Wave Cyber (Shanghai) 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
Operating Revenue	419.99	375.08	384.06	307.86	378.63
Other Revenue	-	0.16	0.15	0.19	0.56
Revenue	419.99	375.24	384.21	308.05	379.19
Revenue Growth (YoY)	11.93%	-2.34%	24.72%	-18.76%	20.92%
Cost of Revenue	-	250.46	264.09	215.36	249.58
Gross Profit	419.99	124.77	120.12	92.69	129.61
Selling, General & Admin	-	61	49.42	45.72	44.38
Research & Development	-	29.14	27.39	21.3	23.78
Other Operating Expenses	368.59	4.16	5.29	3.71	4.35
Operating Expenses	368.59	95.19	82.3	71.01	72.52
Operating Income	51.4	29.58	37.82	21.68	57.09
Interest Expense	-	-0.02	-0.18	-0.36	-1.58
Interest & Investment Income	-	0.94	1.86	1.61	0.74
Currency Exchange Gain (Loss)	-	2.44	1.78	4.57	-1.13
Other Non Operating Income (Expenses)	-0.03	-0.28	0.05	-0.34	-0.36
EBT Excluding Unusual Items	51.37	32.66	41.34	27.15	54.75
Gain (Loss) on Sale of Investments	-	-0.22	-0.41	-0.2	-0.18
Gain (Loss) on Sale of Assets	-	0.5	0.15	-0.08	-0.39
Asset Writedown	-	-	-	-	-4.5
Other Unusual Items	-	5.64	5.53	4.99	8.03
Pretax Income	51.37	38.58	46.6	31.86	57.71
Income Tax Expense	5.26	1.65	1.67	0.48	7.23
Earnings From Continuing Operations	46.11	36.93	44.94	31.38	50.48
Minority Interest in Earnings	-	1.66	1	-	-
Net Income	46.11	38.59	45.94	31.38	50.48
Net Income to Common	46.11	38.59	45.94	31.38	50.48
Net Income Growth	19.48%	-16.00%	46.41%	-37.84%	7.96%
Shares Outstanding (Basic)	171	175	177	174	148
Shares Outstanding (Diluted)	171	175	177	174	148
Shares Change (YoY)	-2.64%	-0.73%	1.70%	17.06%	13.89%
EPS (Basic)	0.27	0.22	0.26	0.18	0.34
EPS (Diluted)	0.27	0.22	0.26	0.18	0.34
EPS Growth	22.73%	-15.38%	43.96%	-46.90%	-5.21%
Free Cash Flow	-	9.46	-27.22	-25.25	-92.42
Free Cash Flow Per Share	-	0.05	-0.15	-0.14	-0.62
Gross Margin	100.00%	33.25%	31.26%	30.09%	34.18%
Operating Margin	12.24%	7.88%	9.84%	7.04%	15.05%
Profit Margin	10.98%	10.28%	11.96%	10.19%	13.31%
Free Cash Flow Margin	-	2.52%	-7.08%	-8.20%	-24.37%
EBITDA	88.27	66.45	71.59	48.63	81.35
EBITDA Margin	21.02%	17.71%	18.63%	15.79%	21.45%
D&A For EBITDA	36.86	36.86	33.77	26.95	24.26
EBIT	51.4	29.58	37.82	21.68	57.09
EBIT Margin	12.24%	7.88%	9.84%	7.04%	15.05%
Effective Tax Rate	10.25%	4.27%	3.58%	1.52%	12.52%
Revenue as Reported	-	375.24	384.21	308.05	379.19
Advertising Expenses	-	0.1	0.06	0.05	0.58

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