Shanghai Highly (Group) 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	19,595	18,279	16,409	16,011	15,226	9,852
Other Revenue	468.29	468.29	621.49	491.66	542.89	1,221
Revenue	20,063	18,747	17,031	16,503	15,769	11,073
Revenue Growth (YoY)	6.61%	10.08%	3.20%	4.66%	42.41%	-8.79%
Cost of Revenue	17,175	16,295	15,081	14,952	14,042	9,639
Gross Profit	2,888	2,452	1,950	1,551	1,727	1,434
Selling, General & Admin	1,378	1,219	1,110	977.65	869.84	663.21
Research & Development	1,054	925.38	847.96	726.69	726.17	490.88
Other Operating Expenses	50.94	10.08	19.19	58.1	52.01	43.93
Operating Expenses	2,510	2,164	1,991	1,782	1,652	1,199
Operating Income	378.02	288.41	-40.95	-231.02	74.8	234.57
Interest Expense	-130.53	-146.49	-150.07	-123.49	-123.04	-84.49
Interest & Investment Income	49.16	65.21	54.12	45.29	148.34	16.24
Currency Exchange Gain (Loss)	-42.7	-42.7	39.55	66.03	-27.28	-24.67
Other Non Operating Income (Expenses)	64.12	-11.94	-30.59	-33.36	-50.59	-30.61
EBT Excluding Unusual Items	318.06	152.49	-127.93	-276.55	22.23	111.03
Impairment of Goodwill	-21.89	-21.89	-	-	-	-15.47
Gain (Loss) on Sale of Investments	-27.61	-8.22	0.2	115.21	127.35	-9.01
Gain (Loss) on Sale of Assets	-47.83	-35.06	-27.59	3.55	15.62	9.42
Asset Writedown	-26.51	-31.82	-1.5	-3.69	-	-
Other Unusual Items	61.1	62.95	65.72	80.42	74.29	108.83
Pretax Income	255.32	118.45	-91.1	-81.07	239.49	204.8
Income Tax Expense	120.9	101.76	-17.13	-5.51	-51.03	-2.08
Earnings From Continuing Operations	134.42	16.69	-73.98	-75.56	290.51	206.88
Minority Interest in Earnings	-67.95	17.15	104.49	111.02	32.41	-44.37
Net Income	66.47	33.85	30.51	35.46	322.93	162.51
Preferred Dividends & Other Adjustments	-	-	0.44	0.7	-	-
Net Income to Common	66.47	33.85	30.07	34.76	322.93	162.51
Net Income Growth	-53.06%	10.93%	-13.94%	-89.02%	98.71%	-43.05%
Shares Outstanding (Basic)	1,052	1,073	1,073	1,069	950	866
Shares Outstanding (Diluted)	1,052	1,073	1,073	1,069	950	866
Shares Change (YoY)	-4.08%	-	0.45%	12.43%	9.71%	-
EPS (Basic)	0.06	0.03	0.03	0.03	0.34	0.19
EPS (Diluted)	0.06	0.03	0.03	0.03	0.34	0.19
EPS Growth	-52.13%	7.08%	-6.61%	-91.17%	81.13%	-43.05%
Free Cash Flow	-585.22	672.4	197.89	-207.59	-199.64	-17.97
Free Cash Flow Per Share	-0.56	0.63	0.18	-0.19	-0.21	-0.02
Dividend Per Share	0.013	0.013	0.010	0.010	0.150	0.150
Dividend Growth	30.00%	30.00%	-	-93.33%	-	-16.67%
Gross Margin	14.39%	13.08%	11.45%	9.40%	10.95%	12.95%
Operating Margin	1.88%	1.54%	-0.24%	-1.40%	0.47%	2.12%
Profit Margin	0.33%	0.18%	0.18%	0.21%	2.05%	1.47%
Free Cash Flow Margin	-2.92%	3.59%	1.16%	-1.26%	-1.27%	-0.16%
EBITDA	1,108	985.79	613.13	448.92	777	792.94
EBITDA Margin	5.52%	5.26%	3.60%	2.72%	4.93%	7.16%
D&A For EBITDA	729.85	697.38	654.08	679.94	702.19	558.37
EBIT	378.02	288.41	-40.95	-231.02	74.8	234.57
EBIT Margin	1.88%	1.54%	-0.24%	-1.40%	0.47%	2.12%
Effective Tax Rate	47.35%	85.91%	-	-	-	-
Revenue as Reported	20,063	18,747	17,031	16,503	15,769	11,073
Advertising Expenses	-	4.87	4.81	4	7.56	2.19

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.