Zhejiang Hailiang 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	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022	Dec '20 Dec 31, 2020
Operating Revenue	59,148	62,220	49,071	49,318	47,854	32,373
Other Revenue	25,166	25,166	26,518	24,547	15,456	14,147
Revenue	84,314	87,387	75,589	73,865	63,310	46,520
Revenue Growth (YoY)	13.57%	15.61%	2.33%	16.67%	36.09%	12.75%
Cost of Revenue	81,213	84,593	72,634	70,918	60,704	44,733
Gross Profit	3,101	2,794	2,954	2,947	2,606	1,787
Selling, General & Admin	1,370	1,280	1,003	1,064	878.35	887.68
Research & Development	76.16	140.25	183.56	188.44	313.36	213.24
Other Operating Expenses	74.13	91.68	114.59	73.01	93.59	94.9
Operating Expenses	1,500	1,541	1,303	1,347	1,294	1,207
Operating Income	1,601	1,253	1,651	1,601	1,312	580.44
Interest Expense	-707.48	-688.34	-546.72	-366.95	-252	-209.61
Interest & Investment Income	226.71	292.49	357.88	301.5	351.58	174.26
Currency Exchange Gain (Loss)	-208.07	-208.07	85.08	31.93	-109.67	239
Other Non Operating Income (Expenses)	380.01	-35.94	-29.71	-41.52	-37.24	-28.7
EBT Excluding Unusual Items	1,293	613.05	1,518	1,526	1,265	755.4
Impairment of Goodwill	-57.25	-57.25	-19.03	-	-	-
Gain (Loss) on Sale of Investments	-387.31	-34.79	-254.68	-157.28	48.08	42.18
Gain (Loss) on Sale of Assets	-1.82	3.62	-8.04	2.64	-1.37	6.5
Asset Writedown	-0.7	-0.7	-15.44	-4.12	-1.73	-1.77
Other Unusual Items	153.22	134.13	153.33	137.74	133.09	92.93
Pretax Income	998.8	658.06	1,374	1,505	1,443	895.24
Income Tax Expense	255.67	47.15	212.28	279.61	311.24	195.22
Earnings From Continuing Operations	743.13	610.91	1,162	1,225	1,131	700.02
Minority Interest in Earnings	5.95	92.39	-43.68	-16.66	-24.22	-22.25
Net Income	749.08	703.3	1,118	1,208	1,107	677.77
Net Income to Common	749.08	703.3	1,118	1,208	1,107	677.77
Net Income Growth	-27.06%	-37.10%	-7.46%	9.13%	63.36%	-36.26%
Shares Outstanding (Basic)	1,871	2,009	1,997	1,949	1,977	1,952
Shares Outstanding (Diluted)	1,871	2,009	2,192	2,014	2,129	2,075
Shares Change (YoY)	-13.16%	-8.35%	8.87%	-5.42%	2.63%	5.17%
EPS (Basic)	0.40	0.35	0.56	0.62	0.56	0.35
EPS (Diluted)	0.40	0.35	0.51	0.60	0.52	0.33
EPS Growth	-16.01%	-31.37%	-15.00%	15.38%	59.17%	-39.40%
Free Cash Flow	108.51	-3,574	-2,999	-1,702	-4,109	-96.98
Free Cash Flow Per Share	0.06	-1.78	-1.37	-0.84	-1.93	-0.05
Dividend Per Share	0.280	0.180	0.170	0.080	0.075	0.075
Dividend Growth	64.71%	5.88%	112.50%	6.67%	-	-
Gross Margin	3.68%	3.20%	3.91%	3.99%	4.12%	3.84%
Operating Margin	1.90%	1.43%	2.19%	2.17%	2.07%	1.25%
Profit Margin	0.89%	0.80%	1.48%	1.64%	1.75%	1.46%
Free Cash Flow Margin	0.13%	-4.09%	-3.97%	-2.30%	-6.49%	-0.21%
EBITDA	2,607	2,053	2,177	2,002	1,674	953.2
EBITDA Margin	3.09%	2.35%	2.88%	2.71%	2.64%	2.05%
D&A For EBITDA	1,005	799.78	525.71	401.43	361.78	372.76
EBIT	1,601	1,253	1,651	1,601	1,312	580.44
EBIT Margin	1.90%	1.43%	2.19%	2.17%	2.07%	1.25%
Effective Tax Rate	25.60%	7.17%	15.45%	18.58%	21.57%	21.81%
Revenue as Reported	84,442	87,545	75,749	74,000	63,439	46,520

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.