Flat Glass Group Co. Ltd (601865) - Net Assets
Based on the latest financial reports, Flat Glass Group Co. Ltd (601865) has net assets worth CN¥22.29 Billion CNY (≈ $3.26 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¥41.91 Billion ≈ $6.13 Billion USD) and total liabilities (CN¥19.62 Billion ≈ $2.87 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 601865 capital-intensive asset ratio to assess the company's strategic physical and investment asset allocation.
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. For live market cap and overall valuation, see how much is Flat Glass Group Co. Ltd worth.
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. Also explore Flat Glass Group Co. Ltd net asset momentum to track the company's year-over-year net asset growth rate.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | CN¥21.78 Billion ≈ $3.19 Billion |
-2.27% |
| 2023-12-31 | CN¥22.29 Billion ≈ $3.26 Billion |
+58.85% |
| 2022-12-31 | CN¥14.03 Billion ≈ $2.05 Billion |
+18.82% |
| 2021-12-31 | CN¥11.81 Billion ≈ $1.73 Billion |
+63.24% |
| 2020-12-31 | CN¥7.23 Billion ≈ $1.06 Billion |
+60.31% |
| 2019-12-31 | CN¥4.51 Billion ≈ $660.38 Million |
+23.01% |
| 2018-12-31 | CN¥3.67 Billion ≈ $536.84 Million |
+12.87% |
| 2017-12-31 | CN¥3.25 Billion ≈ $475.63 Million |
+9.90% |
| 2016-12-31 | CN¥2.96 Billion ≈ $432.80 Million |
+14.96% |
| 2015-12-31 | CN¥2.57 Billion ≈ $376.48 Million |
+55.22% |
| 2014-12-31 | CN¥1.66 Billion ≈ $242.55 Million |
-4.72% |
| 2013-12-31 | CN¥1.74 Billion ≈ $254.57 Million |
+13.26% |
| 2012-12-31 | CN¥1.54 Billion ≈ $224.77 Million |
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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 |
|---|---|
|
Ducommun Incorporated
NYSE:DCO
|
$2.54 Billion |
|
Adani Wilmar Limited
NSE:AWL
|
$2.54 Billion |
|
PSK Inc
KQ:319660
|
$2.54 Billion |
|
Hubei Xinyangfeng Fertilizer Co Ltd
SHE:000902
|
$2.54 Billion |
|
Hugo Boss AG
XETRA:BOSS
|
$2.54 Billion |
|
Yunnan Shennong Agricultural Industry Group Co Ltd
SHG:605296
|
$2.54 Billion |
|
Jiangsu Dingsheng New Material Joint-Stock Co Ltd
SHG:603876
|
$2.54 Billion |
|
Zhejiang Provincial New Energy Investment Group Co Ltd
SHG:600032
|
$2.54 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: 0.99x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has decreased from 8.61x to 0.99x 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¥9.20 | x |
| 2013-12-31 | CN¥1.21 | CN¥9.20 | x |
| 2014-12-31 | CN¥0.92 | CN¥9.20 | x |
| 2015-12-31 | CN¥1.85 | CN¥9.20 | x |
| 2016-12-31 | CN¥1.64 | CN¥9.20 | x |
| 2017-12-31 | CN¥1.81 | CN¥9.20 | x |
| 2018-12-31 | CN¥2.04 | CN¥9.20 | x |
| 2019-12-31 | CN¥2.31 | CN¥9.20 | x |
| 2020-12-31 | CN¥3.59 | CN¥9.20 | x |
| 2021-12-31 | CN¥5.51 | CN¥9.20 | x |
| 2022-12-31 | CN¥6.54 | CN¥9.20 | x |
| 2023-12-31 | CN¥9.98 | CN¥9.20 | x |
| 2024-12-31 | CN¥9.28 | CN¥9.20 | 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: $3,313,564,148
- Average return on equity (ROE) among peers: -27.92%
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 | $2.54 Billion |
| Shenzhen Topraysolar Co Ltd (002218) | $194.79 Million | 35.59% | 0.15x | $913.92 Million |
| JA Solar Technology Co Ltd (002459) | $14.84 Billion | 10.15% | 1.56x | $3.21 Billion |
| GCL System Integration Technology Co Ltd (002506) | $558.66 Million | 30.43% | 1.26x | $2.11 Billion |
| Changzhou Almaden Co Ltd (002623) | $2.02 Billion | 3.63% | 0.09x | $473.49 Million |
| Hainan Drinda Automotive Trim Co Ltd (002865) | $1.60 Billion | -11.14% | 2.75x | $1.26 Billion |
| Henan Yicheng New Energy Co Ltd (300080) | $3.24 Billion | 0.20% | 0.68x | $1.03 Billion |
| Gansu Golden Glass Technologies Co Ltd (300093) | $69.38 Million | -382.61% | 34.18x | $661.86 Million |
| Risen Energy (300118) | $9.54 Billion | -0.44% | 2.10x | $1.51 Billion |
| Lingda Group Co Ltd (300125) | $884.62 Million | -6.33% | 1.67x | $892.50 Million |
| Jolywood Suzhou Sunwatt Co Ltd (300393) | $185.30 Million | 41.35% | 0.98x | $948.71 Million |
About Flat Glass Group Co. Ltd
Flat Glass Group Co., Ltd., together with its subsidiaries, engages in the manufacture and sale of glass products in the People's Republic of China, the rest of Asia, Europe, North America, and internationally. It operates through PV Glass, Household Glass, Architectural Glass, Float Glass, Mining Products, Electricity Generation Revenue, and Other Business segments. The company is also involved … Read more