Wave Cyber (Shanghai) 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	373.38	375.08	384.06	307.86	378.63	313.53
Other Revenue	0.16	0.16	0.15	0.19	0.56	0.07
Revenue	373.54	375.24	384.21	308.05	379.19	313.6
Revenue Growth (YoY)	-1.32%	-2.34%	24.72%	-18.76%	20.92%	-13.03%
Cost of Revenue	256.89	250.46	264.09	215.36	249.58	199.68
Gross Profit	116.65	124.77	120.12	92.69	129.61	113.92
Selling, General & Admin	54.04	61	49.42	45.72	44.38	37.68
Research & Development	30.07	29.14	27.39	21.3	23.78	21.28
Other Operating Expenses	7.96	4.16	5.29	3.71	4.35	2.64
Operating Expenses	94.85	95.19	82.3	71.01	72.52	62.23
Operating Income	21.8	29.58	37.82	21.68	57.09	51.69
Interest Expense	-0.02	-0.02	-0.18	-0.36	-1.58	-1.67
Interest & Investment Income	1.06	0.94	1.86	1.61	0.74	1.18
Currency Exchange Gain (Loss)	2.44	2.44	1.78	4.57	-1.13	-2.63
Other Non Operating Income (Expenses)	-0.1	-0.28	0.05	-0.34	-0.36	0.14
EBT Excluding Unusual Items	25.18	32.66	41.34	27.15	54.75	48.7
Gain (Loss) on Sale of Investments	-0.19	-0.22	-0.41	-0.2	-0.18	0.16
Gain (Loss) on Sale of Assets	0.51	0.5	0.15	-0.08	-0.39	-0.14
Asset Writedown	-	-	-	-	-4.5	-0.03
Other Unusual Items	12.11	5.64	5.53	4.99	8.03	4.25
Pretax Income	37.6	38.58	46.6	31.86	57.71	52.95
Income Tax Expense	2.44	1.65	1.67	0.48	7.23	6.19
Earnings From Continuing Operations	35.16	36.93	44.94	31.38	50.48	46.76
Minority Interest in Earnings	0.64	1.66	1	-	-	-
Net Income	35.8	38.59	45.94	31.38	50.48	46.76
Net Income to Common	35.8	38.59	45.94	31.38	50.48	46.76
Net Income Growth	-5.10%	-16.00%	46.41%	-37.84%	7.96%	-29.48%
Shares Outstanding (Basic)	171	175	177	174	148	130
Shares Outstanding (Diluted)	171	175	177	174	148	130
Shares Change (YoY)	-3.99%	-0.73%	1.70%	17.06%	13.89%	0.00%
EPS (Basic)	0.21	0.22	0.26	0.18	0.34	0.36
EPS (Diluted)	0.21	0.22	0.26	0.18	0.34	0.36
EPS Growth	-1.16%	-15.38%	43.96%	-46.90%	-5.21%	-29.48%
Free Cash Flow	42.45	9.46	-27.22	-25.25	-92.42	6.77
Free Cash Flow Per Share	0.25	0.05	-0.15	-0.14	-0.62	0.05
Gross Margin	31.23%	33.25%	31.26%	30.09%	34.18%	36.33%
Operating Margin	5.84%	7.88%	9.84%	7.04%	15.05%	16.48%
Profit Margin	9.59%	10.28%	11.96%	10.19%	13.31%	14.91%
Free Cash Flow Margin	11.37%	2.52%	-7.08%	-8.20%	-24.37%	2.16%
EBITDA	60.99	66.45	71.59	48.63	81.35	72.83
EBITDA Margin	16.33%	17.71%	18.63%	15.79%	21.45%	23.22%
D&A For EBITDA	39.18	36.86	33.77	26.95	24.26	21.14
EBIT	21.8	29.58	37.82	21.68	57.09	51.69
EBIT Margin	5.84%	7.88%	9.84%	7.04%	15.05%	16.48%
Effective Tax Rate	6.49%	4.27%	3.58%	1.52%	12.52%	11.68%
Revenue as Reported	373.54	375.24	384.21	308.05	379.19	313.6
Advertising Expenses	-	0.1	0.06	0.05	0.58	0.61

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