Zhang Xiaoquan 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	991.7	902.01	805.6	818.02	753.39	567.52
Other Revenue	5.83	5.83	5.88	8.53	6.65	4.73
Revenue	997.53	907.84	811.48	826.55	760.04	572.26
Revenue Growth (YoY)	13.16%	11.87%	-1.82%	8.75%	32.81%	18.23%
Cost of Revenue	633.67	588.31	527.84	530.13	469.72	341.75
Gross Profit	363.86	319.53	283.64	296.42	290.32	230.51
Selling, General & Admin	258.76	247.57	221.07	213.58	169.81	116.41
Research & Development	27.83	27.88	26.36	24.38	22.88	20.07
Other Operating Expenses	6.89	6.2	5.95	6.5	4.89	3.9
Operating Expenses	297.95	285.03	252.82	245.09	198.65	140.37
Operating Income	65.91	34.49	30.82	51.34	91.68	90.14
Interest Expense	-	-0.32	-0.43	-0.87	-0.53	-
Interest & Investment Income	1.87	1.87	1.93	2.14	3.29	1.88
Currency Exchange Gain (Loss)	0.19	0.19	-0.17	-0.01	-0.07	-0.05
Other Non Operating Income (Expenses)	-0.95	-0.24	-0.23	0.26	-0.19	-0.16
EBT Excluding Unusual Items	67.02	35.98	31.92	52.85	94.17	91.8
Gain (Loss) on Sale of Investments	0.89	1.34	1.69	-	-	-
Gain (Loss) on Sale of Assets	0	-0.03	0.23	-0.08	0.03	0.21
Asset Writedown	-10.75	-0.02	-0.06	-0.01	-0.02	-0.02
Other Unusual Items	3.11	2.23	5.17	6.51	4.36	4.66
Pretax Income	60.27	39.51	38.94	59.27	98.53	96.65
Income Tax Expense	7.85	7.97	10.75	17.19	19.8	19.43
Earnings From Continuing Operations	52.42	31.54	28.2	42.08	78.73	77.22
Minority Interest in Earnings	-6.6	-6.5	-3.08	-0.57	-	-
Net Income	45.82	25.04	25.12	41.51	78.73	77.22
Net Income to Common	45.82	25.04	25.12	41.51	78.73	77.22
Net Income Growth	38.64%	-0.30%	-39.48%	-47.28%	1.96%	6.80%
Shares Outstanding (Basic)	153	157	157	154	129	117
Shares Outstanding (Diluted)	153	157	157	154	129	117
Shares Change (YoY)	-3.29%	-0.30%	2.12%	19.11%	10.32%	-0.01%
EPS (Basic)	0.30	0.16	0.16	0.27	0.61	0.66
EPS (Diluted)	0.30	0.16	0.16	0.27	0.61	0.66
EPS Growth	43.35%	-	-40.74%	-55.74%	-7.58%	6.80%
Free Cash Flow	130.23	89.5	89.16	70.26	-12.03	-63.52
Free Cash Flow Per Share	0.85	0.57	0.57	0.46	-0.09	-0.54
Dividend Per Share	0.120	0.120	0.150	0.250	0.500	-
Dividend Growth	-20.00%	-20.00%	-40.00%	-50.00%	-	-
Gross Margin	36.48%	35.20%	34.95%	35.86%	38.20%	40.28%
Operating Margin	6.61%	3.80%	3.80%	6.21%	12.06%	15.75%
Profit Margin	4.59%	2.76%	3.09%	5.02%	10.36%	13.49%
Free Cash Flow Margin	13.06%	9.86%	10.99%	8.50%	-1.58%	-11.10%
EBITDA	86.37	62.91	69.86	79.85	109.27	105.88
EBITDA Margin	8.66%	6.93%	8.61%	9.66%	14.38%	18.50%
D&A For EBITDA	20.46	28.42	39.04	28.52	17.59	15.75
EBIT	65.91	34.49	30.82	51.34	91.68	90.14
EBIT Margin	6.61%	3.80%	3.80%	6.21%	12.06%	15.75%
Effective Tax Rate	13.03%	20.18%	27.59%	29.01%	20.09%	20.11%
Revenue as Reported	997.53	907.84	811.48	826.55	760.04	572.26
Advertising Expenses	-	7.27	8.48	7.08	5.64	18.57

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