NetEase, Inc. (NTES) [Rocket]

In millions of CNY, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14
	Source	Source	Source	Source	Source	Source	Source	Source
Turnover Ratios
Inventory turnover	52.2	55.8	32.3	7.3	5.5	13.1	19.3	230.9
Asset turnover	0.6	0.6	0.6	0.6	0.7	0.7	0.6	0.4

Returns on Capital
ROIC (excluding intangibles)	12.4%	12.1%	15.3%	13.9%	24.7%	31.8%	22.9%	19.4%
ROIC (including intangibles)	12.1%	11.0%	12.9%	12.8%	21.4%	28.6%	20.4%	17.9%
ROE	13.3%	12.4%	15.5%	15.1%	23.3%	27.9%	18.1%	17.8%
ROA	8.6%	8.2%	10.1%	8.9%	15.4%	18.5%	12.9%	13.8%

Cash Conversion Cycle
Days sales outstanding	22.9	22.7	25.7	28.5	29.7	40.6	48.3	27.2
Days payables outstanding	8.8	11.9	16.0	18.4	46.0	30.9	31.4	46.0
Days inventory outstanding	8.7	6.2	8.6	16.3	103.0	34.9	36.7	3.2
Cash conversion cycle	22.8	17.0	18.3	26.5	86.8	44.7	53.6	-15.6