Walvax Biotechnology 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	2,394	2,413	2,804	4,106	5,079	3,452
Other Revenue	5.72	5.72	17.86	7.92	7.65	10.5
Revenue	2,400	2,418	2,821	4,114	5,086	3,463
Revenue Growth (YoY)	-10.59%	-14.29%	-31.41%	-19.12%	46.89%	17.82%
Cost of Revenue	639.95	631.8	742.2	749.39	673.14	403.54
Gross Profit	1,760	1,786	2,079	3,364	4,413	3,059
Selling, General & Admin	1,225	1,245	1,399	1,817	2,302	1,636
Research & Development	268.71	291.81	595.77	776.43	922.25	616.36
Other Operating Expenses	-19.57	-3.46	-4.12	-100	16.48	19.83
Operating Expenses	1,622	1,682	2,055	2,533	3,239	2,267
Operating Income	137.41	104.33	24.01	831.05	1,174	792.22
Interest Expense	-0.91	-0.91	-8.43	-5.95	-7.11	-5.77
Interest & Investment Income	69.78	69.78	66.75	81.35	81.82	103.29
Currency Exchange Gain (Loss)	-2.63	-2.63	4.05	3.06	0.82	-0.22
Other Non Operating Income (Expenses)	107.61	2.34	169.74	-63.64	-75.39	33.88
EBT Excluding Unusual Items	311.15	172.91	256.12	845.86	1,174	923.4
Gain (Loss) on Sale of Investments	-3.52	29.68	-98.34	-234.75	-199.33	-280.74
Gain (Loss) on Sale of Assets	0.04	0.08	-1.77	-0.83	-0.38	0.23
Asset Writedown	-49.55	-88.25	-7.68	-11.31	-1.66	-5.11
Other Unusual Items	51.69	51.69	36.17	-	97.8	71.15
Pretax Income	309.82	166.11	184.5	598.98	1,070	708.95
Income Tax Expense	50.57	40.96	10.1	87.65	132.24	107.59
Earnings From Continuing Operations	259.25	125.16	174.4	511.33	938.23	601.35
Net Income to Company	259.25	125.16	174.4	511.33	938.23	601.35
Minority Interest in Earnings	26.52	52.58	-32.24	-91.93	-209.57	-173.6
Net Income	285.77	177.74	142.16	419.39	728.65	427.75
Net Income to Common	285.77	177.74	142.16	419.39	728.65	427.75
Net Income Growth	118.68%	25.03%	-66.10%	-42.44%	70.35%	-57.36%
Shares Outstanding (Basic)	1,611	1,600	1,599	1,600	1,603	1,569
Shares Outstanding (Diluted)	1,611	1,600	1,599	1,600	1,604	1,573
Shares Change (YoY)	1.49%	0.05%	-0.06%	-0.21%	1.93%	0.90%
EPS (Basic)	0.18	0.11	0.09	0.26	0.45	0.27
EPS (Diluted)	0.18	0.11	0.09	0.26	0.45	0.27
EPS Growth	115.48%	24.97%	-66.08%	-42.32%	67.12%	-57.74%
Free Cash Flow	98.37	-18.62	486.49	188.25	110.31	-398.21
Free Cash Flow Per Share	0.06	-0.01	0.30	0.12	0.07	-0.25
Dividend Per Share	0.155	0.155	0.010	0.010	0.010	0.027
Dividend Growth	1450.00%	1450.00%	-	-	-62.96%	-61.43%
Gross Margin	73.33%	73.87%	73.69%	81.78%	86.77%	88.35%
Operating Margin	5.73%	4.31%	0.85%	20.20%	23.08%	22.88%
Profit Margin	11.91%	7.35%	5.04%	10.20%	14.32%	12.35%
Free Cash Flow Margin	4.10%	-0.77%	17.24%	4.58%	2.17%	-11.50%
EBITDA	523.11	485.6	387.61	1,121	1,422	927.65
EBITDA Margin	21.80%	20.08%	13.74%	27.25%	27.96%	26.79%
D&A For EBITDA	385.7	381.28	363.59	289.97	248.4	135.43
EBIT	137.41	104.33	24.01	831.05	1,174	792.22
EBIT Margin	5.73%	4.31%	0.85%	20.20%	23.08%	22.88%
Effective Tax Rate	16.32%	24.65%	5.48%	14.63%	12.35%	15.18%
Revenue as Reported	2,418	2,418	2,821	4,114	5,086	-
Advertising Expenses	-	28.28	42.66	78.01	94.83	24.15

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