Zheshang Securities Income Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	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
Interest and Dividend Income	-	4,012	3,570	3,372	4,036
Total Interest Expense	-	1,522	1,719	1,627	1,592
Net Interest Income	-	2,490	1,850	1,745	2,445
Gain on Sale of Investments (Rev)	-	246.84	-59.29	-266.46	85.5
Other Revenue	8,841	13,027	15,790	15,287	13,868
Revenue Before Loan Losses	8,841	15,764	17,581	16,766	16,398
Provision for Loan Losses	-	7.61	2.34	-1.52	13.16
Revenue	8,841	15,756	17,579	16,768	16,385
Revenue Growth (YoY)	-43.89%	-10.37%	4.84%	2.34%	54.98%
Cost of Services Provided	5,381	3,996	3,553	2,989	3,795
Other Operating Expenses	-	9,389	11,846	11,716	9,797
Total Operating Expenses	5,381	13,384	15,400	14,705	13,592
Operating Income	3,459	2,372	2,179	2,062	2,793
Currency Exchange Gains	-	-1.03	2.44	3.12	-0.88
Other Non-Operating Income (Expenses)	0.79	13.22	-0.79	4.18	12.55
EBT Excluding Unusual Items	3,460	2,384	2,181	2,070	2,805
Gain (Loss) on Sale of Investments	-	11.84	-7.1	8.13	71.73
Other Unusual Items	-	30.53	27.57	21.19	41.35
Pretax Income	3,460	2,425	2,202	2,098	2,916
Income Tax Expense	617.44	418.05	377.81	396.05	720.7
Earnings From Continuing Ops.	2,843	2,007	1,824	1,702	2,196
Minority Interest in Earnings	-	-75.06	-70.23	-47.34	-
Net Income	2,843	1,932	1,754	1,654	2,196
Net Income to Common	2,843	1,932	1,754	1,654	2,196
Net Income Growth	47.15%	10.17%	6.01%	-24.66%	34.94%
Shares Outstanding (Basic)	5,364	3,943	3,812	3,847	3,786
Shares Outstanding (Diluted)	5,364	4,200	4,175	4,035	3,786
Shares Change (YoY)	27.71%	0.59%	3.48%	6.58%	9.35%
EPS (Basic)	0.53	0.49	0.46	0.43	0.58
EPS (Diluted)	0.53	0.46	0.42	0.41	0.58
EPS Growth	15.22%	9.52%	2.44%	-29.31%	23.40%
Free Cash Flow	-	6,001	5,666	274.17	1,471
Free Cash Flow Per Share	-	1.43	1.36	0.07	0.39
Dividend Per Share	-	0.150	0.140	0.300	0.130
Dividend Growth	-	7.14%	-53.33%	130.77%	-
Operating Margin	39.13%	15.05%	12.40%	12.30%	17.05%
Profit Margin	32.15%	12.26%	9.98%	9.87%	13.40%
Free Cash Flow Margin	-	38.09%	32.23%	1.64%	8.98%
Effective Tax Rate	17.84%	17.24%	17.16%	18.88%	24.71%
Revenue as Reported	-	15,816	17,638	16,814	16,418

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Capital Markets template. Financial Sources.