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.
Guangdong Songfa Ceramics Co
Physical assets are 47.4% of total assets, a mixed footprint. Capex is 19.29x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -0.83x, which is below 1.
Fixed-asset turnover is 1.19x. Compare it with other names in the same basket.
Physical asset ratio
47.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 18.24BpropertyPlantAndEquipmentNetInventoryCNY 5.18BinventoryTotal assetsCNY 49.39BtotalAssetsResult 47.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.19xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 21.64BtotalRevenueNet PP&ECNY 18.24BpropertyPlantAndEquipmentNetResult 1.19x
Revenue per dollar of the physical asset base.
Capex / D&A
19.29xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 9.63BcapitalExpendituresD&ACNY 499.26MdepreciationAndAmortizationResult 19.29x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
CNY 10.47Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 49.39BtotalAssetsGoodwillCNY 0.00Not reported, treated as 0IntangiblesCNY 1.84BintangibleAssetsLiabilitiesCNY 38.16BtotalLiabTangible bookCNY 9.39BShares896,826,940commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result CNY 10.47
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
14.83xPrice / tangible bookPrice / tangible book per sharePriceCNY 155.26Latest quoteTangible book / shareCNY 10.472025-12-31Result 14.83x
Price CNY 155.26.
Fixed-charge coverage
-0.83xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 4.26BebitdaCapexCNY 9.63BcapitalExpendituresInterestCNY 600.27MinterestExpenseShort-term debtCNY 5.89BshortLongTermDebtEBITDA − capex-CNY 5.38BPrincipal due is the current portion of debt.Result -0.83x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-7.3%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-CNY 11.09BfreeCashFlowMarket capCNY 152.25BMarketCapitalizationResult -7.3%
Latest free cash flow divided by current market cap (CNY 152.25B).
ROIC
26.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 3.76BoperatingIncomeTax expenseCNY 526.65MincomeTaxExpensePretax incomeCNY 3.18BincomeBeforeTaxTax rate16.6%EquityCNY 9.45BtotalStockholderEquityDebtCNY 9.53BlongTermDebt + shortLongTermDebtCashCNY 7.22BcashAndShortTermInvestmentsInvested capitalCNY 11.76BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 26.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.21x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 37.3%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 279.00MpropertyPlantEquipmentInventoryCNY 190.35MinventoryTotal assetsCNY 1.26BtotalAssetsResult 37.3% | 2.12xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenueCNY 591.02MtotalRevenueNet PP&ECNY 279.00MpropertyPlantEquipmentResult 2.12x | 1.07xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexCNY 36.67McapitalExpendituresD&ACNY 34.35MdepreciationAndAmortizationResult 1.07x | CNY 2.56Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 1.26BtotalAssetsGoodwillCNY 301.82MgoodWillIntangiblesCNY 68.19MintangibleAssetsLiabilitiesCNY 567.77MtotalLiabTangible bookCNY 320.75MShares125,419,248commonStockSharesOutstandingResult CNY 2.56 | 0.31xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 107.89MebitdaCapexCNY 36.67McapitalExpendituresInterestCNY 20.81MinterestExpenseShort-term debtCNY 205.45MshortLongTermDebtEBITDA − capexCNY 71.22MPrincipal due is the current portion of debt.Result 0.31x | CNY 6.97MFree cash flow · 2018-12-31Reported free cash flowOperating cash flowCNY 43.65MtotalCashFromOperatingActivitiesCapexCNY 36.67McapitalExpendituresFree cash flowCNY 6.97MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 6.97M | 6.3%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 59.52MoperatingIncomeTax expenseCNY 3.25MincomeTaxExpensePretax incomeCNY 58.32MincomeBeforeTaxTax rate5.6%EquityCNY 623.12MtotalStockholderEquityDebtCNY 373.34MshortLongTermDebtTotalCashCNY 97.65McashAndShortTermInvestmentsInvested capitalCNY 898.81MResult 6.3% | 0.21xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomeCNY 59.52MoperatingIncomeNet PP&ECNY 279.00MpropertyPlantEquipmentResult 0.21x |
| 2019 | 37.8%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 268.47MpropertyPlantEquipmentInventoryCNY 193.49MinventoryTotal assetsCNY 1.22BtotalAssetsResult 37.8% | 2.16xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenueCNY 580.37MtotalRevenueNet PP&ECNY 268.47MpropertyPlantEquipmentResult 2.16x | 0.44xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexCNY 16.36McapitalExpendituresD&ACNY 37.34MdepreciationAndAmortizationResult 0.44x | CNY 2.84Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 1.22BtotalAssetsGoodwillCNY 301.97MgoodWillIntangiblesCNY 61.80MintangibleAssetsLiabilitiesCNY 504.31MtotalLiabTangible bookCNY 352.85MShares124,168,800commonStockSharesOutstandingResult CNY 2.84 | 0.35xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 99.34MebitdaCapexCNY 16.36McapitalExpendituresInterestCNY 21.78MinterestExpenseShort-term debtCNY 212.36MshortTermDebtEBITDA − capexCNY 82.98MPrincipal due is short-term debt.Result 0.35x | CNY 62.40MFree cash flow · 2019-12-31Reported free cash flowOperating cash flowCNY 78.76MtotalCashFromOperatingActivitiesCapexCNY 16.36McapitalExpendituresFree cash flowCNY 62.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 62.40M | 5.2%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 48.54MoperatingIncomeTax expense-CNY 1.99MincomeTaxExpensePretax incomeCNY 45.52MincomeBeforeTaxTax rate0.0%EquityCNY 644.79MtotalStockholderEquityDebtCNY 356.81MshortLongTermDebtTotalCashCNY 71.50McashAndShortTermInvestmentsInvested capitalCNY 930.10MResult 5.2% | 0.18xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomeCNY 48.54MoperatingIncomeNet PP&ECNY 268.47MpropertyPlantEquipmentResult 0.18x |
| 2020 | 39.1%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 246.11MpropertyPlantEquipmentInventoryCNY 193.93MinventoryTotal assetsCNY 1.12BtotalAssetsResult 39.1% | 1.81xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenueCNY 446.32MtotalRevenueNet PP&ECNY 246.11MpropertyPlantEquipmentResult 1.81x | 0.30xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexCNY 10.47McapitalExpendituresD&ACNY 35.10MdepreciationAndAmortizationResult 0.30x | CNY 3.03Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 1.12BtotalAssetsGoodwillCNY 301.97MgoodWillIntangiblesCNY 57.88MintangibleAssetsLiabilitiesCNY 387.84MtotalLiabTangible bookCNY 376.54MShares124,168,800commonStockSharesOutstandingResult CNY 3.03 | 0.33xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 83.67MebitdaCapexCNY 10.47McapitalExpendituresInterestCNY 19.01MinterestExpenseShort-term debtCNY 205.80MshortLongTermDebtEBITDA − capexCNY 73.21MPrincipal due is the current portion of debt.Result 0.33x | CNY 54.98MFree cash flow · 2020-12-31Reported free cash flowOperating cash flowCNY 65.45MtotalCashFromOperatingActivitiesCapexCNY 10.47McapitalExpendituresFree cash flowCNY 54.98MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result CNY 54.98M | 2.7%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 23.64MoperatingIncomeTax expense-CNY 3.85MincomeTaxExpensePretax incomeCNY 22.39MincomeBeforeTaxTax rate0.0%EquityCNY 670.20MtotalStockholderEquityDebtCNY 264.23MshortLongTermDebtTotalCashCNY 52.79McashAndShortTermInvestmentsInvested capitalCNY 881.65MResult 2.7% | 0.10xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating incomeCNY 23.64MoperatingIncomeNet PP&ECNY 246.11MpropertyPlantEquipmentResult 0.10x |
| 2021 | 53.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 249.24MpropertyPlantEquipmentInventoryCNY 199.73MinventoryTotal assetsCNY 833.80MtotalAssetsResult 53.8% | 1.62xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueCNY 402.97MtotalRevenueNet PP&ECNY 249.24MpropertyPlantEquipmentResult 1.62x | 0.96xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexCNY 32.96McapitalExpendituresD&ACNY 34.49MdepreciationAndAmortizationResult 0.96x | CNY 2.22Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 833.80MtotalAssetsGoodwillCNY 52.79MgoodWillIntangiblesCNY 53.52MintangibleAssetsLiabilitiesCNY 451.87MtotalLiabTangible bookCNY 275.61MShares124,168,800commonStockSharesOutstandingResult CNY 2.22 | -0.23xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-CNY 23.67MebitdaCapexCNY 32.96McapitalExpendituresInterestCNY 15.63MinterestExpenseShort-term debtCNY 232.81MshortTermDebtEBITDA − capex-CNY 56.63MPrincipal due is short-term debt.Result -0.23x | -CNY 51.26MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-CNY 18.30MtotalCashFromOperatingActivitiesCapexCNY 32.96McapitalExpendituresFree cash flow-CNY 51.26MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -CNY 51.26M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-CNY 321.02MoperatingIncomeTax expenseCNY 263.76KincomeTaxExpensePretax income-CNY 322.01MincomeBeforeTaxTax rate—EquityCNY 362.21MtotalStockholderEquityDebtCNY 286.77MshortLongTermDebtTotalCashCNY 33.13McashAndShortTermInvestmentsInvested capitalCNY 615.84MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.29xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-CNY 321.02MoperatingIncomeNet PP&ECNY 249.24MpropertyPlantEquipmentResult -1.29x |
| 2022 | 58.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 223.71MpropertyPlantEquipmentInventoryCNY 159.34MinventoryTotal assetsCNY 650.78MtotalAssetsResult 58.9% | 1.21xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueCNY 270.83MtotalRevenueNet PP&ECNY 223.71MpropertyPlantEquipmentResult 1.21x | 0.20xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexCNY 6.68McapitalExpendituresD&ACNY 33.25MdepreciationAndAmortizationResult 0.20x | CNY 1.20Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 650.78MtotalAssetsGoodwillCNY 12.41MgoodWillIntangiblesCNY 49.20MintangibleAssetsLiabilitiesCNY 440.45MtotalLiabTangible bookCNY 148.72MShares124,168,800commonStockSharesOutstandingResult CNY 1.20 | -0.42xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-CNY 89.92MebitdaCapexCNY 6.68McapitalExpendituresInterestCNY 19.19MinterestExpenseShort-term debtCNY 213.39MshortTermDebtEBITDA − capex-CNY 96.61MPrincipal due is short-term debt.Result -0.42x | -CNY 642.92KFree cash flow · 2022-12-31Reported free cash flowOperating cash flowCNY 6.04MtotalCashFromOperatingActivitiesCapexCNY 6.68McapitalExpendituresFree cash flow-CNY 642.92KfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -CNY 642.92K | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-CNY 174.25MoperatingIncomeTax expense-CNY 4.47MincomeTaxExpensePretax income-CNY 175.84MincomeBeforeTaxTax rate—EquityCNY 191.94MtotalStockholderEquityDebtCNY 254.07MshortLongTermDebtTotalCashCNY 25.83McashInvested capitalCNY 420.18MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.78xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-CNY 174.25MoperatingIncomeNet PP&ECNY 223.71MpropertyPlantEquipmentResult -0.78x |
| 2023 | 64.6%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 206.85MpropertyPlantAndEquipmentNetInventoryCNY 158.31MinventoryTotal assetsCNY 565.48MtotalAssetsResult 64.6% | 1.00xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueCNY 206.09MtotalRevenueNet PP&ECNY 206.85MpropertyPlantAndEquipmentNetResult 1.00x | 0.26xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexCNY 8.05McapitalExpendituresD&ACNY 30.75MdepreciationAndAmortizationResult 0.26x | CNY 0.30Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 565.48MtotalAssetsGoodwillCNY 0.00Not reported, treated as 0IntangiblesCNY 37.34MintangibleAssetsLiabilitiesCNY 490.27MtotalLiabTangible bookCNY 37.87MShares124,466,264commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result CNY 0.30 | -0.31xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-CNY 52.12MebitdaCapexCNY 8.05McapitalExpendituresInterestCNY 20.14MinterestExpenseShort-term debtCNY 174.18MshortLongTermDebtEBITDA − capex-CNY 60.17MPrincipal due is the current portion of debt.Result -0.31x | -CNY 23.38MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-CNY 15.33MtotalCashFromOperatingActivitiesCapexCNY 8.05McapitalExpendituresFree cash flow-CNY 23.38MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -CNY 23.38M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-CNY 118.24MoperatingIncomeTax expense-CNY 1.93MincomeTaxExpensePretax income-CNY 119.06MincomeBeforeTaxTax rate—EquityCNY 75.21MtotalStockholderEquityDebtCNY 192.29MshortLongTermDebtTotalCashCNY 18.08McashInvested capitalCNY 249.42MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.57xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-CNY 118.24MoperatingIncomeNet PP&ECNY 206.85MpropertyPlantAndEquipmentNetResult -0.57x |
| 2024 | 61.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 188.52MpropertyPlantAndEquipmentNetInventoryCNY 163.04MinventoryTotal assetsCNY 571.78MtotalAssetsResult 61.5% | 1.46xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueCNY 274.81MtotalRevenueNet PP&ECNY 188.52MpropertyPlantAndEquipmentNetResult 1.46x | 0.21xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexCNY 5.65McapitalExpendituresD&ACNY 26.69MdepreciationAndAmortizationResult 0.21x | -CNY 0.28Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 571.78MtotalAssetsGoodwillCNY 0.00Not reported, treated as 0IntangiblesCNY 35.69MintangibleAssetsLiabilitiesCNY 570.26MtotalLiabTangible book-CNY 34.18MShares124,168,800commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -CNY 0.28 | -0.20xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-CNY 29.17MebitdaCapexCNY 5.65McapitalExpendituresInterestCNY 23.47MinterestExpenseShort-term debtCNY 149.10MshortTermDebtEBITDA − capex-CNY 34.81MPrincipal due is short-term debt.Result -0.20x | -CNY 53.90MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-CNY 48.25MtotalCashFromOperatingActivitiesCapexCNY 5.65McapitalExpendituresFree cash flow-CNY 53.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -CNY 53.90M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-CNY 74.76MoperatingIncomeTax expenseCNY 786.86KincomeTaxExpensePretax income-CNY 75.86MincomeBeforeTaxTax rate—EquityCNY 1.51MtotalStockholderEquityDebtCNY 165.53MshortLongTermDebtTotalCashCNY 10.55McashInvested capitalCNY 156.49MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.40xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-CNY 74.76MoperatingIncomeNet PP&ECNY 188.52MpropertyPlantAndEquipmentNetResult -0.40x |
| 2025 | 47.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 18.24BpropertyPlantAndEquipmentNetInventoryCNY 5.18BinventoryTotal assetsCNY 49.39BtotalAssetsResult 47.4% | 1.19xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 21.64BtotalRevenueNet PP&ECNY 18.24BpropertyPlantAndEquipmentNetResult 1.19x | 19.29xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 9.63BcapitalExpendituresD&ACNY 499.26MdepreciationAndAmortizationResult 19.29x | CNY 10.47Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 49.39BtotalAssetsGoodwillCNY 0.00Not reported, treated as 0IntangiblesCNY 1.84BintangibleAssetsLiabilitiesCNY 38.16BtotalLiabTangible bookCNY 9.39BShares896,826,940commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result CNY 10.47 | -0.83xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 4.26BebitdaCapexCNY 9.63BcapitalExpendituresInterestCNY 600.27MinterestExpenseShort-term debtCNY 5.89BshortLongTermDebtEBITDA − capex-CNY 5.38BPrincipal due is the current portion of debt.Result -0.83x | -CNY 11.09BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-CNY 1.46BtotalCashFromOperatingActivitiesCapexCNY 9.63BcapitalExpendituresFree cash flow-CNY 11.09BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -CNY 11.09B | 26.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 3.76BoperatingIncomeTax expenseCNY 526.65MincomeTaxExpensePretax incomeCNY 3.18BincomeBeforeTaxTax rate16.6%EquityCNY 9.45BtotalStockholderEquityDebtCNY 9.53BlongTermDebt + shortLongTermDebtCashCNY 7.22BcashAndShortTermInvestmentsInvested capitalCNY 11.76BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 26.7% | 0.21xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating incomeCNY 3.76BoperatingIncomeNet PP&ECNY 18.24BpropertyPlantAndEquipmentNetResult 0.21x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: CNY 18.24B
Inventory: CNY 5.18B
Total assets: CNY 49.39B
Goodwill: CNY 0.00
Intangibles: CNY 1.84B
Liabilities: CNY 38.16B
Tangible book: CNY 9.39B
Shares: 896,826,940
Revenue: CNY 21.64B
Capex: CNY 9.63B
D&A: CNY 499.26M
EBITDA: CNY 4.26B
Interest: CNY 600.27M
Short-term debt: CNY 5.89B
Free cash flow: -CNY 11.09B
Operating income: CNY 3.76B
Invested capital: CNY 11.76B
Tax rate: 16.6%