Wuliangye Yibin 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	Jan '22 Jan 1, 2022
Operating Revenue	46,021	40,268	88,793	82,695	73,364	65,753
Other Revenue	260.04	260.04	381.77	576.69	604.9	456.05
Revenue	46,281	40,529	89,175	83,272	73,969	66,209
Revenue Growth (YoY)	-35.21%	-54.55%	7.09%	12.58%	11.72%	15.51%
Cost of Revenue	9,789	9,125	20,456	20,161	18,184	16,326
Gross Profit	36,492	31,403	68,719	63,111	55,785	49,883
Selling, General & Admin	12,851	10,725	14,248	11,116	9,912	9,403
Research & Development	468.35	449.18	405.05	321.85	235.78	177.41
Other Operating Expenses	9,294	10,996	12,976	12,437	10,663	9,758
Operating Expenses	22,615	22,171	27,628	23,874	20,811	19,340
Operating Income	13,877	9,232	41,091	39,237	34,974	30,543
Interest Expense	-25.94	-28.57	-40.44	-11.62	-48	-69.13
Interest & Investment Income	2,565	2,693	2,876	2,488	2,076	1,801
Earnings From Equity Investments	111.57	111.57	75.2	57.62	92.57	97.35
Currency Exchange Gain (Loss)	-0.85	-0.85	0.53	0.7	0.12	-0.33
Other Non Operating Income (Expenses)	11.98	-3.37	-3.82	-43.86	-73.02	-1.39
EBT Excluding Unusual Items	16,539	12,004	43,998	41,728	37,021	32,370
Gain (Loss) on Sale of Assets	8.73	12.69	-3.36	1.27	3.35	-1.91
Asset Writedown	-12.39	-10.33	-14.21	-51.82	-21.72	-21.72
Other Unusual Items	188	192.07	182.5	235.47	100.42	103.82
Pretax Income	16,723	12,199	44,163	41,913	37,104	32,450
Income Tax Expense	3,729	2,882	10,970	10,392	9,134	7,943
Earnings From Continuing Operations	12,994	9,317	33,193	31,521	27,970	24,507
Minority Interest in Earnings	-393.48	-362.86	-1,340	-1,310	-1,280	-1,130
Net Income	12,601	8,954	31,853	30,211	26,690	23,377
Net Income to Common	12,601	8,954	31,853	30,211	26,690	23,377
Net Income Growth	-43.30%	-71.89%	5.44%	13.19%	14.17%	17.15%
Shares Outstanding (Basic)	3,882	3,882	3,882	3,882	3,882	3,881
Shares Outstanding (Diluted)	3,882	3,882	3,882	3,882	3,882	3,881
Shares Change (YoY)	0.01%	0.00%	-	-	0.01%	-0.01%
EPS (Basic)	3.25	2.31	8.21	7.78	6.88	6.02
EPS (Diluted)	3.25	2.31	8.21	7.78	6.88	6.02
EPS Growth	-43.31%	-71.89%	5.44%	13.19%	14.16%	17.16%
Free Cash Flow	9,437	27,739	31,273	38,785	22,651	25,236
Free Cash Flow Per Share	2.43	7.15	8.06	9.99	5.83	6.50
Dividend Per Share	5.156	5.156	5.745	4.670	3.782	3.023
Dividend Growth	-10.25%	-10.25%	23.02%	23.48%	25.11%	17.17%
Gross Margin	78.85%	77.48%	77.06%	75.79%	75.42%	75.34%
Operating Margin	29.98%	22.78%	46.08%	47.12%	47.28%	46.13%
Profit Margin	27.23%	22.09%	35.72%	36.28%	36.08%	35.31%
Free Cash Flow Margin	20.39%	68.44%	35.07%	46.58%	30.62%	38.12%
EBITDA	14,526	9,894	41,801	39,752	35,479	31,008
EBITDA Margin	31.39%	24.41%	46.88%	47.74%	47.97%	46.83%
D&A For EBITDA	648.98	661.26	710.39	515.16	504.91	464.81
EBIT	13,877	9,232	41,091	39,237	34,974	30,543
EBIT Margin	29.98%	22.78%	46.08%	47.12%	47.28%	46.13%
Effective Tax Rate	22.30%	23.62%	24.84%	24.79%	24.62%	24.48%
Revenue as Reported	46,281	40,529	89,175	83,272	73,969	66,209
Advertising Expenses	-	5,813	8,572	5,974	5,130	5,005

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