Masterwork Group Co.,Ltd. (SHE:300195)

Masterwork Group 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	Jan 1, 2022	Dec 31, 2020
Operating Revenue	1,601	1,610	1,505	1,264	1,434	1,163
Other Revenue	32.05	32.05	98.83	48.41	33.58	60.32
Revenue	1,633	1,642	1,604	1,312	1,467	1,223
Revenue Growth (YoY)	5.42%	2.37%	22.25%	-10.57%	19.93%	-11.68%
Cost of Revenue	1,151	1,154	1,102	923.78	939.1	768.54
Gross Profit	481.8	488.53	502.2	388.36	528.19	454.96
Selling, General & Admin	304	307.43	298.31	284.77	293.03	307.34
Research & Development	58.43	65.82	67.38	71.49	69.27	79.56
Other Operating Expenses	14.6	11.47	14.03	24.03	26.7	26.86
Operating Expenses	396.25	393.57	385.22	381.69	390.01	422.46
Operating Income	85.54	94.96	116.98	6.67	138.18	32.5
Interest Expense	-68.02	-71.4	-94.09	-94.32	-101.87	-104.04
Interest & Investment Income	2.27	15.81	5.9	21.25	3.96	11.24
Currency Exchange Gain (Loss)	-10.99	-10.99	-10.24	-13.83	1.93	3.71
Other Non Operating Income (Expenses)	8.26	-7.67	-0.42	-19.93	-11.48	-24.61
EBT Excluding Unusual Items	17.06	20.71	18.13	-100.16	30.71	-81.21
Impairment of Goodwill	-	-	-	-	-	-3.74
Gain (Loss) on Sale of Investments	-3.64	-6.44	-8.69	-0.12	2.4	-36.32
Gain (Loss) on Sale of Assets	0.95	0.21	0.41	4.44	11.67	1.4
Asset Writedown	-4.4	-1.04	-0.26	-4.51	-4.25	-0.41
Other Unusual Items	8.58	8.5	37.97	26.92	10.88	35.3
Pretax Income	18.54	21.94	47.56	-73.14	51.42	-84.77
Income Tax Expense	9.8	15.82	8.5	-2.53	12.07	-0.2
Earnings From Continuing Operations	8.74	6.12	39.05	-70.62	39.34	-84.57
Minority Interest in Earnings	7.14	6.49	1.65	3.15	-4.84	-11.91
Net Income	15.88	12.61	40.71	-67.46	34.5	-96.49
Net Income to Common	15.88	12.61	40.71	-67.46	34.5	-96.49
Net Income Growth	-58.58%	-69.03%	-	-	-	-
Shares Outstanding (Basic)	424	423	373	373	431	420
Shares Outstanding (Diluted)	424	423	373	373	431	420
Shares Change (YoY)	63.99%	13.39%	-0.06%	-13.42%	2.79%	-0.84%
EPS (Basic)	0.04	0.03	0.11	-0.18	0.08	-0.23
EPS (Diluted)	0.04	0.03	0.11	-0.18	0.08	-0.23
EPS Growth	-74.74%	-72.69%	-	-	-	-
Free Cash Flow	65.37	41.67	1.42	-49.31	16.63	-57.95
Free Cash Flow Per Share	0.15	0.10	0.00	-0.13	0.04	-0.14
Gross Margin	29.51%	29.75%	31.31%	29.60%	36.00%	37.19%
Operating Margin	5.24%	5.78%	7.29%	0.51%	9.42%	2.66%
Profit Margin	0.97%	0.77%	2.54%	-5.14%	2.35%	-7.89%
Free Cash Flow Margin	4.00%	2.54%	0.09%	-3.76%	1.13%	-4.74%
EBITDA	186.33	205.34	240.14	121.09	252.69	144.49
EBITDA Margin	11.41%	12.50%	14.97%	9.23%	17.22%	11.81%
D&A For EBITDA	100.79	110.38	123.16	114.42	114.51	112
EBIT	85.54	94.96	116.98	6.67	138.18	32.5
EBIT Margin	5.24%	5.78%	7.29%	0.51%	9.42%	2.66%
Effective Tax Rate	52.85%	72.11%	17.88%	-	23.48%	-
Revenue as Reported	1,633	1,642	1,604	1,312	1,467	1,223
Advertising Expenses	-	1.59	0.78	0.96	1.07	1.14

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