Beijing Yanjing Brewery 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	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Jan '23 Jan 1, 2023	Dec '21 Dec 31, 2021
Operating Revenue	14,488	14,218	13,726	13,415	12,390	11,419
Other Revenue	1,115	1,115	940.83	797.54	812.16	541.85
Revenue	15,603	15,333	14,667	14,213	13,202	11,961
Revenue Growth (YoY)	4.67%	4.54%	3.19%	7.66%	10.38%	9.45%
Cost of Revenue	8,749	8,739	8,790	8,956	8,340	7,419
Gross Profit	6,854	6,594	5,877	5,257	4,862	4,542
Selling, General & Admin	3,209	3,150	3,112	3,162	3,008	2,957
Research & Development	242	245.4	232.83	246.23	236.46	208.92
Other Operating Expenses	1,243	1,220	1,136	1,185	1,153	1,096
Operating Expenses	4,694	4,615	4,480	4,599	4,402	4,267
Operating Income	2,160	1,979	1,396	658.8	459.96	274.9
Interest Expense	-10.81	-11.42	-43.4	-44.62	-22.35	-2.31
Interest & Investment Income	241.99	241.54	284.37	257.65	219.27	160.2
Currency Exchange Gain (Loss)	0.76	0.76	1.31	1.22	0.74	0.22
Other Non Operating Income (Expenses)	-13.5	-5.95	-1.65	3.99	-10.35	-1.82
EBT Excluding Unusual Items	2,379	2,204	1,637	877.04	647.26	431.19
Impairment of Goodwill	-30.55	-30.55	-	-	-42.37	-41.34
Gain (Loss) on Sale of Investments	0.46	0.33	0.21	-	-	0.18
Gain (Loss) on Sale of Assets	136.87	139.83	-6.48	23.93	43.93	-3.59
Asset Writedown	-5.75	-5.75	-58.87	-3.2	-5.98	-9.58
Other Unusual Items	62	61.79	-	141.34	51.8	67.7
Pretax Income	2,542	2,370	1,572	1,039	694.65	444.58
Income Tax Expense	397.03	362.01	247.74	184.22	145.54	151.73
Earnings From Continuing Operations	2,145	2,008	1,324	854.89	549.11	292.85
Minority Interest in Earnings	-366.11	-328.57	-268.3	-210.17	-196.85	-64.84
Net Income	1,779	1,679	1,056	644.71	352.26	228.01
Net Income to Common	1,779	1,679	1,056	644.71	352.26	228.01
Net Income Growth	59.04%	59.06%	63.74%	83.02%	54.49%	15.82%
Shares Outstanding (Basic)	2,817	2,817	2,815	2,815	2,818	2,815
Shares Outstanding (Diluted)	2,817	2,817	2,815	2,815	2,818	2,815
Shares Change (YoY)	0.05%	0.08%	-0.01%	-0.10%	0.11%	0.09%
EPS (Basic)	0.63	0.60	0.38	0.23	0.13	0.08
EPS (Diluted)	0.63	0.60	0.38	0.23	0.13	0.08
EPS Growth	58.95%	58.93%	63.75%	83.20%	54.32%	15.71%
Free Cash Flow	1,389	1,450	1,587	874.78	1,209	1,229
Free Cash Flow Per Share	0.49	0.52	0.56	0.31	0.43	0.44
Dividend Per Share	0.300	0.300	0.190	0.100	0.080	0.040
Dividend Growth	57.89%	57.89%	90.00%	25.00%	100.00%	81.82%
Gross Margin	43.93%	43.01%	40.07%	36.99%	36.83%	37.97%
Operating Margin	13.84%	12.91%	9.52%	4.63%	3.48%	2.30%
Profit Margin	11.40%	10.95%	7.20%	4.54%	2.67%	1.91%
Free Cash Flow Margin	8.90%	9.46%	10.82%	6.16%	9.16%	10.27%
EBITDA	2,761	2,592	2,059	1,357	1,179	1,021
EBITDA Margin	17.69%	16.90%	14.04%	9.55%	8.93%	8.53%
D&A For EBITDA	600.31	612.78	662.67	698.39	718.75	745.73
EBIT	2,160	1,979	1,396	658.8	459.96	274.9
EBIT Margin	13.84%	12.91%	9.52%	4.63%	3.48%	2.30%
Effective Tax Rate	15.62%	15.28%	15.76%	17.73%	20.95%	34.13%
Revenue as Reported	15,603	15,333	14,667	14,213	13,202	11,961
Advertising Expenses	-	418.95	436.31	554.29	604.06	559.89

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