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 29, 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	32,993	37,828	40,245	57,872	73,812	127,820
Market Cap Growth	-17.14%	-6.01%	-30.46%	-21.60%	-42.25%	707.16%
Enterprise Value	181,390	187,960	190,605	205,196	171,119	211,579
Last Close Price	4.64	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	13.35	4.63	2.71	3.28	4.53	9.22
P/FCF Ratio	4.88	5.39	12.04	9.07	-	15.22
P/OCF Ratio	2.97	3.08	3.23	3.41	4.84	4.50
EV/Sales Ratio	2.52	2.52	2.19	1.91	1.29	1.24
EV/EBITDA Ratio	16.36	16.73	16.09	14.01	9.37	5.81
EV/EBIT Ratio	222.73	146.55	90.99	42.30	20.04	7.76
EV/FCF Ratio	26.84	26.77	57.01	32.17	-	25.20
Debt / Equity Ratio	1.64	1.45	1.37	1.34	1.30	1.30
Debt / EBITDA Ratio	13.33	11.52	11.21	9.03	6.83	3.25
Debt / FCF Ratio	21.88	18.89	40.70	21.07	-	14.17
Net Debt / Equity Ratio	1.47	1.34	1.24	1.18	1.18	1.13
Net Debt / EBITDA Ratio	12.23	10.93	10.38	8.11	6.30	2.84
Net Debt / FCF Ratio	19.58	17.49	36.78	18.62	-423.13	12.33
Asset Turnover	0.25	0.26	0.30	0.37	0.46	0.63
Inventory Turnover	7.21	10.11	9.29	8.52	10.20	13.20
Quick Ratio	0.43	0.40	0.45	0.46	0.39	0.43
Current Ratio	0.54	0.48	0.53	0.56	0.51	0.52
Return on Equity (ROE)	-7.98%	-7.89%	-0.77%	2.03%	5.38%	16.13%
Return on Assets (ROA)	0.18%	0.28%	0.45%	1.04%	1.86%	6.27%
Return on Invested Capital (ROIC)	0.37%	0.59%	0.95%	1.46%	3.32%	10.28%
Return on Capital Employed (ROCE)	0.50%	0.80%	1.20%	2.70%	5.50%	18.80%
Earnings Yield	-22.09%	-19.27%	-1.78%	3.40%	6.15%	9.82%
FCF Yield	20.48%	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	6.94%	11.38%	7.40%	-0.32%	-7.75%	-1.60%
Total Shareholder Return	6.94%	11.38%	7.40%	1.42%	-4.41%	0.73%

Source: S&P Global Market Intelligence. Standard template. Financial Sources.