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 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	11,740	11,476	10,698	10,111	10,025	8,494
Other Revenue	461.29	479.33	589.91	784.07	836.31	991.49
Revenue	12,201	11,955	11,288	10,895	10,861	9,485
Revenue Growth (YoY)	6.43%	5.91%	3.60%	0.32%	14.51%	17.22%
Cost of Revenue	7,417	7,176	6,714	6,180	6,485	5,291
Gross Profit	4,784	4,779	4,574	4,715	4,376	4,194
Selling, General & Admin	1,547	1,568	1,552	1,484	1,342	1,318
Research & Development	311.9	317.17	301.6	206.65	210.97	132.74
Other Operating Expenses	25.95	30.41	39	56.1	50.09	54.36
Operating Expenses	1,921	1,952	1,800	1,841	1,668	1,597
Operating Income	2,863	2,827	2,775	2,874	2,708	2,598
Interest Expense	-138.96	-151.05	-242.87	-309.16	-361.9	-398.8
Interest & Investment Income	1,166	793.22	358.8	256.37	203.37	479.63
Currency Exchange Gain (Loss)	-0.85	-0.51	0.2	1.29	11.06	-2.79
Other Non Operating Income (Expenses)	-45.17	-36.39	-8.4	-131.76	-27.85	-41.44
EBT Excluding Unusual Items	3,845	3,432	2,882	2,691	2,533	2,634
Impairment of Goodwill	-	-	-	-60.18	-	-
Gain (Loss) on Sale of Investments	530.73	1,262	-39.38	-362.65	-628.78	-625.74
Gain (Loss) on Sale of Assets	2.3	2.16	-1.54	5.26	-0.89	-4.43
Asset Writedown	-139.23	-138.33	-	-	-	-2.04
Legal Settlements	-	-	-0.84	-0	-	-
Other Unusual Items	-	-	39.08	30.67	25.39	28.02
Pretax Income	4,239	4,558	2,880	2,304	1,929	2,030
Income Tax Expense	1,187	1,231	823.24	507.72	435.41	473.58
Earnings From Continuing Operations	3,051	3,328	2,056	1,796	1,493	1,556
Minority Interest in Earnings	-734.59	-797.01	-482.14	-432.02	-392.47	-332.47
Net Income	2,317	2,531	1,574	1,364	1,101	1,224
Net Income to Common	2,317	2,531	1,574	1,364	1,101	1,224
Net Income Growth	31.46%	60.74%	15.39%	23.96%	-10.07%	4.07%
Shares Outstanding (Basic)	5,721	5,712	5,725	5,708	5,732	5,719
Shares Outstanding (Diluted)	5,721	5,712	5,725	5,708	5,732	5,719
Shares Change (YoY)	-0.06%	-0.21%	0.28%	-0.42%	0.23%	3.10%
EPS (Basic)	0.40	0.44	0.28	0.24	0.19	0.21
EPS (Diluted)	0.40	0.44	0.28	0.24	0.19	0.21
EPS Growth	31.53%	61.09%	15.06%	24.48%	-10.28%	0.94%
Free Cash Flow	3,677	1,615	4,166	607.2	1,140	644.55
Free Cash Flow Per Share	0.64	0.28	0.73	0.11	0.20	0.11
Dividend Per Share	-	-	0.083	0.072	0.057	0.066
Dividend Growth	-	-	15.28%	26.32%	-13.64%	6.45%
Gross Margin	39.21%	39.98%	40.52%	43.28%	40.29%	44.22%
Operating Margin	23.47%	23.65%	24.58%	26.38%	24.93%	27.38%
Profit Margin	18.99%	21.17%	13.95%	12.52%	10.13%	12.90%
Free Cash Flow Margin	30.14%	13.51%	36.91%	5.57%	10.49%	6.79%
EBITDA	3,069	3,025	2,943	3,088	2,891	2,776
EBITDA Margin	25.15%	25.30%	26.08%	28.34%	26.62%	29.26%
D&A For EBITDA	205.39	198.08	168.83	213.43	182.92	178.16
EBIT	2,863	2,827	2,775	2,874	2,708	2,598
EBIT Margin	23.47%	23.65%	24.58%	26.38%	24.93%	27.38%
Effective Tax Rate	28.01%	27.00%	28.59%	22.04%	22.58%	23.33%
Revenue as Reported	11,955	11,955	11,288	10,895	10,861	9,485
Advertising Expenses	-	-	29.15	33.77	36	30.59

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