Also trades as: 601963.SS (SHH) · $vol 23M

HK$8.29 ($1.06)

-0.17 (-2.01%)

Weekly Expected Move ±3.6%

HK$8 HK$8 HK$8 HK$9 HK$9

HKSE · Financial Services · Banks - Regional · Tech Score Neutral · Power 50 · HK$37.1B mcap · 1.32B float · 0.171% daily turnover

Revenue

$32.5B +1.2% ▲

5Y CAGR: +30.6%

Gross Profit

$10.4B -23.4% ▼

5Y CAGR: +4.0%

Operating Income

$6.6B +2.9% ▲

5Y CAGR: +2.0%

Net Income

$5.5B +7.6% ▲

5Y CAGR: +4.5%

EPS (Diluted)

$1.17 +6.4% ▲

5Y CAGR: -2.4%

EBITDA

$6.6B -4.6% ▼

View Full Income Statement

Line Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$9.3B	$9.6B	$9.6B	$32.2B	$32.5B
YoY Growth	+8.9%	+2.7%	+0.2%	+234.8%	+1.2%
Cost of Revenue	$15.8B	$16.7B	-$2.5B	$18.5B	$22.1B
Gross Profit	$9.3B	$13.3B	$9.6B	$13.6B	$10.4B
Gross Margin	100.0%	138.5%	100.0%	42.4%	32.1%
R&D Expenses	$0	$0	$0	$0	$0
SG&A Expenses	$841M	$930M	$3.5B	$1.1B	$2.4B
Operating Expenses	$7.8B	$7.0B	$3.5B	$7.2B	$4.2B
Operating Income	$6.2B	$6.3B	$6.1B	$6.4B	$6.6B
Operating Margin	66.7%	65.6%	64.0%	19.9%	20.2%
Interest Expense	$15.8B	$16.7B	$17.8B	$18.5B	$18.6B
Income Before Tax	$6.1B	$6.3B	$6.1B	$6.4B	$6.2B
Tax Expense	$1.2B	$1.2B	$859M	$873M	$631M
Net Income	$4.7B	$4.9B	$4.9B	$5.1B	$5.5B
Net Margin	50.0%	50.8%	51.3%	15.9%	16.9%
EPS (Diluted)	$1.28	$1.11	$1.09	$1.10	$1.17
EBITDA	$6.4B	$6.7B	$0	$6.9B	$6.6B
Shares Outstanding	3.42B	4.37B	4.71B	4.76B	4.82B

Line Item	FY2024 Q3	FY2024 Q4	FY2025 Q1	FY2025 Q2	FY2025 Q3	FY2025 Q4	FY2026 Q1	FY2026 Q2
Revenue	$7.8B	$3.3B	$8.2B	$8.6B	$8.8B	$8.2B	$8.6B	$9.0B
Cost of Revenue	$4.7B	$4.7B	$4.7B	$4.8B	$6.1B	$5.4B	$5.6B	$5.7B
Gross Profit	$3.1B	$3.3B	$3.5B	$3.8B	$2.8B	$3.4B	$3.0B	$3.3B
Gross Margin	40.1%	100.0%	42.7%	43.9%	31.2%	41.9%	34.7%	36.7%
R&D Expenses	$0	$0	$0	$0	$0	$0	$0	$0
SG&A Expenses	$918M	$0	$0	$1.7B	$0	$0	$0	$0
Operating Expenses	$1.6B	$1.4B	$1.6B	$1.9B	$1.1B	$1.5B	$1.0B	$1.3B
Operating Income	$1.5B	$1.9B	$2.6B	$1.9B	$1.7B	$1.1B	$3.0B	$2.0B
Operating Margin	19.5%	58.0%	32.2%	21.6%	19.0%	13.7%	34.5%	22.6%
Interest Expense	$4.7B	$4.7B	$4.7B	$4.8B	$4.9B	$4.3B	$4.6B	$4.5B
Income Before Tax	$1.5B	$1.2B	$1.9B	$1.9B	$1.7B	$1.1B	$2.0B	$2.0B
Tax Expense	$22M	$360M	$225M	$166M	$31M	$209M	$140M	$174M
Net Income	$1.4B	$689M	$1.6B	$1.6B	$1.7B	$764M	$1.8B	$1.7B
Net Margin	18.0%	21.0%	19.8%	18.2%	19.1%	9.4%	20.6%	19.1%
EPS (Diluted)	$0.30	$0.16	$0.36	$0.40	$0.37	$0.12	$0.40	$0.39
EBITDA	$1.5B	$1.2B	$1.9B	$1.9B	$1.7B	$1.0B	$2.0B	$2.0B
Shares Outstanding	4.94B	5.12B	4.51B	4.51B	4.51B	6.56B	4.48B	4.43B

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