Tonghua Golden-Horse Pharmaceutical Industry Co Ltd (000766) - Net Assets

Latest as of September 2025: CN¥2.30 Billion CNY ≈ $336.74 Million USD

Based on the latest financial reports, Tonghua Golden-Horse Pharmaceutical Industry Co Ltd (000766) has net assets worth CN¥2.30 Billion CNY (≈ $336.74 Million USD) as of September 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CN¥4.53 Billion ≈ $662.53 Million USD) and total liabilities (CN¥2.23 Billion ≈ $325.79 Million USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check 000766 cash and liquid asset ratio to evaluate the company's liquid asset resilience ratio.

Key Net Assets Metrics

Metric	Value
Current Net Assets	CN¥2.30 Billion
% of Total Assets	50.83%
Annual Growth Rate	8.96%
5-Year Change	-2.17%
10-Year Change	0.4%
Growth Volatility	195.63

Tonghua Golden-Horse Pharmaceutical Industry Co Ltd - Net Assets Trend (1994–2024)

This chart illustrates how Tonghua Golden-Horse Pharmaceutical Industry Co Ltd's net assets have evolved over time, based on quarterly financial data. Also explore total assets of Tonghua Golden-Horse Pharmaceutical Indu for the complete picture of this company's asset base.

Annual Net Assets for Tonghua Golden-Horse Pharmaceutical Industry Co Ltd (1994–2024)

The table below shows the annual net assets of Tonghua Golden-Horse Pharmaceutical Industry Co Ltd from 1994 to 2024. For live valuation and market cap data, see Tonghua Golden-Horse Pharmaceutical Indu stock valuation.

Year	Net Assets	Change
2024-12-31	CN¥2.26 Billion ≈ $330.04 Million	-2.71%
2023-12-31	CN¥2.32 Billion ≈ $339.21 Million	-2.13%
2022-12-31	CN¥2.37 Billion ≈ $346.59 Million	+1.25%
2021-12-31	CN¥2.34 Billion ≈ $342.31 Million	+1.47%
2020-12-31	CN¥2.31 Billion ≈ $337.34 Million	-13.53%
2019-12-31	CN¥2.67 Billion ≈ $390.12 Million	-43.38%
2018-12-31	CN¥4.71 Billion ≈ $689.06 Million	+6.57%
2017-12-31	CN¥4.42 Billion ≈ $646.57 Million	+6.18%
2016-12-31	CN¥4.16 Billion ≈ $608.95 Million	+85.25%
2015-12-31	CN¥2.25 Billion ≈ $328.72 Million	+240.62%
2014-12-31	CN¥659.50 Million ≈ $96.51 Million	+7.22%
2013-12-31	CN¥615.08 Million ≈ $90.01 Million	-0.73%
2012-12-31	CN¥619.60 Million ≈ $90.67 Million	+2.05%
2011-12-31	CN¥607.13 Million ≈ $88.84 Million	+1.89%
2010-12-31	CN¥595.89 Million ≈ $87.20 Million	+2.06%
2009-12-31	CN¥583.87 Million ≈ $85.44 Million	+5.38%
2008-12-31	CN¥554.08 Million ≈ $81.08 Million	+3.20%
2007-12-31	CN¥536.90 Million ≈ $78.57 Million	+3.63%
2006-12-31	CN¥518.07 Million ≈ $75.81 Million	+1044.65%
2005-12-31	CN¥45.26 Million ≈ $6.62 Million	+23.54%
2004-12-31	CN¥36.64 Million ≈ $5.36 Million	-87.63%
2003-12-31	CN¥296.07 Million ≈ $43.32 Million	-39.68%
2002-12-31	CN¥490.79 Million ≈ $71.82 Million	+3.31%
2001-12-31	CN¥475.05 Million ≈ $69.52 Million	-55.89%
2000-12-31	CN¥1.08 Billion ≈ $157.58 Million	+2.86%
1999-12-31	CN¥1.05 Billion ≈ $153.20 Million	+64.40%
1998-12-31	CN¥636.82 Million ≈ $93.19 Million	+5.63%
1997-12-31	CN¥602.89 Million ≈ $88.22 Million	+215.27%
1996-12-31	CN¥191.23 Million ≈ $27.98 Million	+5.47%
1995-12-31	CN¥181.32 Million ≈ $26.53 Million	+5.51%
1994-12-31	CN¥171.84 Million ≈ $25.15 Million	--

Equity Component Analysis

This analysis shows how different components contribute to Tonghua Golden-Horse Pharmaceutical Industry Co Ltd's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

Retained earnings have decreased by 9721.5% over the analyzed period, potentially due to dividend distributions or operating losses.

Current Equity Component Breakdown (December 2024)

Component	Amount	Percentage
Common Stock	CN¥966.49 Million	42.85%
Other Comprehensive Income	CN¥666.95 Million	29.57%
Other Components	CN¥2.90 Billion	128.68%
Total Equity	CN¥2.26 Billion	100.00%

Tonghua Golden-Horse Pharmaceutical Industry Co Ltd Competitors by Market Cap

The table below lists competitors of Tonghua Golden-Horse Pharmaceutical Industry Co Ltd ranked by their market capitalization.

Company	Market Cap
DOF Group ASA OL:DOFG	$3.53 Billion
Box Inc NYSE:BOX	$3.53 Billion
Constellium SE F:3OK	$3.53 Billion
K.P.R. Mill Limited NSE:KPRMILL	$3.53 Billion
GEK TERNA Holdings Real Estate Construction S.A AT:GEKTERNA	$3.53 Billion
NovaGold Resources Inc TO:NG	$3.53 Billion
HARBOUR ENE.SP.ADR LS-50 F:PQQ2	$3.52 Billion
Norte Grande SN:NORTEGRAN	$3.52 Billion

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Tonghua Golden-Horse Pharmaceutical Industry Co Ltd's equity between the two most recent reporting periods.

Equity Growth Insights

From 2023 to 2024, total equity changed from 2,317,662,919 to 2,255,397,745, a change of -62,265,174 (-2.7%).
Net income of 56,437,326 contributed positively to equity growth.
Dividend payments of 84,978,088 reduced retained earnings.
Other comprehensive income decreased equity by 118,702,500.
Other factors increased equity by 84,978,088.

Equity Change Factors (2023 to 2024)

Factor	Impact	Contribution
Net Income	CN¥56.44 Million	+2.5%
Dividends Paid	CN¥84.98 Million	-3.77%
Other Comprehensive Income	CN¥-118.70 Million	-5.26%
Other Changes	CN¥84.98 Million	+3.77%
Total Change	CN¥-	-2.69%

Book Value vs Market Value Analysis

This analysis compares Tonghua Golden-Horse Pharmaceutical Industry Co Ltd's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

Current price-to-book ratio: 10.41x
The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
The price-to-book ratio has decreased from 62.19x to 10.41x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
1994-12-31	CN¥0.40	CN¥24.95	x
1995-12-31	CN¥0.42	CN¥24.95	x
1996-12-31	CN¥0.45	CN¥24.95	x
1997-12-31	CN¥1.36	CN¥24.95	x
1998-12-31	CN¥1.44	CN¥24.95	x
1999-12-31	CN¥2.39	CN¥24.95	x
2000-12-31	CN¥2.47	CN¥24.95	x
2001-12-31	CN¥1.10	CN¥24.95	x
2002-12-31	CN¥1.14	CN¥24.95	x
2003-12-31	CN¥0.69	CN¥24.95	x
2004-12-31	CN¥0.09	CN¥24.95	x
2005-12-31	CN¥0.11	CN¥24.95	x
2006-12-31	CN¥1.21	CN¥24.95	x
2007-12-31	CN¥1.14	CN¥24.95	x
2008-12-31	CN¥1.29	CN¥24.95	x
2009-12-31	CN¥1.37	CN¥24.95	x
2010-12-31	CN¥1.49	CN¥24.95	x
2011-12-31	CN¥1.62	CN¥24.95	x
2012-12-31	CN¥1.61	CN¥24.95	x
2013-12-31	CN¥1.50	CN¥24.95	x
2014-12-31	CN¥1.28	CN¥24.95	x
2015-12-31	CN¥3.27	CN¥24.95	x
2016-12-31	CN¥4.44	CN¥24.95	x
2017-12-31	CN¥4.59	CN¥24.95	x
2018-12-31	CN¥4.80	CN¥24.95	x
2019-12-31	CN¥2.72	CN¥24.95	x
2020-12-31	CN¥2.35	CN¥24.95	x
2021-12-31	CN¥2.39	CN¥24.95	x
2022-12-31	CN¥2.42	CN¥24.95	x
2023-12-31	CN¥2.64	CN¥24.95	x
2024-12-31	CN¥2.40	CN¥24.95	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Tonghua Golden-Horse Pharmaceutical Industry Co Ltd utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

Current Return on Equity (ROE): 2.50%
The company may be facing challenges in efficiently utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 4.27%
• Asset Turnover: 0.29x
• Equity Multiplier: 1.99x
Recent ROE (2.50%) is above the historical average (-24.47%), indicating improving capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
1994	13.30%	22.98%	0.43x	1.36x	CN¥5.67 Million
1995	25.85%	35.37%	0.46x	1.60x	CN¥28.73 Million
1996	34.51%	40.27%	0.46x	1.85x	CN¥46.87 Million
1997	16.34%	39.61%	0.31x	1.33x	CN¥37.06 Million
1998	10.66%	24.24%	0.31x	1.41x	CN¥4.06 Million
1999	7.94%	28.55%	0.21x	1.30x	CN¥-21.06 Million
2000	22.90%	47.98%	0.22x	2.14x	CN¥136.28 Million
2001	-123.68%	-581.60%	0.07x	3.11x	CN¥-631.35 Million
2002	3.36%	10.20%	0.11x	3.13x	CN¥-32.45 Million
2003	-65.98%	-141.91%	0.10x	4.89x	CN¥-223.71 Million
2004	-670.58%	-245.99%	0.09x	29.78x	CN¥-249.34 Million
2005	18.73%	6.00%	0.13x	24.45x	CN¥3.95 Million
2006	-1.65%	-6.06%	0.18x	1.54x	CN¥-60.37 Million
2007	3.51%	12.42%	0.19x	1.51x	CN¥-34.86 Million
2008	3.10%	10.75%	0.20x	1.46x	CN¥-38.23 Million
2009	5.10%	17.72%	0.19x	1.49x	CN¥-28.60 Million
2010	2.02%	7.09%	0.19x	1.51x	CN¥-47.57 Million
2011	1.85%	6.28%	0.20x	1.45x	CN¥-49.47 Million
2012	0.62%	3.02%	0.14x	1.44x	CN¥-58.10 Million
2013	0.67%	2.77%	0.13x	1.80x	CN¥-57.42 Million
2014	0.78%	2.48%	0.16x	1.95x	CN¥-60.78 Million
2015	0.31%	3.47%	0.05x	1.85x	CN¥-217.77 Million
2016	5.18%	25.11%	0.16x	1.29x	CN¥-198.83 Million
2017	5.89%	16.95%	0.27x	1.31x	CN¥-180.20 Million
2018	7.08%	15.80%	0.35x	1.28x	CN¥-136.42 Million
2019	-77.61%	-103.27%	0.42x	1.79x	CN¥-2.30 Billion
2020	-15.83%	-32.33%	0.22x	2.19x	CN¥-586.64 Million
2021	1.53%	2.33%	0.33x	2.01x	CN¥-195.40 Million
2022	1.29%	2.05%	0.31x	2.00x	CN¥-203.53 Million
2023	1.90%	2.98%	0.33x	1.95x	CN¥-187.83 Million
2024	2.50%	4.27%	0.29x	1.99x	CN¥-169.10 Million

Industry Comparison

This section compares Tonghua Golden-Horse Pharmaceutical Industry Co Ltd's net assets metrics with peer companies in the Drug Manufacturers - Specialty & Generic industry.

Industry Context

Industry: Drug Manufacturers - Specialty & Generic
Average net assets among peers: $5,514,568,242
Average return on equity (ROE) among peers: 7.73%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Tonghua Golden-Horse Pharmaceutical Industry Co Ltd (000766)	CN¥2.30 Billion	13.30%	0.97x	$3.53 Billion
Shenzhen Neptunus Bioengineering Co Ltd (000078)	$52.15 Million	21.80%	0.58x	$1.05 Billion
Anhui Fengyuan Pharmaceutical Co Ltd (000153)	$1.15 Billion	3.98%	1.16x	$438.59 Million
Shan Dong Dong-E E-Jiao Co Ltd (000423)	$10.00 Billion	4.41%	0.16x	$5.06 Billion
Livzon Pharmaceutical Group Inc (000513)	$1.04 Billion	4.86%	0.62x	$2.76 Billion
Wedge Industrial Co Ltd (000534)	$1.15 Billion	11.42%	1.59x	$2.94 Billion
Yunnan Baiyao Group Co Ltd (000538)	$38.10 Billion	10.98%	0.30x	$13.74 Billion
Hainan Haiyao Co Ltd (000566)	$2.20 Billion	-4.84%	2.35x	$958.72 Million
Tus Pharmaceutical Group Co Ltd (000590)	$579.72 Million	-6.59%	0.41x	$386.52 Million
Northeast Pharmaceutical Group Co Ltd (000597)	$775.11 Million	6.08%	2.16x	$1.04 Billion
Jilin Aodong Pharmaceutical Group Co Ltd (000623)	$103.02 Million	25.18%	1.40x	$3.29 Billion

About Tonghua Golden-Horse Pharmaceutical Industry Co Ltd

SHE:000766 China Drug Manufacturers - Specialty & Generic

Market Cap

$3.53 Billion

CN¥24.11 Billion CNY

Market Cap Rank

#4531 Global

#836 in China

Share Price

CN¥24.95

Change (1 day)

-3.11%

52-Week Range

CN¥18.46 - CN¥29.50

All Time High

CN¥29.50