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.
Air China Ltd Class A
Physical assets are 76.4% of total assets, a heavy footprint. Capex is 0.57x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. EBITDA after capex covers debt service by 0.36x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 0.65x.
Physical asset ratio
76.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 263.73BpropertyPlantAndEquipmentNetInventoryCNY 4.96BinventoryTotal assetsCNY 351.61BtotalAssetsResult 76.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.65xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 171.48BtotalRevenueNet PP&ECNY 263.73BpropertyPlantAndEquipmentNetResult 0.65x
Revenue per dollar of the physical asset base.
Capex / D&A
0.57xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 17.56BcapitalExpendituresD&ACNY 30.85BdepreciationAndAmortizationResult 0.57x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
CNY 1.78Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 351.61BtotalAssetsGoodwillCNY 3.61BgoodWillIntangiblesCNY 6.19BintangibleAssetsLiabilitiesCNY 312.07BtotalLiabTangible bookCNY 29.74BShares16,669,332,000commonStockSharesOutstandingResult CNY 1.78
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.19xPrice / tangible bookPrice / tangible book per sharePriceCNY 5.69Latest quoteTangible book / shareCNY 1.782025-12-31Result 3.19x
Price CNY 5.69.
Fixed-charge coverage
0.36xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 26.06BebitdaCapexCNY 17.56BcapitalExpendituresInterestCNY 5.75BinterestExpenseShort-term debtCNY 17.61BshortLongTermDebtEBITDA − capexCNY 8.50BPrincipal due is the current portion of debt.Result 0.36x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
22.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowCNY 26.54BfreeCashFlowMarket capCNY 117.01BMarketCapitalizationResult 22.7%
Latest free cash flow divided by current market cap (CNY 117.01B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-CNY 4.78BoperatingIncomeTax expenseCNY 1.93BincomeTaxExpensePretax income-CNY 1.60BincomeBeforeTaxTax rate—EquityCNY 42.55BtotalStockholderEquityDebtCNY 110.47BlongTermDebt + shortLongTermDebtCashCNY 16.01BcashAndShortTermInvestmentsInvested capitalCNY 137.01BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -0.02x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 79.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 192.58BpropertyPlantEquipmentInventoryCNY 1.88BinventoryTotal assetsCNY 243.72BtotalAssetsResult 79.8% | 0.71xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenueCNY 136.77BtotalRevenueNet PP&ECNY 192.58BpropertyPlantEquipmentResult 0.71x | 0.85xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexCNY 12.31BcapitalExpendituresD&ACNY 14.53BdepreciationAndAmortizationResult 0.85x | CNY 6.91Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 243.72BtotalAssetsGoodwillCNY 1.10BgoodWillIntangiblesCNY 3.76BintangibleAssetsLiabilitiesCNY 143.16BtotalLiabTangible bookCNY 95.70BShares13,842,126,415commonStockSharesOutstandingResult CNY 6.91 | 0.63xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 27.41BebitdaCapexCNY 12.31BcapitalExpendituresInterestCNY 3.07BinterestExpenseShort-term debtCNY 21.03BshortLongTermDebtEBITDA − capexCNY 15.10BPrincipal due is the current portion of debt.Result 0.63x | CNY 19.11BFree cash flow · 2018-12-31Reported free cash flowOperating cash flowCNY 31.42BtotalCashFromOperatingActivitiesCapexCNY 12.31BcapitalExpendituresFree cash flowCNY 19.11BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 19.11B | 6.6%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 9.83BoperatingIncomeTax expenseCNY 1.76BincomeTaxExpensePretax incomeCNY 9.96BincomeBeforeTaxTax rate17.6%EquityCNY 93.22BtotalStockholderEquityDebtCNY 36.61BlongTermDebt + shortLongTermDebtCashCNY 7.81BcashInvested capitalCNY 122.02BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 6.6% | 0.05xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomeCNY 9.83BoperatingIncomeNet PP&ECNY 192.58BpropertyPlantEquipmentResult 0.05x |
| 2019 | 82.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 240.99BpropertyPlantEquipmentInventoryCNY 2.10BinventoryTotal assetsCNY 294.25BtotalAssetsResult 82.6% | 0.57xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenueCNY 136.18BtotalRevenueNet PP&ECNY 240.99BpropertyPlantEquipmentResult 0.57x | 1.34xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexCNY 13.11BcapitalExpendituresD&ACNY 9.82BdepreciationAndAmortizationResult 1.34x | CNY 7.03Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 294.25BtotalAssetsGoodwillCNY 1.10BgoodWillIntangiblesCNY 3.72BintangibleAssetsLiabilitiesCNY 192.88BtotalLiabTangible bookCNY 96.55BShares13,734,961,000commonStockSharesOutstandingResult CNY 7.03 | 0.42xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 24.10BebitdaCapexCNY 13.11BcapitalExpendituresInterestCNY 5.12BinterestExpenseShort-term debtCNY 20.95BshortLongTermDebtEBITDA − capexCNY 10.99BPrincipal due is the current portion of debt.Result 0.42x | CNY 25.23BFree cash flow · 2019-12-31Reported free cash flowOperating cash flowCNY 38.34BtotalCashFromOperatingActivitiesCapexCNY 13.11BcapitalExpendituresFree cash flowCNY 25.23BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 25.23B | 5.4%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 9.18BoperatingIncomeTax expenseCNY 1.85BincomeTaxExpensePretax incomeCNY 9.10BincomeBeforeTaxTax rate20.3%EquityCNY 93.51BtotalStockholderEquityDebtCNY 52.42BshortLongTermDebtTotalCashCNY 9.66BcashInvested capitalCNY 136.26BResult 5.4% | 0.04xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomeCNY 9.18BoperatingIncomeNet PP&ECNY 240.99BpropertyPlantEquipmentResult 0.04x |
| 2020 | 84.4%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 237.93BpropertyPlantEquipmentInventoryCNY 1.85BinventoryTotal assetsCNY 284.07BtotalAssetsResult 84.4% | 0.29xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenueCNY 69.50BtotalRevenueNet PP&ECNY 237.93BpropertyPlantEquipmentResult 0.29x | 1.30xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexCNY 12.04BcapitalExpendituresD&ACNY 9.28BdepreciationAndAmortizationResult 1.30x | CNY 5.76Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 284.07BtotalAssetsGoodwillCNY 1.10BgoodWillIntangiblesCNY 3.60BintangibleAssetsLiabilitiesCNY 200.26BtotalLiabTangible bookCNY 79.11BShares13,734,961,000commonStockSharesOutstandingResult CNY 5.76 | -0.40xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-CNY 2.08BebitdaCapexCNY 12.04BcapitalExpendituresInterestCNY 5.10BinterestExpenseShort-term debtCNY 29.84BshortLongTermDebtEBITDA − capex-CNY 14.12BPrincipal due is the current portion of debt.Result -0.40x | -CNY 10.63BFree cash flow · 2020-12-31Reported free cash flowOperating cash flowCNY 1.41BtotalCashFromOperatingActivitiesCapexCNY 12.04BcapitalExpendituresFree cash flow-CNY 10.63BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -CNY 10.63B | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-CNY 18.50BoperatingIncomeTax expense-CNY 2.65BincomeTaxExpensePretax income-CNY 18.47BincomeBeforeTaxTax rate—EquityCNY 77.58BtotalStockholderEquityDebtCNY 61.48BlongTermDebt + shortLongTermDebtCashCNY 6.58BcashInvested capitalCNY 132.48BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.08xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-CNY 18.50BoperatingIncomeNet PP&ECNY 237.93BpropertyPlantEquipmentResult -0.08x |
| 2021 | 80.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 239.09BpropertyPlantEquipmentInventoryCNY 2.05BinventoryTotal assetsCNY 298.42BtotalAssetsResult 80.8% | 0.31xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueCNY 74.53BtotalRevenueNet PP&ECNY 239.09BpropertyPlantEquipmentResult 0.31x | 0.65xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexCNY 6.07BcapitalExpendituresD&ACNY 9.37BdepreciationAndAmortizationResult 0.65x | CNY 4.46Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 298.42BtotalAssetsGoodwillCNY 1.10BgoodWillIntangiblesCNY 3.54BintangibleAssetsLiabilitiesCNY 232.55BtotalLiabTangible bookCNY 61.22BShares13,734,961,000commonStockSharesOutstandingResult CNY 4.46 | -0.51xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-CNY 8.05BebitdaCapexCNY 6.07BcapitalExpendituresInterestCNY 5.50BinterestExpenseShort-term debtCNY 22.00BshortLongTermDebtEBITDA − capex-CNY 14.12BPrincipal due is the current portion of debt.Result -0.51x | CNY 6.81BFree cash flow · 2021-12-31Reported free cash flowOperating cash flowCNY 12.89BtotalCashFromOperatingActivitiesCapexCNY 6.07BcapitalExpendituresFree cash flowCNY 6.81BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 6.81B | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-CNY 21.85BoperatingIncomeTax expense-CNY 3.01BincomeTaxExpensePretax income-CNY 21.84BincomeBeforeTaxTax rate—EquityCNY 61.40BtotalStockholderEquityDebtCNY 75.12BlongTermDebt + shortLongTermDebtCashCNY 16.71BcashAndShortTermInvestmentsInvested capitalCNY 119.81BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.09xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-CNY 21.85BoperatingIncomeNet PP&ECNY 239.09BpropertyPlantEquipmentResult -0.09x |
| 2022 | 82.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 241.87BpropertyPlantEquipmentInventoryCNY 2.56BinventoryTotal assetsCNY 295.01BtotalAssetsResult 82.9% | 0.22xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueCNY 52.90BtotalRevenueNet PP&ECNY 241.87BpropertyPlantEquipmentResult 0.22x | 0.86xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexCNY 7.64BcapitalExpendituresD&ACNY 8.90BdepreciationAndAmortizationResult 0.86x | CNY 1.18Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 295.01BtotalAssetsGoodwillCNY 1.10BgoodWillIntangiblesCNY 4.30BintangibleAssetsLiabilitiesCNY 273.45BtotalLiabTangible bookCNY 16.16BShares13,743,593,950commonStockSharesOutstandingResult CNY 1.18 | -1.23xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-CNY 27.21BebitdaCapexCNY 7.64BcapitalExpendituresInterestCNY 6.47BinterestExpenseShort-term debtCNY 21.95BshortLongTermDebtEBITDA − capex-CNY 34.85BPrincipal due is the current portion of debt.Result -1.23x | -CNY 24.40BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-CNY 16.76BtotalCashFromOperatingActivitiesCapexCNY 7.64BcapitalExpendituresFree cash flow-CNY 24.40BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -CNY 24.40B | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-CNY 46.08BoperatingIncomeTax expense-CNY 703.65MincomeTaxExpensePretax income-CNY 45.88BincomeBeforeTaxTax rate—EquityCNY 23.61BtotalStockholderEquityDebtCNY 100.01BlongTermDebt + shortLongTermDebtCashCNY 11.44BcashAndShortTermInvestmentsInvested capitalCNY 112.18BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.19xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-CNY 46.08BoperatingIncomeNet PP&ECNY 241.87BpropertyPlantEquipmentResult -0.19x |
| 2023 | 78.6%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 259.72BpropertyPlantAndEquipmentNetInventoryCNY 3.78BinventoryTotal assetsCNY 335.30BtotalAssetsResult 78.6% | 0.54xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueCNY 141.10BtotalRevenueNet PP&ECNY 259.72BpropertyPlantAndEquipmentNetResult 0.54x | 1.94xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexCNY 22.77BcapitalExpendituresD&ACNY 11.76BdepreciationAndAmortizationResult 1.94x | CNY 1.65Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 335.30BtotalAssetsGoodwillCNY 4.10BgoodWillIntangiblesCNY 5.82BintangibleAssetsLiabilitiesCNY 300.01BtotalLiabTangible bookCNY 25.37BShares15,401,755,000commonStockSharesOutstandingResult CNY 1.65 | -0.39xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 11.72BebitdaCapexCNY 22.77BcapitalExpendituresInterestCNY 6.94BinterestExpenseShort-term debtCNY 21.36BshortLongTermDebtEBITDA − capex-CNY 11.05BPrincipal due is the current portion of debt.Result -0.39x | CNY 12.65BFree cash flow · 2023-12-31Reported free cash flowOperating cash flowCNY 35.42BtotalCashFromOperatingActivitiesCapexCNY 22.77BcapitalExpendituresFree cash flowCNY 12.65BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 12.65B | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-CNY 3.32BoperatingIncomeTax expense-CNY 91.19MincomeTaxExpensePretax income-CNY 1.66BincomeBeforeTaxTax rate—EquityCNY 37.23BtotalStockholderEquityDebtCNY 111.34BlongTermDebt + shortLongTermDebtCashCNY 15.63BcashAndShortTermInvestmentsInvested capitalCNY 132.94BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.01xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-CNY 3.32BoperatingIncomeNet PP&ECNY 259.72BpropertyPlantAndEquipmentNetResult -0.01x |
| 2024 | 76.6%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 260.47BpropertyPlantAndEquipmentNetInventoryCNY 4.22BinventoryTotal assetsCNY 345.77BtotalAssetsResult 76.6% | 0.64xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueCNY 166.70BtotalRevenueNet PP&ECNY 260.47BpropertyPlantAndEquipmentNetResult 0.64x | 1.49xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexCNY 20.10BcapitalExpendituresD&ACNY 13.47BdepreciationAndAmortizationResult 1.49x | CNY 1.95Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 345.77BtotalAssetsGoodwillCNY 4.10BgoodWillIntangiblesCNY 5.94BintangibleAssetsLiabilitiesCNY 304.82BtotalLiabTangible bookCNY 30.91BShares15,864,560,000commonStockSharesOutstandingResult CNY 1.95 | -0.28xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 12.63BebitdaCapexCNY 20.10BcapitalExpendituresInterestCNY 6.53BinterestExpenseShort-term debtCNY 19.89BshortLongTermDebtEBITDA − capex-CNY 7.47BPrincipal due is the current portion of debt.Result -0.28x | CNY 14.44BFree cash flow · 2024-12-31Reported free cash flowOperating cash flowCNY 34.55BtotalCashFromOperatingActivitiesCapexCNY 20.10BcapitalExpendituresFree cash flowCNY 14.44BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 14.44B | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-CNY 3.43BoperatingIncomeTax expenseCNY 844.89MincomeTaxExpensePretax income-CNY 1.61BincomeBeforeTaxTax rate—EquityCNY 45.15BtotalStockholderEquityDebtCNY 103.72BlongTermDebt + shortLongTermDebtCashCNY 22.51BcashAndShortTermInvestmentsInvested capitalCNY 126.37BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.01xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-CNY 3.43BoperatingIncomeNet PP&ECNY 260.47BpropertyPlantAndEquipmentNetResult -0.01x |
| 2025 | 76.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 263.73BpropertyPlantAndEquipmentNetInventoryCNY 4.96BinventoryTotal assetsCNY 351.61BtotalAssetsResult 76.4% | 0.65xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 171.48BtotalRevenueNet PP&ECNY 263.73BpropertyPlantAndEquipmentNetResult 0.65x | 0.57xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 17.56BcapitalExpendituresD&ACNY 30.85BdepreciationAndAmortizationResult 0.57x | CNY 1.78Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 351.61BtotalAssetsGoodwillCNY 3.61BgoodWillIntangiblesCNY 6.19BintangibleAssetsLiabilitiesCNY 312.07BtotalLiabTangible bookCNY 29.74BShares16,669,332,000commonStockSharesOutstandingResult CNY 1.78 | 0.36xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 26.06BebitdaCapexCNY 17.56BcapitalExpendituresInterestCNY 5.75BinterestExpenseShort-term debtCNY 17.61BshortLongTermDebtEBITDA − capexCNY 8.50BPrincipal due is the current portion of debt.Result 0.36x | CNY 26.54BFree cash flow · 2025-12-31Reported free cash flowOperating cash flowCNY 44.11BtotalCashFromOperatingActivitiesCapexCNY 17.56BcapitalExpendituresFree cash flowCNY 26.54BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 26.54B | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-CNY 4.78BoperatingIncomeTax expenseCNY 1.93BincomeTaxExpensePretax income-CNY 1.60BincomeBeforeTaxTax rate—EquityCNY 42.55BtotalStockholderEquityDebtCNY 110.47BlongTermDebt + shortLongTermDebtCashCNY 16.01BcashAndShortTermInvestmentsInvested capitalCNY 137.01BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.02xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-CNY 4.78BoperatingIncomeNet PP&ECNY 263.73BpropertyPlantAndEquipmentNetResult -0.02x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: CNY 263.73B
Inventory: CNY 4.96B
Total assets: CNY 351.61B
Goodwill: CNY 3.61B
Intangibles: CNY 6.19B
Liabilities: CNY 312.07B
Tangible book: CNY 29.74B
Shares: 16,669,332,000
Revenue: CNY 171.48B
Capex: CNY 17.56B
D&A: CNY 30.85B
EBITDA: CNY 26.06B
Interest: CNY 5.75B
Short-term debt: CNY 17.61B
Free cash flow: CNY 26.54B
Operating income: -CNY 4.78B
Invested capital: CNY 137.01B
Tax rate: —