Suzhou Sepax Technologies 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	Sep '26 Sep 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	524.1	401.56	314.12	243.94	211.57	154.5
Other Revenue	1.37	1.37	1.34	1.27	1.2	0.38
Revenue	525.47	402.93	315.46	245.21	212.77	154.89
Revenue Growth	31.58%	27.73%	28.65%	15.24%	37.37%	58.58%
Cost of Revenue	151.27	122.63	101.12	78.37	55	46.85
Gross Profit	374.2	280.3	214.34	166.84	157.77	108.04
Selling, General & Admin	92.84	96.89	89.65	79.61	76.57	59.47
Research & Development	68.89	55.08	42.88	44.21	40.68	23.52
Other Operating Expenses	24.49	5.05	3.98	2.92	2.69	2.73
Operating Expenses	185.32	161.79	138.5	127.32	121.22	86.46
Operating Income	188.89	118.51	75.84	39.52	36.55	21.58
Interest Expense	-0.35	-1.4	-1.53	-1.72	-1.75	-2.17
Interest & Investment Income	8.08	17.75	17.14	16.23	16.94	1.91
Currency Exchange Gain (Loss)	-1.02	-1.02	-0.98	-0.26	-0.71	0.3
Other Non Operating Income (Expenses)	3.04	-0.42	-0.42	-0.31	-0.37	0.02
EBT Excluding Unusual Items	198.64	133.42	90.04	53.45	50.66	21.64
Gain (Loss) on Sale of Investments	1.14	0.66	-0.09	0.26	-1.15	1.02
Gain (Loss) on Sale of Assets	0	-	-0.27	-	-	0
Asset Writedown	5.55	-0.09	-0.05	-0.17	-0.33	-0.4
Other Unusual Items	19.74	11.29	10.81	7.41	2.09	0.7
Pretax Income	225.07	145.28	100.45	60.94	51.28	22.97
Income Tax Expense	26.09	18.06	13.98	6.79	3.08	1.35
Earnings From Continuing Operations	198.98	127.21	86.47	54.15	48.2	21.62
Minority Interest in Earnings	-0.83	-0.68	-1.31	-1.67	-1.06	-0.85
Net Income	198.15	126.54	85.16	52.49	47.14	20.77
Net Income to Common	198.15	126.54	85.16	52.49	47.14	20.77
Net Income Growth	59.95%	48.59%	62.25%	11.34%	126.92%	142.44%
Shares Outstanding (Basic)	416	412	366	367	367	311
Shares Outstanding (Diluted)	416	412	366	367	367	311
Shares Change	3.94%	12.52%	-0.02%	-0.01%	18.05%	-
EPS (Basic)	0.48	0.31	0.23	0.14	0.13	0.07
EPS (Diluted)	0.48	0.31	0.23	0.14	0.13	0.07
EPS Growth	53.89%	32.06%	62.29%	11.35%	92.23%	-

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '26 Sep 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	80.14	88.55	52.48	24.23	-20.2	-51.32
Free Cash Flow Per Share	0.19	0.21	0.14	0.07	-0.06	-0.17
Dividend Per Share	0.070	0.096	0.041	-	-	-
Dividend Growth	4.48%	134.15%	-	-	-	-
Gross Margin	71.21%	69.56%	67.94%	68.04%	74.15%	69.75%
Operating Margin	35.95%	29.41%	24.04%	16.12%	17.18%	13.93%
Profit Margin	37.71%	31.40%	27.00%	21.40%	22.16%	13.41%
Free Cash Flow Margin	15.25%	21.98%	16.63%	9.88%	-9.49%	-33.13%
EBITDA	202.67	132.19	89.37	52.43	47.35	30.84
EBITDA Margin	38.57%	32.81%	28.33%	21.38%	22.25%	19.91%
D&A For EBITDA	13.79	13.68	13.53	12.91	10.8	9.26
EBIT	188.89	118.51	75.84	39.52	36.55	21.58
EBIT Margin	35.95%	29.41%	24.04%	16.12%	17.18%	13.93%
Effective Tax Rate	11.59%	12.43%	13.92%	11.14%	6.00%	5.88%
Revenue as Reported	100.51	402.93	315.46	245.21	212.77	154.89
Advertising Expenses	-	1.84	1.64	-	-	-