Winner Medical 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	10,937	10,863	8,896	8,124	11,258	7,976
Other Revenue	86.21	86.21	81.38	60.7	93.58	61.2
Revenue	11,024	10,949	8,978	8,185	11,351	8,037
Revenue Growth (YoY)	13.95%	21.96%	9.69%	-27.89%	41.23%	-35.88%
Cost of Revenue	5,835	5,809	4,880	4,393	6,340	4,121
Gross Profit	5,189	5,140	4,098	3,792	5,011	3,916
Selling, General & Admin	3,507	3,479	2,931	2,756	2,649	2,444
Research & Development	409.91	410.88	348.16	322.05	487.58	298.16
Other Operating Expenses	54.33	53.64	26.2	39.96	98.09	65.39
Operating Expenses	3,975	3,954	3,307	3,115	3,229	2,804
Operating Income	1,214	1,187	790.81	677.12	1,782	1,113
Interest Expense	-52.08	-55.11	-54.86	-63.44	-50.04	-29.99
Interest & Investment Income	134.9	135.49	192.48	261.26	175.38	240.42
Currency Exchange Gain (Loss)	-28.61	-28.61	40.19	-7.63	52.07	0.61
Other Non Operating Income (Expenses)	-45.18	-5.99	-1.2	0.68	-72.25	-4.27
EBT Excluding Unusual Items	1,223	1,232	967.43	867.99	1,887	1,319
Impairment of Goodwill	-179.04	-179.04	-90.74	-188.79	-	-
Gain (Loss) on Sale of Investments	-14.38	-24.34	2.86	46.68	32.15	58.47
Gain (Loss) on Sale of Assets	-0.53	0.55	5.88	32.2	3.73	3.25
Asset Writedown	-4.68	-19.28	-16.45	-93.43	-74.78	-20.26
Other Unusual Items	37.44	37.44	39.38	85.19	71.05	101.8
Pretax Income	1,062	1,048	908.35	749.85	1,920	1,463
Income Tax Expense	238.58	233.7	167.64	121.3	245.17	225.32
Earnings From Continuing Operations	823.13	814.12	740.71	628.55	1,674	1,237
Minority Interest in Earnings	-52.24	-46.15	-45.33	-48.14	-23.62	1.88
Net Income	770.89	767.97	695.38	580.4	1,651	1,239
Net Income to Common	770.89	767.97	695.38	580.4	1,651	1,239
Net Income Growth	1.23%	10.44%	19.81%	-64.84%	33.20%	-67.47%
Shares Outstanding (Basic)	583	582	584	592	592	596
Shares Outstanding (Diluted)	583	582	584	592	592	596
Shares Change (YoY)	0.30%	-0.44%	-1.33%	0.10%	-0.77%	9.42%
EPS (Basic)	1.32	1.32	1.19	0.98	2.79	2.08
EPS (Diluted)	1.32	1.32	1.19	0.98	2.79	2.08
EPS Growth	0.93%	10.92%	21.43%	-64.88%	34.23%	-70.28%
Free Cash Flow	997.62	1,018	364.87	310.26	1,784	128.42
Free Cash Flow Per Share	1.71	1.75	0.62	0.52	3.02	0.21
Dividend Per Share	0.750	0.750	0.650	0.500	1.357	0.900
Dividend Growth	15.38%	15.38%	30.00%	-63.16%	50.79%	-50.00%
Gross Margin	47.07%	46.95%	45.65%	46.33%	44.15%	48.73%
Operating Margin	11.01%	10.84%	8.81%	8.27%	15.70%	13.84%
Profit Margin	6.99%	7.01%	7.75%	7.09%	14.54%	15.42%
Free Cash Flow Margin	9.05%	9.29%	4.06%	3.79%	15.72%	1.60%
EBITDA	1,656	1,612	1,147	992.8	2,049	1,279
EBITDA Margin	15.02%	14.72%	12.78%	12.13%	18.05%	15.92%
D&A For EBITDA	442.42	425.2	356.32	315.68	266.49	166.69
EBIT	1,214	1,187	790.81	677.12	1,782	1,113
EBIT Margin	11.01%	10.84%	8.81%	8.27%	15.70%	13.84%
Effective Tax Rate	22.47%	22.30%	18.46%	16.18%	12.77%	15.40%
Revenue as Reported	11,024	10,949	8,978	8,185	11,351	8,037
Advertising Expenses	-	1,093	816.38	651.82	600.16	692.45

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