Shenzhen SED Industry 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	51,800	67,203	56,018	50,710	43,872	31,885
Other Revenue	186.43	186.43	265.91	341.82	262.1	172.37
Revenue	51,986	67,389	56,284	51,052	44,134	32,058
Revenue Growth (YoY)	-21.27%	19.73%	10.25%	15.67%	37.67%	19.95%
Cost of Revenue	46,880	60,556	49,955	45,245	38,871	27,859
Gross Profit	5,106	6,834	6,329	5,807	5,263	4,198
Selling, General & Admin	2,215	2,890	2,694	2,725	2,160	1,606
Research & Development	1,619	2,071	1,836	1,527	1,056	721.06
Other Operating Expenses	-5.33	32.32	-6.56	-87.38	-80.33	-20.48
Operating Expenses	4,273	5,632	4,878	4,427	3,406	2,635
Operating Income	833.41	1,202	1,451	1,380	1,857	1,564
Interest Expense	-427.95	-484.65	-484.84	-406.47	-333.78	-294.81
Interest & Investment Income	202.17	350.42	195.93	140.79	158.38	86.77
Currency Exchange Gain (Loss)	-2.22	-2.22	0.18	7.18	1.09	-12.03
Other Non Operating Income (Expenses)	-59.67	-70.76	-101.76	-26.97	-72.1	-49.95
EBT Excluding Unusual Items	545.74	994.94	1,061	1,095	1,611	1,294
Impairment of Goodwill	-	-	-4.5	-	-	-
Gain (Loss) on Sale of Investments	-7.89	6.81	19.05	65.01	-14.28	-11.5
Gain (Loss) on Sale of Assets	111.6	154.72	-1.66	-6.13	11.8	1.32
Asset Writedown	135.64	-0.16	0.38	-31.23	-0.62	-1.4
Legal Settlements	-7.39	-7.39	-8.64	-0.8	-0.73	-6.5
Other Unusual Items	94.7	94.7	278.27	63.3	6.89	3.3
Pretax Income	872.4	1,244	1,344	1,185	1,614	1,279
Income Tax Expense	350.89	423.58	469.39	467.38	468.44	368.86
Earnings From Continuing Operations	521.51	820.04	874.43	717.68	1,146	910.19
Minority Interest in Earnings	-363.99	-490.32	-544.79	-876.08	-758.68	-696.45
Net Income	157.52	329.73	329.64	-158.4	387	213.73
Net Income to Common	157.52	329.73	329.64	-158.4	387	213.73
Net Income Growth	-66.69%	0.03%	-	-	81.07%	-12.96%
Shares Outstanding (Basic)	1,138	1,138	1,138	1,139	992	710
Shares Outstanding (Diluted)	1,138	1,138	1,138	1,139	992	710
Shares Change (YoY)	0.03%	-0.01%	-0.08%	14.79%	39.80%	1.38%
EPS (Basic)	0.14	0.29	0.29	-0.14	0.39	0.30
EPS (Diluted)	0.14	0.29	0.29	-0.14	0.39	0.30
EPS Growth	-66.70%	0.03%	-	-	29.53%	-14.14%
Free Cash Flow	-1,964	286.06	-0.07	-887.62	-297.08	655.38
Free Cash Flow Per Share	-1.73	0.25	-	-0.78	-0.30	0.92
Dividend Per Share	0.120	0.120	0.110	0.080	0.100	-
Dividend Growth	9.09%	9.09%	37.50%	-20.00%	-	-
Gross Margin	9.82%	10.14%	11.24%	11.38%	11.92%	13.10%
Operating Margin	1.60%	1.78%	2.58%	2.70%	4.21%	4.88%
Profit Margin	0.30%	0.49%	0.59%	-0.31%	0.88%	0.67%
Free Cash Flow Margin	-3.78%	0.42%	0.00%	-1.74%	-0.67%	2.04%
EBITDA	1,357	1,735	1,998	1,766	2,246	1,948
EBITDA Margin	2.61%	2.57%	3.55%	3.46%	5.09%	6.08%
D&A For EBITDA	523.67	533.28	546.11	385.68	388.17	384.02
EBIT	833.41	1,202	1,451	1,380	1,857	1,564
EBIT Margin	1.60%	1.78%	2.58%	2.70%	4.21%	4.88%
Effective Tax Rate	40.22%	34.06%	34.93%	39.44%	29.02%	28.84%
Revenue as Reported	-	-	-	-	-	32,058
Advertising Expenses	-	6.13	14.38	21.4	24.39	22.85

Source: S&P Global Market Intelligence. Standard template. Financial Sources.