Panda Dairy 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	834.27	799.84	759.74	935.95	878.81	850.62
Other Revenue	11.25	11.25	4.56	10.98	12.81	6.28
Revenue	845.52	811.08	764.3	946.94	891.62	856.9
Revenue Growth (YoY)	12.88%	6.12%	-19.29%	6.20%	4.05%	25.21%
Cost of Revenue	628.02	604.22	547.8	733.04	724.77	657.87
Gross Profit	217.5	206.86	216.5	213.9	166.85	199.03
Selling, General & Admin	101.37	93.26	80.69	86.41	91.81	90.47
Research & Development	14.66	15.06	19.57	17.34	18.41	18.41
Other Operating Expenses	5.63	5.59	3.51	2.81	2.37	3.53
Operating Expenses	121.66	113.91	103.77	106.51	112.82	112.34
Operating Income	95.84	92.95	112.73	107.39	54.04	86.69
Interest Expense	-0.62	-0.62	-1.15	-3.79	-3.69	-2.38
Interest & Investment Income	32.53	28.79	10.52	14.7	7.99	7.28
Currency Exchange Gain (Loss)	-0	-0	0.01	0.03	-	-
Other Non Operating Income (Expenses)	-1.62	-0.36	-0.66	-3.34	-1.19	-1.75
EBT Excluding Unusual Items	126.14	120.76	121.45	114.99	57.15	89.84
Gain (Loss) on Sale of Investments	-2.05	1.06	4.1	6.73	0.8	2.8
Gain (Loss) on Sale of Assets	-0.05	-0.05	0.13	-0.03	0.03	0.01
Asset Writedown	-3.6	-4.01	-5.17	-2.36	-0.2	-0
Other Unusual Items	3.71	3.71	0.21	3.74	3.53	3.16
Pretax Income	124.15	121.48	120.72	123.07	61.3	95.8
Income Tax Expense	17.4	18.03	18.92	17.4	6.15	14.58
Earnings From Continuing Operations	106.75	103.45	101.8	105.67	55.15	81.21
Minority Interest in Earnings	4.54	4.56	0.7	3.35	-1.74	-3.87
Net Income	111.29	108.01	102.5	109.01	53.41	77.35
Net Income to Common	111.29	108.01	102.5	109.01	53.41	77.35
Net Income Growth	24.28%	5.38%	-5.98%	104.12%	-30.95%	-5.11%
Shares Outstanding (Basic)	124	124	124	124	124	125
Shares Outstanding (Diluted)	124	124	124	124	124	125
Shares Change (YoY)	0.01%	-0.00%	-0.34%	0.17%	-0.44%	27.03%
EPS (Basic)	0.90	0.87	0.83	0.88	0.43	0.62
EPS (Diluted)	0.90	0.87	0.83	0.88	0.43	0.62
EPS Growth	24.27%	5.38%	-5.66%	103.77%	-30.64%	-25.30%
Free Cash Flow	30.84	46.64	148.07	149.69	-13.92	42.37
Free Cash Flow Per Share	0.25	0.38	1.19	1.20	-0.11	0.34
Dividend Per Share	0.600	0.600	0.600	0.500	0.200	0.200
Dividend Growth	-	-	20.00%	150.00%	-	33.33%
Gross Margin	25.72%	25.50%	28.33%	22.59%	18.71%	23.23%
Operating Margin	11.34%	11.46%	14.75%	11.34%	6.06%	10.12%
Profit Margin	13.16%	13.32%	13.41%	11.51%	5.99%	9.03%
Free Cash Flow Margin	3.65%	5.75%	19.37%	15.81%	-1.56%	4.94%
EBITDA	123.04	119.64	137.37	130.17	75.25	107.16
EBITDA Margin	14.55%	14.75%	17.97%	13.75%	8.44%	12.51%
D&A For EBITDA	27.19	26.68	24.64	22.78	21.21	20.47
EBIT	95.84	92.95	112.73	107.39	54.04	86.69
EBIT Margin	11.34%	11.46%	14.75%	11.34%	6.06%	10.12%
Effective Tax Rate	14.01%	14.84%	15.67%	14.14%	10.04%	15.22%
Revenue as Reported	811.08	811.08	764.3	946.94	891.62	856.9
Advertising Expenses	-	4.28	2.49	6.35	18.05	16.56

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