Zhejiang Hailiang 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	70,413	66,902	62,220	49,071	49,318	47,854
Other Revenue	16,303	16,303	25,166	26,518	24,547	15,456
Revenue	86,715	83,205	87,387	75,589	73,865	63,310
Revenue Growth (YoY)	0.75%	-4.79%	15.61%	2.33%	16.67%	36.09%
Cost of Revenue	83,217	80,153	84,593	72,634	70,918	60,704
Gross Profit	3,498	3,052	2,794	2,954	2,947	2,606
Selling, General & Admin	1,387	1,345	1,280	1,003	1,064	878.35
Research & Development	185.55	145.22	140.25	183.56	188.44	313.36
Other Operating Expenses	206.98	138.02	91.68	114.59	73.01	93.59
Operating Expenses	1,830	1,664	1,541	1,303	1,347	1,294
Operating Income	1,669	1,388	1,253	1,651	1,601	1,312
Interest Expense	-629.87	-656.54	-688.34	-546.72	-366.95	-252
Interest & Investment Income	266.2	219.99	292.49	357.88	301.5	351.58
Currency Exchange Gain (Loss)	243.67	243.67	-208.07	85.08	31.93	-109.67
Other Non Operating Income (Expenses)	-270.46	-32.22	-35.94	-29.71	-41.52	-37.24
EBT Excluding Unusual Items	1,278	1,163	613.05	1,518	1,526	1,265
Impairment of Goodwill	-39.37	-39.37	-57.25	-19.03	-	-
Gain (Loss) on Sale of Investments	10.34	-76.85	-34.79	-254.68	-157.28	48.08
Gain (Loss) on Sale of Assets	-3.81	-2.47	3.62	-8.04	2.64	-1.37
Asset Writedown	-25.04	-25.2	-0.7	-15.44	-4.12	-1.73
Other Unusual Items	228.92	202.81	134.13	153.33	137.74	133.09
Pretax Income	1,449	1,222	658.06	1,374	1,505	1,443
Income Tax Expense	267.04	231.09	47.15	212.28	279.61	311.24
Earnings From Continuing Operations	1,182	990.71	610.91	1,162	1,225	1,131
Minority Interest in Earnings	-148.16	-47.55	92.39	-43.68	-16.66	-24.22
Net Income	1,034	943.16	703.3	1,118	1,208	1,107
Net Income to Common	1,034	943.16	703.3	1,118	1,208	1,107
Net Income Growth	41.08%	34.11%	-37.10%	-7.46%	9.13%	63.36%
Shares Outstanding (Basic)	2,073	2,007	2,009	1,997	1,949	1,977
Shares Outstanding (Diluted)	2,085	2,050	2,009	2,192	2,014	2,129
Shares Change (YoY)	3.37%	2.04%	-8.35%	8.87%	-5.42%	2.63%
EPS (Basic)	0.50	0.47	0.35	0.56	0.62	0.56
EPS (Diluted)	0.50	0.46	0.35	0.51	0.60	0.52
EPS Growth	36.48%	31.43%	-31.37%	-15.00%	15.38%	59.17%
Free Cash Flow	-4,406	-2,665	-3,574	-2,999	-1,702	-4,109
Free Cash Flow Per Share	-2.11	-1.30	-1.78	-1.37	-0.84	-1.93
Dividend Per Share	0.228	0.228	0.180	0.170	0.080	0.075
Dividend Growth	26.67%	26.67%	5.88%	112.50%	6.67%	-
Gross Margin	4.03%	3.67%	3.20%	3.91%	3.99%	4.12%
Operating Margin	1.93%	1.67%	1.43%	2.19%	2.17%	2.07%
Profit Margin	1.19%	1.13%	0.80%	1.48%	1.64%	1.75%
Free Cash Flow Margin	-5.08%	-3.20%	-4.09%	-3.97%	-2.30%	-6.49%
EBITDA	2,597	2,292	2,060	2,177	2,002	1,674
EBITDA Margin	3.00%	2.75%	2.36%	2.88%	2.71%	2.64%
D&A For EBITDA	927.83	903.7	807.19	525.71	401.43	361.78
EBIT	1,669	1,388	1,253	1,651	1,601	1,312
EBIT Margin	1.93%	1.67%	1.43%	2.19%	2.17%	2.07%
Effective Tax Rate	18.42%	18.91%	7.17%	15.45%	18.58%	21.57%
Revenue as Reported	86,810	83,310	87,545	75,749	74,000	63,439

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