Jiangsu Changbao Steeltube Co Ltd (002478) - Net Assets
Based on the latest financial reports, Jiangsu Changbao Steeltube Co Ltd (002478) has net assets worth CN¥6.07 Billion CNY (≈ $888.72 Million USD) as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CN¥8.82 Billion ≈ $1.29 Billion USD) and total liabilities (CN¥2.75 Billion ≈ $402.51 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 002478 goodwill-adjusted equity ratio to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | CN¥6.07 Billion |
| % of Total Assets | 68.83% |
| Annual Growth Rate | 14.85% |
| 5-Year Change | 36.88% |
| 10-Year Change | 90.47% |
| Growth Volatility | 30.25 |
Jiangsu Changbao Steeltube Co Ltd - Net Assets Trend (2007–2025)
This chart illustrates how Jiangsu Changbao Steeltube Co Ltd's net assets have evolved over time, based on quarterly financial data. See Jiangsu Changbao Steeltube Co Ltd liquidity coverage in days to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Jiangsu Changbao Steeltube Co Ltd (2007–2025)
The table below shows the annual net assets of Jiangsu Changbao Steeltube Co Ltd from 2007 to 2025. For live valuation and market cap data, see market value of Jiangsu Changbao Steeltube Co Ltd.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | CN¥6.00 Billion ≈ $878.58 Million |
+2.60% |
| 2024-12-31 | CN¥5.85 Billion ≈ $856.33 Million |
+8.16% |
| 2023-12-31 | CN¥5.41 Billion ≈ $791.71 Million |
+14.17% |
| 2022-12-31 | CN¥4.74 Billion ≈ $693.47 Million |
+8.04% |
| 2021-12-31 | CN¥4.39 Billion ≈ $641.87 Million |
-6.34% |
| 2020-12-31 | CN¥4.68 Billion ≈ $685.33 Million |
-5.96% |
| 2019-12-31 | CN¥4.98 Billion ≈ $728.78 Million |
+11.98% |
| 2018-12-31 | CN¥4.45 Billion ≈ $650.81 Million |
+12.28% |
| 2017-12-31 | CN¥3.96 Billion ≈ $579.61 Million |
+25.65% |
| 2016-12-31 | CN¥3.15 Billion ≈ $461.27 Million |
+1.68% |
| 2015-12-31 | CN¥3.10 Billion ≈ $453.64 Million |
+1.17% |
| 2014-12-31 | CN¥3.06 Billion ≈ $448.40 Million |
+6.57% |
| 2013-12-31 | CN¥2.88 Billion ≈ $420.74 Million |
+6.87% |
| 2012-12-31 | CN¥2.69 Billion ≈ $393.69 Million |
+4.04% |
| 2011-12-31 | CN¥2.59 Billion ≈ $378.42 Million |
+9.97% |
| 2010-12-31 | CN¥2.35 Billion ≈ $344.11 Million |
+120.08% |
| 2009-12-31 | CN¥1.07 Billion ≈ $156.36 Million |
+23.10% |
| 2008-12-31 | CN¥868.03 Million ≈ $127.02 Million |
+74.71% |
| 2007-12-31 | CN¥496.84 Million ≈ $72.70 Million |
-- |
Equity Component Analysis
This analysis shows how different components contribute to Jiangsu Changbao Steeltube 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 grown by 1774.5% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | CN¥3.20 Billion | 53.24% |
| Other Components | CN¥2.81 Billion | 46.76% |
| Total Equity | CN¥6.00 Billion | 100.00% |
Jiangsu Changbao Steeltube Co Ltd Competitors by Market Cap
The table below lists competitors of Jiangsu Changbao Steeltube Co Ltd ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Colorlight Cloud Tech Ltd. A
SHE:301391
|
$868.98 Million |
|
Gujarat Narmada Valley Fertilizers and Chemicals Limited
NSE:GNFC
|
$869.00 Million |
|
Tianjin Benefo Tejing Electric Co Ltd
SHG:600468
|
$869.07 Million |
|
Evommune, Inc.
NYSE:EVMN
|
$869.12 Million |
|
Xvivo Perfusion AB
ST:XVIVO
|
$868.48 Million |
|
Beijing Kingee Culture Development Co Ltd
SHE:002721
|
$867.81 Million |
|
Shanghai Xinpeng Industry Co Ltd
SHE:002328
|
$867.33 Million |
|
Scholastic Corporation
NASDAQ:SCHL
|
$867.31 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Jiangsu Changbao Steeltube Co Ltd's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 5,638,562,000 to 6,001,975,806, a change of 363,413,806 (6.4%).
- Net income of 482,273,752 contributed positively to equity growth.
- Dividend payments of 200,022,752 reduced retained earnings.
- Other factors increased equity by 81,162,806.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CN¥482.27 Million | +8.04% |
| Dividends Paid | CN¥200.02 Million | -3.33% |
| Other Changes | CN¥81.16 Million | +1.35% |
| Total Change | CN¥- | 6.45% |
Book Value vs Market Value Analysis
This analysis compares Jiangsu Changbao Steeltube 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: 0.99x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has decreased from 9.32x to 0.99x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2007-12-31 | CN¥0.71 | CN¥6.59 | x |
| 2008-12-31 | CN¥1.09 | CN¥6.59 | x |
| 2009-12-31 | CN¥1.36 | CN¥6.59 | x |
| 2010-12-31 | CN¥3.16 | CN¥6.59 | x |
| 2011-12-31 | CN¥2.94 | CN¥6.59 | x |
| 2012-12-31 | CN¥3.18 | CN¥6.59 | x |
| 2013-12-31 | CN¥3.38 | CN¥6.59 | x |
| 2014-12-31 | CN¥3.54 | CN¥6.59 | x |
| 2015-12-31 | CN¥3.74 | CN¥6.59 | x |
| 2016-12-31 | CN¥3.70 | CN¥6.59 | x |
| 2017-12-31 | CN¥4.40 | CN¥6.59 | x |
| 2018-12-31 | CN¥4.05 | CN¥6.59 | x |
| 2019-12-31 | CN¥4.68 | CN¥6.59 | x |
| 2020-12-31 | CN¥4.64 | CN¥6.59 | x |
| 2021-12-31 | CN¥4.68 | CN¥6.59 | x |
| 2022-12-31 | CN¥5.06 | CN¥6.59 | x |
| 2023-12-31 | CN¥5.88 | CN¥6.59 | x |
| 2024-12-31 | CN¥6.22 | CN¥6.59 | x |
| 2025-12-31 | CN¥6.66 | CN¥6.59 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Jiangsu Changbao Steeltube 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): 8.04%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 8.18%
- • Asset Turnover: 0.66x
- • Equity Multiplier: 1.48x
- Recent ROE (8.04%) is below the historical average (11.76%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2007 | 31.83% | 8.95% | 1.31x | 2.72x | CN¥101.18 Million |
| 2008 | 36.32% | 7.77% | 1.23x | 3.80x | CN¥190.00 Million |
| 2009 | 21.36% | 8.89% | 0.96x | 2.50x | CN¥102.53 Million |
| 2010 | 8.40% | 6.36% | 0.80x | 1.65x | CN¥-34.96 Million |
| 2011 | 9.69% | 6.18% | 1.24x | 1.27x | CN¥-7.26 Million |
| 2012 | 8.18% | 6.01% | 1.02x | 1.33x | CN¥-46.06 Million |
| 2013 | 8.44% | 5.69% | 1.08x | 1.38x | CN¥-41.94 Million |
| 2014 | 8.61% | 6.51% | 0.95x | 1.39x | CN¥-39.71 Million |
| 2015 | 6.95% | 7.05% | 0.74x | 1.33x | CN¥-90.35 Million |
| 2016 | 3.65% | 4.97% | 0.56x | 1.31x | CN¥-190.57 Million |
| 2017 | 3.86% | 4.11% | 0.62x | 1.53x | CN¥-228.52 Million |
| 2018 | 12.09% | 8.93% | 0.84x | 1.62x | CN¥82.89 Million |
| 2019 | 13.47% | 11.37% | 0.77x | 1.53x | CN¥154.87 Million |
| 2020 | 2.80% | 3.14% | 0.57x | 1.56x | CN¥-317.70 Million |
| 2021 | 3.20% | 3.21% | 0.61x | 1.64x | CN¥-288.16 Million |
| 2022 | 10.29% | 7.57% | 0.85x | 1.60x | CN¥13.09 Million |
| 2023 | 14.98% | 11.76% | 0.85x | 1.50x | CN¥260.17 Million |
| 2024 | 11.25% | 11.13% | 0.69x | 1.47x | CN¥70.36 Million |
| 2025 | 8.04% | 8.18% | 0.66x | 1.48x | CN¥-117.92 Million |
Industry Comparison
This section compares Jiangsu Changbao Steeltube Co Ltd's net assets metrics with peer companies in the Steel industry.
Industry Context
- Industry: Steel
- Average net assets among peers: $17,330,859,715
- Average return on equity (ROE) among peers: 13.96%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Jiangsu Changbao Steeltube Co Ltd (002478) | CN¥6.07 Billion | 31.83% | 0.45x | $868.67 Million |
| CITIC Pacific Special Steel Group Co Ltd (000708) | $3.32 Billion | 8.08% | 0.52x | $9.85 Billion |
| HBIS Co Ltd (000709) | $44.79 Billion | 0.26% | 2.73x | $3.06 Billion |
| Sgis Songshan Co Ltd (000717) | $6.18 Billion | 53.52% | 1.66x | $712.92 Million |
| Bengang Steel Plates Co Ltd (000761) | $806.40 Million | 41.52% | 0.99x | $1.20 Billion |
| Xinxing Ductile Iron Pipes Co Ltd (000778) | $6.54 Billion | 7.81% | 1.19x | $2.26 Billion |
| Shanxi Taigang Stainless Steel Co Ltd (000825) | $25.06 Billion | 7.20% | 1.64x | $3.00 Billion |
| Jiangsu Fasten Co Ltd (000890) | $610.17 Million | 9.69% | 0.76x | $507.05 Million |
| Angang Steel Co Ltd Class A (000898) | $5.43 Billion | 5.36% | 0.28x | $2.24 Billion |
| Hunan Valin Steel Co Ltd (000932) | $57.59 Billion | 11.08% | 1.08x | $3.51 Billion |
| Beijing Shougang Co Ltd (000959) | $22.99 Billion | -4.93% | 1.89x | $3.63 Billion |
About Jiangsu Changbao Steeltube Co Ltd
Jiangsu Changbao Steeltube Co.,Ltd manufactures and sells steel tubes in the People's Republic of China and internationally. The company offers OCTG products for petroleum industry, including connection tubing and casings, coupling stocks, perforation gun carrier pipes, petroleum tool pipes, drill and green pipes, and slotted pipes; boiler tubes for power generation, such as boiler tubes, water h… Read more