First Tractor Co Ltd (601038) - Net Assets

Latest as of September 2025: CN¥8.43 Billion CNY ≈ $1.23 Billion USD

Based on the latest financial reports, First Tractor Co Ltd (601038) has net assets worth CN¥8.43 Billion CNY (≈ $1.23 Billion 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¥16.25 Billion ≈ $2.38 Billion USD) and total liabilities (CN¥7.82 Billion ≈ $1.14 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 First Tractor Co Ltd asset resilience ratio to evaluate the company's liquid asset resilience ratio.

Key Net Assets Metrics

Metric	Value
Current Net Assets	CN¥8.43 Billion
% of Total Assets	51.86%
Annual Growth Rate	6.43%
5-Year Change	56.33%
10-Year Change	44.08%
Growth Volatility	8.95

First Tractor Co Ltd - Net Assets Trend (2004–2024)

This chart illustrates how First Tractor Co Ltd's net assets have evolved over time, based on quarterly financial data. Also explore balance sheet size of First Tractor Co Ltd for the complete picture of this company's asset base.

Annual Net Assets for First Tractor Co Ltd (2004–2024)

The table below shows the annual net assets of First Tractor Co Ltd from 2004 to 2024. For live valuation and market cap data, see First Tractor Co Ltd market capitalisation.

Year	Net Assets	Change
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 269597475000.0% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2024)

Component	Amount	Percentage
Retained Earnings	CN¥2.70 Billion	37.16%
Common Stock	CN¥1.12 Billion	15.49%
Other Comprehensive Income	CN¥1.03 Billion	14.17%
Other Components	CN¥2.41 Billion	33.19%
Total Equity	CN¥7.26 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
Chengdu Galaxy Magnets SHE:300127	$1.48 Billion
Vinati Organics Limited NSE:VINATIORGA	$1.48 Billion
Shanghai Cooltech Power Co Ltd SHE:300153	$1.48 Billion
Triumph Financial, Inc. NYSE:TFIN	$1.48 Billion
China Express Airlines Co Ltd Class A SHE:002928	$1.48 Billion
IMDEX Ltd AU:IMD	$1.48 Billion
Bringspring Science and Tech SHE:300290	$1.48 Billion
Alrov Properties & Lodgings Ltd TA:ALRPR	$1.48 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 2023 to 2024, total equity changed from 6,691,690,666 to 7,255,707,334, a change of 564,016,668 (8.4%).
Net income of 922,023,213 contributed positively to equity growth.
Dividend payments of 360,430,411 reduced retained earnings.
Other comprehensive income increased equity by 86,791,183.
Other factors decreased equity by 84,367,317.

Equity Change Factors (2023 to 2024)

Factor	Impact	Contribution
Net Income	CN¥922.02 Million	+12.71%
Dividends Paid	CN¥360.43 Million	-4.97%
Other Comprehensive Income	CN¥86.79 Million	+1.2%
Other Changes	CN¥-84.37 Million	-1.16%
Total Change	CN¥-	8.43%

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: 2.14x
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 5.23x to 2.14x 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¥13.84	x
2005-12-31	CN¥2.59	CN¥13.84	x
2006-12-31	CN¥2.80	CN¥13.84	x
2007-12-31	CN¥3.23	CN¥13.84	x
2008-12-31	CN¥3.07	CN¥13.84	x
2009-12-31	CN¥3.36	CN¥13.84	x
2010-12-31	CN¥3.73	CN¥13.84	x
2011-12-31	CN¥3.93	CN¥13.84	x
2012-12-31	CN¥4.87	CN¥13.84	x
2013-12-31	CN¥4.49	CN¥13.84	x
2014-12-31	CN¥4.61	CN¥13.84	x
2015-12-31	CN¥4.69	CN¥13.84	x
2016-12-31	CN¥4.85	CN¥13.84	x
2017-12-31	CN¥4.86	CN¥13.84	x
2018-12-31	CN¥4.06	CN¥13.84	x
2019-12-31	CN¥4.13	CN¥13.84	x
2020-12-31	CN¥4.40	CN¥13.84	x
2021-12-31	CN¥4.86	CN¥13.84	x
2022-12-31	CN¥5.30	CN¥13.84	x
2023-12-31	CN¥5.96	CN¥13.84	x
2024-12-31	CN¥6.46	CN¥13.84	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): 12.71%
The company shows good efficiency in utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 7.75%
• Asset Turnover: 0.81x
• Equity Multiplier: 2.02x
Recent ROE (12.71%) is above the historical average (4.68%), 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

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: $2,531,128,273
Average return on equity (ROE) among peers: 12.44%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
First Tractor Co Ltd (601038)	CN¥8.43 Billion	0.47%	0.93x	$1.48 Billion
Zoomlion Heavy Industry Science and Technology Co Ltd (000157)	$1.04 Billion	14.79%	0.42x	$8.26 Billion
XCMG Construction Machinery Co Ltd (000425)	$1.09 Billion	0.51%	2.01x	$17.11 Billion
Guangxi Liugong Machinery Co Ltd (000528)	$8.91 Billion	0.24%	1.29x	$2.88 Billion
Shantui Construction Machinery Co Ltd (000680)	$1.39 Billion	6.69%	0.55x	$2.61 Billion
JiangSu JiangHuai Engine Co Ltd (000816)	$134.40 Million	73.87%	1.44x	$683.93 Million
HBIS Resources Co Ltd (000923)	$455.95 Million	1.02%	1.11x	$1.60 Billion
Sinotruk Jinan Truck Co Ltd (000951)	$5.14 Billion	5.42%	2.30x	$3.76 Billion
Zhongtong Bus Holding Co Ltd (000957)	$413.40 Million	8.98%	0.64x	$1.04 Billion
Sunward Intelligent Equipment Co Ltd (002097)	$5.72 Billion	5.57%	2.36x	$1.56 Billion
Weihai Guangtai Airport Equipment Co Ltd (002111)	$1.03 Billion	7.33%	0.54x	$857.91 Million

About First Tractor Co Ltd

SHG:601038 China Farm & Heavy Construction Machinery

Market Cap

$1.48 Billion

CN¥10.13 Billion CNY

Market Cap Rank

#7442 Global

#1786 in China

Share Price

CN¥13.84

Change (1 day)

+1.24%

52-Week Range

CN¥12.28 - CN¥15.82

All Time High

CN¥19.69