Maoye Commercial 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	1,681	1,813	2,145	2,545	2,444	3,412
Other Revenue	553.61	553.61	570.35	620.47	965.34	756.03
Revenue	2,235	2,367	2,716	3,165	3,409	4,168
Revenue Growth (YoY)	-11.80%	-12.84%	-14.21%	-7.16%	-18.20%	12.67%
Cost of Revenue	875.21	914.07	1,036	1,306	1,287	1,604
Gross Profit	1,359	1,453	1,680	1,860	2,123	2,564
Selling, General & Admin	1,009	1,035	1,137	1,178	1,198	1,326
Other Operating Expenses	134.31	138.79	112.35	114.6	102.26	208
Operating Expenses	1,145	1,175	1,250	1,291	1,302	1,534
Operating Income	214.86	278.34	430.03	568.42	821.09	1,030
Interest Expense	-278.84	-278.84	-324.48	-359.7	-398.49	-454.08
Interest & Investment Income	8.12	8.11	11.55	11.13	14.33	32
Currency Exchange Gain (Loss)	-0	-0	-0.03	-0.06	-0.36	0.48
Other Non Operating Income (Expenses)	-27.17	-37.3	47.77	-59.4	-46.42	-34.17
EBT Excluding Unusual Items	-83.03	-29.69	164.83	160.39	390.15	574.57
Impairment of Goodwill	-59.52	-59.52	-28.02	-24.21	-16.24	-54.89
Gain (Loss) on Sale of Investments	-198.1	-197.94	-87.5	-131.94	51.01	-7.42
Gain (Loss) on Sale of Assets	6.3	-0.72	0	-0.1	0.34	90.76
Asset Writedown	-5.89	-5.89	-	-	-	-
Legal Settlements	-3.6	-3.6	-0.12	-6.75	-2.01	-20.2
Other Unusual Items	-15.63	-15.63	4.57	77	8.12	3.44
Pretax Income	-359.47	-312.99	53.76	74.38	431.37	586.27
Income Tax Expense	-58.57	-48.79	23.93	30.22	98.05	167.09
Earnings From Continuing Operations	-300.9	-264.2	29.84	44.16	333.31	419.18
Minority Interest in Earnings	22.31	18.39	7.31	6.47	8.47	-9.82
Net Income	-278.59	-245.81	37.15	50.63	341.79	409.36
Net Income to Common	-278.59	-245.81	37.15	50.63	341.79	409.36
Net Income Growth	-	-	-26.63%	-85.19%	-16.51%	92.18%
Shares Outstanding (Basic)	1,735	1,732	1,736	1,734	1,732	1,732
Shares Outstanding (Diluted)	1,735	1,732	1,736	1,734	1,732	1,732
Shares Change (YoY)	0.04%	-0.20%	0.11%	0.09%	0.04%	-0.01%
EPS (Basic)	-0.16	-0.14	0.02	0.03	0.20	0.24
EPS (Diluted)	-0.16	-0.14	0.02	0.03	0.20	0.24
EPS Growth	-	-	-26.71%	-85.20%	-16.54%	92.20%
Free Cash Flow	310.31	365.69	998.92	866.3	489.12	1,068
Free Cash Flow Per Share	0.18	0.21	0.57	0.50	0.28	0.62
Dividend Per Share	-	-	-	0.027	0.150	0.150
Dividend Growth	-	-	-	-82.00%	-	50.00%
Gross Margin	60.83%	61.38%	61.85%	58.76%	62.26%	61.52%
Operating Margin	9.62%	11.76%	15.83%	17.96%	24.08%	24.72%
Profit Margin	-12.47%	-10.38%	1.37%	1.60%	10.03%	9.82%
Free Cash Flow Margin	13.89%	15.45%	36.78%	27.37%	14.35%	25.63%
EBITDA	496.34	560.7	715.93	856.5	1,112	1,352
EBITDA Margin	22.21%	23.69%	26.36%	27.06%	32.63%	32.43%
D&A For EBITDA	281.48	282.36	285.91	288.08	291.31	321.18
EBIT	214.86	278.34	430.03	568.42	821.09	1,030
EBIT Margin	9.62%	11.76%	15.83%	17.96%	24.08%	24.72%
Effective Tax Rate	-	-	44.51%	40.63%	22.73%	28.50%
Revenue as Reported	2,367	2,367	2,716	3,165	3,409	4,168
Advertising Expenses	-	12.3	12.79	22.65	16.77	42.07

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