Panda Dairy Income Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	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	811.08	759.74	935.95	878.81	850.62
Other Revenue	-	4.56	10.98	12.81	6.28
Revenue	811.08	764.3	946.94	891.62	856.9
Revenue Growth (YoY)	6.12%	-19.29%	6.20%	4.05%	25.21%
Cost of Revenue	603.65	550.28	733.04	724.77	657.87
Gross Profit	207.44	214.02	213.9	166.85	199.03
Selling, General & Admin	93.84	80.69	86.41	91.81	90.47
Research & Development	15.06	19.57	17.34	18.41	18.41
Other Operating Expenses	1.74	3.51	2.81	2.37	3.53
Operating Expenses	110.64	103.47	106.51	112.82	112.34
Operating Income	96.8	110.55	107.39	54.04	86.69
Interest Expense	-	-1.15	-3.79	-3.69	-2.38
Interest & Investment Income	26.35	10.52	14.7	7.99	7.28
Currency Exchange Gain (Loss)	-	0.01	0.03	-	-
Other Non Operating Income (Expenses)	-0.86	-3.52	-3.34	-1.19	-1.75
EBT Excluding Unusual Items	122.29	116.42	114.99	57.15	89.84
Gain (Loss) on Sale of Investments	1.06	4.1	6.73	0.8	2.8
Gain (Loss) on Sale of Assets	-0.05	0.13	-0.03	0.03	0.01
Asset Writedown	-1.82	-0.13	-2.36	-0.2	-0
Other Unusual Items	-	0.21	3.74	3.53	3.16
Pretax Income	121.48	120.72	123.07	61.3	95.8
Income Tax Expense	18.03	18.92	17.4	6.15	14.58
Earnings From Continuing Operations	103.45	101.8	105.67	55.15	81.21
Minority Interest in Earnings	4.56	0.7	3.35	-1.74	-3.87
Net Income	108.01	102.5	109.01	53.41	77.35
Net Income to Common	108.01	102.5	109.01	53.41	77.35
Net Income Growth	5.38%	-5.98%	104.12%	-30.95%	-5.11%
Shares Outstanding (Basic)	124	124	124	124	125
Shares Outstanding (Diluted)	124	124	124	124	125
Shares Change (YoY)	-0.00%	-0.34%	0.17%	-0.44%	27.03%
EPS (Basic)	0.87	0.83	0.88	0.43	0.62
EPS (Diluted)	0.87	0.83	0.88	0.43	0.62
EPS Growth	5.38%	-5.66%	103.77%	-30.64%	-25.30%
Free Cash Flow	46.64	148.07	149.69	-13.92	42.37
Free Cash Flow Per Share	0.38	1.19	1.20	-0.11	0.34
Dividend Per Share	-	0.600	0.500	0.200	0.200
Dividend Growth	-	20.00%	150.00%	-	33.33%
Gross Margin	25.57%	28.00%	22.59%	18.71%	23.23%
Operating Margin	11.93%	14.46%	11.34%	6.06%	10.12%
Profit Margin	13.32%	13.41%	11.51%	5.99%	9.03%
Free Cash Flow Margin	5.75%	19.37%	15.81%	-1.56%	4.94%
EBITDA	123.48	135.19	130.17	75.25	107.16
EBITDA Margin	15.22%	17.69%	13.75%	8.44%	12.51%
D&A For EBITDA	26.68	24.64	22.78	21.21	20.47
EBIT	96.8	110.55	107.39	54.04	86.69
EBIT Margin	11.93%	14.46%	11.34%	6.06%	10.12%
Effective Tax Rate	14.84%	15.67%	14.14%	10.04%	15.22%
Revenue as Reported	-	764.3	946.94	891.62	856.9
Advertising Expenses	-	3.12	6.35	18.05	16.56

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