Panda Dairy Income Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022	Dec '20 Dec 31, 2020
Operating Revenue	776.78	759.74	935.95	878.81	850.62	679.85
Other Revenue	4.56	4.56	10.98	12.81	6.28	4.5
Revenue	781.34	764.3	946.94	891.62	856.9	684.35
Revenue Growth (YoY)	-3.09%	-19.29%	6.20%	4.05%	25.21%	13.35%
Cost of Revenue	573.19	550.28	733.04	724.77	657.87	516.97
Gross Profit	208.15	214.02	213.9	166.85	199.03	167.37
Selling, General & Admin	82.82	80.69	86.41	91.81	90.47	79.16
Research & Development	19.66	19.57	17.34	18.41	18.41	14.58
Other Operating Expenses	5.43	3.51	2.81	2.37	3.53	3.27
Operating Expenses	108.6	103.47	106.51	112.82	112.34	96.9
Operating Income	99.55	110.55	107.39	54.04	86.69	70.48
Interest Expense	-0.57	-1.15	-3.79	-3.69	-2.38	-1.98
Interest & Investment Income	9.57	10.52	14.7	7.99	7.28	3.73
Currency Exchange Gain (Loss)	0.01	0.01	0.03	-	-	-
Other Non Operating Income (Expenses)	-3.28	-3.52	-3.34	-1.19	-1.75	-0.81
EBT Excluding Unusual Items	105.28	116.42	114.99	57.15	89.84	71.42
Gain (Loss) on Sale of Investments	2.14	4.1	6.73	0.8	2.8	2.13
Gain (Loss) on Sale of Assets	0.26	0.13	-0.03	0.03	0.01	0.02
Asset Writedown	1.37	-0.13	-2.36	-0.2	-0	-0
Other Unusual Items	2.97	0.21	3.74	3.53	3.16	22.81
Pretax Income	112.02	120.72	123.07	61.3	95.8	96.37
Income Tax Expense	18.17	18.92	17.4	6.15	14.58	13.17
Earnings From Continuing Operations	93.85	101.8	105.67	55.15	81.21	83.2
Minority Interest in Earnings	2.27	0.7	3.35	-1.74	-3.87	-1.69
Net Income	96.12	102.5	109.01	53.41	77.35	81.51
Net Income to Common	96.12	102.5	109.01	53.41	77.35	81.51
Net Income Growth	-8.76%	-5.98%	104.12%	-30.95%	-5.11%	22.37%
Shares Outstanding (Basic)	124	124	124	124	125	98
Shares Outstanding (Diluted)	124	124	124	124	125	98
Shares Change (YoY)	0.07%	-0.34%	0.17%	-0.44%	27.03%	6.15%
EPS (Basic)	0.78	0.83	0.88	0.43	0.62	0.83
EPS (Diluted)	0.78	0.83	0.88	0.43	0.62	0.83
EPS Growth	-8.82%	-5.66%	103.77%	-30.64%	-25.30%	15.28%
Free Cash Flow	52.25	148.07	149.69	-13.92	42.37	29.76
Free Cash Flow Per Share	0.42	1.19	1.20	-0.11	0.34	0.30
Dividend Per Share	0.600	0.600	0.500	0.200	0.200	0.150
Dividend Growth	20.00%	20.00%	150.00%	-	33.33%	-85.00%
Gross Margin	26.64%	28.00%	22.59%	18.71%	23.23%	24.46%
Operating Margin	12.74%	14.46%	11.34%	6.06%	10.12%	10.30%
Profit Margin	12.30%	13.41%	11.51%	5.99%	9.03%	11.91%
Free Cash Flow Margin	6.69%	19.37%	15.81%	-1.56%	4.94%	4.35%
EBITDA	125.59	135.19	130.17	75.25	107.16	90.69
EBITDA Margin	16.07%	17.69%	13.75%	8.44%	12.51%	13.25%
D&A For EBITDA	26.04	24.64	22.78	21.21	20.47	20.22
EBIT	99.55	110.55	107.39	54.04	86.69	70.48
EBIT Margin	12.74%	14.46%	11.34%	6.06%	10.12%	10.30%
Effective Tax Rate	16.22%	15.67%	14.14%	10.04%	15.22%	13.67%
Revenue as Reported	781.34	764.3	946.94	891.62	856.9	684.35
Advertising Expenses	-	3.12	6.35	18.05	16.56	6.08

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