ValueHD 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	731.9	663.6	484.98	600.13	594.85	670.11
Other Revenue	7.24	7.24	3.08	4.45	5.38	-
Revenue	739.14	670.84	488.06	604.58	600.23	670.11
Revenue Growth (YoY)	27.31%	37.45%	-19.27%	0.73%	-10.43%	135.23%
Cost of Revenue	407.29	359.91	275.59	337.45	325.55	350.06
Gross Profit	331.85	310.93	212.47	267.13	274.67	320.05
Selling, General & Admin	147.5	133.22	94.71	80.85	62.3	72.12
Research & Development	101.11	96.43	93.93	77.24	64	50.41
Other Operating Expenses	-3.3	-1.72	-6.14	-8.16	-10.04	-1.03
Operating Expenses	245.42	227.64	183.74	153	115.9	121.51
Operating Income	86.43	83.28	28.73	114.13	158.77	198.54
Interest Expense	-2.06	-2.43	-2.25	-2.49	-2.24	-
Interest & Investment Income	33.33	34.8	24.96	12.73	1.8	2.69
Currency Exchange Gain (Loss)	4.45	4.45	2.32	2.73	-2.52	-
Other Non Operating Income (Expenses)	-1.21	0.05	-1.04	-0.4	0.08	-9.79
EBT Excluding Unusual Items	120.94	120.15	52.74	126.69	155.88	191.44
Impairment of Goodwill	-1.07	-1.07	-	-	-	-
Gain (Loss) on Sale of Investments	7.96	9.74	18.42	4.19	3.2	0.51
Gain (Loss) on Sale of Assets	4.77	4.81	0.12	0.05	0.06	0.01
Asset Writedown	-2.14	-0.04	-0.02	-	-	-
Other Unusual Items	6.27	-0.56	10.6	5.38	8.31	-
Pretax Income	136.73	133.03	81.86	136.32	167.46	191.96
Income Tax Expense	14.43	8.65	-0.31	8.97	17.75	23.63
Earnings From Continuing Operations	122.29	124.38	82.17	127.34	149.71	168.32
Minority Interest in Earnings	-0.22	-0.07	-	-	-	-
Net Income	122.07	124.31	82.17	127.34	149.71	168.32
Net Income to Common	122.07	124.31	82.17	127.34	149.71	168.32
Net Income Growth	33.13%	51.28%	-35.47%	-14.94%	-11.06%	230.29%
Shares Outstanding (Basic)	152	134	135	113	101	99
Shares Outstanding (Diluted)	155	135	135	113	101	99
Shares Change (YoY)	32.88%	0.30%	19.35%	11.35%	2.22%	1.79%
EPS (Basic)	0.80	0.93	0.61	1.13	1.48	1.70
EPS (Diluted)	0.79	0.92	0.61	1.13	1.48	1.70
EPS Growth	0.18%	50.82%	-45.93%	-23.61%	-12.99%	224.49%
Free Cash Flow	138.36	51.72	71.81	86.52	123.4	135.74
Free Cash Flow Per Share	0.89	0.38	0.53	0.77	1.22	1.37
Dividend Per Share	0.375	0.375	0.200	0.410	-	-
Dividend Growth	87.50%	87.50%	-51.25%	-	-	-
Gross Margin	44.90%	46.35%	43.53%	44.19%	45.76%	47.76%
Operating Margin	11.69%	12.41%	5.89%	18.88%	26.45%	29.63%
Profit Margin	16.52%	18.53%	16.84%	21.06%	24.94%	25.12%
Free Cash Flow Margin	18.72%	7.71%	14.71%	14.31%	20.56%	20.26%
EBITDA	97.3	92.67	36.15	118.72	161.79	198.68
EBITDA Margin	13.16%	13.81%	7.41%	19.64%	26.96%	29.65%
D&A For EBITDA	10.87	9.39	7.42	4.59	3.01	0.14
EBIT	86.43	83.28	28.73	114.13	158.77	198.54
EBIT Margin	11.69%	12.41%	5.89%	18.88%	26.45%	29.63%
Effective Tax Rate	10.55%	6.50%	-	6.58%	10.60%	12.31%
Revenue as Reported	739.14	670.84	488.06	604.58	600.23	670.11
Advertising Expenses	-	6.68	9.88	5.33	1.95	-

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