Hwatsing Technology 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
Revenue	4,937	4,648	3,406	2,508	1,649	804.88
Revenue Growth (YoY)	35.69%	36.46%	35.82%	52.11%	104.86%	108.58%
Cost of Revenue	2,925	2,721	1,958	1,439	870.64	451.06
Gross Profit	2,012	1,927	1,448	1,069	778.2	353.82
Selling, General & Admin	504.44	478.72	307.49	211.62	196.73	131.96
Research & Development	568.35	537.5	382.22	303.93	216.59	114.07
Other Operating Expenses	-146.71	-133.12	-178.85	-97.51	-55.52	1.82
Operating Expenses	937.6	893.4	528.97	429.49	362.92	247.43
Operating Income	1,075	1,034	919.33	639.63	415.28	106.39
Interest Expense	-9.4	-8.79	-12.32	-10.05	-5.52	-3.9
Interest & Investment Income	88.65	81.28	84.64	96.42	42.04	11.12
Currency Exchange Gain (Loss)	-0.5	-0.5	0.04	0.78	0.74	2.69
Other Non Operating Income (Expenses)	0.01	-0.57	-0.55	-0.38	-0.19	-0.01
EBT Excluding Unusual Items	1,153	1,105	991.14	726.4	452.36	116.28
Gain (Loss) on Sale of Investments	12.7	19.99	2.57	-16.74	33.04	0.25
Gain (Loss) on Sale of Assets	0.39	-	-	-0	-	-
Asset Writedown	-6.26	-0.01	-0.01	-	-0.01	-0
Other Unusual Items	73.21	73.2	124.6	80.18	71.49	79.28
Pretax Income	1,233	1,198	1,118	789.83	556.89	195.82
Income Tax Expense	136.03	114.7	94.88	66.09	55.29	-2.46
Earnings From Continuing Operations	1,097	1,083	1,023	723.75	501.6	198.28
Minority Interest in Earnings	0.3	0.3	-	-	-	-
Net Income	1,098	1,084	1,023	723.75	501.6	198.28
Net Income to Common	1,098	1,084	1,023	723.75	501.6	198.28
Net Income Growth	4.07%	5.89%	41.40%	44.29%	152.98%	102.76%
Shares Outstanding (Basic)	352	352	352	352	316	264
Shares Outstanding (Diluted)	353	353	353	352	316	264
Shares Change (YoY)	0.05%	0.03%	0.14%	11.39%	19.62%	6.29%
EPS (Basic)	3.12	3.08	2.91	2.05	1.59	0.75
EPS (Diluted)	3.11	3.07	2.90	2.05	1.59	0.75
EPS Growth	4.02%	5.86%	41.21%	29.53%	111.48%	90.76%
Free Cash Flow	625.79	577.64	832.8	313.4	-149.75	215.48
Free Cash Flow Per Share	1.77	1.64	2.36	0.89	-0.47	0.81
Dividend Per Share	0.400	0.400	0.550	0.248	0.151	-
Dividend Growth	-27.27%	-27.27%	122.04%	63.93%	-	-
Gross Margin	40.76%	41.45%	42.52%	42.63%	47.20%	43.96%
Operating Margin	21.77%	22.23%	26.99%	25.50%	25.19%	13.22%
Profit Margin	22.23%	23.32%	30.04%	28.86%	30.42%	24.63%
Free Cash Flow Margin	12.68%	12.43%	24.45%	12.50%	-9.08%	26.77%
EBITDA	1,233	1,178	1,007	710.93	466.87	134.69
EBITDA Margin	24.98%	25.35%	29.57%	28.35%	28.32%	16.73%
D&A For EBITDA	158.81	144.62	87.87	71.3	51.59	28.3
EBIT	1,075	1,034	919.33	639.63	415.28	106.39
EBIT Margin	21.77%	22.23%	26.99%	25.50%	25.19%	13.22%
Effective Tax Rate	11.03%	9.57%	8.48%	8.37%	9.93%	-
Revenue as Reported	4,937	4,648	3,406	2,508	1,649	804.88
Advertising Expenses	-	1.5	1.85	0.98	0.59	1.3

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