Ecovacs Robotics Co Ltd

603486.SHG · Consumer Cyclical · Furnishings, Fixtures & Appliances · CNY · Fundamentals
Mixed

Physical assets are 34.7% of total assets, a mixed footprint. Capex is 1.52x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. ROIC is 48.9%, above an 8% cost-of-capital hurdle.

Fixed-asset turnover is 6.83x. Compare it with other names in the same basket.

Physical asset ratio
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%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.83xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 19.04BtotalRevenueNet PP&ECNY 2.79BpropertyPlantAndEquipmentNetResult 6.83x
Revenue per dollar of the physical asset base.
Capex / D&A
1.52xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 683.54McapitalExpendituresD&ACNY 449.78MreconciledDepreciationResult 1.52x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
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
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.03xPrice / tangible bookPrice / tangible book per sharePriceCNY 45.51Latest quoteTangible book / shareCNY 15.022025-12-31Result 3.03x
Price CNY 45.51.
Fixed-charge coverage
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
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
9.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowCNY 2.70BfreeCashFlowMarket capCNY 27.43BMarketCapitalizationResult 9.9%
Latest free cash flow divided by current market cap (CNY 27.43B).
ROIC
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%
After-tax operating income over equity plus debt minus cash. Operating income / net PP&E is 0.68x.

Footprint and return

Turnover and reinvestment

Year Physical FAT Capex/D&A TBV/sh Coverage FCF ROIC EBIT/PP&E
2018 40.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 539.22MpropertyPlantAndEquipmentNetInventoryCNY 1.17BinventoryTotal assetsCNY 4.21BtotalAssetsResult 40.7% 10.56xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenueCNY 5.69BtotalRevenueNet PP&ECNY 539.22MpropertyPlantAndEquipmentNetResult 10.56x 3.80xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexCNY 314.80McapitalExpendituresD&ACNY 82.92MdepreciationAndAmortizationResult 3.80x CNY 4.47Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 4.21BtotalAssetsGoodwillCNY 0.00Not reported, treated as 0IntangiblesCNY 87.80MintangibleAssetsLiabilitiesCNY 1.71BtotalLiabTangible bookCNY 2.41BShares538,983,504commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result CNY 4.47 3.89xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 592.45MebitdaCapexCNY 314.80McapitalExpendituresInterestCNY 17.56MinterestExpenseShort-term debtCNY 53.77MshortLongTermDebtEBITDA − capexCNY 277.65MPrincipal due is the current portion of debt.Result 3.89x -CNY 299.49MFree cash flow · 2018-12-31Reported free cash flowOperating cash flowCNY 15.31MtotalCashFromOperatingActivitiesCapexCNY 314.80McapitalExpendituresFree cash flow-CNY 299.49MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -CNY 299.49M 33.7%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 545.87MoperatingIncomeTax expenseCNY 76.98MincomeTaxExpensePretax incomeCNY 562.14MincomeBeforeTaxTax rate13.7%EquityCNY 2.49BtotalStockholderEquityDebtCNY 53.77MshortLongTermDebtTotalCashCNY 1.14BcashAndShortTermInvestmentsInvested capitalCNY 1.40BResult 33.7% 1.01xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomeCNY 545.87MoperatingIncomeNet PP&ECNY 539.22MpropertyPlantAndEquipmentNetResult 1.01x
2019 41.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 779.74MpropertyPlantAndEquipmentNetInventoryCNY 999.59MinventoryTotal assetsCNY 4.33BtotalAssetsResult 41.1% 6.81xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenueCNY 5.31BtotalRevenueNet PP&ECNY 779.74MpropertyPlantAndEquipmentNetResult 6.81x 3.01xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexCNY 312.25McapitalExpendituresD&ACNY 103.87MdepreciationAndAmortizationResult 3.01x CNY 4.28Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 4.33BtotalAssetsGoodwillCNY 0.00Not reported, treated as 0IntangiblesCNY 89.29MintangibleAssetsLiabilitiesCNY 1.85BtotalLiabTangible bookCNY 2.40BShares560,140,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result CNY 4.28 -0.36xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 230.95MebitdaCapexCNY 312.25McapitalExpendituresInterestCNY 30.25MinterestExpenseShort-term debtCNY 195.42MshortLongTermDebtEBITDA − capex-CNY 81.30MPrincipal due is the current portion of debt.Result -0.36x -CNY 50.66MFree cash flow · 2019-12-31Reported free cash flowOperating cash flowCNY 261.59MtotalCashFromOperatingActivitiesCapexCNY 312.25McapitalExpendituresFree cash flow-CNY 50.66MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -CNY 50.66M 7.5%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 140.97MoperatingIncomeTax expenseCNY 23.17MincomeTaxExpensePretax incomeCNY 144.43MincomeBeforeTaxTax rate16.0%EquityCNY 2.48BtotalStockholderEquityDebtCNY 195.42MshortLongTermDebtTotalCashCNY 1.09BcashAndShortTermInvestmentsInvested capitalCNY 1.58BResult 7.5% 0.18xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomeCNY 140.97MoperatingIncomeNet PP&ECNY 779.74MpropertyPlantAndEquipmentNetResult 0.18x
2020 33.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 768.18MpropertyPlantAndEquipmentNetInventoryCNY 1.28BinventoryTotal assetsCNY 6.16BtotalAssetsResult 33.3% 9.42xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenueCNY 7.23BtotalRevenueNet PP&ECNY 768.18MpropertyPlantAndEquipmentNetResult 9.42x 1.12xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexCNY 134.78McapitalExpendituresD&ACNY 120.21MdepreciationAndAmortizationResult 1.12x CNY 5.40Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 6.16BtotalAssetsGoodwillCNY 0.00Not reported, treated as 0IntangiblesCNY 87.28MintangibleAssetsLiabilitiesCNY 3.05BtotalLiabTangible bookCNY 3.03BShares560,140,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result CNY 5.40 5.40xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 790.28MebitdaCapexCNY 134.78McapitalExpendituresInterestCNY 12.30MinterestExpenseShort-term debtCNY 108.98MshortTermDebtEBITDA − capexCNY 655.50MPrincipal due is short-term debt.Result 5.40x CNY 1.06BFree cash flow · 2020-12-31Reported free cash flowOperating cash flowCNY 1.20BtotalCashFromOperatingActivitiesCapexCNY 134.78McapitalExpendituresFree cash flowCNY 1.06BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 1.06B 54.2%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 727.53MoperatingIncomeTax expenseCNY 87.61MincomeTaxExpensePretax incomeCNY 731.59MincomeBeforeTaxTax rate12.0%EquityCNY 3.10BtotalStockholderEquityDebtCNY 108.98MshortLongTermDebtTotalCashCNY 2.03BcashAndShortTermInvestmentsInvested capitalCNY 1.18BResult 54.2% 0.95xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating incomeCNY 727.53MoperatingIncomeNet PP&ECNY 768.18MpropertyPlantAndEquipmentNetResult 0.95x
2021 31.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 951.93MpropertyPlantEquipmentInventoryCNY 2.42BinventoryTotal assetsCNY 10.72BtotalAssetsResult 31.4% 13.75xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueCNY 13.09BtotalRevenueNet PP&ECNY 951.93MpropertyPlantEquipmentResult 13.75x 2.63xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexCNY 376.31McapitalExpendituresD&ACNY 142.91MdepreciationAndAmortizationResult 2.63x CNY 8.81Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 10.72BtotalAssetsGoodwillCNY 0.00Not reported, treated as 0IntangiblesCNY 88.04MintangibleAssetsLiabilitiesCNY 5.61BtotalLiabTangible bookCNY 5.02BShares569,478,938commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result CNY 8.81 34.31xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 2.34BebitdaCapexCNY 376.31McapitalExpendituresInterestCNY 17.12MinterestExpenseShort-term debtCNY 40.14MshortTermDebtEBITDA − capexCNY 1.96BPrincipal due is short-term debt.Result 34.31x CNY 1.38BFree cash flow · 2021-12-31Reported free cash flowOperating cash flowCNY 1.76BtotalCashFromOperatingActivitiesCapexCNY 376.31McapitalExpendituresFree cash flowCNY 1.38BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 1.38B 120.8%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 2.26BoperatingIncomeTax expenseCNY 239.12MincomeTaxExpensePretax incomeCNY 2.25BincomeBeforeTaxTax rate10.6%EquityCNY 5.09BtotalStockholderEquityDebtCNY 989.71MshortLongTermDebtTotalCashCNY 4.42BcashAndShortTermInvestmentsInvested capitalCNY 1.67BResult 120.8% 2.37xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating incomeCNY 2.26BoperatingIncomeNet PP&ECNY 951.93MpropertyPlantEquipmentResult 2.37x
2022 31.7%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 1.32BpropertyPlantEquipmentInventoryCNY 2.91BinventoryTotal assetsCNY 13.31BtotalAssetsResult 31.7% 11.64xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueCNY 15.32BtotalRevenueNet PP&ECNY 1.32BpropertyPlantEquipmentResult 11.64x 3.62xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexCNY 676.70McapitalExpendituresD&ACNY 187.12MdepreciationAndAmortizationResult 3.62x CNY 10.93Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 13.31BtotalAssetsGoodwillCNY 0.00Not reported, treated as 0IntangiblesCNY 158.45MintangibleAssetsLiabilitiesCNY 6.88BtotalLiabTangible bookCNY 6.27BShares573,796,134commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result CNY 10.93 1.87xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 1.83BebitdaCapexCNY 676.70McapitalExpendituresInterestCNY 74.49MinterestExpenseShort-term debtCNY 540.29MshortLongTermDebtEBITDA − capexCNY 1.15BPrincipal due is the current portion of debt.Result 1.87x CNY 1.05BFree cash flow · 2022-12-31Reported free cash flowOperating cash flowCNY 1.73BtotalCashFromOperatingActivitiesCapexCNY 676.70McapitalExpendituresFree cash flowCNY 1.05BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 1.05B 66.1%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 1.82BoperatingIncomeTax expenseCNY 126.30MincomeTaxExpensePretax incomeCNY 1.83BincomeBeforeTaxTax rate6.9%EquityCNY 6.43BtotalStockholderEquityDebtCNY 1.57BshortLongTermDebtTotalCashCNY 5.44BcashAndShortTermInvestmentsInvested capitalCNY 2.56BResult 66.1% 1.38xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating incomeCNY 1.82BoperatingIncomeNet PP&ECNY 1.32BpropertyPlantEquipmentResult 1.38x
2023 35.6%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 1.91BpropertyPlantAndEquipmentNetInventoryCNY 2.85BinventoryTotal assetsCNY 13.39BtotalAssetsResult 35.6% 8.10xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueCNY 15.50BtotalRevenueNet PP&ECNY 1.91BpropertyPlantAndEquipmentNetResult 8.10x 3.46xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexCNY 900.89McapitalExpendituresD&ACNY 260.42MdepreciationAndAmortizationResult 3.46x CNY 10.97Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 13.39BtotalAssetsGoodwillCNY 0.00Not reported, treated as 0IntangiblesCNY 274.86MintangibleAssetsLiabilitiesCNY 6.84BtotalLiabTangible bookCNY 6.27BShares572,032,848commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result CNY 10.97 -0.24xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 761.46MebitdaCapexCNY 900.89McapitalExpendituresInterestCNY 103.27MinterestExpenseShort-term debtCNY 470.32MshortTermDebtEBITDA − capex-CNY 139.43MPrincipal due is short-term debt.Result -0.24x CNY 190.42MFree cash flow · 2023-12-31Reported free cash flowOperating cash flowCNY 1.09BtotalCashFromOperatingActivitiesCapexCNY 900.89McapitalExpendituresFree cash flowCNY 190.42MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 190.42M 19.4%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 635.91MoperatingIncomeTax expenseCNY 41.65MincomeTaxExpensePretax incomeCNY 653.01MincomeBeforeTaxTax rate6.4%EquityCNY 6.55BtotalStockholderEquityDebtCNY 1.67BshortLongTermDebtTotalCashCNY 5.15BcashAndShortTermInvestmentsInvested capitalCNY 3.07BResult 19.4% 0.33xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating incomeCNY 635.91MoperatingIncomeNet PP&ECNY 1.91BpropertyPlantAndEquipmentNetResult 0.33x
2024 31.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 2.37BpropertyPlantAndEquipmentNetInventoryCNY 2.37BinventoryTotal assetsCNY 15.03BtotalAssetsResult 31.5% 6.98xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueCNY 16.54BtotalRevenueNet PP&ECNY 2.37BpropertyPlantAndEquipmentNetResult 6.98x 1.88xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexCNY 708.60McapitalExpendituresD&ACNY 376.63MdepreciationAndAmortizationResult 1.88x CNY 12.07Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 15.03BtotalAssetsGoodwillCNY 0.00Not reported, treated as 0IntangiblesCNY 297.89MintangibleAssetsLiabilitiesCNY 7.83BtotalLiabTangible bookCNY 6.90BShares571,692,970commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result CNY 12.07 0.55xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 1.21BebitdaCapexCNY 708.60McapitalExpendituresInterestCNY 76.37MinterestExpenseShort-term debtCNY 839.58MshortTermDebtEBITDA − capexCNY 499.32MPrincipal due is short-term debt.Result 0.55x CNY 143.64MFree cash flow · 2024-12-31Reported free cash flowOperating cash flowCNY 852.25MtotalCashFromOperatingActivitiesCapexCNY 708.60McapitalExpendituresFree cash flowCNY 143.64MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 143.64M 20.9%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 892.96MoperatingIncomeTax expenseCNY 96.38MincomeTaxExpensePretax incomeCNY 902.05MincomeBeforeTaxTax rate10.7%EquityCNY 7.20BtotalStockholderEquityDebtCNY 1.88BshortLongTermDebtTotalCashCNY 5.25BcashAndShortTermInvestmentsInvested capitalCNY 3.82BResult 20.9% 0.38xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating incomeCNY 892.96MoperatingIncomeNet PP&ECNY 2.37BpropertyPlantAndEquipmentNetResult 0.38x
2025 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 CNY 2.70BFree cash flow · 2025-12-31Reported free cash flowOperating cash flowCNY 3.39BtotalCashFromOperatingActivitiesCapexCNY 683.54McapitalExpendituresFree cash flowCNY 2.70BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 2.70B 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% 0.68xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating incomeCNY 1.88BoperatingIncomeNet PP&ECNY 2.79BpropertyPlantAndEquipmentNetResult 0.68x
  • Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: CNY 2.79B
Inventory: CNY 3.25B
Total assets: CNY 17.43B
Goodwill: CNY 0.00
Intangibles: CNY 346.55M
Liabilities: CNY 8.39B
Tangible book: CNY 8.70B
Shares: 578,921,306
Revenue: CNY 19.04B
Capex: CNY 683.54M
D&A: CNY 449.78M
EBITDA: CNY 2.38B
Interest: CNY 40.39M
Short-term debt: CNY 12.90M
Free cash flow: CNY 2.70B
Operating income: CNY 1.88B
Invested capital: CNY 3.59B
Tax rate: 6.7%