Zheshang Securities 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
Interest and Dividend Income	6,083	5,949	4,076	3,570	3,372	4,036
Total Interest Expense	1,755	1,640	1,522	1,719	1,627	1,592
Net Interest Income	4,329	4,308	2,554	1,850	1,745	2,445
Gain on Sale of Investments (Rev)	143.2	-9.84	246.84	-59.29	-266.46	85.5
Other Revenue	4,999	4,500	3,650	15,790	15,287	13,868
Revenue Before Loan Losses	9,470	8,798	6,451	17,581	16,766	16,398
Provision for Loan Losses	21.61	10.4	7.61	2.34	-1.52	13.16
Revenue	9,449	8,788	6,443	17,579	16,768	16,385
Revenue Growth (YoY)	121.90%	36.39%	-63.35%	4.84%	2.34%	54.98%
Cost of Services Provided	5,632	5,275	3,996	3,553	2,989	3,795
Other Operating Expenses	77.9	71.36	75.62	11,846	11,716	9,797
Total Operating Expenses	5,716	5,352	4,071	15,400	14,705	13,592
Operating Income	3,733	3,435	2,372	2,179	2,062	2,793
Currency Exchange Gains	1.42	-2.83	-1.03	2.44	3.12	-0.88
Other Non-Operating Income (Expenses)	5.01	-2.34	9.9	-0.79	4.18	12.55
EBT Excluding Unusual Items	3,739	3,430	2,381	2,181	2,070	2,805
Asset Writedown	15.16	-	-	-	-	-
Gain (Loss) on Sale of Investments	-8.7	-8.7	11.84	-7.1	8.13	71.73
Other Unusual Items	35.36	38.76	33.85	27.57	21.19	41.35
Pretax Income	3,779	3,460	2,425	2,202	2,098	2,916
Income Tax Expense	679.97	617.44	418.05	377.81	396.05	720.7
Earnings From Continuing Ops.	3,099	2,843	2,007	1,824	1,702	2,196
Minority Interest in Earnings	-491.33	-430.31	-75.06	-70.23	-47.34	-
Net Income	2,608	2,412	1,932	1,754	1,654	2,196
Net Income to Common	2,608	2,412	1,932	1,754	1,654	2,196
Net Income Growth	27.84%	24.87%	10.17%	6.01%	-24.66%	34.94%
Shares Outstanding (Basic)	4,499	4,552	3,943	3,812	3,847	3,786
Shares Outstanding (Diluted)	4,499	4,552	4,200	4,175	4,035	3,786
Shares Change (YoY)	3.65%	8.38%	0.59%	3.48%	6.58%	9.35%
EPS (Basic)	0.58	0.53	0.49	0.46	0.43	0.58
EPS (Diluted)	0.58	0.53	0.46	0.42	0.41	0.58
EPS Growth	23.33%	15.22%	9.52%	2.44%	-29.31%	23.40%
Free Cash Flow	4,343	-3,785	6,001	5,666	274.17	1,471
Free Cash Flow Per Share	0.96	-0.83	1.43	1.36	0.07	0.39
Dividend Per Share	0.170	0.170	0.150	0.140	0.300	0.130
Dividend Growth	13.33%	13.33%	7.14%	-53.33%	130.77%	-
Operating Margin	39.50%	39.09%	36.82%	12.40%	12.30%	17.05%
Profit Margin	27.60%	27.45%	29.98%	9.98%	9.87%	13.40%
Free Cash Flow Margin	45.96%	-43.08%	93.14%	32.23%	1.64%	8.98%
Effective Tax Rate	17.99%	17.84%	17.24%	17.16%	18.88%	24.71%
Revenue as Reported	9,525	8,841	6,503	17,638	16,814	16,418

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