Hwaxin Environmental 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	865.34	628.31	712.45	739.18	772.19	559.29
Other Revenue	12.86	12.86	17.58	13.04	9.53	10.22
Revenue	878.2	641.17	730.03	752.22	781.72	569.51
Revenue Growth (YoY)	38.00%	-12.17%	-2.95%	-3.77%	37.26%	-2.35%
Cost of Revenue	726.21	530.43	547.62	542.43	517.54	341.22
Gross Profit	151.99	110.73	182.4	209.78	264.18	228.29
Selling, General & Admin	68.75	59.18	58.68	53.33	55.13	48.52
Research & Development	19.24	16.63	17.77	17.76	26.73	23.68
Other Operating Expenses	4.38	4.66	8.09	7.6	9.46	7.52
Operating Expenses	96.8	79.89	92.42	88.35	100.7	85.57
Operating Income	55.19	30.84	89.98	121.44	163.49	142.72
Interest Expense	-4.53	-5.03	-4.95	-6.56	-4.48	-5
Interest & Investment Income	10.39	16.28	23.18	4.62	4.06	4.37
Currency Exchange Gain (Loss)	-	-	-0	-	-	-
Other Non Operating Income (Expenses)	5.18	4.79	-15.37	-0.65	0.55	-0.7
EBT Excluding Unusual Items	66.24	46.88	92.84	118.85	163.61	141.39
Gain (Loss) on Sale of Investments	0.01	0.01	-	-	-	0
Gain (Loss) on Sale of Assets	-4.26	-4.37	-0.01	0.2	0.03	-0.35
Asset Writedown	-1.3	-	-0.41	-0.19	-3.55	-1.39
Other Unusual Items	1.23	1.09	4.26	4.29	7.7	3.85
Pretax Income	61.92	43.6	96.68	123.14	167.78	143.5
Income Tax Expense	4.24	-0.37	8.79	11.84	11.48	11.55
Earnings From Continuing Operations	57.68	43.97	87.89	111.3	156.31	131.95
Minority Interest in Earnings	3.41	3.27	0.74	0.26	0.1	-0.03
Net Income	61.09	47.24	88.63	111.56	156.41	131.92
Net Income to Common	61.09	47.24	88.63	111.56	156.41	131.92
Net Income Growth	29.09%	-46.70%	-20.56%	-28.67%	18.56%	53.77%
Shares Outstanding (Basic)	293	300	306	228	227	227
Shares Outstanding (Diluted)	293	300	306	228	227	227
Shares Change (YoY)	-6.03%	-1.73%	34.23%	0.44%	-0.34%	11.35%
EPS (Basic)	0.21	0.16	0.29	0.49	0.69	0.58
EPS (Diluted)	0.21	0.16	0.29	0.49	0.69	0.58
EPS Growth	37.38%	-45.76%	-40.82%	-28.99%	18.97%	38.09%
Free Cash Flow	-91.03	-123.77	-124.55	44.12	29.47	92.87
Free Cash Flow Per Share	-0.31	-0.41	-0.41	0.19	0.13	0.41
Dividend Per Share	0.040	0.040	-	0.200	-	-
Gross Margin	17.31%	17.27%	24.99%	27.89%	33.79%	40.09%
Operating Margin	6.28%	4.81%	12.33%	16.14%	20.91%	25.06%
Profit Margin	6.96%	7.37%	12.14%	14.83%	20.01%	23.16%
Free Cash Flow Margin	-10.37%	-19.30%	-17.06%	5.87%	3.77%	16.31%
EBITDA	90.49	64.96	122.5	152.23	192.11	163.71
EBITDA Margin	10.30%	10.13%	16.78%	20.24%	24.58%	28.75%
D&A For EBITDA	35.31	34.11	32.52	30.8	28.63	21
EBIT	55.19	30.84	89.98	121.44	163.49	142.72
EBIT Margin	6.28%	4.81%	12.33%	16.14%	20.91%	25.06%
Effective Tax Rate	6.85%	-	9.10%	9.62%	6.84%	8.05%
Revenue as Reported	878.2	641.17	730.03	752.22	781.72	-

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