| Market Cap | — | |
| Enterprise Value | — | |
| Revenue | CNY 129.08B | −3.0% |
| Gross Profit | CNY 56.64B | −15.5% |
| EBITDA | CNY 1.58B | −94.3% |
| Net Income | CNY 5.59B | −76.5% |
| Diluted EPS | — | — |
| Free Cash Flow | -CNY 15.09B | −215.2% |
| Ratio | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend · 12y | vs own | vs sector |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ▾Margins | |||||||||||||||
| Gross Margin | 61.50% | 58.64% | 50.00% | 49.22% | 49.41% | 41.49% | 48.49% | 48.34% | 48.30% | 51.69% | 50.35% | 43.88% | 13% | 39% | |
| Operating Margin | 26.10% | 17.58% | 14.24% | 18.50% | 15.18% | 5.87% | 13.39% | 8.45% | 12.87% | 16.24% | 15.98% | −4.51% | 4% | 22% | |
| EBITDA Margin | 33.88% | 25.70% | 25.80% | 32.30% | 18.80% | 11.09% | 18.72% | 13.03% | 17.88% | 21.51% | 20.94% | 1.22% | 4% | 20% | |
| NOPAT Margin | 22.08% | 15.04% | 11.38% | 15.90% | 12.55% | 4.64% | 11.04% | 5.95% | 9.59% | 13.89% | 13.50% | −3.67% | 4% | 19% | |
| Net Margin | 26.90% | 50.71% | 16.49% | 21.58% | 26.96% | 1.92% | 20.99% | 8.21% | 6.11% | 15.09% | 17.85% | 4.33% | 13% | 41% | |
| FCF Margin | — | — | 25.93% | 33.07% | 26.59% | 20.51% | 17.85% | 7.41% | 14.46% | 18.89% | 9.84% | −11.69% | 5% | 14% | |
| FCFF Margin | — | — | 27.24% | 34.71% | 28.11% | — | 20.24% | 9.35% | 16.22% | 20.95% | 11.63% | −9.93% | 6% | 2% | |
| OCF Margin | — | — | 31.86% | 38.71% | 35.17% | 26.49% | 22.60% | 16.16% | 21.16% | 27.20% | 15.95% | −2.33% | 5% | 14% | |
| Gross Profitability | 30.44% | 26.33% | 19.38% | 16.58% | 16.98% | 14.79% | 15.60% | 15.84% | 15.28% | 17.10% | 15.67% | 12.61% | 4% | 17% | |
| Capex Intensity | 9.84% | 7.88% | 5.94% | 5.64% | 8.58% | 5.98% | 4.75% | 8.75% | 6.70% | 8.31% | 6.11% | 9.35% | 88% | 88% | |
| ▸Returns on Capital · 6 ratios | |||||||||||||||
| ▸DuPont factors (ROE drivers) · 4 ratios | |||||||||||||||
| ▸Earnings quality · 7 ratios | |||||||||||||||
| ▸Liquidity & coverage · 8 ratios | |||||||||||||||
| ▸Leverage · 9 ratios | |||||||||||||||
| ▸Working capital · 3 ratios | |||||||||||||||
| ▸Capital allocation · 2 ratios | |||||||||||||||
The five drivers multiply to 9.2% vs reported ROE 9.4%. High ROE from margin and turnover is earned; from the equity multiplier it is borrowed.
| Line | 2014↗ | 2015↗ | 2016↗ | 2017↗ | 2018↗ | 2019↗ | 2020↗ | 2021↗ | 2022↗ | 2023↗ | 2024↗ | 2025↗ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CNY 49.05B | CNY 66.38B | CNY 70.55B | CNY 84.81B | CNY 102.28B | CNY 107.41B | CNY 107.07B | CNY 124.49B | CNY 123.67B | CNY 134.60B | CNY 133.13B | CNY 129.08B |
| YoY % | +35.3% | +6.3% | +20.2% | +20.6% | +5.0% | -0.3% | +16.3% | -0.7% | +8.8% | -1.1% | -3.0% | |
| Cost of Revenue | CNY 18.89B | CNY 27.46B | CNY 35.28B | CNY 43.06B | CNY 51.74B | CNY 62.85B | CNY 55.16B | CNY 64.31B | CNY 63.94B | CNY 65.03B | CNY 66.10B | CNY 72.44B |
| YoY % | +45.4% | +28.5% | +22.1% | +20.2% | +21.5% | -12.2% | +16.6% | -0.6% | +1.7% | +1.6% | +9.6% | |
| R&D Expense | CNY 6.98B | CNY 10.18B | CNY 10.15B | CNY 12.93B | CNY 15.77B | CNY 18.35B | CNY 19.51B | CNY 24.94B | CNY 23.32B | CNY 24.19B | CNY 22.13B | CNY 20.43B |
| YoY % | +45.8% | -0.2% | +27.4% | +22.0% | +16.3% | +6.4% | +27.8% | -6.5% | +3.8% | -8.5% | -7.7% | |
| SG&A Expense | CNY 10.38B | CNY 17.08B | CNY 15.07B | CNY 13.13B | CNY 19.23B | CNY 19.91B | CNY 18.06B | CNY 24.72B | CNY 20.51B | CNY 23.52B | CNY 23.62B | CNY 25.84B |
| YoY % | +64.5% | -11.7% | -12.9% | +46.5% | +3.5% | -9.3% | +36.9% | -17.0% | +14.6% | +0.4% | +9.4% | |
| Total Operating Expenses | CNY 36.25B | CNY 54.71B | CNY 60.50B | CNY 69.12B | CNY 86.75B | CNY 101.11B | CNY 92.73B | CNY 113.97B | CNY 107.76B | CNY 112.74B | CNY 111.86B | CNY 134.90B |
| YoY % | +50.9% | +10.6% | +14.2% | +25.5% | +16.6% | -8.3% | +22.9% | -5.4% | +4.6% | -0.8% | +20.6% | |
| Operating Income | CNY 12.80B | CNY 11.67B | CNY 10.05B | CNY 15.69B | CNY 15.53B | CNY 6.31B | CNY 14.34B | CNY 10.52B | CNY 15.91B | CNY 21.86B | CNY 21.27B | -CNY 5.82B |
| YoY % | -8.8% | -13.9% | +56.1% | -1.0% | -59.4% | +127.4% | -26.7% | +51.3% | +37.4% | -2.7% | ||
| Interest Expense | CNY 628.6M | CNY 1.04B | CNY 1.16B | CNY 1.61B | CNY 1.88B | CNY 2.96B | CNY 3.10B | CNY 3.42B | CNY 2.91B | CNY 3.25B | CNY 2.82B | CNY 2.78B |
| YoY % | +65.6% | +11.2% | +39.5% | +16.6% | +57.2% | +4.8% | +10.2% | -14.8% | +11.5% | -13.1% | -1.4% | |
| Interest & Investment Income | CNY 1.99B | CNY 2.36B | CNY 2.34B | CNY 3.15B | CNY 4.45B | CNY 6.06B | CNY 5.36B | CNY 5.55B | CNY 6.25B | CNY 8.01B | CNY 7.96B | CNY 8.60B |
| YoY % | +18.5% | -0.8% | +34.7% | +41.1% | +36.1% | -11.6% | +3.6% | +12.5% | +28.2% | -0.6% | +8.0% | |
| Other Non-Operating Income | CNY 260.6M | CNY 24.73B | CNY 3.79B | CNY 4.60B | CNY 9.43B | -CNY 8.46B | CNY 9.40B | -CNY 1.04B | -CNY 5.74B | CNY 1.78B | CNY 1.83B | CNY 5.77B |
| YoY % | +9390.4% | -84.7% | +21.2% | +105.0% | +2.5% | +215.3% | ||||||
| Equity Method Income | -CNY 19.9M | CNY 4.0M | -CNY 1.03B | -CNY 63.0M | -CNY 79.0M | -CNY 1.25B | -CNY 2.25B | -CNY 932.0M | -CNY 1.91B | -CNY 3.80B | -CNY 691.0M | CNY 3.20B |
| Gains on Sale of Real Estate | — | — | — | — | — | — | -CNY 71.0M | CNY 81.0M | CNY 58.0M | CNY 36.0M | CNY 44.0M | CNY 11.0M |
| YoY % | -28.4% | -37.9% | +22.2% | -75.0% | ||||||||
| Impairment of Real Estate | — | — | — | — | — | — | — | — | — | CNY 0 | CNY 0 | CNY 16.19B |
| Pretax Income | CNY 14.48B | CNY 37.91B | CNY 14.51B | CNY 21.28B | CNY 27.32B | -CNY 340.0M | CNY 23.09B | CNY 10.78B | CNY 10.11B | CNY 25.20B | CNY 28.62B | CNY 6.72B |
| YoY % | +161.7% | -61.7% | +46.7% | +28.4% | -53.3% | -6.2% | +149.2% | +13.6% | -76.5% | |||
| Income Tax | CNY 2.23B | CNY 5.47B | CNY 2.91B | CNY 3.00B | CNY 4.74B | CNY 1.95B | CNY 4.06B | CNY 3.19B | CNY 2.58B | CNY 3.65B | CNY 4.45B | CNY 1.26B |
| YoY % | +145.4% | -46.8% | +2.8% | +58.4% | -58.9% | +108.6% | -21.6% | -19.1% | +41.5% | +21.9% | -71.7% | |
| Net Income (incl. NCI) | CNY 12.25B | CNY 32.43B | CNY 11.60B | CNY 18.29B | CNY 22.58B | -CNY 2.29B | CNY 19.03B | CNY 7.59B | CNY 7.53B | CNY 21.55B | CNY 24.18B | CNY 5.46B |
| YoY % | +164.7% | -64.2% | +57.7% | +23.5% | -60.1% | -0.8% | +186.0% | +12.2% | -77.4% | |||
| Minority Interest (P&L) | -CNY 943.7M | -CNY 1.23B | -CNY 36.0M | -CNY 13.0M | -CNY 4.99B | -CNY 4.34B | -CNY 3.45B | -CNY 2.63B | -CNY 25.0M | CNY 1.23B | CNY 415.0M | -CNY 132.0M |
| YoY % | -66.4% | |||||||||||
| Net Income | CNY 13.20B | CNY 33.66B | CNY 11.63B | CNY 18.30B | CNY 27.57B | CNY 2.06B | CNY 22.47B | CNY 10.23B | CNY 7.56B | CNY 20.32B | CNY 23.76B | CNY 5.59B |
| YoY % | +155.1% | -65.4% | +57.3% | +50.7% | -92.5% | +992.5% | -54.5% | -26.1% | +168.8% | +17.0% | -76.5% | |
| Net Income to Common | CNY 13.14B | CNY 33.34B | CNY 11.07B | CNY 18.32B | CNY 27.44B | CNY 1.98B | CNY 22.38B | CNY 9.88B | CNY 6.97B | CNY 19.60B | CNY 23.17B | CNY 4.66B |
| YoY % | +153.6% | -66.8% | +65.4% | +49.8% | -92.8% | +1030.5% | -55.9% | -29.4% | +181.3% | +18.2% | -79.9% |
The sector classification is SIC-derived, not official GICS. Statement lines are XBRL facts as filed with the company's home regulator (SEC EDGAR for US filers; ESEF/EDINET and other national regulators for foreign filers); ratios and other derived figures are computed from them. A blank cell means the tag was absent — never imputed.
