ZK 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	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	93,224	75,913	51,673	31,899	6,528	3,185
Revenue Growth (YoY)	16.44%	46.91%	61.99%	388.69%	104.94%	-
Cost of Revenue	74,460	63,465	44,822	29,427	5,489	2,335
Gross Profit	18,764	12,447	6,851	2,472	1,038	850.23
Selling, General & Admin	11,485	9,647	6,921	4,245	2,200	803.56
Research & Development	9,968	9,720	8,369	5,446	3,160	22.61
Other Operating Expenses	-1,073	-449.72	-261.19	-67.76	-19.55	-59.04
Operating Expenses	20,381	18,918	15,029	9,624	5,341	767.13
Operating Income	-1,616	-6,470	-8,178	-7,152	-4,303	83.1
Interest Expense	-350.81	-69.91	-256.08	-283.73	-53.21	-66.75
Interest & Investment Income	960.27	898	94.62	112.14	23.02	1.76
Earnings From Equity Investments	124.54	124.28	86.84	-172.79	-16.87	-7.98
Other Non Operating Income (Expenses)	202.62	-105.85	50.59	-31.68	-184.58	134.12
EBT Excluding Unusual Items	-679.86	-5,624	-8,202	-7,528	-4,534	144.24
Other Unusual Items	10.02	10.02	-	-	-	-
Pretax Income	-669.84	-5,614	-8,202	-7,528	-4,534	144.24
Income Tax Expense	618.88	176.75	62.11	127.27	-19.98	40.64
Earnings From Continuing Operations	-1,289	-5,791	-8,264	-7,655	-4,514	103.6
Minority Interest in Earnings	-730.34	-632.92	-82.79	-278.63	151.72	-
Net Income	-2,019	-6,424	-8,347	-7,934	-4,363	103.6
Preferred Dividends & Other Adjustments	-	-	-	-3.29	-2,214	-
Net Income to Common	-2,019	-6,424	-8,347	-7,930	-2,148	103.6
Shares Outstanding (Basic)	236	235	200	200	151	-
Shares Outstanding (Diluted)	236	235	200	200	151	-
Shares Change (YoY)	6.52%	17.65%	-	32.73%	-	-
EPS (Basic)	-8.56	-27.30	-41.73	-39.65	-14.26	-
EPS (Diluted)	-8.56	-27.30	-41.73	-39.70	-14.30	-
Free Cash Flow	-	1,926	706.6	-4,362	-102.65	-427.24
Free Cash Flow Per Share	-	8.19	3.53	-21.81	-0.68	-
Gross Margin	20.13%	16.40%	13.26%	7.75%	15.90%	26.69%
Operating Margin	-1.73%	-8.52%	-15.83%	-22.42%	-65.92%	2.61%
Profit Margin	-2.17%	-8.46%	-16.15%	-24.86%	-32.91%	3.25%
Free Cash Flow Margin	-	2.54%	1.37%	-13.67%	-1.57%	-13.41%
EBITDA	-426.41	-5,525	-7,560	-6,913	-4,213	136.19
EBITDA Margin	-0.46%	-7.28%	-14.63%	-21.67%	-64.54%	4.28%
D&A For EBITDA	1,190	944.98	618.19	239.11	89.84	53.09
EBIT	-1,616	-6,470	-8,178	-7,152	-4,303	83.1
EBIT Margin	-1.73%	-8.52%	-15.83%	-22.42%	-65.92%	2.61%
Effective Tax Rate	-	-	-	-	-	28.18%
Revenue as Reported	93,224	75,913	51,673	31,899	6,528	3,185
Advertising Expenses	-	1,800	1,780	856.27	-	-

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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