Hefei Kewell Power System 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	467.84	475.29	526.93	371.31	246.5	160.91
Other Revenue	2.98	2.98	2.02	3.83	1.02	1.57
Revenue	470.82	478.27	528.95	375.14	247.52	162.48
Revenue Growth (YoY)	-14.58%	-9.58%	41.00%	51.56%	52.34%	-4.11%
Cost of Revenue	286.94	270.08	254.8	189.36	120.22	64.91
Gross Profit	183.89	208.2	274.15	185.78	127.3	97.57
Selling, General & Admin	109.44	113.39	99.11	82.63	51.17	37.86
Research & Development	75.06	78.93	82.33	76.72	46.94	18.84
Other Operating Expenses	-10.84	-10.43	-8.93	3.67	-3.33	-5.35
Operating Expenses	172.33	184.02	176.23	168.72	100.86	52.95
Operating Income	11.56	24.17	97.92	17.06	26.44	44.62
Interest Expense	-0.46	-0.92	-0.98	-0.71	-0.18	-
Interest & Investment Income	28.84	17.69	19.58	24.19	23	5.01
Currency Exchange Gain (Loss)	-0.04	-0.04	0.09	-0.01	0.04	-0.02
Other Non Operating Income (Expenses)	-0.49	-0.22	-0.04	-0.24	-0.33	-0.06
EBT Excluding Unusual Items	39.42	40.69	116.56	40.29	48.97	49.55
Gain (Loss) on Sale of Investments	0.12	0.92	-0.5	-1.45	-0.57	2.51
Gain (Loss) on Sale of Assets	-0.07	-0.04	0.14	0.36	0.91	-0.02
Asset Writedown	-2.2	-	0.01	-	-	-
Legal Settlements	-	-	-1.07	-	-	-
Other Unusual Items	9.31	5.74	10.04	23.44	10.65	9.45
Pretax Income	46.57	47.3	125.17	62.64	59.95	61.5
Income Tax Expense	-2.07	-0.78	9.19	1.8	3.2	7.46
Earnings From Continuing Operations	48.64	48.08	115.98	60.85	56.76	54.03
Minority Interest in Earnings	0.36	0.97	1.09	1.38	0.16	-
Net Income	49	49.05	117.07	62.22	56.92	54.03
Net Income to Common	49	49.05	117.07	62.22	56.92	54.03
Net Income Growth	-47.52%	-58.10%	88.14%	9.33%	5.33%	-12.32%
Shares Outstanding (Basic)	83	83	81	80	80	65
Shares Outstanding (Diluted)	83	83	81	80	80	65
Shares Change (YoY)	-0.03%	2.97%	1.21%	-0.48%	23.14%	8.80%
EPS (Basic)	0.59	0.59	1.45	0.78	0.71	0.83
EPS (Diluted)	0.59	0.59	1.45	0.78	0.71	0.83
EPS Growth	-47.51%	-59.31%	85.90%	9.86%	-14.46%	-19.42%
Free Cash Flow	22.22	-60.97	0.87	-68.91	-32.85	26.97
Free Cash Flow Per Share	0.27	-0.73	0.01	-0.86	-0.41	0.41
Dividend Per Share	0.500	0.400	0.600	0.370	0.225	0.200
Dividend Growth	-16.67%	-33.33%	62.16%	64.44%	12.50%	17.65%
Gross Margin	39.06%	43.53%	51.83%	49.52%	51.43%	60.05%
Operating Margin	2.46%	5.05%	18.51%	4.55%	10.68%	27.46%
Profit Margin	10.41%	10.26%	22.13%	16.59%	22.99%	33.26%
Free Cash Flow Margin	4.72%	-12.75%	0.16%	-18.37%	-13.27%	16.60%
EBITDA	24.96	36.98	109.93	25.89	32.11	47.39
EBITDA Margin	5.30%	7.73%	20.78%	6.90%	12.97%	29.17%
D&A For EBITDA	13.4	12.8	12.01	8.83	5.67	2.77
EBIT	11.56	24.17	97.92	17.06	26.44	44.62
EBIT Margin	2.46%	5.05%	18.51%	4.55%	10.68%	27.46%
Effective Tax Rate	-	-	7.34%	2.87%	5.33%	12.13%
Revenue as Reported	470.82	478.27	528.95	375.14	247.52	162.48
Advertising Expenses	-	5.19	3.12	1.49	1.88	1.72

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