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	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	25,095	21,591	15,352	11,166	11,423	8,159
Other Revenue	1,786	1,619	1,428	1,031	784.01	594.44
Revenue	26,881	23,211	16,780	12,197	12,207	8,753
Revenue Growth	33.90%	38.32%	37.57%	-0.08%	39.46%	24.33%
Cost of Revenue	20,837	18,303	13,123	10,062	9,529	6,840
Gross Profit	6,044	4,907	3,657	2,135	2,678	1,914
Selling, General & Admin	1,439	1,239	1,052	914.76	762.22	682.36
Research & Development	102	95.64	145.94	97.98	98.1	38.85
Other Operating Expenses	24.1	21.22	25.11	20.14	26.05	28.39
Operating Expenses	1,579	1,408	1,227	1,037	902.44	743.98
Operating Income	4,465	3,499	2,430	1,098	1,776	1,170
Interest Expense	-642.09	-639.27	-493.1	-390.47	-270.79	-210.21
Interest & Investment Income	184.69	150.35	222.09	139.05	55.4	52.98
Currency Exchange Gain (Loss)	-78.49	20.45	37.96	37.76	1.34	-8.62
Other Non Operating Income (Expenses)	-34.04	-27.4	47.3	-10.01	-43.67	-43.81
EBT Excluding Unusual Items	3,895	3,003	2,244	874.34	1,518	959.97
Gain (Loss) on Sale of Investments	-54.66	-54.11	-308.54	81.09	35.41	3.17
Gain (Loss) on Sale of Assets	9.82	-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	39.7	26.7	-	128.62	19.74	15.39
Pretax Income	3,787	2,869	1,977	1,200	1,068	466.35
Income Tax Expense	590.01	500.12	243.57	116.54	240.43	159.73
Earnings From Continuing Operations	3,197	2,368	1,734	1,083	827.16	306.62
Minority Interest in Earnings	-870.21	-588.41	-203.33	-18.76	-5.82	-6.29
Net Income	2,326	1,780	1,531	1,064	821.34	300.33
Net Income to Common	2,326	1,780	1,531	1,064	821.34	300.33
Net Income Growth	43.07%	16.29%	43.82%	29.58%	173.48%	139.38%
Shares Outstanding (Basic)	2,742	2,595	2,147	2,146	2,144	2,145
Shares Outstanding (Diluted)	2,742	2,595	2,147	2,146	2,144	2,145
Shares Change	19.34%	20.87%	0.05%	0.06%	-0.03%	-0.83%
EPS (Basic)	0.85	0.69	0.71	0.50	0.38	0.14
EPS (Diluted)	0.85	0.69	0.71	0.50	0.38	0.14
EPS Growth	19.89%	-3.79%	43.75%	29.50%	173.57%	141.38%

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	5,672	4,678	2,980	907.28	1,511	843.3
Free Cash Flow Per Share	2.07	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	22.49%	21.14%	21.79%	17.51%	21.94%	21.86%
Operating Margin	16.61%	15.07%	14.48%	9.00%	14.55%	13.36%
Profit Margin	8.65%	7.67%	9.12%	8.72%	6.73%	3.43%
Free Cash Flow Margin	21.10%	20.15%	17.76%	7.44%	12.38%	9.63%
EBITDA	5,536	4,558	3,371	1,996	2,660	2,006
EBITDA Margin	20.60%	19.64%	20.09%	16.36%	21.79%	22.91%
D&A For EBITDA	1,071	1,059	940.93	897.81	883.98	836.02
EBIT	4,465	3,499	2,430	1,098	1,776	1,170
EBIT Margin	16.61%	15.07%	14.48%	9.00%	14.55%	13.36%
Effective Tax Rate	15.58%	17.44%	12.32%	9.71%	22.52%	34.25%
Revenue as Reported	26,881	23,211	16,780	12,197	12,207	8,753
Advertising Expenses	-	16.24	13.87	12.02	3.51	1.59