Masterwork Group Ratios and Metrics

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	Current	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Mar '26 Mar 26, 2026	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022	Dec '20 Dec 31, 2020
Market Capitalization	3,267	2,385	2,879	2,227	2,969	2,536
Market Cap Growth	25.57%	-17.14%	29.28%	-25.00%	17.08%	-17.95%
Enterprise Value	5,719	4,797	5,391	4,412	4,821	4,343
Last Close Price	7.71	5.63	6.80	5.37	7.16	5.99
PE Ratio	205.76	189.21	70.72	-	86.07	-
Forward PE	-	30.55	30.55	30.55	30.55	30.55
PS Ratio	2.00	1.45	1.80	1.70	2.02	2.07
PB Ratio	1.14	0.84	1.01	0.82	1.06	0.91
P/TBV Ratio	1.35	1.00	1.22	0.94	1.20	1.03
P/FCF Ratio	49.97	57.24	2031.95	-	178.52	-
P/OCF Ratio	23.54	20.59	70.49	22.28	20.06	15.75
PEG Ratio	-	1.00	1.00	1.00	1.00	1.00
EV/Sales Ratio	3.50	2.92	3.36	3.36	3.29	3.55
EV/EBITDA Ratio	30.50	23.36	22.45	36.43	19.08	30.05
EV/EBIT Ratio	66.86	50.51	46.09	661.24	34.89	133.62
EV/FCF Ratio	87.50	115.10	3804.76	-	289.86	-
Debt / Equity Ratio	0.90	0.86	0.89	0.95	0.94	0.83
Debt / EBITDA Ratio	13.70	11.85	10.42	21.17	10.37	16.12
Debt / FCF Ratio	39.30	58.72	1782.27	-	157.60	-
Net Debt / Equity Ratio	0.80	0.75	0.77	0.82	0.69	0.65
Net Debt / EBITDA Ratio	12.21	10.43	9.10	18.25	7.69	12.65
Net Debt / FCF Ratio	34.82	51.38	1542.69	-44.82	116.82	-31.55
Asset Turnover	0.26	0.26	0.25	0.20	0.23	0.19
Inventory Turnover	1.17	1.33	1.26	1.16	1.43	1.41
Quick Ratio	0.36	0.71	0.59	0.62	0.71	0.83
Current Ratio	1.24	1.26	1.06	1.13	1.15	1.30
Return on Equity (ROE)	0.31%	0.21%	1.41%	-2.56%	1.41%	-2.68%
Return on Assets (ROA)	0.84%	0.95%	1.16%	0.06%	1.34%	0.31%
Return on Invested Capital (ROIC)	0.79%	0.53%	1.93%	0.14%	2.26%	0.67%
Return on Capital Employed (ROCE)	2.00%	2.10%	2.80%	0.20%	3.10%	0.70%
Earnings Yield	0.49%	0.53%	1.41%	-3.03%	1.16%	-3.80%
FCF Yield	2.00%	1.75%	0.05%	-2.21%	0.56%	-2.28%
Payout Ratio	331.35%	492.55%	232.12%	-	278.22%	-
Buyback Yield / Dilution	-63.99%	-13.39%	0.06%	13.42%	-2.79%	0.84%
Total Shareholder Return	-63.99%	-13.39%	0.06%	13.42%	-2.79%	0.84%

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.