First Tractor Co Ltd (601038) - 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. Check 601038 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¥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 |
First Tractor Co Ltd - Net Assets Trend (2004–2025)
This chart illustrates how First Tractor Co Ltd's net assets have evolved over time, based on quarterly financial data. See 601038 defensive asset coverage days to measure how many days the company can operate on defensive assets alone.
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 valuation and market cap data, see First Tractor Co Ltd market capitalisation.
| 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 |
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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.
Current Equity Component Breakdown (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 |
|---|---|
|
Huludao Zinc Industry Co Ltd
SHE:000751
|
$1.24 Billion |
|
Growthpoint Properties Australia
AU:GOZ
|
$1.24 Billion |
|
Asian Star Anchor Chain Co Ltd Jiangsu
SHG:601890
|
$1.24 Billion |
|
ATOSS Software SE
F:AOF
|
$1.24 Billion |
|
Birchcliff Energy Ltd.
TO:BIR
|
$1.24 Billion |
|
GMP Property SOCIMI SA
MC:YGMP
|
$1.24 Billion |
|
MoonLake Immunotherapeutics
NASDAQ:MLTX
|
$1.24 Billion |
|
Verint Systems Inc
NASDAQ:VRNT
|
$1.24 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: 1.70x
- 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 4.39x to 1.70x 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¥11.61 | x |
| 2005-12-31 | CN¥2.59 | CN¥11.61 | x |
| 2006-12-31 | CN¥2.80 | CN¥11.61 | x |
| 2007-12-31 | CN¥3.23 | CN¥11.61 | x |
| 2008-12-31 | CN¥3.07 | CN¥11.61 | x |
| 2009-12-31 | CN¥3.36 | CN¥11.61 | x |
| 2010-12-31 | CN¥3.73 | CN¥11.61 | x |
| 2011-12-31 | CN¥3.93 | CN¥11.61 | x |
| 2012-12-31 | CN¥4.87 | CN¥11.61 | x |
| 2013-12-31 | CN¥4.49 | CN¥11.61 | x |
| 2014-12-31 | CN¥4.61 | CN¥11.61 | x |
| 2015-12-31 | CN¥4.69 | CN¥11.61 | x |
| 2016-12-31 | CN¥4.85 | CN¥11.61 | x |
| 2017-12-31 | CN¥4.86 | CN¥11.61 | x |
| 2018-12-31 | CN¥4.06 | CN¥11.61 | x |
| 2019-12-31 | CN¥4.13 | CN¥11.61 | x |
| 2020-12-31 | CN¥4.40 | CN¥11.61 | x |
| 2021-12-31 | CN¥4.86 | CN¥11.61 | x |
| 2022-12-31 | CN¥5.30 | CN¥11.61 | x |
| 2023-12-31 | CN¥5.96 | CN¥11.61 | x |
| 2024-12-31 | CN¥6.46 | CN¥11.61 | x |
| 2025-12-31 | CN¥6.82 | CN¥11.61 | 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: $14,535,954,800
- Average return on equity (ROE) among peers: 10.11%
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 | $1.24 Billion |
| Zoomlion Heavy Industry Science and Technology Co Ltd (000157) | $58.30 Billion | 10.75% | 1.09x | $7.87 Billion |
| XCMG Construction Machinery Co Ltd (000425) | $33.65 Billion | 10.76% | 1.30x | $15.80 Billion |
| Guangxi Liugong Machinery Co Ltd (000528) | $8.85 Billion | 0.56% | 1.33x | $2.46 Billion |
| Shantui Construction Machinery Co Ltd (000680) | $223.20 Million | 0.00% | 1.75x | $2.29 Billion |
| Faw Car Co Ltd (000800) | $26.59 Billion | 2.34% | 1.74x | $4.36 Billion |
| JiangSu JiangHuai Engine Co Ltd (000816) | $85.08 Million | 48.08% | 1.71x | $529.36 Million |
| HBIS Resources Co Ltd (000923) | $530.23 Million | 2.08% | 0.88x | $1.35 Billion |
| Sinotruk Jinan Truck Co Ltd (000951) | $14.98 Billion | 6.93% | 1.37x | $3.79 Billion |
| Zhongtong Bus Holding Co Ltd (000957) | $588.19 Million | 6.73% | 1.78x | $892.77 Million |
| Sunward Intelligent Equipment Co Ltd (002097) | $1.57 Billion | 12.91% | 1.76x | $1.30 Billion |
About First Tractor Co Ltd
First Tractor Company Limited, engages in the manufacturing and sale of agricultural machinery and power machinery. It offers medium and large-sized wheeled and crawler tractors; off-road diesel engines, such as tractors and harvesters, engineering machinery, ships, generator sets, and others; and component products, such as castings and forgings, gears, axles, transmissions, covers, injection pu… Read more