双良节能 (600481.SH) Financial Statements

Income statement

Metric	TTM	2025	2024	2023	2022
Revenue
Total Revenue	6.8B	7.6B	13.0B	23.1B	14.5B
Cost of Revenue	6.7B	7.2B	13.3B	19.8B	12.1B
Gross Profit	105.3M	345.0M	(289.7M)	3.4B	2.4B
Operating Expenses
R&D Expense	225.9M	242.3M	260.7M	416.1M	402.6M
SG&A Expense	—	—	—	—	—
General & Admin Expense	315.3M	328.8M	335.5M	331.4M	282.2M
Selling & Marketing Expense	283.1M	279.1M	274.2M	256.1M	236.3M
Other Expenses	—	—	—	—	—
Total Operating Expenses	1.3B	1.3B	1.4B	1.4B	1.1B
Cost and Expenses	8.0B	8.5B	14.7B	21.1B	13.2B
Operating Income (EBIT)	(1.5B)	(1.3B)	(2.5B)	1.9B	1.2B
Non-Operating
Interest Income	—	—	—	—	—
Interest Expense	—	—	—	—	—
Net Interest Income	—	—	—	—	—
Other Non-Op Income/Expense	—	—	—	—	—
Non-Operating Income (excl Interest)	—	—	—	—	—
EBT (Pre-Tax Income)	(1.5B)	(1.3B)	(2.5B)	1.9B	1.2B
Income Tax Expense	(182.8M)	(143.0M)	(403.7M)	265.1M	178.5M
Bottom Line
Net Income	(1.3B)	(1.1B)	(2.1B)	1.5B	956.0M
Earnings from Cont. Ops	(1.4B)	(1.1B)	(2.1B)	1.6B	1.0B
Earnings from Discont. Ops	—	—	—	—	—
Bottom Line Net Income	(1.3B)	(1.1B)	(2.1B)	1.5B	956.0M
Per Share
Basic EPS	(CN¥0.71)	(CN¥0.60)	(CN¥1.14)	CN¥0.80	CN¥0.58
Diluted EPS	(CN¥0.71)	(CN¥0.45)	(CN¥0.98)	CN¥0.79	CN¥0.58
Revenue Per Share	CN¥3.51	CN¥4.04	CN¥6.97	CN¥12.38	CN¥8.73
Shares
Basic Shares Outstanding	1.9B	1.9B	1.9B	1.9B	1.7B
Diluted Shares Outstanding	1.9B	1.9B	1.9B	1.9B	1.7B
Profitability Metrics
EBITDA	—	(153.4M)	(1.6B)	2.6B	1.5B
D&A	—	1.1B	971.9M	729.2M	302.7M
EBIT	—	—	—	—	—

As reported, in the filing currency · TTM sums the four latest quarters; MRQ is the latest quarter · Negatives in parentheses; a dash is a line the filing does not carry · Data as of Mar 1, 2026