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.
Bear Electric Appliance Co Ltd
Physical assets are 33.7% of total assets, a mixed footprint. Capex is 0.95x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 39.5%, above an 8% cost-of-capital hurdle. That coverage ratio uses interest only, because short-term debt was not on the balance sheet.
Fixed-asset turnover is 4.24x. Compare it with other names in the same basket.
Physical asset ratio
33.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.24x
Revenue per dollar of the physical asset base.
Capex / D&A
0.95x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
CNY 54.05
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.64x
Price CNY 34.37.
Fixed-charge coverage
16.13x
EBITDA minus capex, divided by interest only.
FCF yield
5.3%
Latest free cash flow divided by current market cap (CNY 5.39B).
ROIC
39.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.41x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 43.1% | 14.22x | 2.11x | CNY 2.22 | 74.45x | CNY 239.54M | 87.8% | 1.66x |
| 2019 | 29.7% | 8.40x | 4.71x | CNY 9.38 | 0.36x | CNY 181.97M | 37.7% | 1.04x |
| 2020 | 28.0% | 7.27x | 4.31x | CNY 11.40 | 0.21x | CNY 900.92M | 47.6% | 1.03x |
| 2021 | 35.1% | 5.53x | 4.02x | CNY 11.44 | -17.25x | -CNY 254.85M | 91.4% | 0.51x |
| 2022 | 30.8% | 4.85x | 2.58x | CNY 13.24 | 1.00x | CNY 310.25M | 195.9% | 0.57x |
| 2023 | 31.0% | 4.49x | 3.35x | CNY 15.29 | 2.84x | CNY 260.32M | 197.7% | 0.47x |
| 2024 | 36.5% | 3.60x | 1.74x | CNY 16.17 | 1.16x | -CNY 12.75M | 44.6% | 0.27x |
| 2025 | 33.7% | 4.24x | 0.95x | CNY 54.05 | 16.13x | CNY 283.46M | 39.5% | 0.41x |
- Fixed-charge coverage is EBITDA minus capex, divided by interest. Short-term debt was not reported, so principal due is left out.
Latest year inputs (2025)
Net PP&E: CNY 1.24B
Inventory: CNY 733.30M
Total assets: CNY 5.84B
Goodwill: CNY 41.48M
Intangibles: CNY 329.87M
Liabilities: -CNY 3.03B
Tangible book: CNY 8.49B
Shares: 157,106,000
Revenue: CNY 5.24B
Capex: CNY 132.92M
D&A: CNY 139.45M
EBITDA: CNY 645.48M
Interest: CNY 31.78M
Short-term debt: —
Free cash flow: CNY 283.46M
Operating income: CNY 506.03M
Invested capital: CNY 995.95M
Tax rate: 22.2%