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.
Changhong Meiling Co Ltd
Physical assets are 20.7% of total assets, a light footprint. Capex is 0.94x 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 0.71x, which is below 1.
Fixed-asset turnover is 11.99x. Compare it with other names in the same basket.
Physical asset ratio
20.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
11.99x
Revenue per dollar of the physical asset base.
Capex / D&A
0.94x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
CNY 5.15
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.82x
Price CNY 4.20.
Fixed-charge coverage
0.71x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
9.9%
Latest free cash flow divided by current market cap (CNY 4.39B).
ROIC
—
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.19x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 28.1% | 7.96x | 2.66x | CNY 4.03 | -0.11x | -CNY 853.15M | 1.6% | 0.02x |
| 2019 | 27.4% | 6.80x | 1.05x | CNY 3.90 | 0.12x | CNY 958.89M | 4.3% | 0.03x |
| 2020 | 25.9% | 6.27x | 1.00x | CNY 3.78 | 0.00x | CNY 1.04B | — | -0.04x |
| 2021 | 25.0% | 7.37x | 0.71x | CNY 3.79 | 0.36x | -CNY 101.40M | 220.6% | 0.03x |
| 2022 | 25.0% | 8.67x | 0.74x | CNY 4.39 | 0.60x | CNY 1.19B | — | 0.12x |
| 2023 | 21.9% | 10.96x | 0.69x | CNY 5.06 | 0.83x | CNY 1.81B | — | 0.36x |
| 2024 | 24.7% | 11.88x | 0.78x | CNY 5.25 | 1.17x | CNY 3.65B | — | 0.34x |
| 2025 | 20.7% | 11.99x | 0.94x | CNY 5.15 | 0.71x | CNY 433.91M | — | 0.19x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: CNY 2.54B
Inventory: CNY 2.08B
Total assets: CNY 22.30B
Goodwill: CNY 0.00
Intangibles: CNY 1.19B
Liabilities: CNY 15.81B
Tangible book: CNY 5.30B
Shares: 1,029,923,715
Revenue: CNY 30.41B
Capex: CNY 426.18M
D&A: CNY 451.72M
EBITDA: CNY 1.01B
Interest: CNY 13.41M
Short-term debt: CNY 810.10M
Free cash flow: CNY 433.91M
Operating income: CNY 482.68M
Invested capital: —
Tax rate: 21.5%