ValueHD 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	675.45	712	663.6	484.98	600.13	594.85
Other Revenue	6.12	6.12	7.24	3.08	4.45	5.38
Revenue	681.56	718.12	670.84	488.06	604.58	600.23
Revenue Growth (YoY)	-8.84%	7.05%	37.45%	-19.27%	0.73%	-10.43%
Cost of Revenue	406.33	407.13	359.91	275.59	337.45	325.55
Gross Profit	275.23	310.99	310.93	212.47	267.13	274.67
Selling, General & Admin	131.12	134.84	133.22	94.71	80.85	62.3
Research & Development	102.76	103.01	96.43	93.93	77.24	64
Other Operating Expenses	-4.87	-5.42	6.71	-6.14	-8.16	-10.04
Operating Expenses	227.78	232.08	236.07	183.74	153	115.9
Operating Income	47.45	78.91	74.86	28.73	114.13	158.77
Interest Expense	-1.85	-2.04	-2.43	-2.25	-2.49	-2.24
Interest & Investment Income	30.21	31.29	34.8	24.96	12.73	1.8
Currency Exchange Gain (Loss)	-16.45	-16.45	4.45	2.32	2.73	-2.52
Other Non Operating Income (Expenses)	-10.23	-1.08	0.05	-1.04	-0.4	0.08
EBT Excluding Unusual Items	49.13	90.62	111.73	52.74	126.69	155.88
Impairment of Goodwill	-	-	-1.07	-	-	-
Gain (Loss) on Sale of Investments	-1.64	0.16	9.74	18.42	4.19	3.2
Gain (Loss) on Sale of Assets	0.01	-0	4.81	0.12	0.05	0.06
Asset Writedown	-0.15	-0	-0.04	-0.02	-	-
Other Unusual Items	2.53	2.18	7.86	10.6	5.38	8.31
Pretax Income	49.89	92.96	133.03	81.86	136.32	167.46
Income Tax Expense	2.4	6.91	8.65	-0.31	8.97	17.75
Earnings From Continuing Operations	47.49	86.05	124.38	82.17	127.34	149.71
Minority Interest in Earnings	-0.48	-0.64	-0.07	-	-	-
Net Income	47.01	85.4	124.31	82.17	127.34	149.71
Net Income to Common	47.01	85.4	124.31	82.17	127.34	149.71
Net Income Growth	-67.51%	-31.30%	51.28%	-35.47%	-14.94%	-11.06%
Shares Outstanding (Basic)	132	133	134	135	113	101
Shares Outstanding (Diluted)	132	133	135	135	113	101
Shares Change (YoY)	-2.22%	-1.24%	0.30%	19.35%	11.35%	2.22%
EPS (Basic)	0.36	0.64	0.93	0.61	1.13	1.48
EPS (Diluted)	0.36	0.64	0.92	0.61	1.13	1.48
EPS Growth	-66.77%	-30.44%	50.82%	-45.93%	-23.61%	-12.99%
Free Cash Flow	70.73	112.45	51.72	71.81	86.52	123.4
Free Cash Flow Per Share	0.54	0.84	0.38	0.53	0.77	1.22
Dividend Per Share	0.428	0.428	0.375	0.200	0.410	-
Dividend Growth	14.13%	14.13%	87.50%	-51.25%	-	-
Gross Margin	40.38%	43.31%	46.35%	43.53%	44.19%	45.76%
Operating Margin	6.96%	10.99%	11.16%	5.89%	18.88%	26.45%
Profit Margin	6.90%	11.89%	18.53%	16.84%	21.06%	24.94%
Free Cash Flow Margin	10.38%	15.66%	7.71%	14.71%	14.31%	20.56%
EBITDA	59.33	90.37	84.64	36.15	118.72	161.79
EBITDA Margin	8.71%	12.58%	12.62%	7.41%	19.64%	26.96%
D&A For EBITDA	11.88	11.46	9.78	7.42	4.59	3.01
EBIT	47.45	78.91	74.86	28.73	114.13	158.77
EBIT Margin	6.96%	10.99%	11.16%	5.89%	18.88%	26.45%
Effective Tax Rate	4.82%	7.43%	6.50%	-	6.58%	10.60%
Revenue as Reported	681.56	718.12	670.84	488.06	604.58	600.23
Advertising Expenses	-	9.97	6.68	9.88	5.33	1.95

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