I understood it as the amount of lambs produced through to weaning.
So it's ewes put to the tup devided by the number of lambs time 100 I do believe
Folk use "lambing %" to mean different things - no of live lambs born as a % of ewes lambed for example, but this doesn't account for the number of barren ewes, conception rates, foetal losses, and neonatal lamb losses.
We had 11 ewes to the tup; 9 got in lamb (first time we've had barren ewes), 15 lambs scanned, 15 born live and 15 weaned - so 136% lambs weaned to ewes to the tup, 167% lambs weaned to ewes scanned in lamb. The 136% was a bit disappointing but it was good to not lose any lambs between scanning and weaning.
With small numbers, small changes make more significant differences to %ages.