12%	8.72%	6.73%	3.43%
Free Cash Flow Margin	19.64%	20.15%	17.76%	7.44%	12.38%	9.63%
EBITDA	4,789	4,558	3,371	1,996	2,660	2,006
EBITDA Margin	19.50%	19.64%	20.09%	16.36%	21.79%	22.91%
D&A For EBITDA	1,088	1,059	940.93	897.81	883.98	836.02
EBIT	3,701	3,499	2,430	1,098	1,776	1,170
EBIT Margin	15.07%	15.07%	14.48%	9.00%	14.55%	13.36%
Effective Tax Rate	17.79%	17.44%	12.32%	9.71%	22.52%	34.25%
Revenue as Reported	24,562	23,211	16,780	12,197	12,207	8,753
Advertising Expenses	-	16.24	13.87	12.02	3.51	1.59

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