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 3,343 - -
Change - -26.79% 18.96% -17.97% -18.74% -34.13% - -
Enterprise Value (EV) 6,488 3,826 4,951 6,246 5,076 3,343 3,343 3,343
Change - -41.03% 29.41% 26.17% -18.74% -34.13% 0% 0%
P/E 17.1x 10.9x 12.9x 11.9x 12.8x 7.35x 6.53x 5.8x
PBR 1.46x 0.99x 1.11x 0.87x 0.69x 0.44x 0.43x 0.41x
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 0.48x 0.44x 0.41x
EV / Revenue 0x 0x 0x 0x 0x 0.48x 0.44x 0.41x
EV / EBITDA 0x 0x 0x 0x 0x 2.88x 2.6x 2.49x
EV / EBIT 0x 0x 0x 0x 0x 3.44x 3.07x 2.86x
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% 6.13% 6.9% -
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 2.610 2.610 2.610
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 18/03/22 22/03/23 22/03/24 28/03/25 27/03/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
7.35x - - 6.13% 499M
32.45x11.78x23.93x0.61% 1,019B
28.48x6.32x17.74x2.09% 617B
33.26x7.78x16.08x2.64% 464B
104.98x5.87x24.89x2.36% 356B
18.81x4.58x11.36x2.9% 333B
19.83x5.17x12.78x3.09% 267B
20.02x4.17x11.86x2.13% 244B
25.46x6.66x11.86x2.5% 218B
-43.78x6.39x24.97x2.27% 179B
Average 24.69x 6.52x 17.28x 2.67% 369.77B
Weighted average by Cap. 31.80x 7.61x 18.61x 1.96%

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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