Masterwork Group 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	1,570	1,624	1,610	1,505	1,264	1,434
Other Revenue	-	-	32.05	98.83	48.41	33.58
Revenue	1,570	1,624	1,642	1,604	1,312	1,467
Revenue Growth (YoY)	-4.23%	-1.11%	2.37%	22.25%	-10.57%	19.93%
Cost of Revenue	1,117	1,145	1,154	1,102	923.78	939.1
Gross Profit	453.27	478.53	488.53	502.2	388.36	528.19
Selling, General & Admin	283.11	282.59	307.43	298.31	284.77	293.03
Research & Development	73	69.31	65.82	67.38	71.49	69.27
Other Operating Expenses	8.01	9.29	11.47	14.03	24.03	26.7
Operating Expenses	364.11	361.19	393.57	385.22	381.69	390.01
Operating Income	89.15	117.34	94.96	116.98	6.67	138.18
Interest Expense	-2.75	-	-71.4	-94.09	-94.32	-101.87
Interest & Investment Income	-	-	15.81	5.9	21.25	3.96
Earnings From Equity Investments	-1.72	-	-	-	-	-
Currency Exchange Gain (Loss)	-	-	-10.99	-10.24	-13.83	1.93
Other Non Operating Income (Expenses)	-68.31	-63.43	-7.67	-0.42	-19.93	-11.48
EBT Excluding Unusual Items	16.38	53.91	20.71	18.13	-100.16	30.71
Gain (Loss) on Sale of Investments	-1.17	-1.16	-6.44	-8.69	-0.12	2.4
Gain (Loss) on Sale of Assets	0.46	0.52	0.21	0.41	4.44	11.67
Asset Writedown	-26.79	-26.58	-1.04	-0.26	-4.51	-4.25
Other Unusual Items	-	-	8.5	37.97	26.92	10.88
Pretax Income	-11.12	26.68	21.94	47.56	-73.14	51.42
Income Tax Expense	3.19	4.23	15.82	8.5	-2.53	12.07
Earnings From Continuing Operations	-14.31	22.45	6.12	39.05	-70.62	39.34
Minority Interest in Earnings	0.6	1.61	6.49	1.65	3.15	-4.84
Net Income	-13.71	24.06	12.61	40.71	-67.46	34.5
Net Income to Common	-13.71	24.06	12.61	40.71	-67.46	34.5
Net Income Growth	-	90.86%	-69.03%	-	-	-
Shares Outstanding (Basic)	423	424	423	373	373	431
Shares Outstanding (Diluted)	423	424	423	373	373	431
Shares Change (YoY)	-7.85%	0.14%	13.39%	-0.06%	-13.42%	2.79%
EPS (Basic)	-0.03	0.06	0.03	0.11	-0.18	0.08
EPS (Diluted)	-0.03	0.06	0.03	0.11	-0.18	0.08
EPS Growth	-	90.60%	-72.69%	-	-	-
Free Cash Flow	76.24	51.83	41.67	1.42	-49.31	16.63
Free Cash Flow Per Share	0.18	0.12	0.10	0.00	-0.13	0.04
Gross Margin	28.87%	29.47%	29.75%	31.31%	29.60%	36.00%
Operating Margin	5.68%	7.23%	5.78%	7.29%	0.51%	9.42%
Profit Margin	-0.87%	1.48%	0.77%	2.54%	-5.14%	2.35%
Free Cash Flow Margin	4.86%	3.19%	2.54%	0.09%	-3.76%	1.13%
EBITDA	210.52	236.5	205.34	240.14	121.09	252.69
EBITDA Margin	13.41%	14.56%	12.50%	14.97%	9.23%	17.22%
D&A For EBITDA	121.37	119.17	110.38	123.16	114.42	114.51
EBIT	89.15	117.34	94.96	116.98	6.67	138.18
EBIT Margin	5.68%	7.23%	5.78%	7.29%	0.51%	9.42%
Effective Tax Rate	-	15.85%	72.11%	17.88%	-	23.48%
Revenue as Reported	-	-	1,642	1,604	1,312	1,467
Advertising Expenses	-	-	1.59	0.78	0.96	1.07

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