明阳智能 (601615.SH) Financial Statements

Income statement

Metric	TTM	2025	2024	2023	2022
Revenue
Total Revenue	39.1B	38.1B	27.2B	28.1B	30.7B
Cost of Revenue	35.3B	34.2B	25.0B	25.7B	24.6B
Gross Profit	3.8B	3.9B	2.2B	2.4B	6.1B
Operating Expenses
R&D Expense	776.4M	769.7M	562.6M	604.4M	843.8M
SG&A Expense	—	—	—	—	—
General & Admin Expense	1.2B	1.2B	1.1B	969.2M	825.0M
Selling & Marketing Expense	870.0M	815.1M	711.9M	632.9M	1.2B
Other Expenses	—	—	—	—	—
Total Operating Expenses	3.6B	3.4B	2.9B	2.4B	3.0B
Cost and Expenses	38.9B	37.6B	27.8B	28.2B	27.6B
Operating Income (EBIT)	398.9M	716.8M	451.9M	383.6M	3.9B
Non-Operating
Interest Income	—	—	—	—	—
Interest Expense	—	—	—	—	—
Net Interest Income	—	—	—	—	—
Other Non-Op Income/Expense	—	—	—	—	—
Non-Operating Income (excl Interest)	—	—	—	—	—
EBT (Pre-Tax Income)	338.0M	636.4M	414.8M	362.5M	3.9B
Income Tax Expense	(73.7M)	(61.3M)	43.0M	(24.4M)	418.6M
Bottom Line
Net Income	382.5M	659.9M	346.1M	376.7M	3.4B
Earnings from Cont. Ops	493.0M	694.5M	370.0M	386.9M	3.4B
Earnings from Discont. Ops	—	—	—	—	—
Bottom Line Net Income	382.5M	659.9M	346.1M	376.7M	3.4B
Per Share
Basic EPS	CN¥0.17	CN¥0.31	CN¥0.15	CN¥0.17	CN¥1.57
Diluted EPS	CN¥0.17	CN¥0.31	CN¥0.15	CN¥0.17	CN¥1.57
Revenue Per Share	CN¥15.84	CN¥17.72	CN¥11.96	CN¥12.69	CN¥14.01
Shares
Basic Shares Outstanding	2.5B	2.2B	2.3B	2.2B	2.2B
Diluted Shares Outstanding	2.5B	2.2B	2.3B	2.2B	2.2B
Profitability Metrics
EBITDA	—	2.3B	1.9B	1.5B	4.8B
D&A	—	1.6B	1.4B	1.1B	983.3M
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