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 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	20,285	20,231	18,279	16,409	16,011	15,226
Other Revenue	266.71	266.71	468.29	621.49	491.66	542.89
Revenue	20,552	20,498	18,747	17,031	16,503	15,769
Revenue Growth (YoY)	3.17%	9.34%	10.08%	3.20%	4.66%	42.41%
Cost of Revenue	17,610	17,708	16,295	15,081	14,952	14,042
Gross Profit	2,941	2,790	2,452	1,950	1,551	1,727
Selling, General & Admin	1,288	1,291	1,219	1,110	977.65	869.84
Research & Development	970.17	1,002	925.38	847.96	726.69	726.17
Other Operating Expenses	23.34	26.07	10.08	19.19	58.1	52.01
Operating Expenses	2,432	2,469	2,164	1,991	1,782	1,652
Operating Income	509.41	320.54	288.41	-40.95	-231.02	74.8
Interest Expense	-127.15	-127.15	-146.49	-150.07	-123.49	-123.04
Interest & Investment Income	43.51	44.52	65.21	54.12	45.29	148.34
Currency Exchange Gain (Loss)	11.22	11.22	-42.7	39.55	66.03	-27.28
Other Non Operating Income (Expenses)	-97.48	-14.13	-11.94	-30.59	-33.36	-50.59
EBT Excluding Unusual Items	339.52	235	152.49	-127.93	-276.55	22.23
Impairment of Goodwill	-	-	-21.89	-	-	-
Gain (Loss) on Sale of Investments	-41.39	-35.72	-8.22	0.2	115.21	127.35
Gain (Loss) on Sale of Assets	-74.2	-57.71	-35.06	-27.59	3.55	15.62
Asset Writedown	-88.3	-88.3	-31.82	-1.5	-3.69	-
Other Unusual Items	73.56	73.56	62.95	65.72	80.42	74.29
Pretax Income	209.2	126.83	118.45	-91.1	-81.07	239.49
Income Tax Expense	44.75	33.7	101.76	-17.13	-5.51	-51.03
Earnings From Continuing Operations	164.46	93.13	16.69	-73.98	-75.56	290.51
Minority Interest in Earnings	-35.46	-21.31	17.15	104.49	111.02	32.41
Net Income	128.99	71.82	33.85	30.51	35.46	322.93
Preferred Dividends & Other Adjustments	-	-	-	0.44	0.7	-
Net Income to Common	128.99	71.82	33.85	30.07	34.76	322.93
Net Income Growth	131.88%	112.18%	10.93%	-13.94%	-89.02%	98.71%
Shares Outstanding (Basic)	951	1,073	1,073	1,073	1,069	950
Shares Outstanding (Diluted)	951	1,073	1,073	1,073	1,069	950
Shares Change (YoY)	-26.40%	-	-	0.45%	12.43%	9.71%
EPS (Basic)	0.14	0.07	0.03	0.03	0.03	0.34
EPS (Diluted)	0.14	0.07	0.03	0.03	0.03	0.34
EPS Growth	224.68%	123.05%	7.08%	-6.61%	-91.17%	81.13%
Free Cash Flow	0.38	33.26	672.4	197.89	-207.59	-199.64
Free Cash Flow Per Share	-	0.03	0.63	0.18	-0.19	-0.21
Dividend Per Share	0.028	0.028	0.013	0.010	0.010	0.150
Dividend Growth	115.39%	115.39%	30.00%	-	-93.33%	-
Gross Margin	14.31%	13.61%	13.08%	11.45%	9.40%	10.95%
Operating Margin	2.48%	1.56%	1.54%	-0.24%	-1.40%	0.47%
Profit Margin	0.63%	0.35%	0.18%	0.18%	0.21%	2.05%
Free Cash Flow Margin	0.00%	0.16%	3.59%	1.16%	-1.26%	-1.27%
EBITDA	1,256	1,062	1,010	613.13	448.92	777
EBITDA Margin	6.11%	5.18%	5.39%	3.60%	2.72%	4.93%
D&A For EBITDA	746.82	741.81	721.79	654.08	679.94	702.19
EBIT	509.41	320.54	288.41	-40.95	-231.02	74.8
EBIT Margin	2.48%	1.56%	1.54%	-0.24%	-1.40%	0.47%
Effective Tax Rate	21.39%	26.57%	85.91%	-	-	-
Revenue as Reported	20,498	20,498	18,747	17,031	16,503	15,769
Advertising Expenses	-	12.62	4.87	4.81	4	7.56

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