First Tractor Co Ltd Net Assets

Latest as of December 2025: CN¥8.44 Billion CNY ≈ $1.23 Billion USD

First Tractor Co Ltd net assets. Based on the latest financial reports, First Tractor Co Ltd (601038) has net assets worth CN¥8.44 Billion CNY (≈ $1.23 Billion USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CN¥15.10 Billion ≈ $2.21 Billion USD) and total liabilities (CN¥6.66 Billion ≈ $974.64 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. See First Tractor Co Ltd net asset quality index to measure how much of total assets are equity-financed.

Key Net Assets Metrics

Metric	Value
Current Net Assets	CN¥8.44 Billion
% of Total Assets	55.88%
Annual Growth Rate	6.53%
5-Year Change	41.04%
10-Year Change	53.3%
Growth Volatility	8.74

Net Assets of First Tractor Co Ltd (2004–2025)

Net assets of First Tractor Co Ltd from 2004 to 2025. This chart illustrates how First Tractor Co Ltd's net assets have evolved over time, based on quarterly financial data. Also explore 601038 year-over-year net asset growth to track the company's year-over-year net asset growth rate.

Annual Net Assets for First Tractor Co Ltd (2004–2025)

The table below shows the annual net assets of First Tractor Co Ltd from 2004 to 2025. For live market cap and overall valuation, see First Tractor Co Ltd stock valuation.

Year	Net Assets	Change
2025-12-31	CN¥8.44 Billion ≈ $1.23 Billion	+8.47%
2024-12-31	CN¥7.78 Billion ≈ $1.14 Billion	+7.74%
2023-12-31	CN¥7.22 Billion ≈ $1.06 Billion	+11.11%
2022-12-31	CN¥6.50 Billion ≈ $950.74 Million	+8.61%
2021-12-31	CN¥5.98 Billion ≈ $875.39 Million	+20.23%
2020-12-31	CN¥4.98 Billion ≈ $728.08 Million	+4.01%
2019-12-31	CN¥4.78 Billion ≈ $700.03 Million	+2.74%
2018-12-31	CN¥4.66 Billion ≈ $681.33 Million	-14.39%
2017-12-31	CN¥5.44 Billion ≈ $795.89 Million	-1.17%
2016-12-31	CN¥5.50 Billion ≈ $805.36 Million	+1.95%
2015-12-31	CN¥5.40 Billion ≈ $789.98 Million	+1.46%
2014-12-31	CN¥5.32 Billion ≈ $778.60 Million	+1.77%
2013-12-31	CN¥5.23 Billion ≈ $765.06 Million	+6.88%
2012-12-31	CN¥4.89 Billion ≈ $715.84 Million	+29.57%
2011-12-31	CN¥3.78 Billion ≈ $552.49 Million	+6.53%
2010-12-31	CN¥3.54 Billion ≈ $518.60 Million	+15.27%
2009-12-31	CN¥3.07 Billion ≈ $449.90 Million	+9.19%
2008-12-31	CN¥2.82 Billion ≈ $412.05 Million	+1.38%
2007-12-31	CN¥2.78 Billion ≈ $406.44 Million	+15.51%
2006-12-31	CN¥2.40 Billion ≈ $351.86 Million	+9.55%
2005-12-31	CN¥2.19 Billion ≈ $321.18 Million	-1.87%
2004-12-31	CN¥2.24 Billion ≈ $327.31 Million	--

Equity Component Analysis

This analysis shows how different components contribute to First Tractor 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 302968680300.0% over the analyzed period, indicating profitable operations and earnings retention.

First Tractor Co Ltd Net Assets Breakdown (December 2025)

First Tractor Co Ltd net assets breakdown by equity component as of December 2025.

Component	Amount	Percentage
Retained Earnings	CN¥3.03 Billion	39.55%
Common Stock	CN¥1.12 Billion	14.67%
Other Comprehensive Income	CN¥1.10 Billion	14.35%
Other Components	CN¥2.41 Billion	31.44%
Total Equity	CN¥7.66 Billion	100.00%

First Tractor Co Ltd Competitors by Market Cap

The table below lists competitors of First Tractor Co Ltd ranked by their market capitalization.

Company	Market Cap
ADAMA Ltd SHE:000553	$1.42 Billion
Guangdong Advertising Co Ltd SHE:002400	$1.42 Billion
Rush Enterprises B Inc NASDAQ:RUSHB	$1.42 Billion
China Kings Resources Group Co SHG:603505	$1.42 Billion
Shandong Hi-Speed Road&Bridge SHE:000498	$1.42 Billion
Zhejiang Jingxin Pharmaceutical Co Ltd SHE:002020	$1.42 Billion
YiDong Electronics Technology Co. Ltd. SHE:301123	$1.42 Billion
ShenZhen QiangRui Precision Technology Co. Ltd. SHE:301128	$1.42 Billion

Equity Growth Attribution

This analysis shows how different factors contributed to changes in First Tractor Co Ltd's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 7,255,707,334 to 7,660,705,431, a change of 404,998,097 (5.6%).
Net income of 811,953,460 contributed positively to equity growth.
Dividend payments of 412,689,205 reduced retained earnings.
Other comprehensive income increased equity by 71,286,044.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	CN¥811.95 Million	+10.6%
Dividends Paid	CN¥412.69 Million	-5.39%
Other Comprehensive Income	CN¥71.29 Million	+0.93%
Other Changes	CN¥-65.55 Million	-0.86%
Total Change	CN¥-	5.58%

Book Value vs Market Value Analysis

This analysis compares First Tractor 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: 1.94x
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 5.00x to 1.94x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2004-12-31	CN¥2.65	CN¥13.24	x
2005-12-31	CN¥2.59	CN¥13.24	x
2006-12-31	CN¥2.80	CN¥13.24	x
2007-12-31	CN¥3.23	CN¥13.24	x
2008-12-31	CN¥3.07	CN¥13.24	x
2009-12-31	CN¥3.36	CN¥13.24	x
2010-12-31	CN¥3.73	CN¥13.24	x
2011-12-31	CN¥3.93	CN¥13.24	x
2012-12-31	CN¥4.87	CN¥13.24	x
2013-12-31	CN¥4.49	CN¥13.24	x
2014-12-31	CN¥4.61	CN¥13.24	x
2015-12-31	CN¥4.69	CN¥13.24	x
2016-12-31	CN¥4.85	CN¥13.24	x
2017-12-31	CN¥4.86	CN¥13.24	x
2018-12-31	CN¥4.06	CN¥13.24	x
2019-12-31	CN¥4.13	CN¥13.24	x
2020-12-31	CN¥4.40	CN¥13.24	x
2021-12-31	CN¥4.86	CN¥13.24	x
2022-12-31	CN¥5.30	CN¥13.24	x
2023-12-31	CN¥5.96	CN¥13.24	x
2024-12-31	CN¥6.46	CN¥13.24	x
2025-12-31	CN¥6.82	CN¥13.24	x

Capital Efficiency Dashboard

This dashboard shows how efficiently First Tractor 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): 10.60%
The company shows good efficiency in utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 7.51%
• Asset Turnover: 0.72x
• Equity Multiplier: 1.97x
Recent ROE (10.60%) is above the historical average (4.95%), indicating improving capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2004	0.47%	0.23%	1.16x	1.76x	CN¥-197.85 Million
2005	-2.97%	-1.27%	1.25x	1.88x	CN¥-263.39 Million
2006	3.29%	1.18%	1.22x	2.27x	CN¥-147.59 Million
2007	7.68%	2.92%	1.23x	2.13x	CN¥-59.72 Million
2008	3.02%	0.99%	1.38x	2.21x	CN¥-181.22 Million
2009	8.87%	2.81%	1.48x	2.12x	CN¥-32.04 Million
2010	17.22%	5.28%	1.23x	2.65x	CN¥227.49 Million
2011	13.24%	3.88%	1.24x	2.76x	CN¥107.70 Million
2012	7.44%	2.82%	1.07x	2.46x	CN¥-111.68 Million
2013	5.08%	2.05%	0.95x	2.61x	CN¥-220.30 Million
2014	3.65%	1.86%	0.73x	2.69x	CN¥-291.65 Million
2015	2.90%	1.40%	0.73x	2.84x	CN¥-332.07 Million
2016	4.63%	2.52%	0.67x	2.74x	CN¥-259.56 Million
2017	1.18%	0.77%	0.52x	2.94x	CN¥-423.22 Million
2018	-32.45%	-22.88%	0.43x	3.28x	CN¥-1.70 Billion
2019	1.51%	1.05%	0.50x	2.86x	CN¥-345.53 Million
2020	6.46%	3.69%	0.61x	2.85x	CN¥-153.67 Million
2021	8.11%	4.69%	0.76x	2.28x	CN¥-102.00 Million
2022	11.43%	5.42%	0.97x	2.18x	CN¥85.24 Million
2023	14.90%	8.64%	0.83x	2.06x	CN¥327.85 Million
2024	12.71%	7.75%	0.81x	2.02x	CN¥196.45 Million
2025	10.60%	7.51%	0.72x	1.97x	CN¥45.88 Million

Industry Comparison

This section compares First Tractor Co Ltd's net assets metrics with peer companies in the Farm & Heavy Construction Machinery industry.

Industry Context

Industry: Farm & Heavy Construction Machinery
Average net assets among peers: $8,439,784,974
Average return on equity (ROE) among peers: 7.49%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
First Tractor Co Ltd (601038)	CN¥8.44 Billion	0.47%	0.79x	$1.42 Billion
Zoomlion Heavy Industry Science and Technology Co Ltd (000157)	$38.23 Billion	3.48%	1.18x	$6.12 Billion
XCMG Construction Machinery Co Ltd (000425)	$20.44 Billion	2.02%	1.39x	$11.47 Billion
Guangxi Liugong Machinery Co Ltd (000528)	$10.83 Billion	9.39%	1.76x	$2.31 Billion
Shantui Construction Machinery Co Ltd (000680)	$1.49 Billion	6.44%	0.56x	$1.90 Billion
Faw Car Co Ltd (000800)	$5.44 Billion	5.08%	0.52x	$3.98 Billion
JiangSu JiangHuai Engine Co Ltd (000816)	$1.01 Billion	3.12%	0.85x	$544.18 Million
HBIS Resources Co Ltd (000923)	$421.21 Million	0.17%	2.47x	$1.31 Billion
Sinotruk Jinan Truck Co Ltd (000951)	$2.55 Billion	28.17%	2.77x	$3.23 Billion
Zhongtong Bus Holding Co Ltd (000957)	$3.14 Billion	11.45%	2.14x	$799.06 Million
Infore Environment Technology Group Co Ltd (000967)	$852.79 Million	5.56%	1.17x	$3.09 Billion

About First Tractor Co Ltd

SHG:601038 China Farm & Heavy Construction Machinery

Market Cap

$1.42 Billion

CN¥9.69 Billion CNY

Market Cap Rank

#7166 Global

#1441 in China

Share Price

CN¥13.24

Change (1 day)

+5.50%

52-Week Range

CN¥10.23 - CN¥15.82

All Time High

CN¥19.69