Shanxi Huaxiang 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	4,103	4,024	3,782	3,224	3,193	3,259
Other Revenue	102.89	102.89	45.64	39.35	32.75	23.69
Revenue	4,206	4,127	3,828	3,264	3,226	3,282
Revenue Growth (YoY)	8.94%	7.83%	17.28%	1.17%	-1.72%	68.42%
Cost of Revenue	3,344	3,254	3,017	2,511	2,652	2,663
Gross Profit	862.19	873.34	810.07	752.7	574.05	619.66
Selling, General & Admin	156.47	165.16	161.72	163.71	174.79	157.23
Research & Development	141.47	140.93	167.52	142.11	103.64	98.33
Other Operating Expenses	-23.13	-8.41	-18.86	14.7	14.28	8.6
Operating Expenses	267.72	297.77	320.15	325.35	301.72	271.3
Operating Income	594.47	575.57	489.92	427.36	272.33	348.36
Interest Expense	-28.02	-42.19	-73.7	-69.8	-64.04	-13.19
Interest & Investment Income	34.31	40.92	37.58	30.96	28.61	8.44
Currency Exchange Gain (Loss)	5.55	5.55	-0.38	3.89	14.24	-18.95
Other Non Operating Income (Expenses)	-11.09	0.51	1.51	4	2.06	-0.76
EBT Excluding Unusual Items	595.22	580.36	454.92	396.41	253.2	323.9
Impairment of Goodwill	-	-	-	-	-57.13	-2.61
Gain (Loss) on Sale of Investments	7.55	2.94	9.29	6.63	1.97	0.07
Gain (Loss) on Sale of Assets	0.07	-3.17	-7.99	1.14	1.72	-4
Asset Writedown	1.12	-	-	-11.11	-	-0
Other Unusual Items	53.41	50.92	45.67	11.73	35.42	35.02
Pretax Income	657.36	631.05	501.89	404.79	235.17	352.37
Income Tax Expense	71.28	68.33	50.14	40.48	35.58	43.48
Earnings From Continuing Operations	586.08	562.72	451.74	364.31	199.59	308.89
Minority Interest in Earnings	-14.37	-4.85	18.81	24.75	63.96	19.13
Net Income	571.71	557.87	470.56	389.06	263.55	328.02
Net Income to Common	571.71	557.87	470.56	389.06	263.55	328.02
Net Income Growth	14.84%	18.55%	20.95%	47.63%	-19.65%	33.88%
Shares Outstanding (Basic)	525	507	448	432	432	426
Shares Outstanding (Diluted)	525	507	461	447	432	432
Shares Change (YoY)	11.85%	9.93%	3.16%	3.51%	0.10%	12.75%
EPS (Basic)	1.09	1.10	1.05	0.90	0.61	0.77
EPS (Diluted)	1.09	1.10	1.02	0.87	0.61	0.76
EPS Growth	2.67%	7.84%	17.24%	42.62%	-19.74%	18.75%
Free Cash Flow	-0.98	-104.29	291.58	174.85	-180.58	-184.16
Free Cash Flow Per Share	-0.00	-0.21	0.63	0.39	-0.42	-0.43
Dividend Per Share	0.422	0.422	0.428	0.315	0.181	0.226
Dividend Growth	-1.40%	-1.40%	35.87%	74.03%	-19.91%	32.94%
Gross Margin	20.50%	21.16%	21.16%	23.06%	17.80%	18.88%
Operating Margin	14.13%	13.94%	12.80%	13.10%	8.44%	10.61%
Profit Margin	13.59%	13.52%	12.29%	11.92%	8.17%	9.99%
Free Cash Flow Margin	-0.02%	-2.53%	7.62%	5.36%	-5.60%	-5.61%
EBITDA	872.03	841.2	707.87	623.32	450.9	494.65
EBITDA Margin	20.73%	20.38%	18.49%	19.10%	13.98%	15.07%
D&A For EBITDA	277.56	265.64	217.95	195.96	178.57	146.29
EBIT	594.47	575.57	489.92	427.36	272.33	348.36
EBIT Margin	14.13%	13.94%	12.80%	13.10%	8.44%	10.61%
Effective Tax Rate	10.84%	10.83%	9.99%	10.00%	15.13%	12.34%
Revenue as Reported	4,206	4,127	3,828	3,264	3,226	3,282
Advertising Expenses	-	-	-	-	0.1	0.03

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