Sungrow Power Supply 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	85,438	88,914	77,704	72,159	40,109	24,099
Other Revenue	270.59	270.59	152.83	91.42	148.12	37.76
Revenue	85,709	89,184	77,857	72,251	40,257	24,137
Revenue Growth (YoY)	1.70%	14.55%	7.76%	79.47%	66.79%	25.15%
Cost of Revenue	60,050	62,013	55,238	53,833	30,803	19,050
Gross Profit	25,659	27,171	22,618	18,418	9,454	5,087
Selling, General & Admin	6,598	6,546	4,961	3,723	3,749	2,059
Research & Development	4,350	4,175	3,164	2,447	1,663	1,128
Other Operating Expenses	-270.89	-116.13	37.51	58.31	61.59	6.42
Operating Expenses	11,499	11,391	9,083	6,927	5,898	3,428
Operating Income	14,160	15,780	13,536	11,490	3,556	1,658
Interest Expense	-317.3	-346.95	-391.87	-318.94	-209.09	-124.11
Interest & Investment Income	1,073	1,064	676.3	294.89	118.16	417.97
Currency Exchange Gain (Loss)	52.98	52.98	-11.75	208.73	665.24	-183.38
Other Non Operating Income (Expenses)	-727.91	-293.03	-334.16	-202.8	-105.21	-45.88
EBT Excluding Unusual Items	14,241	16,257	13,474	11,472	4,026	1,723
Gain (Loss) on Sale of Investments	105.31	62.01	64.32	36.19	-29.61	66.44
Gain (Loss) on Sale of Assets	2.09	2.23	0.87	-4.64	-1.74	0.45
Asset Writedown	30.7	-37.13	-5.4	-48.72	-1.27	-3.24
Other Unusual Items	-23.9	-23.9	10.46	4.92	141	106.01
Pretax Income	14,355	16,260	13,544	11,460	4,134	1,893
Income Tax Expense	2,369	2,727	2,280	1,851	438.39	188.68
Earnings From Continuing Operations	11,985	13,533	11,264	9,609	3,696	1,704
Minority Interest in Earnings	-59.08	-71.57	-227.95	-169.18	-102.13	-121.29
Net Income	11,926	13,461	11,036	9,440	3,593	1,583
Net Income to Common	11,926	13,461	11,036	9,440	3,593	1,583
Net Income Growth	-6.58%	21.97%	16.91%	162.69%	127.04%	-19.01%
Shares Outstanding (Basic)	2,050	2,055	2,074	2,075	2,079	2,052
Shares Outstanding (Diluted)	2,060	2,061	2,074	2,075	2,079	2,052
Shares Change (YoY)	-0.59%	-0.63%	-0.01%	-0.20%	1.32%	0.48%
EPS (Basic)	5.82	6.55	5.32	4.55	1.73	0.77
EPS (Diluted)	5.79	6.53	5.32	4.55	1.73	0.77
EPS Growth	-6.02%	22.74%	16.92%	163.22%	124.09%	-19.40%
Free Cash Flow	13,528	13,910	9,282	4,239	-316.27	-3,304
Free Cash Flow Per Share	6.57	6.75	4.47	2.04	-0.15	-1.61
Dividend Per Share	1.640	1.640	1.080	0.689	0.157	0.079
Dividend Growth	51.85%	51.85%	56.68%	338.76%	99.87%	-21.40%
Gross Margin	29.94%	30.47%	29.05%	25.49%	23.48%	21.07%
Operating Margin	16.52%	17.69%	17.39%	15.90%	8.83%	6.87%
Profit Margin	13.91%	15.09%	14.17%	13.06%	8.93%	6.56%
Free Cash Flow Margin	15.78%	15.60%	11.92%	5.87%	-0.79%	-13.69%
EBITDA	15,296	16,833	14,254	11,996	3,926	1,956
EBITDA Margin	17.85%	18.87%	18.31%	16.60%	9.75%	8.11%
D&A For EBITDA	1,136	1,053	718.59	505.46	369.92	298.03
EBIT	14,160	15,780	13,536	11,490	3,556	1,658
EBIT Margin	16.52%	17.69%	17.39%	15.90%	8.83%	6.87%
Effective Tax Rate	16.51%	16.77%	16.83%	16.15%	10.61%	9.97%
Revenue as Reported	85,709	89,184	77,857	72,251	40,257	24,137
Advertising Expenses	-	-	-	110.04	40.75	34.2

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