Tongwei Co Ltd (600438) - Net Assets
Based on the latest financial reports, Tongwei Co Ltd (600438) has net assets worth CN¥48.19 Billion CNY (≈ $7.05 Billion 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¥186.99 Billion ≈ $27.36 Billion USD) and total liabilities (CN¥138.81 Billion ≈ $20.31 Billion 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 Tongwei Co Ltd tangible net worth ratio to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | CN¥48.19 Billion |
| % of Total Assets | 25.77% |
| Annual Growth Rate | 27.28% |
| 5-Year Change | 23.36% |
| 10-Year Change | 335.44% |
| Growth Volatility | 72.63 |
Tongwei Co Ltd - Net Assets Trend (2000–2025)
This chart illustrates how Tongwei Co Ltd's net assets have evolved over time, based on quarterly financial data. See 600438 defensive interval ratio to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Tongwei Co Ltd (2000–2025)
The table below shows the annual net assets of Tongwei Co Ltd from 2000 to 2025. For live valuation and market cap data, see 600438 stock market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | CN¥51.39 Billion ≈ $7.52 Billion |
-11.28% |
| 2024-12-31 | CN¥57.92 Billion ≈ $8.48 Billion |
-21.55% |
| 2023-12-31 | CN¥73.83 Billion ≈ $10.80 Billion |
+0.80% |
| 2022-12-31 | CN¥73.25 Billion ≈ $10.72 Billion |
+75.83% |
| 2021-12-31 | CN¥41.66 Billion ≈ $6.10 Billion |
+32.06% |
| 2020-12-31 | CN¥31.54 Billion ≈ $4.62 Billion |
+74.39% |
| 2019-12-31 | CN¥18.09 Billion ≈ $2.65 Billion |
+18.79% |
| 2018-12-31 | CN¥15.23 Billion ≈ $2.23 Billion |
+11.10% |
| 2017-12-31 | CN¥13.70 Billion ≈ $2.01 Billion |
+16.13% |
| 2016-12-31 | CN¥11.80 Billion ≈ $1.73 Billion |
+357.12% |
| 2015-12-31 | CN¥2.58 Billion ≈ $377.79 Million |
+7.54% |
| 2014-12-31 | CN¥2.40 Billion ≈ $351.28 Million |
+4.86% |
| 2013-12-31 | CN¥2.29 Billion ≈ $335.01 Million |
+53.41% |
| 2012-12-31 | CN¥1.49 Billion ≈ $218.38 Million |
+3.30% |
| 2011-12-31 | CN¥1.44 Billion ≈ $211.40 Million |
+3.39% |
| 2010-12-31 | CN¥1.40 Billion ≈ $204.46 Million |
-13.71% |
| 2009-12-31 | CN¥1.62 Billion ≈ $236.96 Million |
+8.55% |
| 2008-12-31 | CN¥1.49 Billion ≈ $218.29 Million |
+28.32% |
| 2007-12-31 | CN¥1.16 Billion ≈ $170.12 Million |
+14.17% |
| 2006-12-31 | CN¥1.02 Billion ≈ $149.01 Million |
+36.98% |
| 2005-12-31 | CN¥743.39 Million ≈ $108.78 Million |
+12.69% |
| 2004-12-31 | CN¥659.70 Million ≈ $96.54 Million |
+129.15% |
| 2003-12-31 | CN¥287.90 Million ≈ $42.13 Million |
+19.21% |
| 2002-12-31 | CN¥241.51 Million ≈ $35.34 Million |
+31.55% |
| 2001-12-31 | CN¥183.59 Million ≈ $26.87 Million |
+48.45% |
| 2000-12-31 | CN¥123.67 Million ≈ $18.10 Million |
-- |
Equity Component Analysis
This analysis shows how different components contribute to Tongwei 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 245640.4% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | CN¥13.46 Billion | 34.60% |
| Other Components | CN¥25.43 Billion | 65.40% |
| Total Equity | CN¥38.88 Billion | 100.00% |
Tongwei Co Ltd Competitors by Market Cap
The table below lists competitors of Tongwei Co Ltd ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Charles River Laboratories
NYSE:CRL
|
$8.90 Billion |
|
SouthState Corporation
NASDAQ:SSB
|
$8.91 Billion |
|
L E Lundbergföretagen AB (publ)
ST:LUND-B
|
$8.91 Billion |
|
ORKLA ADR/1 NK 625
F:OKL0
|
$8.92 Billion |
|
ENN ENERGY HLD.UNS.ADR/25
F:XGH0
|
$8.90 Billion |
|
MISC Bhd
KLSE:3816
|
$8.90 Billion |
|
Aker ASA
OL:AKER
|
$8.89 Billion |
|
Range Resources Corp
NYSE:RRC
|
$8.89 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Tongwei Co Ltd's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 48,455,870,000 to 38,883,862,845, a change of -9,572,007,155 (-19.8%).
- Net loss of 9,553,425,884 reduced equity.
- Dividend payments of 2,182,392,355 reduced retained earnings.
- Other comprehensive income decreased equity by 6,841,353,000.
- Other factors increased equity by 9,005,164,084.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CN¥-9.55 Billion | -24.57% |
| Dividends Paid | CN¥2.18 Billion | -5.61% |
| Other Comprehensive Income | CN¥-6.84 Billion | -17.59% |
| Other Changes | CN¥9.01 Billion | +23.16% |
| Total Change | CN¥- | -19.75% |
Book Value vs Market Value Analysis
This analysis compares Tongwei 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: 1.56x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 210.35x to 1.56x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2000-12-31 | CN¥0.06 | CN¥13.51 | x |
| 2001-12-31 | CN¥0.09 | CN¥13.51 | x |
| 2002-12-31 | CN¥0.12 | CN¥13.51 | x |
| 2003-12-31 | CN¥0.14 | CN¥13.51 | x |
| 2004-12-31 | CN¥0.34 | CN¥13.51 | x |
| 2005-12-31 | CN¥0.37 | CN¥13.51 | x |
| 2006-12-31 | CN¥0.61 | CN¥13.51 | x |
| 2007-12-31 | CN¥0.70 | CN¥13.51 | x |
| 2008-12-31 | CN¥0.78 | CN¥13.51 | x |
| 2009-12-31 | CN¥0.89 | CN¥13.51 | x |
| 2010-12-31 | CN¥0.99 | CN¥13.51 | x |
| 2011-12-31 | CN¥1.04 | CN¥13.51 | x |
| 2012-12-31 | CN¥1.08 | CN¥13.51 | x |
| 2013-12-31 | CN¥1.53 | CN¥13.51 | x |
| 2014-12-31 | CN¥1.43 | CN¥13.51 | x |
| 2015-12-31 | CN¥0.92 | CN¥13.51 | x |
| 2016-12-31 | CN¥3.67 | CN¥13.51 | x |
| 2017-12-31 | CN¥3.44 | CN¥13.51 | x |
| 2018-12-31 | CN¥3.80 | CN¥13.51 | x |
| 2019-12-31 | CN¥4.38 | CN¥13.51 | x |
| 2020-12-31 | CN¥7.17 | CN¥13.51 | x |
| 2021-12-31 | CN¥8.33 | CN¥13.51 | x |
| 2022-12-31 | CN¥12.97 | CN¥13.51 | x |
| 2023-12-31 | CN¥13.03 | CN¥13.51 | x |
| 2024-12-31 | CN¥10.87 | CN¥13.51 | x |
| 2025-12-31 | CN¥8.64 | CN¥13.51 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Tongwei 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): -24.57%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: -11.36%
- • Asset Turnover: 0.45x
- • Equity Multiplier: 4.83x
- Recent ROE (-24.57%) is below the historical average (14.02%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2000 | 20.93% | 7.17% | 1.55x | 1.88x | CN¥13.23 Million |
| 2001 | 29.78% | 10.11% | 1.11x | 2.65x | CN¥34.09 Million |
| 2002 | 23.62% | 3.88% | 2.28x | 2.67x | CN¥30.75 Million |
| 2003 | 16.08% | 2.55% | 1.88x | 3.36x | CN¥16.35 Million |
| 2004 | 10.91% | 2.65% | 2.30x | 1.79x | CN¥5.81 Million |
| 2005 | 17.47% | 3.34% | 2.57x | 2.03x | CN¥52.47 Million |
| 2006 | 17.85% | 3.11% | 2.06x | 2.78x | CN¥66.08 Million |
| 2007 | 13.51% | 1.93% | 2.18x | 3.22x | CN¥33.82 Million |
| 2008 | 9.89% | 1.02% | 2.00x | 4.83x | CN¥-1.15 Million |
| 2009 | 11.96% | 1.41% | 1.85x | 4.58x | CN¥24.02 Million |
| 2010 | 11.82% | 1.67% | 2.61x | 2.71x | CN¥24.71 Million |
| 2011 | 5.88% | 0.72% | 2.93x | 2.78x | CN¥-58.70 Million |
| 2012 | 6.49% | 0.71% | 2.97x | 3.07x | CN¥-51.99 Million |
| 2013 | 13.51% | 2.01% | 2.85x | 2.36x | CN¥79.40 Million |
| 2014 | 14.14% | 2.14% | 2.49x | 2.65x | CN¥96.36 Million |
| 2015 | 29.47% | 3.92% | 3.08x | 2.44x | CN¥486.85 Million |
| 2016 | 8.77% | 4.91% | 0.98x | 1.83x | CN¥-143.08 Million |
| 2017 | 15.06% | 7.70% | 1.02x | 1.92x | CN¥674.56 Million |
| 2018 | 13.70% | 7.33% | 0.72x | 2.61x | CN¥544.97 Million |
| 2019 | 14.99% | 7.02% | 0.80x | 2.66x | CN¥876.86 Million |
| 2020 | 11.81% | 8.16% | 0.69x | 2.10x | CN¥553.78 Million |
| 2021 | 21.62% | 12.51% | 0.73x | 2.35x | CN¥4.36 Billion |
| 2022 | 42.33% | 18.07% | 0.98x | 2.39x | CN¥19.65 Billion |
| 2023 | 22.06% | 9.76% | 0.85x | 2.67x | CN¥7.42 Billion |
| 2024 | -14.53% | -7.65% | 0.47x | 4.04x | CN¥-11.88 Billion |
| 2025 | -24.57% | -11.36% | 0.45x | 4.83x | CN¥-13.44 Billion |
Industry Comparison
This section compares Tongwei Co Ltd's net assets metrics with peer companies in the Solar industry.
Industry Context
- Industry: Solar
- Average net assets among peers: $3,872,672,715
- Average return on equity (ROE) among peers: 8.20%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Tongwei Co Ltd (600438) | CN¥48.19 Billion | 20.93% | 2.88x | $8.90 Billion |
| Shenzhen Topraysolar Co Ltd (002218) | $31.17 Million | 52.78% | 0.49x | $899.45 Million |
| JA Solar Technology Co Ltd (002459) | $16.72 Billion | 12.19% | 2.41x | $4.21 Billion |
| GCL System Integration Technology Co Ltd (002506) | $3.03 Billion | -1.81% | 1.38x | $2.85 Billion |
| Changzhou Almaden Co Ltd (002623) | $3.27 Billion | 2.55% | 0.61x | $511.80 Million |
| Hainan Drinda Automotive Trim Co Ltd (002865) | $457.69 Million | 12.28% | 1.52x | $2.27 Billion |
| Henan Yicheng New Energy Co Ltd (300080) | $5.57 Billion | -2.89% | 0.85x | $1.10 Billion |
| Gansu Golden Glass Technologies Co Ltd (300093) | $873.43 Million | 0.53% | 0.86x | $757.00 Million |
| Risen Energy (300118) | $2.49 Billion | 2.17% | 0.68x | $2.37 Billion |
| Lingda Group Co Ltd (300125) | $1.05 Billion | -5.91% | 0.65x | $955.84 Million |
| Jolywood Suzhou Sunwatt Co Ltd (300393) | $5.23 Billion | 10.07% | 2.27x | $1.34 Billion |
About Tongwei Co Ltd
Tongwei Co.,Ltd engages in the production and sales of industrial silicon and high-purity crystalline silicon for solar energy, chemical products, silicon rods, silicon wafers, solar cells, and modules in China and internationally. It is involved in the generation of electricity and related businesses; production and sale of feed, etc.; and aquaculture, seedling cultivation, food processing, etc.… Read more