As of Q4'25, APP's P/B Ratio stands at 106.74, reflecting a slight decrease from the previous quarter's 128.79 but remaining significantly elevated compared to earlier periods. This latest figure highlights a persistently high valuation relative to the company's book value at the end of 2025. From Q1'23 to Q4'25, the P/B Ratio for APP has shown a dramatic upward trend, rising from just 3.42 to a peak of 178.46 in Q1'25 before moderating in the subsequent quarters. The data reveals a period of rapid acceleration starting in Q3'23, with notable surges in Q1'24 and Q1'25, followed by some volatility and partial retracement. Overall, the chart indicates a substantial re-rating of APP's valuation over the observed period, with the ratio stabilizing at a much higher level than its historical average.