Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Basket: Chinese Appliances
Median physical 25.4%
Median FAT 6.38x
Median capex/D&A 1.35x
Median ROIC 22.0%
| Symbol | Name | Sector | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF yield | ROIC | Status |
|---|---|---|---|---|---|---|---|---|---|---|
| 002705.SHE | Guangdong Xinbao Electrical Appliances Holdings Co Ltd | Consumer Cyclical | 44.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 5.07BpropertyPlantAndEquipmentNetInventoryCNY 1.90BinventoryTotal assetsCNY 15.61BtotalAssetsResult 44.6% | 3.19xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 16.19BtotalRevenueNet PP&ECNY 5.07BpropertyPlantAndEquipmentNetResult 3.19x | 1.49xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 927.37McapitalExpendituresD&ACNY 621.88MdepreciationAndAmortizationResult 1.49x | CNY 27.58Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 15.61BtotalAssetsGoodwillCNY 27.99MgoodWillIntangiblesCNY 1.92BintangibleAssetsLiabilities-CNY 8.59BtotalLiabTangible bookCNY 22.25BShares806,751,199commonStockSharesOutstandingResult CNY 27.58 | 1.30xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 1.87BebitdaCapexCNY 927.37McapitalExpendituresInterestCNY 75.75MinterestExpenseShort-term debtCNY 648.23MshortLongTermDebtEBITDA − capexCNY 938.61MPrincipal due is the current portion of debt.Result 1.30x | 4.3%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowCNY 391.33MfreeCashFlowMarket capCNY 9.13BMarketCapitalizationResult 4.3% | 17.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 1.27BoperatingIncomeTax expenseCNY 242.36MincomeTaxExpensePretax incomeCNY 1.24BincomeBeforeTaxTax rate19.5%EquityCNY 8.59BtotalStockholderEquityDebtCNY 836.93MlongTermDebt + shortLongTermDebtCashCNY 3.47BcashAndShortTermInvestmentsInvested capitalCNY 5.96BResult 17.1% | Mixed |
| 2580.HK | Aux Electric Co Ltd | Industrials | 44.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.43BpropertyPlantAndEquipmentNetInventory$6.43BinventoryTotal assets$31.44BtotalAssetsResult 44.1% | 4.04xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$30.05BtotalRevenueNet PP&E$7.43BpropertyPlantAndEquipmentNetResult 4.04x | 2.80xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.82BcapitalExpendituresD&A$649.29MdepreciationAndAmortizationResult 2.80x | $6.76Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$31.44BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$297.02MintangibleAssetsLiabilities$21.47BtotalLiabTangible book$9.67BShares1,429,412,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $6.76 | 1.19xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.91BebitdaCapex$1.82BcapitalExpendituresInterest$55.64MinterestExpenseShort-term debt$860.00MshortLongTermDebtEBITDA − capex$1.09BPrincipal due is the current portion of debt.Result 1.19x | 9.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$1.07BfreeCashFlowMarket cap$11.39BMarketCapitalizationResult 9.4% | 132.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.26BoperatingIncomeTax expense$655.41MincomeTaxExpensePretax income$2.89BincomeBeforeTaxTax rate22.7%Equity$9.96BtotalStockholderEquityDebt$1.46BlongTermDebt + shortLongTermDebtCash$10.11BcashAndShortTermInvestmentsInvested capital$1.31BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 132.9% | Mixed |
| 603486.SHG | Ecovacs Robotics Co Ltd | Consumer Cyclical | 34.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 2.79BpropertyPlantAndEquipmentNetInventoryCNY 3.25BinventoryTotal assetsCNY 17.43BtotalAssetsResult 34.7% | 6.83xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 19.04BtotalRevenueNet PP&ECNY 2.79BpropertyPlantAndEquipmentNetResult 6.83x | 1.52xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 683.54McapitalExpendituresD&ACNY 449.78MreconciledDepreciationResult 1.52x | CNY 15.02Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 17.43BtotalAssetsGoodwillCNY 0.00Not reported, treated as 0IntangiblesCNY 346.55MintangibleAssetsLiabilitiesCNY 8.39BtotalLiabTangible bookCNY 8.70BShares578,921,306commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result CNY 15.02 | 31.75xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 2.38BebitdaCapexCNY 683.54McapitalExpendituresInterestCNY 40.39MinterestExpenseShort-term debtCNY 12.90MshortLongTermDebtEBITDA − capexCNY 1.69BPrincipal due is the current portion of debt.Result 31.75x | 9.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowCNY 2.70BfreeCashFlowMarket capCNY 27.43BMarketCapitalizationResult 9.9% | 48.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 1.88BoperatingIncomeTax expenseCNY 127.19MtaxProvisionPretax incomeCNY 1.89BincomeBeforeTaxTax rate6.7%EquityCNY 9.04BtotalStockholderEquityDebtCNY 1.08BlongTermDebt + shortLongTermDebtCashCNY 6.53BcashInvested capitalCNY 3.59BResult 48.9% | Mixed |
| 6690.HK | Haier Smart Home Co Ltd | Consumer Cyclical | 34.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$55.18BpropertyPlantEquipmentInventory$46.87BinventoryTotal assets$295.92BtotalAssetsResult 34.5% | 5.48xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$302.35BtotalRevenueNet PP&E$55.18BpropertyPlantEquipmentResult 5.48x | 1.01xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$8.62BcapitalExpendituresD&A$8.52BdepreciationAndAmortizationResult 1.01x | $9.27Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$295.92BtotalAssetsGoodwill$27.31BgoodWillIntangibles$14.65BintangibleAssetsLiabilities$168.45BtotalLiabTangible book$85.51BShares9,222,976,000commonStockSharesOutstandingResult $9.27 | 0.97xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$28.24BebitdaCapex$8.62BcapitalExpendituresInterest$2.77BinterestExpenseShort-term debt$17.42BshortLongTermDebtEBITDA − capex$19.62BPrincipal due is the current portion of debt.Result 0.97x | 9.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$17.33BfreeCashFlowMarket cap$176.11BMarketCapitalizationResult 9.8% | 22.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$23.73BoperatingIncomeTax expense$3.32BincomeTaxExpensePretax income$23.48BincomeBeforeTaxTax rate14.1%Equity$118.75BtotalStockholderEquityDebt$32.09BlongTermDebt + shortLongTermDebtCash$59.67BcashAndShortTermInvestmentsInvested capital$91.17BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 22.3% | Mixed |
| HSHCY | Haier Smart Home Co. Ltd | Consumer Cyclical | 33.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$52.98BpropertyPlantAndEquipmentNetInventory$46.88BinventoryTotal assets$295.98BtotalAssetsResult 33.7% | 5.54xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$293.52BtotalRevenueNet PP&E$52.98BpropertyPlantAndEquipmentNetResult 5.54x | 1.01xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$8.61BcapitalExpendituresD&A$8.51BdepreciationAndAmortizationResult 1.01x | $36.74Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$295.98BtotalAssetsGoodwill$27.32BgoodWillIntangibles$14.65BintangibleAssetsLiabilities$168.48BtotalLiabTangible book$85.53BShares2,327,797,000commonStockSharesOutstandingResult $36.74 | 0.97xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$28.20BebitdaCapex$8.61BcapitalExpendituresInterest$2.77BinterestExpenseShort-term debt$17.42BshortLongTermDebtEBITDA − capex$19.59BPrincipal due is the current portion of debt.Result 0.97x | 76.3%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$17.30BfreeCashFlowMarket cap$22.69BMarketCapitalizationResult 76.3% | 18.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$19.69BoperatingIncomeTax expense$3.23BincomeTaxExpensePretax income$22.84BincomeBeforeTaxTax rate14.1%Equity$118.77BtotalStockholderEquityDebt$32.09BlongTermDebt + shortLongTermDebtCash$59.68BcashAndShortTermInvestmentsInvested capital$91.18BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 18.5% | Mixed |
| 002959.SHE | Bear Electric Appliance Co Ltd | Consumer Cyclical | 33.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 1.24BpropertyPlantAndEquipmentNetInventoryCNY 733.30MinventoryTotal assetsCNY 5.84BtotalAssetsResult 33.7% | 4.24xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 5.24BtotalRevenueNet PP&ECNY 1.24BpropertyPlantAndEquipmentNetResult 4.24x | 0.95xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 132.92McapitalExpendituresD&ACNY 139.45MdepreciationAndAmortizationResult 0.95x | CNY 54.05Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 5.84BtotalAssetsGoodwillCNY 41.48MgoodWillIntangiblesCNY 329.87MintangibleAssetsLiabilities-CNY 3.03BtotalLiabTangible bookCNY 8.49BShares157,106,000commonStockSharesOutstandingResult CNY 54.05 | 16.13xFixed-charge coverage · 2025-12-31(EBITDA − capex) / interestEBITDACNY 645.48MebitdaCapexCNY 132.92McapitalExpendituresInterestCNY 31.78MinterestExpenseEBITDA − capexCNY 512.56MShort-term debt was not reported, so the denominator is interest only.Result 16.13x | 5.0%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowCNY 283.46MfreeCashFlowMarket capCNY 5.72BMarketCapitalizationResult 5.0% | 39.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 506.03MoperatingIncomeTax expenseCNY 114.21MincomeTaxExpensePretax incomeCNY 514.72MincomeBeforeTaxTax rate22.2%EquityCNY 3.03BtotalStockholderEquityDebtCNY 510.03MlongTermDebtCashCNY 2.54BcashAndShortTermInvestmentsInvested capitalCNY 995.95MResult 39.5% | Mixed |
| 000016.SHE | Konka Group Co Ltd | Technology | 30.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 5.05BpropertyPlantAndEquipmentNetInventoryCNY 1.66BinventoryTotal assetsCNY 22.35BtotalAssetsResult 30.0% | 1.95xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 9.84BtotalRevenueNet PP&ECNY 5.05BpropertyPlantAndEquipmentNetResult 1.95x | 0.53xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 291.91McapitalExpendituresD&ACNY 547.48MreconciledDepreciationResult 0.53x | -CNY 2.75Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 22.35BtotalAssetsGoodwillCNY 0.00Not reported, treated as 0IntangiblesCNY 772.23MintangibleAssetsLiabilitiesCNY 28.21BtotalLiabTangible book-CNY 6.63BShares2,407,945,408commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -CNY 2.75 | -1.80xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-CNY 9.53BebitdaCapexCNY 291.91McapitalExpendituresInterestCNY 871.62MinterestExpenseShort-term debtCNY 4.58BshortLongTermDebtEBITDA − capex-CNY 9.82BPrincipal due is the current portion of debt.Result -1.80x | -32.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-CNY 1.90BfreeCashFlowMarket capCNY 5.92BMarketCapitalizationResult -32.1% | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-CNY 1.85BoperatingIncomeTax expenseCNY 1.29BtaxProvisionPretax income-CNY 10.94BincomeBeforeTaxTax rate—Equity-CNY 6.08BtotalStockholderEquityDebtCNY 12.71BlongTermDebt + shortLongTermDebtCashCNY 6.31BcashInvested capitalCNY 313.50MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | Mixed |
| 002668.SHE | Guangdong Homa Appliances Co Ltd | Consumer Cyclical | 29.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 3.11BpropertyPlantAndEquipmentNetInventoryCNY 1.55BinventoryTotal assetsCNY 15.64BtotalAssetsResult 29.8% | 5.94xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 18.49BtotalRevenueNet PP&ECNY 3.11BpropertyPlantAndEquipmentNetResult 5.94x | 1.95xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 789.05McapitalExpendituresD&ACNY 404.01MdepreciationAndAmortizationResult 1.95x | CNY 4.24Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 15.64BtotalAssetsGoodwillCNY 6.19MgoodWillIntangiblesCNY 260.36MintangibleAssetsLiabilitiesCNY 10.77BtotalLiabTangible bookCNY 4.60BShares1,084,111,428commonStockSharesOutstandingResult CNY 4.24 | 2.51xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 2.85BebitdaCapexCNY 789.05McapitalExpendituresInterestCNY 56.06MinterestExpenseShort-term debtCNY 764.56MshortLongTermDebtEBITDA − capexCNY 2.06BPrincipal due is the current portion of debt.Result 2.51x | 19.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowCNY 1.82BfreeCashFlowMarket capCNY 9.15BMarketCapitalizationResult 19.9% | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 2.44BoperatingIncomeTax expenseCNY 411.97MincomeTaxExpensePretax incomeCNY 2.55BincomeBeforeTaxTax rate16.2%EquityCNY 3.54BtotalStockholderEquityDebtCNY 881.19MlongTermDebt + shortLongTermDebtCashCNY 5.99BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | Asset-light |
| 002032.SHE | Zhejiang Supor Co Ltd | Consumer Cyclical | 29.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 1.48BpropertyPlantAndEquipmentNetInventoryCNY 2.41BinventoryTotal assetsCNY 13.42BtotalAssetsResult 29.0% | 15.34xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 22.77BtotalRevenueNet PP&ECNY 1.48BpropertyPlantAndEquipmentNetResult 15.34x | 1.35xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 200.57McapitalExpendituresD&ACNY 148.48MdepreciationAndAmortizationResult 1.35x | CNY 7.45Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 13.42BtotalAssetsGoodwillCNY 0.00Not reported, treated as 0IntangiblesCNY 390.43MintangibleAssetsLiabilitiesCNY 7.10BtotalLiabTangible bookCNY 5.93BShares796,021,336commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result CNY 7.45 | 184.56xFixed-charge coverage · 2025-12-31(EBITDA − capex) / interestEBITDACNY 2.74BebitdaCapexCNY 200.57McapitalExpendituresInterestCNY 13.74MinterestExpenseEBITDA − capexCNY 2.54BShort-term debt was not reported, so the denominator is interest only.Result 184.56x | 7.3%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowCNY 2.45BfreeCashFlowMarket capCNY 33.30BMarketCapitalizationResult 7.3% | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 2.59BoperatingIncomeTax expenseCNY 490.81MincomeTaxExpensePretax incomeCNY 2.59BincomeBeforeTaxTax rate19.0%EquityCNY 6.28BtotalStockholderEquityDebt—Not reportedCashCNY 1.98BcashInvested capital—Result — | Asset-light |
| 688169.SHG | Beijing Roborock Technology Co Ltd | Industrials | 21.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 1.65BpropertyPlantAndEquipmentNetInventoryCNY 2.66BinventoryTotal assetsCNY 19.67BtotalAssetsResult 21.9% | 11.29xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 18.62BtotalRevenueNet PP&ECNY 1.65BpropertyPlantAndEquipmentNetResult 11.29x | 4.11xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 480.68McapitalExpendituresD&ACNY 117.06MdepreciationAndAmortizationResult 4.11x | CNY 129.70Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 19.67BtotalAssetsGoodwillCNY 0.00Not reported, treated as 0IntangiblesCNY 20.02MintangibleAssetsLiabilities-CNY 13.76BtotalLiabTangible bookCNY 33.41BShares257,590,928commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result CNY 129.70 | 1.17xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 1.55BebitdaCapexCNY 480.68McapitalExpendituresInterestCNY 10.12MinterestExpenseShort-term debtCNY 900.00MshortLongTermDebtEBITDA − capexCNY 1.07BPrincipal due is the current portion of debt.Result 1.17x | 1.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowCNY 292.89MfreeCashFlowMarket capCNY 27.88BMarketCapitalizationResult 1.1% | 22.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 1.43BoperatingIncomeTax expenseCNY 68.90MincomeTaxExpensePretax incomeCNY 1.43BincomeBeforeTaxTax rate4.8%EquityCNY 13.76BtotalStockholderEquityDebtCNY 900.00MshortLongTermDebtCashCNY 8.73BcashAndShortTermInvestmentsInvested capitalCNY 5.93BResult 22.9% | Asset-light |
| 0921.HK | Hisense Home Appliances Group Co Ltd | Consumer Cyclical | 21.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.27BpropertyPlantAndEquipmentNetInventory$6.86BinventoryTotal assets$69.98BtotalAssetsResult 21.6% | 10.63xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$87.93BtotalRevenueNet PP&E$8.27BpropertyPlantAndEquipmentNetResult 10.63x | 1.59xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$2.11BcapitalExpendituresD&A$1.33BdepreciationAndAmortizationResult 1.59x | $14.68Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$69.98BtotalAssetsGoodwill$132.57MgoodWillIntangibles$1.31BintangibleAssetsLiabilities$48.46BtotalLiabTangible book$20.08BShares1,367,628,000commonStockSharesOutstandingResult $14.68 | 1.39xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.97BebitdaCapex$2.11BcapitalExpendituresInterest$193.09MinterestExpenseShort-term debt$3.30BshortTermDebtEBITDA − capex$4.85BPrincipal due is short-term debt.Result 1.39x | 13.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$3.68BfreeCashFlowMarket cap$26.95BMarketCapitalizationResult 13.7% | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.28BoperatingIncomeTax expense$714.83MincomeTaxExpensePretax income$5.45BincomeBeforeTaxTax rate13.1%Equity$17.47BtotalStockholderEquityDebt$3.54BshortLongTermDebtTotalCash$22.65BcashAndShortTermInvestmentsInvested capital—Result — | Asset-light |
| 000921.SHE | Hisense Kelon Electrical Holdings Co Ltd | Consumer Cyclical | 21.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 8.27BpropertyPlantAndEquipmentNetInventoryCNY 6.86BinventoryTotal assetsCNY 69.98BtotalAssetsResult 21.6% | 10.63xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 87.93BtotalRevenueNet PP&ECNY 8.27BpropertyPlantAndEquipmentNetResult 10.63x | 1.59xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 2.11BcapitalExpendituresD&ACNY 1.33BreconciledDepreciationResult 1.59x | CNY 14.50Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 69.98BtotalAssetsGoodwillCNY 132.57MgoodWillIntangiblesCNY 1.31BintangibleAssetsLiabilitiesCNY 48.46BtotalLiabTangible bookCNY 20.08BShares1,384,861,171commonStockSharesOutstandingResult CNY 14.50 | 1.39xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 6.97BebitdaCapexCNY 2.11BcapitalExpendituresInterestCNY 193.09MinterestExpenseShort-term debtCNY 3.30BshortLongTermDebtEBITDA − capexCNY 4.85BPrincipal due is the current portion of debt.Result 1.39x | 12.3%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowCNY 3.68BfreeCashFlowMarket capCNY 29.91BMarketCapitalizationResult 12.3% | 22.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 4.40BoperatingIncomeTax expenseCNY 714.83MtaxProvisionPretax incomeCNY 5.45BincomeBeforeTaxTax rate13.1%EquityCNY 17.47BtotalStockholderEquityDebtCNY 3.37BlongTermDebt + shortLongTermDebtCashCNY 3.50BcashInvested capitalCNY 17.34BResult 22.0% | Asset-light |
| 1810.HK | Xiaomi Corp | Technology | 21.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$27.96BpropertyPlantAndEquipmentNetInventory$81.02BinventoryTotal assets$508.31BtotalAssetsResult 21.4% | 16.35xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$457.29BtotalRevenueNet PP&E$27.96BpropertyPlantAndEquipmentNetResult 16.35x | 1.46xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$12.77BcapitalExpendituresD&A$8.76BdepreciationAndAmortizationResult 1.46x | $9.61Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$508.31BtotalAssetsGoodwill$1.70BgoodWillIntangibles$8.32BintangibleAssetsLiabilities$241.88BtotalLiabTangible book$256.42BShares26,695,326,000commonStockSharesOutstandingResult $9.61 | 1.68xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$41.13BebitdaCapex$12.77BcapitalExpendituresInterest$3.63BinterestExpenseShort-term debt$13.20BshortLongTermDebtEBITDA − capex$28.36BPrincipal due is the current portion of debt.Result 1.68x | 3.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$21.37BfreeCashFlowMarket cap$689.77BMarketCapitalizationResult 3.1% | 21.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$47.90BoperatingIncomeTax expense$8.08BincomeTaxExpensePretax income$49.65BincomeBeforeTaxTax rate16.3%Equity$266.33BtotalStockholderEquityDebt$36.14BshortLongTermDebtTotalCash$112.32BcashAndShortTermInvestmentsInvested capital$190.15BResult 21.1% | Asset-light |
| 002508.SHE | Hangzhou Robam Appliances Co Ltd | Consumer Cyclical | 20.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 2.23BpropertyPlantAndEquipmentNetInventoryCNY 1.36BinventoryTotal assetsCNY 17.21BtotalAssetsResult 20.9% | 4.54xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 10.12BtotalRevenueNet PP&ECNY 2.23BpropertyPlantAndEquipmentNetResult 4.54x | 1.36xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 250.22McapitalExpendituresD&ACNY 184.29MreconciledDepreciationResult 1.36x | CNY 12.04Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 17.21BtotalAssetsGoodwillCNY 0.00Not reported, treated as 0IntangiblesCNY 196.41MintangibleAssetsLiabilitiesCNY 5.64BtotalLiabTangible bookCNY 11.38BShares944,938,916commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result CNY 12.04 | 13.37xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 1.62BebitdaCapexCNY 250.22McapitalExpendituresInterestCNY 4.59MinterestExpenseShort-term debtCNY 97.74MshortLongTermDebtEBITDA − capexCNY 1.37BPrincipal due is the current portion of debt.Result 13.37x | 8.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowCNY 1.35BfreeCashFlowMarket capCNY 15.21BMarketCapitalizationResult 8.9% | 10.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 1.30BoperatingIncomeTax expenseCNY 190.95MtaxProvisionPretax incomeCNY 1.43BincomeBeforeTaxTax rate13.4%EquityCNY 11.50BtotalStockholderEquityDebtCNY 97.74MshortLongTermDebtCashCNY 1.24BcashInvested capitalCNY 10.36BResult 10.9% | Asset-light |
| 000521.SHE | Changhong Meiling Co Ltd | Consumer Cyclical | 20.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 2.54BpropertyPlantAndEquipmentNetInventoryCNY 2.08BinventoryTotal assetsCNY 22.30BtotalAssetsResult 20.7% | 11.99xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 30.41BtotalRevenueNet PP&ECNY 2.54BpropertyPlantAndEquipmentNetResult 11.99x | 0.94xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 426.18McapitalExpendituresD&ACNY 451.72MreconciledDepreciationResult 0.94x | CNY 5.15Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 22.30BtotalAssetsGoodwillCNY 0.00Not reported, treated as 0IntangiblesCNY 1.19BintangibleAssetsLiabilitiesCNY 15.81BtotalLiabTangible bookCNY 5.30BShares1,029,923,715commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result CNY 5.15 | 0.71xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 1.01BebitdaCapexCNY 426.18McapitalExpendituresInterestCNY 13.41MinterestExpenseShort-term debtCNY 810.10MshortLongTermDebtEBITDA − capexCNY 586.36MPrincipal due is the current portion of debt.Result 0.71x | 10.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowCNY 433.91MfreeCashFlowMarket capCNY 4.11BMarketCapitalizationResult 10.6% | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 482.68MoperatingIncomeTax expenseCNY 117.58MtaxProvisionPretax incomeCNY 547.42MincomeBeforeTaxTax rate21.5%EquityCNY 6.08BtotalStockholderEquityDebtCNY 921.28MlongTermDebt + shortLongTermDebtCashCNY 10.19BcashInvested capital—Result — | Asset-light |
| 000333.SHE | Midea Group Co Ltd | Consumer Cyclical | 19.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 51.21BpropertyPlantAndEquipmentNetInventoryCNY 64.63BinventoryTotal assetsCNY 608.79BtotalAssetsResult 19.0% | 8.95xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 458.50BtotalRevenueNet PP&ECNY 51.21BpropertyPlantAndEquipmentNetResult 8.95x | 1.19xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 11.14BcapitalExpendituresD&ACNY 9.34BreconciledDepreciationResult 1.19x | CNY 23.77Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 608.79BtotalAssetsGoodwillCNY 34.26BgoodWillIntangiblesCNY 21.62BintangibleAssetsLiabilitiesCNY 372.37BtotalLiabTangible bookCNY 180.55BShares7,597,145,346commonStockSharesOutstandingResult CNY 23.77 | 1.16xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 64.64BebitdaCapexCNY 11.14BcapitalExpendituresInterestCNY 2.21BinterestExpenseShort-term debtCNY 43.90BshortLongTermDebtEBITDA − capexCNY 53.49BPrincipal due is the current portion of debt.Result 1.16x | 6.5%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowCNY 42.20BfreeCashFlowMarket capCNY 653.08BMarketCapitalizationResult 6.5% | 19.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 46.19BoperatingIncomeTax expenseCNY 8.57BtaxProvisionPretax incomeCNY 53.09BincomeBeforeTaxTax rate16.1%EquityCNY 223.22BtotalStockholderEquityDebtCNY 59.76BlongTermDebt + shortLongTermDebtCashCNY 85.25BcashInvested capitalCNY 197.73BResult 19.6% | Asset-light |
| 000651.SHE | Gree Electric Appliances Inc of Zhuhai | Consumer Cyclical | 16.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 36.41BpropertyPlantAndEquipmentNetInventoryCNY 28.18BinventoryTotal assetsCNY 391.37BtotalAssetsResult 16.5% | 4.70xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 171.12BtotalRevenueNet PP&ECNY 36.41BpropertyPlantAndEquipmentNetResult 4.70x | 0.34xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 1.72BcapitalExpendituresD&ACNY 5.05BreconciledDepreciationResult 0.34x | CNY 24.74Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 391.37BtotalAssetsGoodwillCNY 1.32BgoodWillIntangiblesCNY 9.86BintangibleAssetsLiabilitiesCNY 241.58BtotalLiabTangible bookCNY 138.60BShares5,601,405,741commonStockSharesOutstandingResult CNY 24.74 | 0.57xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 41.67BebitdaCapexCNY 1.72BcapitalExpendituresInterestCNY 1.97BinterestExpenseShort-term debtCNY 67.96BshortLongTermDebtEBITDA − capexCNY 39.95BPrincipal due is the current portion of debt.Result 0.57x | 21.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowCNY 44.67BfreeCashFlowMarket capCNY 208.54BMarketCapitalizationResult 21.4% | 24.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 30.85BoperatingIncomeTax expenseCNY 5.78BtaxProvisionPretax incomeCNY 34.64BincomeBeforeTaxTax rate16.7%EquityCNY 145.93BtotalStockholderEquityDebtCNY 71.09BlongTermDebt + shortLongTermDebtCashCNY 110.55BcashInvested capitalCNY 106.47BResult 24.1% | Asset-light |
| 002242.SHE | Joyoung Co Ltd | Consumer Cyclical | 14.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 576.08MpropertyPlantAndEquipmentNetInventoryCNY 536.53MinventoryTotal assetsCNY 7.80BtotalAssetsResult 14.3% | 14.21xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 8.18BtotalRevenueNet PP&ECNY 576.08MpropertyPlantAndEquipmentNetResult 14.21x | 0.14xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 12.87McapitalExpendituresD&ACNY 90.04MdepreciationAndAmortizationResult 0.14x | CNY 4.68Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 7.80BtotalAssetsGoodwillCNY 0.00Not reported, treated as 0IntangiblesCNY 113.47MintangibleAssetsLiabilitiesCNY 4.19BtotalLiabTangible bookCNY 3.50BShares748,004,150commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result CNY 4.68 | 0.08xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 178.16MebitdaCapexCNY 12.87McapitalExpendituresInterestCNY 4.02MinterestExpenseShort-term debtCNY 2.04BshortTermDebtEBITDA − capexCNY 165.29MPrincipal due is short-term debt.Result 0.08x | 4.5%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowCNY 737.50MfreeCashFlowMarket capCNY 16.43BMarketCapitalizationResult 4.5% | 5.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 88.11MoperatingIncomeTax expense-CNY 19.60MincomeTaxExpensePretax incomeCNY 97.54MincomeBeforeTaxTax rate0.0%EquityCNY 3.43BtotalStockholderEquityDebtCNY 2.04BshortLongTermDebtTotalCashCNY 3.80BcashAndShortTermInvestmentsInvested capitalCNY 1.67BResult 5.3% | Asset-light |