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.
Zhongjin Gold Corp Ltd
Physical assets are 61.3% of total assets, a heavy 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. EBITDA after capex covers debt service by 0.66x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 3.04x.
Physical asset ratio
61.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 25.98BpropertyPlantAndEquipmentNetInventoryCNY 12.35BinventoryTotal assetsCNY 62.55BtotalAssetsResult 61.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.04xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 79.07BtotalRevenueNet PP&ECNY 25.98BpropertyPlantAndEquipmentNetResult 3.04x
Revenue per dollar of the physical asset base.
Capex / D&A
1.52xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 3.03BcapitalExpendituresD&ACNY 1.99BreconciledDepreciationResult 1.52x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
CNY 6.91Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 62.55BtotalAssetsGoodwillCNY 323.30MgoodWillIntangiblesCNY 2.60BintangibleAssetsLiabilitiesCNY 26.12BtotalLiabTangible bookCNY 33.52BShares4,847,312,564commonStockSharesOutstandingResult CNY 6.91
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.09xPrice / tangible bookPrice / tangible book per sharePriceCNY 21.38Latest quoteTangible book / shareCNY 6.912025-12-31Result 3.09x
Price CNY 21.38.
Fixed-charge coverage
0.66xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 9.75BebitdaCapexCNY 3.03BcapitalExpendituresInterestCNY 397.33MinterestExpenseShort-term debtCNY 9.79BshortLongTermDebtEBITDA − capexCNY 6.72BPrincipal due is the current portion of debt.Result 0.66x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.3%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowCNY 5.34BfreeCashFlowMarket capCNY 100.78BMarketCapitalizationResult 5.3%
Latest free cash flow divided by current market cap (CNY 100.78B).
ROIC
25.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 8.83BoperatingIncomeTax expenseCNY 1.23BtaxProvisionPretax incomeCNY 7.36BincomeBeforeTaxTax rate16.7%EquityCNY 30.33BtotalStockholderEquityDebtCNY 13.39BlongTermDebt + shortLongTermDebtCashCNY 14.56BcashInvested capitalCNY 29.16BResult 25.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.34x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 64.3%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 14.78BpropertyPlantEquipmentInventoryCNY 9.71BinventoryTotal assetsCNY 38.05BtotalAssetsResult 64.3% | 2.33xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenueCNY 34.45BtotalRevenueNet PP&ECNY 14.78BpropertyPlantEquipmentResult 2.33x | 0.93xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexCNY 1.28BcapitalExpendituresD&ACNY 1.38BdepreciationAndAmortizationResult 0.93x | CNY 4.60Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 38.05BtotalAssetsGoodwillCNY 721.15MgoodWillIntangiblesCNY 3.83BintangibleAssetsLiabilitiesCNY 18.73BtotalLiabTangible bookCNY 14.77BShares3,210,978,115commonStockSharesOutstandingResult CNY 4.60 | 0.18xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 2.62BebitdaCapexCNY 1.28BcapitalExpendituresInterestCNY 702.80MinterestExpenseShort-term debtCNY 6.76BshortLongTermDebtEBITDA − capexCNY 1.33BPrincipal due is the current portion of debt.Result 0.18x | CNY 1.13BFree cash flow · 2018-12-31Reported free cash flowOperating cash flowCNY 2.42BtotalCashFromOperatingActivitiesCapexCNY 1.28BcapitalExpendituresFree cash flowCNY 1.13BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 1.13B | 1.8%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 559.65MoperatingIncomeTax expenseCNY 178.99MincomeTaxExpensePretax incomeCNY 546.86MincomeBeforeTaxTax rate32.7%EquityCNY 13.62BtotalStockholderEquityDebtCNY 11.08BshortLongTermDebtTotalCashCNY 3.64BcashInvested capitalCNY 21.07BResult 1.8% | 0.04xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomeCNY 559.65MoperatingIncomeNet PP&ECNY 14.78BpropertyPlantEquipmentResult 0.04x |
| 2019 | 73.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 17.97BpropertyPlantEquipmentInventoryCNY 11.33BinventoryTotal assetsCNY 40.02BtotalAssetsResult 73.2% | 2.37xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenueCNY 42.54BtotalRevenueNet PP&ECNY 17.97BpropertyPlantEquipmentResult 2.37x | 0.98xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexCNY 1.60BcapitalExpendituresD&ACNY 1.63BdepreciationAndAmortizationResult 0.98x | CNY 4.40Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 40.02BtotalAssetsGoodwillCNY 681.98MgoodWillIntangiblesCNY 4.05BintangibleAssetsLiabilitiesCNY 20.12BtotalLiabTangible bookCNY 15.17BShares3,451,137,189commonStockSharesOutstandingResult CNY 4.40 | 0.26xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 4.29BebitdaCapexCNY 1.60BcapitalExpendituresInterestCNY 637.68MinterestExpenseShort-term debtCNY 9.85BshortLongTermDebtEBITDA − capexCNY 2.69BPrincipal due is the current portion of debt.Result 0.26x | CNY 586.92MFree cash flow · 2019-12-31Reported free cash flowOperating cash flowCNY 2.19BtotalCashFromOperatingActivitiesCapexCNY 1.60BcapitalExpendituresFree cash flowCNY 586.92MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 586.92M | 6.6%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 1.97BoperatingIncomeTax expenseCNY 419.15MincomeTaxExpensePretax incomeCNY 1.79BincomeBeforeTaxTax rate23.4%EquityCNY 13.72BtotalStockholderEquityDebtCNY 13.63BshortLongTermDebtTotalCashCNY 4.37BcashInvested capitalCNY 22.98BResult 6.6% | 0.11xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomeCNY 1.97BoperatingIncomeNet PP&ECNY 17.97BpropertyPlantEquipmentResult 0.11x |
| 2020 | 64.4%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 17.56BpropertyPlantAndEquipmentNetInventoryCNY 11.95BinventoryTotal assetsCNY 45.80BtotalAssetsResult 64.4% | 2.73xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenueCNY 48.00BtotalRevenueNet PP&ECNY 17.56BpropertyPlantAndEquipmentNetResult 2.73x | 0.92xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexCNY 1.63BcapitalExpendituresD&ACNY 1.77BdepreciationAndAmortizationResult 0.92x | CNY 4.39Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 45.80BtotalAssetsGoodwillCNY 730.29MgoodWillIntangiblesCNY 4.71BintangibleAssetsLiabilitiesCNY 20.28BtotalLiabTangible bookCNY 20.08BShares4,572,466,538commonStockSharesOutstandingResult CNY 4.39 | 0.34xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 4.83BebitdaCapexCNY 1.63BcapitalExpendituresInterestCNY 613.70MinterestExpenseShort-term debtCNY 8.70BshortLongTermDebtEBITDA − capexCNY 3.20BPrincipal due is the current portion of debt.Result 0.34x | CNY 2.94BFree cash flow · 2020-12-31Reported free cash flowOperating cash flowCNY 4.56BtotalCashFromOperatingActivitiesCapexCNY 1.63BcapitalExpendituresFree cash flowCNY 2.94BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 2.94B | 6.4%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 2.50BoperatingIncomeTax expenseCNY 471.34MincomeTaxExpensePretax incomeCNY 2.41BincomeBeforeTaxTax rate19.6%EquityCNY 23.41BtotalStockholderEquityDebtCNY 13.48BshortLongTermDebtTotalCashCNY 5.61BcashInvested capitalCNY 31.28BResult 6.4% | 0.14xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating incomeCNY 2.50BoperatingIncomeNet PP&ECNY 17.56BpropertyPlantAndEquipmentNetResult 0.14x |
| 2021 | 60.7%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 16.85BpropertyPlantAndEquipmentNetInventoryCNY 12.05BinventoryTotal assetsCNY 47.63BtotalAssetsResult 60.7% | 3.33xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueCNY 56.10BtotalRevenueNet PP&ECNY 16.85BpropertyPlantAndEquipmentNetResult 3.33x | 0.73xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexCNY 1.28BcapitalExpendituresD&ACNY 1.77BdepreciationAndAmortizationResult 0.73x | CNY 4.44Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 47.63BtotalAssetsGoodwillCNY 716.20MgoodWillIntangiblesCNY 4.70BintangibleAssetsLiabilitiesCNY 20.71BtotalLiabTangible bookCNY 21.50BShares4,847,312,564commonStockSharesOutstandingResult CNY 4.44 | 0.35xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 4.88BebitdaCapexCNY 1.28BcapitalExpendituresInterestCNY 558.34MinterestExpenseShort-term debtCNY 9.57BshortLongTermDebtEBITDA − capexCNY 3.59BPrincipal due is the current portion of debt.Result 0.35x | CNY 3.11BFree cash flow · 2021-12-31Reported free cash flowOperating cash flowCNY 4.39BtotalCashFromOperatingActivitiesCapexCNY 1.28BcapitalExpendituresFree cash flowCNY 3.11BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 3.11B | 6.6%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 2.72BoperatingIncomeTax expenseCNY 574.41MincomeTaxExpensePretax incomeCNY 2.53BincomeBeforeTaxTax rate22.7%EquityCNY 24.84BtotalStockholderEquityDebtCNY 14.37BshortLongTermDebtTotalCashCNY 7.53BcashInvested capitalCNY 31.69BResult 6.6% | 0.16xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating incomeCNY 2.72BoperatingIncomeNet PP&ECNY 16.85BpropertyPlantAndEquipmentNetResult 0.16x |
| 2022 | 56.7%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 15.96BpropertyPlantEquipmentInventoryCNY 11.62BinventoryTotal assetsCNY 48.64BtotalAssetsResult 56.7% | 3.58xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueCNY 57.15BtotalRevenueNet PP&ECNY 15.96BpropertyPlantEquipmentResult 3.58x | 0.65xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexCNY 1.12BcapitalExpendituresD&ACNY 1.72BdepreciationAndAmortizationResult 0.65x | CNY 4.70Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 48.64BtotalAssetsGoodwillCNY 714.39MgoodWillIntangiblesCNY 4.51BintangibleAssetsLiabilitiesCNY 20.64BtotalLiabTangible bookCNY 22.78BShares4,847,312,564commonStockSharesOutstandingResult CNY 4.70 | 0.42xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 5.05BebitdaCapexCNY 1.12BcapitalExpendituresInterestCNY 692.54MinterestExpenseShort-term debtCNY 8.63BshortTermDebtEBITDA − capexCNY 3.92BPrincipal due is short-term debt.Result 0.42x | CNY 4.56BFree cash flow · 2022-12-31Reported free cash flowOperating cash flowCNY 5.68BtotalCashFromOperatingActivitiesCapexCNY 1.12BcapitalExpendituresFree cash flowCNY 4.56BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 4.56B | 7.5%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 2.79BoperatingIncomeTax expenseCNY 545.54MincomeTaxExpensePretax incomeCNY 2.82BincomeBeforeTaxTax rate19.3%EquityCNY 25.87BtotalStockholderEquityDebtCNY 13.96BshortLongTermDebtTotalCashCNY 9.86BcashInvested capitalCNY 29.98BResult 7.5% | 0.18xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating incomeCNY 2.79BoperatingIncomeNet PP&ECNY 15.96BpropertyPlantEquipmentResult 0.18x |
| 2023 | 52.8%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 16.44BpropertyPlantAndEquipmentNetInventoryCNY 11.40BinventoryTotal assetsCNY 52.68BtotalAssetsResult 52.8% | 3.73xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueCNY 61.26BtotalRevenueNet PP&ECNY 16.44BpropertyPlantAndEquipmentNetResult 3.73x | 0.95xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexCNY 1.63BcapitalExpendituresD&ACNY 1.71BdepreciationAndAmortizationResult 0.95x | CNY 4.11Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 52.68BtotalAssetsGoodwillCNY 523.70MgoodWillIntangiblesCNY 10.13BintangibleAssetsLiabilitiesCNY 21.94BtotalLiabTangible bookCNY 20.08BShares4,881,730,144commonStockSharesOutstandingResult CNY 4.11 | 0.54xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 6.49BebitdaCapexCNY 1.63BcapitalExpendituresInterestCNY 570.91MinterestExpenseShort-term debtCNY 8.50BshortTermDebtEBITDA − capexCNY 4.87BPrincipal due is short-term debt.Result 0.54x | CNY 4.80BFree cash flow · 2023-12-31Reported free cash flowOperating cash flowCNY 6.51BtotalCashFromOperatingActivitiesCapexCNY 1.63BcapitalExpendituresFree cash flowCNY 4.80BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 4.80B | 11.7%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 4.40BoperatingIncomeTax expenseCNY 688.07MincomeTaxExpensePretax incomeCNY 4.31BincomeBeforeTaxTax rate16.0%EquityCNY 25.91BtotalStockholderEquityDebtCNY 13.88BshortLongTermDebtTotalCashCNY 8.32BcashInvested capitalCNY 31.47BResult 11.7% | 0.27xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating incomeCNY 4.40BoperatingIncomeNet PP&ECNY 16.44BpropertyPlantAndEquipmentNetResult 0.27x |
| 2024 | 49.3%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 17.03BpropertyPlantAndEquipmentNetInventoryCNY 10.40BinventoryTotal assetsCNY 55.64BtotalAssetsResult 49.3% | 3.85xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueCNY 65.56BtotalRevenueNet PP&ECNY 17.03BpropertyPlantAndEquipmentNetResult 3.85x | 1.43xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexCNY 2.41BcapitalExpendituresD&ACNY 1.69BdepreciationAndAmortizationResult 1.43x | CNY 4.47Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 55.64BtotalAssetsGoodwillCNY 323.30MgoodWillIntangiblesCNY 10.60BintangibleAssetsLiabilitiesCNY 23.07BtotalLiabTangible bookCNY 21.65BShares4,837,126,390commonStockSharesOutstandingResult CNY 4.47 | 0.61xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 7.70BebitdaCapexCNY 2.41BcapitalExpendituresInterestCNY 429.27MinterestExpenseShort-term debtCNY 8.28BshortTermDebtEBITDA − capexCNY 5.29BPrincipal due is short-term debt.Result 0.61x | CNY 5.48BFree cash flow · 2024-12-31Reported free cash flowOperating cash flowCNY 7.89BtotalCashFromOperatingActivitiesCapexCNY 2.41BcapitalExpendituresFree cash flowCNY 5.48BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 5.48B | 14.2%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 5.41BoperatingIncomeTax expenseCNY 946.38MincomeTaxExpensePretax incomeCNY 5.15BincomeBeforeTaxTax rate18.4%EquityCNY 27.39BtotalStockholderEquityDebtCNY 14.74BshortLongTermDebtTotalCashCNY 10.98BcashInvested capitalCNY 31.15BResult 14.2% | 0.32xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating incomeCNY 5.41BoperatingIncomeNet PP&ECNY 17.03BpropertyPlantAndEquipmentNetResult 0.32x |
| 2025 | 61.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 25.98BpropertyPlantAndEquipmentNetInventoryCNY 12.35BinventoryTotal assetsCNY 62.55BtotalAssetsResult 61.3% | 3.04xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 79.07BtotalRevenueNet PP&ECNY 25.98BpropertyPlantAndEquipmentNetResult 3.04x | 1.52xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 3.03BcapitalExpendituresD&ACNY 1.99BreconciledDepreciationResult 1.52x | CNY 6.91Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 62.55BtotalAssetsGoodwillCNY 323.30MgoodWillIntangiblesCNY 2.60BintangibleAssetsLiabilitiesCNY 26.12BtotalLiabTangible bookCNY 33.52BShares4,847,312,564commonStockSharesOutstandingResult CNY 6.91 | 0.66xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 9.75BebitdaCapexCNY 3.03BcapitalExpendituresInterestCNY 397.33MinterestExpenseShort-term debtCNY 9.79BshortLongTermDebtEBITDA − capexCNY 6.72BPrincipal due is the current portion of debt.Result 0.66x | CNY 5.34BFree cash flow · 2025-12-31Reported free cash flowOperating cash flowCNY 8.38BtotalCashFromOperatingActivitiesCapexCNY 3.03BcapitalExpendituresFree cash flowCNY 5.34BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 5.34B | 25.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 8.83BoperatingIncomeTax expenseCNY 1.23BtaxProvisionPretax incomeCNY 7.36BincomeBeforeTaxTax rate16.7%EquityCNY 30.33BtotalStockholderEquityDebtCNY 13.39BlongTermDebt + shortLongTermDebtCashCNY 14.56BcashInvested capitalCNY 29.16BResult 25.2% | 0.34xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating incomeCNY 8.83BoperatingIncomeNet PP&ECNY 25.98BpropertyPlantAndEquipmentNetResult 0.34x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: CNY 25.98B
Inventory: CNY 12.35B
Total assets: CNY 62.55B
Goodwill: CNY 323.30M
Intangibles: CNY 2.60B
Liabilities: CNY 26.12B
Tangible book: CNY 33.52B
Shares: 4,847,312,564
Revenue: CNY 79.07B
Capex: CNY 3.03B
D&A: CNY 1.99B
EBITDA: CNY 9.75B
Interest: CNY 397.33M
Short-term debt: CNY 9.79B
Free cash flow: CNY 5.34B
Operating income: CNY 8.83B
Invested capital: CNY 29.16B
Tax rate: 16.7%