State Grid Yingda 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	10,933	10,698	10,111	10,025	8,494	7,246
Other Revenue	531.18	589.91	784.07	836.31	991.49	845.92
Revenue	11,464	11,288	10,895	10,861	9,485	8,092
Revenue Growth (YoY)	2.03%	3.60%	0.32%	14.51%	17.22%	6.42%
Cost of Revenue	6,950	6,714	6,180	6,485	5,291	4,643
Gross Profit	4,514	4,574	4,715	4,376	4,194	3,449
Selling, General & Admin	1,471	1,552	1,484	1,342	1,318	1,133
Research & Development	295.65	301.6	206.65	210.97	132.74	92.17
Other Operating Expenses	66.35	39	56.1	50.09	54.36	49.12
Operating Expenses	1,753	1,800	1,841	1,668	1,597	1,447
Operating Income	2,762	2,775	2,874	2,708	2,598	2,001
Interest Expense	-182.22	-242.87	-309.16	-361.9	-398.8	-358.04
Interest & Investment Income	896.45	358.8	256.37	203.37	479.63	564.07
Currency Exchange Gain (Loss)	0.13	0.2	1.29	11.06	-2.79	-6.08
Other Non Operating Income (Expenses)	-11.59	-8.4	-131.76	-27.85	-41.44	-15.95
EBT Excluding Unusual Items	3,464	2,882	2,691	2,533	2,634	2,185
Impairment of Goodwill	-	-	-60.18	-	-	-
Gain (Loss) on Sale of Investments	686.38	-39.38	-362.65	-628.78	-625.74	10.85
Gain (Loss) on Sale of Assets	0.75	-1.54	5.26	-0.89	-4.43	-1.25
Asset Writedown	-1.45	-	-	-	-2.04	2.13
Legal Settlements	-0.84	-0.84	-0	-	-	-224.26
Other Unusual Items	39.08	39.08	30.67	25.39	28.02	41.67
Pretax Income	4,188	2,880	2,304	1,929	2,030	2,014
Income Tax Expense	1,116	823.24	507.72	435.41	473.58	510.94
Earnings From Continuing Operations	3,072	2,056	1,796	1,493	1,556	1,503
Minority Interest in Earnings	-717.19	-482.14	-432.02	-392.47	-332.47	-327.48
Net Income	2,355	1,574	1,364	1,101	1,224	1,176
Net Income to Common	2,355	1,574	1,364	1,101	1,224	1,176
Net Income Growth	41.30%	15.39%	23.96%	-10.07%	4.07%	23.43%
Shares Outstanding (Basic)	5,730	5,725	5,708	5,732	5,719	5,547
Shares Outstanding (Diluted)	5,730	5,725	5,708	5,732	5,719	5,547
Shares Change (YoY)	0.44%	0.28%	-0.42%	0.23%	3.10%	4.80%
EPS (Basic)	0.41	0.28	0.24	0.19	0.21	0.21
EPS (Diluted)	0.41	0.28	0.24	0.19	0.21	0.21
EPS Growth	40.69%	15.06%	24.48%	-10.28%	0.94%	17.78%
Free Cash Flow	-1,721	4,166	607.2	1,140	644.55	-258.11
Free Cash Flow Per Share	-0.30	0.73	0.11	0.20	0.11	-0.05
Dividend Per Share	0.093	0.083	0.072	0.057	0.066	0.062
Dividend Growth	-10.58%	15.28%	26.32%	-13.64%	6.45%	-
Gross Margin	39.38%	40.52%	43.28%	40.29%	44.22%	42.62%
Operating Margin	24.09%	24.58%	26.38%	24.93%	27.38%	24.73%
Profit Margin	20.54%	13.95%	12.52%	10.13%	12.90%	14.53%
Free Cash Flow Margin	-15.01%	36.91%	5.57%	10.49%	6.79%	-3.19%
EBITDA	2,897	2,943	3,088	2,891	2,776	2,165
EBITDA Margin	25.27%	26.08%	28.34%	26.62%	29.26%	26.76%
D&A For EBITDA	135.38	168.83	213.43	182.92	178.16	164.12
EBIT	2,762	2,775	2,874	2,708	2,598	2,001
EBIT Margin	24.09%	24.58%	26.38%	24.93%	27.38%	24.73%
Effective Tax Rate	26.66%	28.59%	22.04%	22.58%	23.33%	25.36%
Revenue as Reported	11,464	11,288	10,895	10,861	9,485	8,092
Advertising Expenses	-	29.15	33.77	36	30.59	9.13

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