Also trades as: 605198.SS (SHH) · $vol 47M · YNAJF (OTC) · $vol 0M

HK$22.00 ($2.80)

+0.76 (+3.58%)

Weekly Expected Move ±17.7%

HK$14 HK$17 HK$21 HK$25 HK$29

HKSE · Consumer Defensive · Beverages - Non-Alcoholic · Tech Score Neutral · Power 52 · HK$19.1B mcap · 640M float · 0.415% daily turnover

Revenue

$1.6B +15.0% ▲

5Y CAGR: +14.1%

Gross Profit

$384M +9.3% ▲

5Y CAGR: +13.8%

Operating Income

$308M +17.8% ▲

5Y CAGR: +15.0%

Net Income

$322M +23.4% ▲

5Y CAGR: +16.2%

EPS (Diluted)

$0.96 +28.0% ▲

5Y CAGR: +18.5%

EBITDA

$308M +2.8% ▲

5Y CAGR: +14.7%

View Full Income Statement

Line Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$872M	$1.1B	$876M	$1.4B	$1.6B
YoY Growth	+3.5%	+22.2%	-17.8%	+61.9%	+15.0%
Cost of Revenue	$692M	$852M	$587M	$1.1B	$1.2B
Gross Profit	$180M	$213M	$289M	$352M	$384M
Gross Margin	20.6%	20.0%	33.0%	24.8%	23.6%
R&D Expenses	$12M	$18M	$17M	$19M	$0
SG&A Expenses	$14M	$7M	$8M	$14M	$45M
Operating Expenses	$19M	$16M	$25M	$90M	$76M
Operating Income	$160M	$197M	$264M	$261M	$308M
Operating Margin	18.4%	18.5%	30.2%	18.4%	18.9%
Interest Expense	$534K	$1M	$1M	$37K	$340K
Income Before Tax	$160M	$197M	$264M	$261M	$322M
Tax Expense	-$126K	$3M	$9M	$490K	$87K
Net Income	$160M	$194M	$256M	$261M	$322M
Net Margin	18.4%	18.2%	29.2%	18.4%	19.7%
EPS (Diluted)	$0.43	$0.54	$0.71	$0.75	$0.96
EBITDA	$148M	$231M	$299M	$300M	$308M
Shares Outstanding	372M	360M	360M	348M	334M

Line Item	FY2024 Q3	FY2024 Q4	FY2025 Q1	FY2025 Q2	FY2025 Q3	FY2025 Q4	FY2026 Q1	FY2026 Q2
Revenue	$393M	$393M	$430M	$518M	$372M	$351M	$327M	$385M
Cost of Revenue	$304M	$308M	$334M	$387M	$278M	$270M	$233M	$308M
Gross Profit	$88M	$85M	$96M	$131M	$95M	$81M	$94M	$77M
Gross Margin	22.5%	21.7%	22.2%	25.3%	25.5%	23.1%	28.6%	20.0%
R&D Expenses	$4M	$12M	$2M	$2M	$6M	$16M	$1M	$2M
SG&A Expenses	$16M	$22M	$9M	$10M	$10M	$17M	$11M	$18M
Operating Expenses	$24M	$22M	$10M	$16M	$16M	$35M	$17M	$25M
Operating Income	$64M	$63M	$86M	$115M	$79M	$46M	$77M	$52M
Operating Margin	16.3%	16.1%	20.0%	22.2%	21.2%	13.0%	23.4%	13.4%
Interest Expense	$0	$0	$0	$0	$19K	$18K	$0	$18K
Income Before Tax	$64M	$63M	$86M	$115M	$83M	$46M	$72M	$51M
Tax Expense	-$8M	$305K	$0	$89K	$0	$0	$0	$701K
Net Income	$64M	$63M	$86M	$115M	$83M	$46M	$72M	$50M
Net Margin	16.3%	16.0%	20.0%	22.2%	22.2%	13.1%	22.0%	13.1%
EPS (Diluted)	$0.19	$0.18	$0.25	$0.33	$0.25	$0.13	$0.22	$0.16
EBITDA	$74M	$58M	$92M	$120M	$83M	$46M	$88M	$62M
Shares Outstanding	337M	349M	344M	349M	336M	334M	334M	332M

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