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 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 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
Operating Revenue	435.9	419.09	375.08	384.06	307.86	378.63
Other Revenue	0.11	0.08	0.16	0.15	0.19	0.56
Revenue	436.01	419.17	375.24	384.21	308.05	379.19
Revenue Growth	16.04%	11.71%	-2.34%	24.72%	-18.76%	20.92%
Cost of Revenue	288.16	283.98	250.46	264.09	215.36	249.58
Gross Profit	147.85	135.2	124.77	120.12	92.69	129.61
Selling, General & Admin	55.32	53.39	61	49.42	45.72	44.38
Research & Development	27.11	29.87	29.14	27.39	21.3	23.78
Other Operating Expenses	9.52	4.93	4.16	5.29	3.71	4.35
Operating Expenses	94.13	91.39	95.19	82.3	71.01	72.52
Operating Income	53.72	43.81	29.58	37.82	21.68	57.09
Interest Expense	-0.01	-0.01	-0.02	-0.18	-0.36	-1.58
Interest & Investment Income	1.17	1.35	0.94	1.86	1.61	0.74
Currency Exchange Gain (Loss)	-4.14	-1.21	2.44	1.78	4.57	-1.13
Other Non Operating Income (Expenses)	-1.37	-1.38	-0.28	0.05	-0.34	-0.36
EBT Excluding Unusual Items	49.38	42.56	32.66	41.34	27.15	54.75
Gain (Loss) on Sale of Investments	-0.81	-0.05	-0.22	-0.41	-0.2	-0.18
Gain (Loss) on Sale of Assets	0.21	-0.02	0.5	0.15	-0.08	-0.39
Asset Writedown	-	-	-	-	-	-4.5
Other Unusual Items	10.99	8.38	5.64	5.53	4.99	8.03
Pretax Income	59.77	50.86	38.58	46.6	31.86	57.71
Income Tax Expense	5.1	4.02	1.65	1.67	0.48	7.23
Earnings From Continuing Operations	54.66	46.84	36.93	44.94	31.38	50.48
Minority Interest in Earnings	-1.8	-1.36	1.66	1	-	-
Net Income	52.86	45.48	38.59	45.94	31.38	50.48
Net Income to Common	52.86	45.48	38.59	45.94	31.38	50.48
Net Income Growth	51.03%	17.85%	-16.00%	46.41%	-37.84%	7.96%
Shares Outstanding (Basic)	178	175	175	177	174	148
Shares Outstanding (Diluted)	178	175	175	177	174	148
Shares Change	1.95%	-0.28%	-0.73%	1.70%	17.06%	13.89%
EPS (Basic)	0.30	0.26	0.22	0.26	0.18	0.34
EPS (Diluted)	0.30	0.26	0.22	0.26	0.18	0.34
EPS Growth	48.14%	18.18%	-15.38%	43.96%	-46.90%	-5.21%

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 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
Free Cash Flow	30.98	50.03	9.46	-27.22	-25.25	-92.42
Free Cash Flow Per Share	0.17	0.29	0.05	-0.15	-0.14	-0.62
Dividend Per Share	0.116	0.116	-	-	-	-
Dividend Growth	0%	-	-	-	-	-
Gross Margin	33.91%	32.25%	33.25%	31.26%	30.09%	34.18%
Operating Margin	12.32%	10.45%	7.88%	9.84%	7.04%	15.05%
Profit Margin	12.12%	10.85%	10.28%	11.96%	10.19%	13.31%
Free Cash Flow Margin	7.11%	11.94%	2.52%	-7.08%	-8.20%	-24.37%
EBITDA	97.94	86.49	66.51	71.59	48.63	81.35
EBITDA Margin	22.46%	20.63%	17.73%	18.63%	15.79%	21.45%
D&A For EBITDA	44.22	42.67	36.93	33.77	26.95	24.26
EBIT	53.72	43.81	29.58	37.82	21.68	57.09
EBIT Margin	12.32%	10.45%	7.88%	9.84%	7.04%	15.05%
Effective Tax Rate	8.54%	7.91%	4.27%	3.58%	1.52%	12.52%
Revenue as Reported	436.01	419.17	375.24	384.21	308.05	379.19
Advertising Expenses	-	0.36	0.1	0.06	0.05	0.58