Minfeng Special Paper Ratios and Metrics

Market cap in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Apr '26 Apr 9, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Market Capitalization	2,417	2,389	1,992	2,157	1,957	2,192
Market Cap Growth	15.82%	19.93%	-7.66%	10.23%	-10.74%	25.05%
Enterprise Value	3,414	3,536	3,003	2,728	2,387	2,685
Last Close Price	6.88	6.80	5.65	6.04	5.47	6.11
PE Ratio	137.60	146.70	27.66	46.16	127.04	37.59
Forward PE	-	85.17	85.17	85.17	85.17	85.17
PS Ratio	2.01	1.98	1.37	1.33	1.17	1.44
PB Ratio	1.60	1.58	1.33	1.49	1.39	1.57
P/TBV Ratio	1.68	1.67	1.40	1.58	1.45	1.63
P/FCF Ratio	28.20	27.88	-	-	13.31	46.33
P/OCF Ratio	8.90	8.80	7.60	73.82	10.41	22.78
EV/Sales Ratio	2.83	2.94	2.06	1.69	1.43	1.76
EV/EBITDA Ratio	29.62	25.94	18.87	20.13	21.91	18.05
EV/EBIT Ratio	164.61	85.14	34.68	43.80	66.67	34.44
EV/FCF Ratio	39.84	41.26	-	-	16.24	56.76
Debt / Equity Ratio	0.75	0.75	0.82	0.57	0.41	0.46
Debt / EBITDA Ratio	8.34	8.34	7.75	6.09	5.32	4.29
Debt / FCF Ratio	13.27	13.27	-	-	3.94	13.50
Net Debt / Equity Ratio	0.66	0.66	0.70	0.44	0.28	0.36
Net Debt / EBITDA Ratio	7.32	7.32	6.63	4.65	3.58	3.41
Net Debt / FCF Ratio	11.64	11.64	-2.71	-2.89	2.65	10.72
Asset Turnover	0.39	0.39	0.53	0.71	0.77	0.69
Inventory Turnover	2.61	2.61	3.19	3.78	4.20	3.34
Quick Ratio	0.39	0.39	0.50	0.70	0.83	0.70
Current Ratio	0.87	0.87	0.85	1.21	1.35	1.28
Return on Equity (ROE)	1.08%	1.08%	4.88%	3.27%	1.10%	4.25%
Return on Assets (ROA)	0.85%	0.85%	1.96%	1.70%	1.03%	2.22%
Return on Invested Capital (ROIC)	1.61%	1.64%	3.64%	3.21%	1.87%	3.93%
Return on Capital Employed (ROCE)	2.10%	2.10%	4.50%	4.10%	2.50%	5.50%
Earnings Yield	0.67%	0.68%	3.62%	2.17%	0.79%	2.66%
FCF Yield	3.55%	3.59%	-19.51%	-10.09%	7.51%	2.16%
Dividend Yield	0.22%	-	1.10%	0.25%	0.18%	0.33%
Payout Ratio	239.82%	239.82%	68.23%	54.08%	185.90%	50.32%
Buyback Yield / Dilution	9.54%	9.54%	-0.16%	6.66%	-12.26%	1.09%
Total Shareholder Return	10.44%	9.54%	0.94%	6.91%	-12.08%	1.41%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.