Walvax Biotechnology 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	2,381	2,804	4,106	5,079	3,452	2,927
Other Revenue	17.86	17.86	7.92	7.65	10.5	11.62
Revenue	2,399	2,821	4,114	5,086	3,463	2,939
Revenue Growth (YoY)	-22.54%	-31.41%	-19.12%	46.89%	17.82%	162.13%
Cost of Revenue	786.39	740.48	749.39	673.14	403.54	404.53
Gross Profit	1,613	2,081	3,364	4,413	3,059	2,534
Selling, General & Admin	1,334	1,400	1,817	2,302	1,636	1,352
Research & Development	381.14	596.54	776.43	922.25	616.36	173.78
Other Operating Expenses	25.2	-4.12	-100	16.48	19.83	-8.34
Operating Expenses	1,931	2,057	2,533	3,239	2,267	1,511
Operating Income	-317.99	24.01	831.05	1,174	792.22	1,024
Interest Expense	-0.75	-8.43	-5.95	-7.11	-5.77	-0.6
Interest & Investment Income	77.33	66.75	81.35	81.82	103.29	42.83
Currency Exchange Gain (Loss)	4.05	4.05	3.06	0.82	-0.22	-4.65
Other Non Operating Income (Expenses)	0.58	80.95	-63.64	-75.39	33.88	39.57
EBT Excluding Unusual Items	-236.78	167.33	845.86	1,174	923.4	1,101
Gain (Loss) on Sale of Investments	87.15	-98.34	-234.75	-199.33	-280.74	279.89
Gain (Loss) on Sale of Assets	-1.48	-1.77	-0.83	-0.38	0.23	-1.08
Asset Writedown	-31.85	-7.68	-11.31	-1.66	-5.11	-6.6
Other Unusual Items	129.95	124.96	-	97.8	71.15	-
Pretax Income	-53.01	184.5	598.98	1,070	708.95	1,373
Income Tax Expense	19.72	10.1	87.65	132.24	107.59	162.12
Earnings From Continuing Operations	-72.73	174.4	511.33	938.23	601.35	1,211
Net Income to Company	-72.73	174.4	511.33	938.23	601.35	1,211
Minority Interest in Earnings	121.97	-32.24	-91.93	-209.57	-173.6	-208
Net Income	49.24	142.16	419.39	728.65	427.75	1,003
Net Income to Common	49.24	142.16	419.39	728.65	427.75	1,003
Net Income Growth	-59.76%	-66.10%	-42.44%	70.35%	-57.36%	606.60%
Shares Outstanding (Basic)	1,599	1,599	1,600	1,603	1,569	1,539
Shares Outstanding (Diluted)	1,599	1,599	1,600	1,604	1,573	1,559
Shares Change (YoY)	-0.01%	-0.06%	-0.21%	1.93%	0.90%	1.37%
EPS (Basic)	0.03	0.09	0.26	0.45	0.27	0.65
EPS (Diluted)	0.03	0.09	0.26	0.45	0.27	0.64
EPS Growth	-59.75%	-66.08%	-42.32%	67.12%	-57.74%	597.07%
Free Cash Flow	94.83	486.49	188.25	110.31	-398.21	-292.94
Free Cash Flow Per Share	0.06	0.30	0.12	0.07	-0.25	-0.19
Dividend Per Share	0.040	0.010	0.010	0.010	0.027	0.070
Dividend Growth	300.00%	-	-	-62.96%	-61.43%	-
Gross Margin	67.22%	73.76%	81.78%	86.77%	88.35%	86.24%
Operating Margin	-13.26%	0.85%	20.20%	23.08%	22.88%	34.84%
Profit Margin	2.05%	5.04%	10.20%	14.32%	12.35%	34.13%
Free Cash Flow Margin	3.95%	17.24%	4.58%	2.17%	-11.50%	-9.97%
EBITDA	100.82	387.61	1,121	1,422	927.65	1,148
EBITDA Margin	4.20%	13.74%	27.25%	27.96%	26.79%	39.06%
D&A For EBITDA	418.81	363.59	289.97	248.4	135.43	123.95
EBIT	-317.99	24.01	831.05	1,174	792.22	1,024
EBIT Margin	-13.26%	0.85%	20.20%	23.08%	22.88%	34.84%
Effective Tax Rate	-	5.48%	14.63%	12.35%	15.18%	11.80%
Revenue as Reported	2,399	2,821	4,114	5,086	-	-
Advertising Expenses	-	42.66	78.01	94.83	24.15	20.85

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