Flat Glass Group Co. Ltd (601865) - Net Assets

Latest as of September 2025: CN¥22.29 Billion CNY

Based on the latest financial reports, Flat Glass Group Co. Ltd (601865) has net assets worth CN¥22.29 Billion CNY as of September 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CN¥41.91 Billion) and total liabilities (CN¥19.62 Billion). 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.

Key Net Assets Metrics

Metric	Value
Current Net Assets	CN¥22.29 Billion
% of Total Assets	53.19%
Annual Growth Rate	24.73%
5-Year Change	201.1%
10-Year Change	746.72%
Growth Volatility	24.16

Flat Glass Group Co. Ltd - Net Assets Trend (2012–2024)

This chart illustrates how Flat Glass Group Co. Ltd's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.

Annual Net Assets for Flat Glass Group Co. Ltd (2012–2024)

The table below shows the annual net assets of Flat Glass Group Co. Ltd from 2012 to 2024.

Year	Net Assets	Change
2024-12-31	CN¥21.78 Billion	-2.27%
2023-12-31	CN¥22.29 Billion	+58.85%
2022-12-31	CN¥14.03 Billion	+18.82%
2021-12-31	CN¥11.81 Billion	+63.24%
2020-12-31	CN¥7.23 Billion	+60.31%
2019-12-31	CN¥4.51 Billion	+23.01%
2018-12-31	CN¥3.67 Billion	+12.87%
2017-12-31	CN¥3.25 Billion	+9.90%
2016-12-31	CN¥2.96 Billion	+14.96%
2015-12-31	CN¥2.57 Billion	+55.22%
2014-12-31	CN¥1.66 Billion	-4.72%
2013-12-31	CN¥1.74 Billion	+13.26%
2012-12-31	CN¥1.54 Billion	--

Equity Component Analysis

This analysis shows how different components contribute to Flat Glass Group 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 837.1% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2024)

Component	Amount	Percentage
Retained Earnings	CN¥9.81 Billion	45.23%
Common Stock	CN¥585.73 Million	2.70%
Other Comprehensive Income	CN¥561.96 Million	2.59%
Other Components	CN¥10.74 Billion	49.48%
Total Equity	CN¥21.70 Billion	100.00%

Flat Glass Group Co. Ltd Competitors by Market Cap

The table below lists competitors of Flat Glass Group Co. Ltd ranked by their market capitalization.

Company	Market Cap
Cadence Bancorp NYSE:CADE	$3.93 Billion
Pan African Resources PLC JSE:PAN	$3.93 Billion
Sinomach Precision Industry Co Ltd SHE:002046	$3.93 Billion
NewAmsterdam Pharma Company N.V. Ordinary Shares NASDAQ:NAMS	$3.93 Billion
EO Technics Co. Ltd KQ:039030	$3.93 Billion
Centre Testing Intl Shenzhen SHE:300012	$3.93 Billion
Envista Holdings Corp NYSE:NVST	$3.93 Billion
Jiangsu Shemar Electric Co Ltd SHG:603530	$3.93 Billion

Equity Growth Attribution

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

Equity Growth Insights

From 2023 to 2024, total equity changed from 22,215,074,391 to 21,698,797,844, a change of -516,276,547 (-2.3%).
Net income of 1,006,602,738 contributed positively to equity growth.
Dividend payments of 1,571,204,254 reduced retained earnings.
Share repurchases of 337,385,971 reduced equity.
Other comprehensive income decreased equity by 388,496,836.
Other factors increased equity by 774,207,776.

Equity Change Factors (2023 to 2024)

Factor	Impact	Contribution
Net Income	CN¥1.01 Billion	+4.64%
Dividends Paid	CN¥1.57 Billion	-7.24%
Share Repurchases	CN¥337.39 Million	-1.55%
Other Comprehensive Income	CN¥-388.50 Million	-1.79%
Other Changes	CN¥774.21 Million	+3.57%
Total Change	CN¥-	-2.32%

Book Value vs Market Value Analysis

This analysis compares Flat Glass Group 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: 1.53x
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 13.31x to 1.53x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2012-12-31	CN¥1.07	CN¥14.22	x
2013-12-31	CN¥1.21	CN¥14.22	x
2014-12-31	CN¥0.92	CN¥14.22	x
2015-12-31	CN¥1.85	CN¥14.22	x
2016-12-31	CN¥1.64	CN¥14.22	x
2017-12-31	CN¥1.81	CN¥14.22	x
2018-12-31	CN¥2.04	CN¥14.22	x
2019-12-31	CN¥2.31	CN¥14.22	x
2020-12-31	CN¥3.59	CN¥14.22	x
2021-12-31	CN¥5.51	CN¥14.22	x
2022-12-31	CN¥6.54	CN¥14.22	x
2023-12-31	CN¥9.98	CN¥14.22	x
2024-12-31	CN¥9.28	CN¥14.22	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Flat Glass Group 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): 4.64%
The company may be facing challenges in efficiently utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 5.39%
• Asset Turnover: 0.44x
• Equity Multiplier: 1.98x
Recent ROE (4.64%) is below the historical average (14.58%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2012	3.90%	4.02%	0.41x	2.37x	CN¥-93.72 Million
2013	11.70%	9.31%	0.55x	2.27x	CN¥29.65 Million
2014	23.69%	13.86%	0.69x	2.48x	CN¥226.91 Million
2015	16.86%	14.89%	0.62x	1.82x	CN¥176.51 Million
2016	20.49%	20.54%	0.66x	1.51x	CN¥310.28 Million
2017	13.21%	14.44%	0.50x	1.83x	CN¥104.47 Million
2018	11.10%	13.29%	0.44x	1.90x	CN¥40.45 Million
2019	15.89%	14.92%	0.51x	2.08x	CN¥265.95 Million
2020	22.51%	26.02%	0.51x	1.70x	CN¥905.31 Million
2021	17.95%	24.33%	0.43x	1.70x	CN¥938.90 Million
2022	15.13%	13.73%	0.48x	2.31x	CN¥719.54 Million
2023	12.42%	12.82%	0.50x	1.93x	CN¥538.18 Million
2024	4.64%	5.39%	0.44x	1.98x	CN¥-1.16 Billion

Industry Comparison

This section compares Flat Glass Group Co. Ltd's net assets metrics with peer companies in the Solar industry.

Industry Context

Industry: Solar
Average net assets among peers: $4,531,559,640
Average return on equity (ROE) among peers: 11.00%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Flat Glass Group Co. Ltd (601865)	CN¥22.29 Billion	3.90%	0.88x	$3.93 Billion
Shenzhen Topraysolar Co Ltd (002218)	$2.70 Billion	4.76%	0.78x	$1.14 Billion
JA Solar Technology Co Ltd (002459)	$30.16 Billion	18.35%	1.40x	$5.32 Billion
GCL System Integration Technology Co Ltd (002506)	$4.20 Billion	0.57%	3.83x	$3.81 Billion
Changzhou Almaden Co Ltd (002623)	$2.11 Billion	-4.61%	0.76x	$650.74 Million
Hainan Drinda Automotive Trim Co Ltd (002865)	$457.69 Million	12.28%	1.52x	$2.49 Billion
Henan Yicheng New Energy Co Ltd (300080)	$264.31 Million	36.93%	0.99x	$1.27 Billion
Gansu Golden Glass Technologies Co Ltd (300093)	$132.31 Million	18.08%	1.22x	$663.76 Million
Risen Energy (300118)	$3.14 Billion	10.27%	1.70x	$2.77 Billion
Lingda Group Co Ltd (300125)	$1.26 Billion	1.17%	0.88x	$935.37 Million
Jolywood Suzhou Sunwatt Co Ltd (300393)	$883.17 Million	12.19%	0.81x	$1.59 Billion

About Flat Glass Group Co. Ltd

SHG:601865 China Solar

Market Cap

$3.93 Billion

CN¥26.85 Billion CNY

Market Cap Rank

#4123 Global

#685 in China

Share Price

CN¥14.22

Change (1 day)

+0.21%

52-Week Range

CN¥13.46 - CN¥19.75

All Time High

CN¥59.34