Zhang Xiaoquan 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	Sep '26 Sep 30, 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	1,144	1,015	902.01	805.6	818.02	753.39
Other Revenue	6.53	6.53	5.83	5.88	8.53	6.65
Revenue	1,151	1,022	907.84	811.48	826.55	760.04
Revenue Growth	15.37%	12.55%	11.87%	-1.82%	8.75%	32.81%
Cost of Revenue	742.1	659.42	588.31	527.84	530.13	469.72
Gross Profit	408.73	362.39	319.53	283.64	296.42	290.32
Selling, General & Admin	316.27	267.09	247.57	221.07	213.58	169.81
Research & Development	32.19	27.41	27.88	26.36	24.38	22.88
Other Operating Expenses	9.82	7.51	6.2	5.95	6.5	4.89
Operating Expenses	358.79	302.66	285.03	252.82	245.09	198.65
Operating Income	49.94	59.73	34.49	30.82	51.34	91.68
Interest Expense	-0.18	-0.08	-0.32	-0.43	-0.87	-0.53
Interest & Investment Income	1.79	1.17	1.87	1.93	2.14	3.29
Currency Exchange Gain (Loss)	-0.01	-0.01	0.19	-0.17	-0.01	-0.07
Other Non Operating Income (Expenses)	0.34	-0.27	-0.24	-0.23	0.26	-0.19
EBT Excluding Unusual Items	51.88	60.54	35.98	31.92	52.85	94.17
Gain (Loss) on Sale of Investments	4.82	3.73	1.34	1.69	-	-
Gain (Loss) on Sale of Assets	0.42	0.4	-0.03	0.23	-0.08	0.03
Asset Writedown	4.26	-0.03	-0.02	-0.06	-0.01	-0.02
Other Unusual Items	1.55	1.71	2.23	5.17	6.51	4.36
Pretax Income	62.93	66.35	39.51	38.94	59.27	98.53
Income Tax Expense	7.53	6.52	7.97	10.75	17.19	19.8
Earnings From Continuing Operations	55.4	59.83	31.54	28.2	42.08	78.73
Minority Interest in Earnings	-5.55	-4.77	-6.5	-3.08	-0.57	-
Net Income	49.86	55.06	25.04	25.12	41.51	78.73
Net Income to Common	49.86	55.06	25.04	25.12	41.51	78.73
Net Income Growth	8.82%	119.87%	-0.30%	-39.48%	-47.28%	1.96%
Shares Outstanding (Basic)	151	153	157	157	154	129
Shares Outstanding (Diluted)	151	153	157	157	154	129
Shares Change	-1.58%	-2.28%	-0.30%	2.12%	19.11%	10.32%
EPS (Basic)	0.33	0.36	0.16	0.16	0.27	0.61
EPS (Diluted)	0.33	0.36	0.16	0.16	0.27	0.61
EPS Growth	10.57%	125.00%	0%	-40.74%	-55.74%	-7.58%

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '26 Sep 30, 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
Free Cash Flow	183.34	133.91	89.5	89.16	70.26	-12.03
Free Cash Flow Per Share	1.22	0.88	0.57	0.57	0.46	-0.09
Dividend Per Share	0.300	0.300	0.120	0.150	0.250	0.500
Dividend Growth	150.00%	150.00%	-20.00%	-40.00%	-50.00%	-
Gross Margin	35.52%	35.47%	35.20%	34.95%	35.86%	38.20%
Operating Margin	4.34%	5.85%	3.80%	3.80%	6.21%	12.06%
Profit Margin	4.33%	5.39%	2.76%	3.09%	5.02%	10.36%
Free Cash Flow Margin	15.93%	13.11%	9.86%	10.99%	8.50%	-1.58%
EBITDA	77.65	88.23	64.04	69.86	79.85	109.27
EBITDA Margin	6.75%	8.63%	7.05%	8.61%	9.66%	14.38%
D&A For EBITDA	27.72	28.5	29.55	39.04	28.52	17.59
EBIT	49.94	59.73	34.49	30.82	51.34	91.68
EBIT Margin	4.34%	5.85%	3.80%	3.80%	6.21%	12.06%
Effective Tax Rate	11.96%	9.83%	20.18%	27.59%	29.01%	20.09%
Revenue as Reported	1,151	1,022	907.84	811.48	826.55	760.04
Advertising Expenses	-	-	-	-	7.08	5.64