Winall Hi-tech Seed 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	4,474	4,596	4,012	3,409	2,483	1,559
Other Revenue	113.24	113.24	90.89	81.38	37.33	43
Revenue	4,588	4,709	4,103	3,491	2,521	1,602
Revenue Growth (YoY)	-0.36%	14.77%	17.54%	38.47%	57.38%	38.84%
Cost of Revenue	3,596	3,612	3,017	2,604	1,808	1,138
Gross Profit	991.55	1,097	1,086	886.28	712.87	464.11
Selling, General & Admin	666.64	620.83	586.19	496.89	407.39	267.57
Research & Development	149.17	136.27	126.12	96.55	64.31	42.34
Other Operating Expenses	37.55	13.53	10.93	8.36	6.94	5.64
Operating Expenses	943.72	856.29	753.27	634.6	484.43	317.92
Operating Income	47.83	240.49	332.24	251.68	228.44	146.2
Interest Expense	-68.82	-63.18	-38.18	-36.49	-25.7	-19.23
Interest & Investment Income	24.96	15.24	18.23	21.53	12.63	8.62
Currency Exchange Gain (Loss)	4.57	4.57	-2.74	8.98	0.22	-3.85
Other Non Operating Income (Expenses)	-22.04	-22.87	13.77	-11.5	-19.55	1.99
EBT Excluding Unusual Items	-13.5	174.26	323.33	234.19	196.05	133.72
Impairment of Goodwill	-13.36	-13.36	-	-	-	-8.89
Gain (Loss) on Sale of Investments	3.59	0.35	-7.27	-	0.39	-
Gain (Loss) on Sale of Assets	0.2	-0.4	0.31	41.66	-0.13	-4.37
Asset Writedown	-37.57	-36.2	-1.5	-0.29	-1.29	-4.64
Legal Settlements	-1.2	-1.2	-	-	-	-
Other Unusual Items	96.86	48.84	47.1	31.88	17.96	30.37
Pretax Income	35.01	172.29	361.96	307.44	212.99	146.18
Income Tax Expense	2.13	3.79	-1.79	0.08	0.56	-0.71
Earnings From Continuing Operations	32.88	168.5	363.75	307.37	212.43	146.9
Minority Interest in Earnings	-14.15	-54.1	-89.88	-74.03	-43.38	-13.45
Net Income	18.73	114.41	273.86	233.34	169.05	133.45
Net Income to Common	18.73	114.41	273.86	233.34	169.05	133.45
Net Income Growth	-89.53%	-58.23%	17.37%	38.03%	26.67%	41.10%
Shares Outstanding (Basic)	947	947	947	933	910	876
Shares Outstanding (Diluted)	947	947	947	933	910	876
Shares Change (YoY)	0.16%	-	1.50%	2.53%	3.96%	-2.97%
EPS (Basic)	0.02	0.12	0.29	0.25	0.19	0.15
EPS (Diluted)	0.02	0.12	0.29	0.25	0.19	0.15
EPS Growth	-89.95%	-58.49%	15.63%	34.63%	21.85%	45.42%
Free Cash Flow	-142.85	-154.86	90.19	267.37	304.7	-139.95
Free Cash Flow Per Share	-0.15	-0.16	0.10	0.29	0.34	-0.16
Dividend Per Share	0.050	0.050	0.100	0.071	0.048	0.071
Dividend Growth	-50.00%	-50.00%	40.06%	50.00%	-33.33%	-
Gross Margin	21.61%	23.29%	26.46%	25.39%	28.28%	28.98%
Operating Margin	1.04%	5.11%	8.10%	7.21%	9.06%	9.13%
Profit Margin	0.41%	2.43%	6.68%	6.69%	6.71%	8.33%
Free Cash Flow Margin	-3.11%	-3.29%	2.20%	7.66%	12.09%	-8.74%
EBITDA	170.53	351.41	427.45	330.76	282.95	186.93
EBITDA Margin	3.72%	7.46%	10.42%	9.48%	11.22%	11.67%
D&A For EBITDA	122.7	110.92	95.21	79.08	54.51	40.74
EBIT	47.83	240.49	332.24	251.68	228.44	146.2
EBIT Margin	1.04%	5.11%	8.10%	7.21%	9.06%	9.13%
Effective Tax Rate	6.09%	2.20%	-	0.03%	0.26%	-
Revenue as Reported	4,588	4,709	4,103	3,491	2,521	1,602
Advertising Expenses	-	49.78	57.75	59.58	47.65	33.33

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