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.
Beijing Tongrentang Co Ltd
Physical assets are 53.1% of total assets, a heavy footprint. Capex is 0.34x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 38.6%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 3.05x. Compare it with other names in the same basket.
Physical asset ratio
53.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 5.65BpropertyPlantAndEquipmentNetInventoryCNY 10.62BinventoryTotal assetsCNY 30.62BtotalAssetsResult 53.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.05xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 17.26BtotalRevenueNet PP&ECNY 5.65BpropertyPlantAndEquipmentNetResult 3.05x
Revenue per dollar of the physical asset base.
Capex / D&A
0.34xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 357.30McapitalExpendituresD&ACNY 1.05BreconciledDepreciationResult 0.34x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
CNY 14.99Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 30.62BtotalAssetsGoodwillCNY 45.64MgoodWillIntangiblesCNY 776.10MintangibleAssetsLiabilitiesCNY 9.24BtotalLiabTangible bookCNY 20.56BShares1,371,470,262commonStockSharesOutstandingResult CNY 14.99
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.68xPrice / tangible bookPrice / tangible book per sharePriceCNY 25.20Latest quoteTangible book / shareCNY 14.992025-12-31Result 1.68x
Price CNY 25.20.
Fixed-charge coverage
11.88xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 3.20BebitdaCapexCNY 357.30McapitalExpendituresInterestCNY 124.48MinterestExpenseShort-term debtCNY 115.06MshortLongTermDebtEBITDA − capexCNY 2.85BPrincipal due is the current portion of debt.Result 11.88x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowCNY 2.34BfreeCashFlowMarket capCNY 35.15BMarketCapitalizationResult 6.6%
Latest free cash flow divided by current market cap (CNY 35.15B).
ROIC
38.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 2.09BoperatingIncomeTax expenseCNY 393.51MtaxProvisionPretax incomeCNY 2.03BincomeBeforeTaxTax rate19.4%EquityCNY 13.66BtotalStockholderEquityDebtCNY 1.58BlongTermDebt + shortLongTermDebtCashCNY 10.88BcashInvested capitalCNY 4.35BResult 38.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.37x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 48.3%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 3.60BpropertyPlantEquipmentInventoryCNY 6.29BinventoryTotal assetsCNY 20.48BtotalAssetsResult 48.3% | 3.94xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenueCNY 14.21BtotalRevenueNet PP&ECNY 3.60BpropertyPlantEquipmentResult 3.94x | 3.02xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexCNY 615.33McapitalExpendituresD&ACNY 203.99MdepreciationAndAmortizationResult 3.02x | CNY 10.28Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 20.48BtotalAssetsGoodwillCNY 46.43MgoodWillIntangiblesCNY 376.47MintangibleAssetsLiabilitiesCNY 5.95BtotalLiabTangible bookCNY 14.11BShares1,371,564,507commonStockSharesOutstandingResult CNY 10.28 | 4.07xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 2.28BebitdaCapexCNY 615.33McapitalExpendituresInterestCNY 44.30MinterestExpenseShort-term debtCNY 365.38MshortTermDebtEBITDA − capexCNY 1.67BPrincipal due is short-term debt.Result 4.07x | CNY 1.31BFree cash flow · 2018-12-31Reported free cash flowOperating cash flowCNY 1.93BtotalCashFromOperatingActivitiesCapexCNY 615.33McapitalExpendituresFree cash flowCNY 1.31BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 1.31B | 49.8%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 2.28BoperatingIncomeTax expenseCNY 432.04MincomeTaxExpensePretax incomeCNY 2.25BincomeBeforeTaxTax rate19.2%EquityCNY 9.26BtotalStockholderEquityDebtCNY 1.29BshortLongTermDebtTotalCashCNY 6.86BcashInvested capitalCNY 3.70BResult 49.8% | 0.63xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomeCNY 2.28BoperatingIncomeNet PP&ECNY 3.60BpropertyPlantEquipmentResult 0.63x |
| 2019 | 47.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 3.91BpropertyPlantEquipmentInventoryCNY 5.95BinventoryTotal assetsCNY 20.92BtotalAssetsResult 47.1% | 3.39xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenueCNY 13.28BtotalRevenueNet PP&ECNY 3.91BpropertyPlantEquipmentResult 3.39x | 1.86xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexCNY 463.81McapitalExpendituresD&ACNY 248.70MdepreciationAndAmortizationResult 1.86x | CNY 10.35Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 20.92BtotalAssetsGoodwillCNY 47.40MgoodWillIntangiblesCNY 433.51MintangibleAssetsLiabilitiesCNY 6.26BtotalLiabTangible bookCNY 14.18BShares1,370,564,541commonStockSharesOutstandingResult CNY 10.35 | 6.04xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 2.10BebitdaCapexCNY 463.81McapitalExpendituresInterestCNY 66.02MinterestExpenseShort-term debtCNY 205.38MshortTermDebtEBITDA − capexCNY 1.64BPrincipal due is short-term debt.Result 6.04x | CNY 1.81BFree cash flow · 2019-12-31Reported free cash flowOperating cash flowCNY 2.27BtotalCashFromOperatingActivitiesCapexCNY 463.81McapitalExpendituresFree cash flowCNY 1.81BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 1.81B | 49.1%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 1.97BoperatingIncomeTax expenseCNY 405.09MincomeTaxExpensePretax incomeCNY 1.97BincomeBeforeTaxTax rate20.6%EquityCNY 9.24BtotalStockholderEquityDebtCNY 1.54BshortLongTermDebtTotalCashCNY 7.59BcashAndShortTermInvestmentsInvested capitalCNY 3.19BResult 49.1% | 0.50xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomeCNY 1.97BoperatingIncomeNet PP&ECNY 3.91BpropertyPlantEquipmentResult 0.50x |
| 2020 | 47.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 4.21BpropertyPlantEquipmentInventoryCNY 6.06BinventoryTotal assetsCNY 21.84BtotalAssetsResult 47.0% | 3.04xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenueCNY 12.83BtotalRevenueNet PP&ECNY 4.21BpropertyPlantEquipmentResult 3.04x | 3.36xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexCNY 1.15BcapitalExpendituresD&ACNY 342.90MdepreciationAndAmortizationResult 3.36x | CNY 10.83Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 21.84BtotalAssetsGoodwillCNY 43.49MgoodWillIntangiblesCNY 642.78MintangibleAssetsLiabilitiesCNY 6.29BtotalLiabTangible bookCNY 14.86BShares1,371,596,961commonStockSharesOutstandingResult CNY 10.83 | 2.24xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 2.25BebitdaCapexCNY 1.15BcapitalExpendituresInterestCNY 66.67MinterestExpenseShort-term debtCNY 423.75MshortTermDebtEBITDA − capexCNY 1.10BPrincipal due is short-term debt.Result 2.24x | CNY 1.02BFree cash flow · 2020-12-31Reported free cash flowOperating cash flowCNY 2.17BtotalCashFromOperatingActivitiesCapexCNY 1.15BcapitalExpendituresFree cash flowCNY 1.02BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 1.02B | 68.4%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 2.00BoperatingIncomeTax expenseCNY 366.55MincomeTaxExpensePretax incomeCNY 1.98BincomeBeforeTaxTax rate18.5%EquityCNY 9.83BtotalStockholderEquityDebtCNY 906.98MlongTermDebt + shortLongTermDebtCashCNY 8.35BcashAndShortTermInvestmentsInvested capitalCNY 2.39BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 68.4% | 0.48xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating incomeCNY 2.00BoperatingIncomeNet PP&ECNY 4.21BpropertyPlantEquipmentResult 0.48x |
| 2021 | 47.3%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 5.70BpropertyPlantEquipmentInventoryCNY 6.17BinventoryTotal assetsCNY 25.07BtotalAssetsResult 47.3% | 2.56xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueCNY 14.60BtotalRevenueNet PP&ECNY 5.70BpropertyPlantEquipmentResult 2.56x | 1.47xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexCNY 471.21McapitalExpendituresD&ACNY 321.17MdepreciationAndAmortizationResult 1.47x | CNY 11.59Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 25.07BtotalAssetsGoodwillCNY 41.40MgoodWillIntangiblesCNY 736.31MintangibleAssetsLiabilitiesCNY 8.40BtotalLiabTangible bookCNY 15.89BShares1,371,366,286commonStockSharesOutstandingResult CNY 11.59 | 2.24xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 2.65BebitdaCapexCNY 471.21McapitalExpendituresInterestCNY 141.12MinterestExpenseShort-term debtCNY 830.79MshortTermDebtEBITDA − capexCNY 2.18BPrincipal due is short-term debt.Result 2.24x | CNY 2.96BFree cash flow · 2021-12-31Reported free cash flowOperating cash flowCNY 3.43BtotalCashFromOperatingActivitiesCapexCNY 471.21McapitalExpendituresFree cash flowCNY 2.96BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 2.96B | 82.9%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 2.33BoperatingIncomeTax expenseCNY 436.51MincomeTaxExpensePretax incomeCNY 2.33BincomeBeforeTaxTax rate18.8%EquityCNY 10.63BtotalStockholderEquityDebtCNY 1.58BlongTermDebt + shortLongTermDebtCashCNY 9.93BcashInvested capitalCNY 2.28BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 82.9% | 0.41xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating incomeCNY 2.33BoperatingIncomeNet PP&ECNY 5.70BpropertyPlantEquipmentResult 0.41x |
| 2022 | 44.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 5.29BpropertyPlantEquipmentInventoryCNY 6.69BinventoryTotal assetsCNY 27.04BtotalAssetsResult 44.3% | 2.90xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueCNY 15.37BtotalRevenueNet PP&ECNY 5.29BpropertyPlantEquipmentResult 2.90x | 0.98xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexCNY 330.03McapitalExpendituresD&ACNY 335.56MdepreciationAndAmortizationResult 0.98x | CNY 12.88Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 27.04BtotalAssetsGoodwillCNY 45.14MgoodWillIntangiblesCNY 746.47MintangibleAssetsLiabilitiesCNY 8.59BtotalLiabTangible bookCNY 17.66BShares1,370,972,798commonStockSharesOutstandingResult CNY 12.88 | 6.08xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 2.97BebitdaCapexCNY 330.03McapitalExpendituresInterestCNY 123.88MinterestExpenseShort-term debtCNY 309.53MshortTermDebtEBITDA − capexCNY 2.64BPrincipal due is short-term debt.Result 6.08x | CNY 2.76BFree cash flow · 2022-12-31Reported free cash flowOperating cash flowCNY 3.09BtotalCashFromOperatingActivitiesCapexCNY 330.03McapitalExpendituresFree cash flowCNY 2.76BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 2.76B | 128.8%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 2.72BoperatingIncomeTax expenseCNY 512.86MincomeTaxExpensePretax incomeCNY 2.72BincomeBeforeTaxTax rate18.9%EquityCNY 11.81BtotalStockholderEquityDebtCNY 1.53BlongTermDebt + shortLongTermDebtCashCNY 11.62BcashAndShortTermInvestmentsInvested capitalCNY 1.71BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 128.8% | 0.51xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating incomeCNY 2.72BoperatingIncomeNet PP&ECNY 5.29BpropertyPlantEquipmentResult 0.51x |
| 2023 | 49.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 5.51BpropertyPlantAndEquipmentNetInventoryCNY 9.34BinventoryTotal assetsCNY 30.09BtotalAssetsResult 49.4% | 3.24xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueCNY 17.86BtotalRevenueNet PP&ECNY 5.51BpropertyPlantAndEquipmentNetResult 3.24x | 0.93xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexCNY 324.51McapitalExpendituresD&ACNY 350.48MdepreciationAndAmortizationResult 0.93x | CNY 14.19Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 30.09BtotalAssetsGoodwillCNY 45.78MgoodWillIntangiblesCNY 754.83MintangibleAssetsLiabilitiesCNY 9.83BtotalLiabTangible bookCNY 19.46BShares1,371,470,262commonStockSharesOutstandingResult CNY 14.19 | 13.99xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 3.30BebitdaCapexCNY 324.51McapitalExpendituresInterestCNY 119.68MinterestExpenseShort-term debtCNY 93.02MshortTermDebtEBITDA − capexCNY 2.98BPrincipal due is short-term debt.Result 13.99x | CNY 1.54BFree cash flow · 2023-12-31Reported free cash flowOperating cash flowCNY 1.87BtotalCashFromOperatingActivitiesCapexCNY 324.51McapitalExpendituresFree cash flowCNY 1.54BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 1.54B | 105.6%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 3.08BoperatingIncomeTax expenseCNY 497.43MincomeTaxExpensePretax incomeCNY 3.08BincomeBeforeTaxTax rate16.1%EquityCNY 13.06BtotalStockholderEquityDebtCNY 1.52BlongTermDebt + shortLongTermDebtCashCNY 12.13BcashAndShortTermInvestmentsInvested capitalCNY 2.45BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 105.6% | 0.56xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating incomeCNY 3.08BoperatingIncomeNet PP&ECNY 5.51BpropertyPlantAndEquipmentNetResult 0.56x |
| 2024 | 53.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 5.97BpropertyPlantAndEquipmentNetInventoryCNY 10.73BinventoryTotal assetsCNY 31.20BtotalAssetsResult 53.5% | 3.11xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueCNY 18.60BtotalRevenueNet PP&ECNY 5.97BpropertyPlantAndEquipmentNetResult 3.11x | 1.49xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexCNY 519.55McapitalExpendituresD&ACNY 347.58MdepreciationAndAmortizationResult 1.49x | CNY 14.64Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 31.20BtotalAssetsGoodwillCNY 46.76MgoodWillIntangiblesCNY 782.58MintangibleAssetsLiabilitiesCNY 10.30BtotalLiabTangible bookCNY 20.07BShares1,371,470,262commonStockSharesOutstandingResult CNY 14.64 | 7.40xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 3.05BebitdaCapexCNY 519.55McapitalExpendituresInterestCNY 153.68MinterestExpenseShort-term debtCNY 187.72MshortTermDebtEBITDA − capexCNY 2.53BPrincipal due is short-term debt.Result 7.40x | CNY 241.43MFree cash flow · 2024-12-31Reported free cash flowOperating cash flowCNY 760.99MtotalCashFromOperatingActivitiesCapexCNY 519.55McapitalExpendituresFree cash flowCNY 241.43MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 241.43M | 58.7%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 2.80BoperatingIncomeTax expenseCNY 525.05MincomeTaxExpensePretax incomeCNY 2.81BincomeBeforeTaxTax rate18.7%EquityCNY 13.20BtotalStockholderEquityDebtCNY 1.43BlongTermDebt + shortLongTermDebtCashCNY 10.76BcashAndShortTermInvestmentsInvested capitalCNY 3.87BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 58.7% | 0.47xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating incomeCNY 2.80BoperatingIncomeNet PP&ECNY 5.97BpropertyPlantAndEquipmentNetResult 0.47x |
| 2025 | 53.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 5.65BpropertyPlantAndEquipmentNetInventoryCNY 10.62BinventoryTotal assetsCNY 30.62BtotalAssetsResult 53.1% | 3.05xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 17.26BtotalRevenueNet PP&ECNY 5.65BpropertyPlantAndEquipmentNetResult 3.05x | 0.34xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 357.30McapitalExpendituresD&ACNY 1.05BreconciledDepreciationResult 0.34x | CNY 14.99Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 30.62BtotalAssetsGoodwillCNY 45.64MgoodWillIntangiblesCNY 776.10MintangibleAssetsLiabilitiesCNY 9.24BtotalLiabTangible bookCNY 20.56BShares1,371,470,262commonStockSharesOutstandingResult CNY 14.99 | 11.88xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 3.20BebitdaCapexCNY 357.30McapitalExpendituresInterestCNY 124.48MinterestExpenseShort-term debtCNY 115.06MshortLongTermDebtEBITDA − capexCNY 2.85BPrincipal due is the current portion of debt.Result 11.88x | CNY 2.34BFree cash flow · 2025-12-31Reported free cash flowOperating cash flowCNY 2.69BtotalCashFromOperatingActivitiesCapexCNY 357.30McapitalExpendituresFree cash flowCNY 2.34BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 2.34B | 38.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 2.09BoperatingIncomeTax expenseCNY 393.51MtaxProvisionPretax incomeCNY 2.03BincomeBeforeTaxTax rate19.4%EquityCNY 13.66BtotalStockholderEquityDebtCNY 1.58BlongTermDebt + shortLongTermDebtCashCNY 10.88BcashInvested capitalCNY 4.35BResult 38.6% | 0.37xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating incomeCNY 2.09BoperatingIncomeNet PP&ECNY 5.65BpropertyPlantAndEquipmentNetResult 0.37x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: CNY 5.65B
Inventory: CNY 10.62B
Total assets: CNY 30.62B
Goodwill: CNY 45.64M
Intangibles: CNY 776.10M
Liabilities: CNY 9.24B
Tangible book: CNY 20.56B
Shares: 1,371,470,262
Revenue: CNY 17.26B
Capex: CNY 357.30M
D&A: CNY 1.05B
EBITDA: CNY 3.20B
Interest: CNY 124.48M
Short-term debt: CNY 115.06M
Free cash flow: CNY 2.34B
Operating income: CNY 2.09B
Invested capital: CNY 4.35B
Tax rate: 19.4%