Manufacturing Enterprises' Digital Asset Value Evaluation Based on Multi-period Excess Return Method and Case Analysis (Advances in Economics Management and Political Sciences)

Summary

• The value of data assets of Midea, BYD and Xiaomi reached 19.659 billion yuan, 29.914 billion yuan and 27.652 billion yuan respectively, accounting for 2percent to 3.5 percent of the market value.p.14
• Income-sharing rates (Kt) derived via AHP are 21.2% for Midea Group, 25.0% for BYD and 27.0% for Xiaomi.p.4
• AHP criteria weights are 56% for revenue growth, 32% for cost reduction and 12% for competitiveness enhancement.p.4
• Data assets represent 3.36% of market cap for Midea, 2.11% for BYD and 2.19% for Xiaomi.p.15
• Midea's WACC is 6.0% and Xiaomi's is 7.5%.p.15
• A ±10% change in Kt alters valuations by ±20%, while a ±1% WACC shift impacts results by 5%–10%.p.15

Key insights

1. The framework combines the Multi-Period Excess Earnings Method with the Analytic Hierarchy Process to value data assets.p.3
2. Returns attributed to fixed assets (4.9%), current assets (4.35%) and intangible assets (4.9% + 0.3% amortization) are deducted from free cash flow.p.3
3. Xiaomi shows the highest reliance on data-driven value creation, with Kt of 27.0%.p.4
4. Midea derives value from supply chain and smart manufacturing data, including 15% cost reduction via lighthouse factories.p.15
5. BYD relies on smart driving systems (40% contribution) and energy networks (25%).p.15
6. Xiaomi's 900M AIoT devices drive 45% of data asset contributions.p.15
7. Xiaomi's value range is 24.887 billion to 30.417 billion under the sharing-rate sensitivity.p.14