Tianshan Material 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 14, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Market Capitalization	33,988	37,828	40,245	57,872	73,812	127,820
Market Cap Growth	-17.59%	-6.01%	-30.46%	-21.60%	-42.25%	707.16%
Enterprise Value	173,045	187,960	190,605	205,196	171,119	211,579
Last Close Price	4.78	5.32	5.66	6.55	8.09	14.15
PE Ratio	-	-	-	29.45	16.25	10.19
Forward PE	-	19.52	23.83	12.65	6.40	8.08
PS Ratio	0.46	0.51	0.46	0.54	0.56	0.75
PB Ratio	0.37	0.41	0.41	0.58	0.76	1.40
P/TBV Ratio	4.16	4.63	2.71	3.28	4.53	9.22
P/FCF Ratio	4.84	5.39	12.04	9.07	-	15.22
P/OCF Ratio	2.77	3.08	3.23	3.41	4.84	4.50
EV/Sales Ratio	2.32	2.52	2.19	1.91	1.29	1.24
EV/EBITDA Ratio	15.04	16.73	16.09	14.01	9.37	5.81
EV/EBIT Ratio	134.92	146.55	90.99	42.30	20.04	7.76
EV/FCF Ratio	24.64	26.77	57.01	32.17	-	25.20
Debt / Equity Ratio	1.45	1.45	1.37	1.34	1.30	1.30
Debt / EBITDA Ratio	11.52	11.52	11.21	9.03	6.83	3.25
Debt / FCF Ratio	18.89	18.89	40.70	21.07	-	14.17
Net Debt / Equity Ratio	1.34	1.34	1.24	1.18	1.18	1.13
Net Debt / EBITDA Ratio	10.93	10.93	10.38	8.11	6.30	2.84
Net Debt / FCF Ratio	17.49	17.49	36.78	18.62	-423.13	12.33
Asset Turnover	0.26	0.26	0.30	0.37	0.46	0.63
Inventory Turnover	10.11	10.11	9.29	8.52	10.20	13.20
Quick Ratio	0.40	0.40	0.45	0.46	0.39	0.43
Current Ratio	0.48	0.48	0.53	0.56	0.51	0.52
Return on Equity (ROE)	-7.89%	-7.89%	-0.77%	2.03%	5.38%	16.13%
Return on Assets (ROA)	0.28%	0.28%	0.45%	1.04%	1.86%	6.27%
Return on Invested Capital (ROIC)	0.57%	0.59%	0.95%	1.46%	3.32%	10.28%
Return on Capital Employed (ROCE)	0.80%	0.80%	1.20%	2.70%	5.50%	18.80%
Earnings Yield	-21.45%	-19.27%	-1.78%	3.40%	6.15%	9.82%
FCF Yield	20.66%	18.56%	8.31%	11.02%	-0.37%	6.57%
Dividend Yield	-	-	-	1.74%	3.34%	2.33%
Payout Ratio	-	-	-	284.07%	338.05%	103.99%
Buyback Yield / Dilution	11.38%	11.38%	7.40%	-0.32%	-7.75%	-1.60%
Total Shareholder Return	11.38%	11.38%	7.40%	1.42%	-4.41%	0.73%

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