Shanghai Morn Electric Equipment Co., Ltd. (SHE:002451)

SHE:002451 Income Statement

Financials in millions CNY. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Jan 1, 2023	Dec 31, 2021	Dec 31, 2020
Operating Revenue	1,509	1,238	1,062	1,051	1,131	440.84
Other Revenue	105.96	105.96	26.16	27.06	10.99	13.43
Revenue	1,615	1,344	1,089	1,078	1,142	454.27
Revenue Growth (YoY)	30.61%	23.50%	0.94%	-5.59%	151.46%	23.77%
Cost of Revenue	1,475	1,228	963.11	942.54	1,015	379.23
Gross Profit	139.95	116.83	125.48	135.94	127.6	75.04
Selling, General & Admin	46.14	48.17	53.3	46.2	56.63	49.2
Research & Development	53.9	42.34	34.8	33.27	34.41	11.76
Other Operating Expenses	-0.74	-10.89	0.28	3	1.39	0.84
Operating Expenses	96.23	84.14	96.64	90.83	99.52	65.28
Operating Income	43.71	32.69	28.84	45.12	28.08	9.76
Interest Expense	-25.65	-21.42	-23.75	-23.72	-17.26	-13.37
Interest & Investment Income	2.63	4.28	3.41	3.68	4.57	12.23
Currency Exchange Gain (Loss)	0.34	0.34	0.02	0.01	-0.04	-0.03
Other Non Operating Income (Expenses)	-8.85	-4.4	1.28	-7.11	-4.54	-2.88
EBT Excluding Unusual Items	12.18	11.48	9.79	17.97	10.82	5.72
Gain (Loss) on Sale of Investments	-	0.29	-	-	-0.61	0.04
Gain (Loss) on Sale of Assets	0.59	-	0.58	-	-	-0.04
Asset Writedown	5.66	-	-0.01	-0	-0	-
Other Unusual Items	10.47	8.74	9.12	5.34	4.1	4.75
Pretax Income	28.91	20.52	19.48	23.31	14.31	10.47
Income Tax Expense	1.44	-0.89	1.42	5.83	-1.06	2.99
Earnings From Continuing Operations	27.46	21.41	18.06	17.48	15.37	7.49
Minority Interest in Earnings	-14.29	-3.54	-1.89	-2.81	-2.52	-0.02
Net Income	13.17	17.87	16.16	14.67	12.85	7.46
Net Income to Common	13.17	17.87	16.16	14.67	12.85	7.46
Net Income Growth	-28.05%	10.57%	10.20%	14.15%	72.21%	-79.57%
Shares Outstanding (Basic)	448	447	404	489	428	373
Shares Outstanding (Diluted)	448	447	404	489	428	373
Shares Change (YoY)	11.03%	10.57%	-17.35%	14.15%	14.80%	-18.29%
EPS (Basic)	0.03	0.04	0.04	0.03	0.03	0.02
EPS (Diluted)	0.03	0.04	0.04	0.03	0.03	0.02
EPS Growth	-35.20%	-	33.33%	-	50.00%	-75.00%
Free Cash Flow	-174.39	-74.4	110.38	-123.62	-419.85	-42.24
Free Cash Flow Per Share	-0.39	-0.17	0.27	-0.25	-0.98	-0.11
Dividend Per Share	0.010	0.010	0.010	-	-	-
Gross Margin	8.66%	8.69%	11.53%	12.61%	11.17%	16.52%
Operating Margin	2.71%	2.43%	2.65%	4.18%	2.46%	2.15%
Profit Margin	0.81%	1.33%	1.49%	1.36%	1.13%	1.64%
Free Cash Flow Margin	-10.80%	-5.53%	10.14%	-11.46%	-36.75%	-9.30%
EBITDA	88.89	74.82	66.9	82.35	66.29	51.07
EBITDA Margin	5.50%	5.56%	6.14%	7.64%	5.80%	11.24%
D&A For EBITDA	45.18	42.13	38.05	37.24	38.21	41.31
EBIT	43.71	32.69	28.84	45.12	28.08	9.76
EBIT Margin	2.71%	2.43%	2.65%	4.18%	2.46%	2.15%
Effective Tax Rate	5.00%	-	7.31%	25.02%	-	28.53%
Revenue as Reported	1,615	1,344	1,089	1,078	1,142	454.27
Advertising Expenses	-	-	-	-	-	0.02

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