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.
Jiujiang Defu Technology Co Ltd Ordinary Shares - Class A
Physical assets are 42.9% of total assets, a mixed footprint. Capex is 2.28x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -0.01x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 1.91x.
Physical asset ratio
42.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 6.51BpropertyPlantAndEquipmentNetInventoryCNY 1.87BinventoryTotal assetsCNY 19.54BtotalAssetsResult 42.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.91xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 12.44BtotalRevenueNet PP&ECNY 6.51BpropertyPlantAndEquipmentNetResult 1.91x
Revenue per dollar of the physical asset base.
Capex / D&A
2.28xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 916.45McapitalExpendituresD&ACNY 402.56MreconciledDepreciationResult 2.28x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
CNY 7.88Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 19.54BtotalAssetsGoodwillCNY 0.00Not reported, treated as 0IntangiblesCNY 357.37MintangibleAssetsLiabilitiesCNY 14.22BtotalLiabTangible bookCNY 4.97BShares630,322,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result CNY 7.88
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
6.71xPrice / tangible bookPrice / tangible book per sharePriceCNY 52.91Latest quoteTangible book / shareCNY 7.882025-12-31Result 6.71x
Price CNY 52.91.
Fixed-charge coverage
-0.01xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 871.76MebitdaCapexCNY 916.45McapitalExpendituresInterestCNY 269.41MinterestExpenseShort-term debtCNY 6.47BshortLongTermDebtEBITDA − capex-CNY 44.68MPrincipal due is the current portion of debt.Result -0.01x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-3.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-CNY 1.30BfreeCashFlowMarket capCNY 33.96BMarketCapitalizationResult -3.8%
Latest free cash flow divided by current market cap (CNY 33.96B).
ROIC
7.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 525.16MoperatingIncomeTax expense-CNY 45.57MtaxProvisionPretax incomeCNY 199.79MincomeBeforeTaxTax rate0.0%EquityCNY 4.10BtotalStockholderEquityDebtCNY 7.68BlongTermDebt + shortLongTermDebtCashCNY 5.06BcashInvested capitalCNY 6.72BResult 7.8%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.08x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2021 | 48.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 2.18BpropertyPlantAndEquipmentNetInventoryCNY 638.26MinventoryTotal assetsCNY 5.80BtotalAssetsResult 48.5% | 1.83xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueCNY 3.99BtotalRevenueNet PP&ECNY 2.18BpropertyPlantAndEquipmentNetResult 1.83x | 9.19xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexCNY 899.71McapitalExpendituresD&ACNY 97.92MreconciledDepreciationResult 9.19x | CNY 3.93Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 5.80BtotalAssetsGoodwillCNY 0.00Not reported, treated as 0IntangiblesCNY 98.81MintangibleAssetsLiabilitiesCNY 3.59BtotalLiabTangible bookCNY 2.11BShares535,779,696commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result CNY 3.93 | -0.05xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 872.04MOperating income + D&ACapexCNY 899.71McapitalExpendituresInterestCNY 79.36MinterestExpenseShort-term debtCNY 467.14MshortLongTermDebtEBITDA − capex-CNY 27.68MEBITDA is operating income plus D&A because the income statement did not report EBITDA.Principal due is the current portion of debt.Result -0.05x | -CNY 1.21BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-CNY 309.70MtotalCashFromOperatingActivitiesCapexCNY 899.71McapitalExpendituresFree cash flow-CNY 1.21BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -CNY 1.21B | 26.7%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 774.11MoperatingIncomeTax expenseCNY 93.96MtaxProvisionPretax incomeCNY 652.80MincomeBeforeTaxTax rate14.4%EquityCNY 1.89BtotalStockholderEquityDebtCNY 1.47BlongTermDebt + shortLongTermDebtCashCNY 874.75McashInvested capitalCNY 2.49BResult 26.7% | 0.36xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating incomeCNY 774.11MoperatingIncomeNet PP&ECNY 2.18BpropertyPlantAndEquipmentNetResult 0.36x |
| 2022 | 56.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 4.42BpropertyPlantAndEquipmentNetInventoryCNY 1.15BinventoryTotal assetsCNY 9.88BtotalAssetsResult 56.4% | 1.44xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueCNY 6.38BtotalRevenueNet PP&ECNY 4.42BpropertyPlantAndEquipmentNetResult 1.44x | 8.84xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexCNY 1.48BcapitalExpendituresD&ACNY 167.11MreconciledDepreciationResult 8.84x | CNY 5.17Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 9.88BtotalAssetsGoodwillCNY 0.00Not reported, treated as 0IntangiblesCNY 320.39MintangibleAssetsLiabilitiesCNY 6.79BtotalLiabTangible bookCNY 2.77BShares535,779,696commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result CNY 5.17 | -0.09xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 1.28BebitdaCapexCNY 1.48BcapitalExpendituresInterestCNY 392.67MinterestExpenseShort-term debtCNY 1.74BshortLongTermDebtEBITDA − capex-CNY 200.33MPrincipal due is the current portion of debt.Result -0.09x | -CNY 1.85BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-CNY 371.83MtotalCashFromOperatingActivitiesCapexCNY 1.48BcapitalExpendituresFree cash flow-CNY 1.85BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -CNY 1.85B | 21.0%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 897.86MoperatingIncomeTax expenseCNY 79.18MtaxProvisionPretax incomeCNY 717.27MincomeBeforeTaxTax rate11.0%EquityCNY 2.40BtotalStockholderEquityDebtCNY 2.90BlongTermDebt + shortLongTermDebtCashCNY 1.49BcashInvested capitalCNY 3.80BResult 21.0% | 0.20xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating incomeCNY 897.86MoperatingIncomeNet PP&ECNY 4.42BpropertyPlantAndEquipmentNetResult 0.20x |
| 2023 | 49.8%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 5.26BpropertyPlantAndEquipmentNetInventoryCNY 1.74BinventoryTotal assetsCNY 14.07BtotalAssetsResult 49.8% | 1.24xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueCNY 6.53BtotalRevenueNet PP&ECNY 5.26BpropertyPlantAndEquipmentNetResult 1.24x | 5.68xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexCNY 1.46BcapitalExpendituresD&ACNY 256.54MreconciledDepreciationResult 5.68x | CNY 7.33Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 14.07BtotalAssetsGoodwillCNY 0.00Not reported, treated as 0IntangiblesCNY 319.19MintangibleAssetsLiabilitiesCNY 9.14BtotalLiabTangible bookCNY 4.62BShares630,322,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result CNY 7.33 | -0.23xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 570.17MebitdaCapexCNY 1.46BcapitalExpendituresInterestCNY 187.97MinterestExpenseShort-term debtCNY 3.70BshortLongTermDebtEBITDA − capex-CNY 886.57MPrincipal due is the current portion of debt.Result -0.23x | -CNY 1.93BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-CNY 476.65MtotalCashFromOperatingActivitiesCapexCNY 1.46BcapitalExpendituresFree cash flow-CNY 1.93BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -CNY 1.93B | 5.6%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 348.88MoperatingIncomeTax expenseCNY 12.55MtaxProvisionPretax incomeCNY 125.66MincomeBeforeTaxTax rate10.0%EquityCNY 4.26BtotalStockholderEquityDebtCNY 4.88BlongTermDebt + shortLongTermDebtCashCNY 3.54BcashInvested capitalCNY 5.61BResult 5.6% | 0.07xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating incomeCNY 348.88MoperatingIncomeNet PP&ECNY 5.26BpropertyPlantAndEquipmentNetResult 0.07x |
| 2024 | 49.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 5.89BpropertyPlantAndEquipmentNetInventoryCNY 1.54BinventoryTotal assetsCNY 14.88BtotalAssetsResult 49.9% | 1.33xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueCNY 7.81BtotalRevenueNet PP&ECNY 5.89BpropertyPlantAndEquipmentNetResult 1.33x | 2.22xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexCNY 749.83McapitalExpendituresD&ACNY 337.38MreconciledDepreciationResult 2.22x | CNY 6.69Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 14.88BtotalAssetsGoodwillCNY 0.00Not reported, treated as 0IntangiblesCNY 360.67MintangibleAssetsLiabilitiesCNY 10.30BtotalLiabTangible bookCNY 4.21BShares630,322,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result CNY 6.69 | -0.12xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 208.79MebitdaCapexCNY 749.83McapitalExpendituresInterestCNY 224.65MinterestExpenseShort-term debtCNY 4.46BshortLongTermDebtEBITDA − capex-CNY 541.04MPrincipal due is the current portion of debt.Result -0.12x | -CNY 1.30BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-CNY 549.89MtotalCashFromOperatingActivitiesCapexCNY 749.83McapitalExpendituresFree cash flow-CNY 1.30BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -CNY 1.30B | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-CNY 101.53MoperatingIncomeTax expense-CNY 16.44MtaxProvisionPretax income-CNY 353.24MincomeBeforeTaxTax rate—EquityCNY 3.99BtotalStockholderEquityDebtCNY 5.32BlongTermDebt + shortLongTermDebtCashCNY 2.83BcashInvested capitalCNY 6.48BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.02xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-CNY 101.53MoperatingIncomeNet PP&ECNY 5.89BpropertyPlantAndEquipmentNetResult -0.02x |
| 2025 | 42.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 6.51BpropertyPlantAndEquipmentNetInventoryCNY 1.87BinventoryTotal assetsCNY 19.54BtotalAssetsResult 42.9% | 1.91xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 12.44BtotalRevenueNet PP&ECNY 6.51BpropertyPlantAndEquipmentNetResult 1.91x | 2.28xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 916.45McapitalExpendituresD&ACNY 402.56MreconciledDepreciationResult 2.28x | CNY 7.88Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 19.54BtotalAssetsGoodwillCNY 0.00Not reported, treated as 0IntangiblesCNY 357.37MintangibleAssetsLiabilitiesCNY 14.22BtotalLiabTangible bookCNY 4.97BShares630,322,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result CNY 7.88 | -0.01xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 871.76MebitdaCapexCNY 916.45McapitalExpendituresInterestCNY 269.41MinterestExpenseShort-term debtCNY 6.47BshortLongTermDebtEBITDA − capex-CNY 44.68MPrincipal due is the current portion of debt.Result -0.01x | -CNY 1.30BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-CNY 381.33MtotalCashFromOperatingActivitiesCapexCNY 916.45McapitalExpendituresFree cash flow-CNY 1.30BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -CNY 1.30B | 7.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 525.16MoperatingIncomeTax expense-CNY 45.57MtaxProvisionPretax incomeCNY 199.79MincomeBeforeTaxTax rate0.0%EquityCNY 4.10BtotalStockholderEquityDebtCNY 7.68BlongTermDebt + shortLongTermDebtCashCNY 5.06BcashInvested capitalCNY 6.72BResult 7.8% | 0.08xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating incomeCNY 525.16MoperatingIncomeNet PP&ECNY 6.51BpropertyPlantAndEquipmentNetResult 0.08x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: CNY 6.51B
Inventory: CNY 1.87B
Total assets: CNY 19.54B
Goodwill: CNY 0.00
Intangibles: CNY 357.37M
Liabilities: CNY 14.22B
Tangible book: CNY 4.97B
Shares: 630,322,000
Revenue: CNY 12.44B
Capex: CNY 916.45M
D&A: CNY 402.56M
EBITDA: CNY 871.76M
Interest: CNY 269.41M
Short-term debt: CNY 6.47B
Free cash flow: -CNY 1.30B
Operating income: CNY 525.16M
Invested capital: CNY 6.72B
Tax rate: 0.0%