SHA:601985 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	81,605	76,956	74,499	71,002	62,430	52,006
Other Revenue	315.96	315.96	458.53	283.68	264.95	270.38
Revenue	81,921	77,272	74,957	71,286	62,695	52,276
Revenue Growth (YoY)	8.00%	3.09%	5.15%	13.70%	19.93%	10.61%
Operations & Maintenance	67.65	67.65	98.11	68.83	62.22	70.09
Selling, General & Admin	4,242	4,022	3,845	4,627	3,220	2,340
Provision for Bad Debts	33.12	85.95	77.85	-59.52	12.38	46.33
Other Operating Expenses	47,244	42,786	39,993	37,694	34,753	28,653
Total Operating Expenses	52,962	48,336	45,398	43,728	39,385	32,135
Operating Income	28,959	28,936	29,560	27,557	23,310	20,141
Interest Expense	-6,553	-6,710	-6,934	-7,641	-7,656	-7,060
Interest Income	564.72	566.27	564.85	483.07	436.72	309.67
Net Interest Expense	-5,988	-6,144	-6,369	-7,158	-7,219	-6,750
Currency Exchange Gain (Loss)	54.64	54.64	-218.69	-398.82	832.43	199.59
Other Non-Operating Income (Expenses)	-482.9	-312.23	-347.95	-287.15	-233.12	-314.49
EBT Excluding Unusual Items	22,542	22,535	22,624	19,713	16,690	13,277
Impairment of Goodwill	-216.33	-216.33	-55.84	-48.35	-8.29	-
Gain (Loss) on Sale of Investments	-17.48	-17.48	0.16	0.05	-	-
Gain (Loss) on Sale of Assets	8.87	11.23	57.93	1.04	15.54	-259.16
Asset Writedown	-19.66	-24.06	-57.4	-75.87	-26.94	-77.64
Insurance Settlements	77.42	77.42	322.01	6.34	1.83	4.57
Legal Settlements	-	-	-17.66	-	-	-1.85
Other Unusual Items	198.15	198.15	107.97	-26.81	164.38	236.77
Pretax Income	22,573	22,564	22,981	19,570	16,837	13,179
Income Tax Expense	6,836	6,011	3,571	3,247	2,505	2,232
Earnings From Continuing Ops.	15,737	16,553	19,411	16,323	14,332	10,947
Minority Interest in Earnings	-7,891	-7,776	-8,787	-7,313	-6,115	-4,952
Net Income	7,846	8,777	10,624	9,010	8,217	5,995
Net Income to Common	7,846	8,777	10,624	9,010	8,217	5,995
Net Income Growth	-23.30%	-17.38%	17.91%	9.66%	37.05%	26.02%
Shares Outstanding (Basic)	20,191	18,958	19,177	19,253	18,259	15,819
Shares Outstanding (Diluted)	20,191	18,958	19,177	19,294	18,932	16,336
Shares Change (YoY)	6.39%	-1.14%	-0.61%	1.91%	15.89%	1.29%
EPS (Basic)	0.39	0.46	0.55	0.47	0.45	0.38
EPS (Diluted)	0.39	0.46	0.55	0.47	0.43	0.37
EPS Growth	-27.91%	-16.43%	18.63%	7.60%	18.26%	24.41%
Free Cash Flow	-55,145	-49,988	-23,974	-3,812	10,485	7,195
Free Cash Flow Per Share	-2.73	-2.64	-1.25	-0.20	0.55	0.44
Dividend Per Share	0.180	0.160	0.195	0.170	0.150	0.130
Dividend Growth	-7.69%	-17.95%	14.71%	13.33%	15.38%	6.56%
Profit Margin	9.58%	11.36%	14.17%	12.64%	13.11%	11.47%
Free Cash Flow Margin	-67.31%	-64.69%	-31.98%	-5.35%	16.72%	13.76%
EBITDA	47,663	46,634	45,916	42,977	37,372	31,920
EBITDA Margin	58.18%	60.35%	61.26%	60.29%	59.61%	61.06%
D&A For EBITDA	18,705	17,698	16,356	15,419	14,062	11,779
EBIT	28,959	28,936	29,560	27,557	23,310	20,141
EBIT Margin	35.35%	37.45%	39.43%	38.66%	37.18%	38.53%
Effective Tax Rate	30.28%	26.64%	15.54%	16.59%	14.88%	16.94%
Revenue as Reported	81,921	77,272	74,957	71,286	62,695	52,276

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