Company Valuation: Tong Ren Tang Technologies Co. Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 8,744 6,401 7,615 6,246 5,076 3,246 - -
Change - -26.79% 18.96% -17.97% -18.74% -36.04% - -
Enterprise Value (EV) 6,488 3,826 4,951 6,246 5,076 3,246 3,246 3,246
Change - -41.03% 29.41% 26.17% -18.74% -36.04% 0% 0%
P/E 17.1x 10.9x 12.9x 11.9x 12.8x 7.14x 6.34x 5.63x
PBR 1.46x 0.99x 1.11x 0.87x 0.69x 0.43x 0.41x 0.4x
PEG - 0.7x - -1.1x -0.5x 0.5x 0.5x 0.5x
Capitalization / Revenue 1.62x 1.07x 1.12x 0.86x 0.78x 0.46x 0.43x 0.39x
EV / Revenue 0x 0x 0x 0x 0x 0.46x 0.43x 0.39x
EV / EBITDA 0x 0x 0x 0x 0x 2.8x 2.53x 2.42x
EV / EBIT 0x 0x 0x 0x 0x 3.34x 2.98x 2.77x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.16 0.16 0.18 0.18 0.18 0.16 0.18 -
Rate of return 2.34% 3.2% 3.03% 3.69% 4.54% 6.31% 7.1% -
EPS 2 0.4 0.46 0.46 0.41 0.31 0.355 0.4 0.45
Distribution rate 40% 34.8% 39.1% 43.9% 58.1% 45.1% 45% -
Net sales 1 5,400 5,992 6,773 7,260 6,484 6,982 7,563 8,224
EBITDA 1 1,251 1,380 1,393 1,186 1,136 1,159 1,286 1,340
EBIT 1 1,080 1,213 1,116 995.7 802.1 971.5 1,090 1,171
Net income 1 507.2 582.9 590.2 521.8 396.3 454.5 513.5 580
Net Debt -2,256 -2,575 -2,664 - - - - -
Reference price 2 6.827 4.998 5.946 4.877 3.963 2.535 2.535 2.535
Nbr of stocks (in thousands) 1,280,784 1,280,784 1,280,784 1,280,784 1,280,784 1,280,784 - -
Announcement Date 3/18/22 3/22/23 3/22/24 3/28/25 3/27/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.13x1.89x12.24x5.43% 13.26B
22.88x1.47x8.84x2.78% 4.99B
16.23x3.35x10.27x6.1% 4.66B
17.98x - - 1.3% 4.02B
27.19x - - - 3.59B
16.22x2.42x9.8x2.77% 3.31B
Average 19.44x 2.28x 10.29x 3.68% 5.64B
Weighted average by Cap. 18.54x 2.14x 10.94x 4.26%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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