Hwatsing Technology 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
Revenue	4,648	3,406	2,508	1,649	804.88
Revenue Growth (YoY)	36.46%	35.82%	52.11%	104.86%	108.58%
Cost of Revenue	-	1,958	1,439	870.64	451.06
Gross Profit	4,648	1,448	1,069	778.2	353.82
Selling, General & Admin	-	307.49	211.62	196.73	131.96
Research & Development	-	382.22	303.93	216.59	114.07
Other Operating Expenses	3,450	-178.85	-97.51	-55.52	1.82
Operating Expenses	3,450	528.97	429.49	362.92	247.43
Operating Income	1,198	919.33	639.63	415.28	106.39
Interest Expense	-	-12.32	-10.05	-5.52	-3.9
Interest & Investment Income	-	84.64	96.42	42.04	11.12
Currency Exchange Gain (Loss)	-	0.04	0.78	0.74	2.69
Other Non Operating Income (Expenses)	1.8	-0.55	-0.38	-0.19	-0.01
EBT Excluding Unusual Items	1,200	991.14	726.4	452.36	116.28
Gain (Loss) on Sale of Investments	-	2.57	-16.74	33.04	0.25
Gain (Loss) on Sale of Assets	-	-0.01	-0	-	-
Asset Writedown	-	-	-	-0.01	-0
Other Unusual Items	-	124.6	80.18	71.49	79.28
Pretax Income	1,200	1,118	789.83	556.89	195.82
Income Tax Expense	114.05	94.88	66.09	55.29	-2.46
Net Income	1,086	1,023	723.75	501.6	198.28
Net Income to Common	1,086	1,023	723.75	501.6	198.28
Net Income Growth	6.07%	41.40%	44.29%	152.98%	102.76%
Shares Outstanding (Basic)	352	352	352	316	264
Shares Outstanding (Diluted)	352	354	352	316	264
Shares Change (YoY)	-0.38%	0.40%	11.39%	19.62%	6.29%
EPS (Basic)	3.08	2.91	2.05	1.59	0.75
EPS (Diluted)	3.08	2.89	2.05	1.59	0.75
EPS Growth	6.48%	40.85%	29.53%	111.48%	90.76%
Free Cash Flow	-	832.8	313.4	-149.75	215.48
Free Cash Flow Per Share	-	2.35	0.89	-0.47	0.81
Dividend Per Share	-	0.369	0.248	0.151	-
Dividend Growth	-	49.01%	63.93%	-	-
Gross Margin	100.00%	42.52%	42.63%	47.20%	43.96%
Operating Margin	25.77%	26.99%	25.50%	25.19%	13.22%
Profit Margin	23.35%	30.04%	28.86%	30.42%	24.63%
Free Cash Flow Margin	-	24.45%	12.50%	-9.08%	26.77%
EBITDA	1,282	1,004	710.93	466.87	134.69
EBITDA Margin	27.59%	29.47%	28.35%	28.32%	16.73%
D&A For EBITDA	84.63	84.63	71.3	51.59	28.3
EBIT	1,198	919.33	639.63	415.28	106.39
EBIT Margin	25.77%	26.99%	25.50%	25.19%	13.22%
Effective Tax Rate	9.51%	8.48%	8.37%	9.93%	-
Revenue as Reported	-	3,406	2,508	1,649	804.88
Advertising Expenses	-	1.85	0.98	0.59	1.3

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