Topscore Fashion (603608) - Net Assets
Based on the latest financial reports, Topscore Fashion (603608) has net assets worth CN¥1.21 Billion CNY (≈ $177.00 Million USD) as of June 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CN¥1.49 Billion ≈ $217.95 Million USD) and total liabilities (CN¥279.80 Million ≈ $40.94 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 Topscore Fashion strategic asset allocation index to assess the company's strategic physical and investment asset allocation.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | CN¥1.21 Billion |
| % of Total Assets | 81.21% |
| Annual Growth Rate | 5.95% |
| 5-Year Change | -29.17% |
| 10-Year Change | -28.2% |
| Growth Volatility | 24.32 |
Topscore Fashion - Net Assets Trend (2011–2025)
This chart illustrates how Topscore Fashion's net assets have evolved over time, based on quarterly financial data. For live market cap and overall valuation, see market cap of Topscore Fashion.
Annual Net Assets for Topscore Fashion (2011–2025)
The table below shows the annual net assets of Topscore Fashion from 2011 to 2025. Also explore Topscore Fashion (603608) net asset momentum to track the company's year-over-year net asset growth rate.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | CN¥1.11 Billion ≈ $163.05 Million |
+4.56% |
| 2024-12-31 | CN¥1.07 Billion ≈ $155.94 Million |
-19.33% |
| 2023-12-31 | CN¥1.32 Billion ≈ $193.31 Million |
-2.12% |
| 2022-12-31 | CN¥1.35 Billion ≈ $197.50 Million |
-14.21% |
| 2021-12-31 | CN¥1.57 Billion ≈ $230.21 Million |
-8.56% |
| 2020-12-31 | CN¥1.72 Billion ≈ $251.77 Million |
-20.80% |
| 2019-12-31 | CN¥2.17 Billion ≈ $317.89 Million |
-0.03% |
| 2018-12-31 | CN¥2.17 Billion ≈ $318.00 Million |
+7.35% |
| 2017-12-31 | CN¥2.02 Billion ≈ $296.22 Million |
+30.45% |
| 2016-12-31 | CN¥1.55 Billion ≈ $227.07 Million |
+78.07% |
| 2015-12-31 | CN¥871.43 Million ≈ $127.52 Million |
+9.60% |
| 2014-12-31 | CN¥795.10 Million ≈ $116.35 Million |
+14.04% |
| 2013-12-31 | CN¥697.19 Million ≈ $102.02 Million |
+12.62% |
| 2012-12-31 | CN¥619.04 Million ≈ $90.59 Million |
+24.77% |
| 2011-12-31 | CN¥496.14 Million ≈ $72.60 Million |
-- |
Equity Component Analysis
This analysis shows how different components contribute to Topscore Fashion'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 decreased by 222.3% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Other Components | CN¥1.41 Billion | 128.65% |
| Total Equity | CN¥1.09 Billion | 100.00% |
Topscore Fashion Competitors by Market Cap
The table below lists competitors of Topscore Fashion ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
CT Real Estate Investment Trust
TO:CRT-UN
|
$1.34 Billion |
|
Gree Real Estate Co Ltd
SHG:600185
|
$1.34 Billion |
|
Inox Wind Energy Limited
NSE:IWEL
|
$1.34 Billion |
|
VGI Public Company Limited
BK:VGI-R
|
$1.34 Billion |
|
Shenyang Xingqi Pharmaceutical Co Ltd
SHE:300573
|
$1.34 Billion |
|
Sinocare Inc
SHE:300298
|
$1.34 Billion |
|
Dorchester Minerals LP
NASDAQ:DMLP
|
$1.34 Billion |
|
Suzhou Victory Precision Manufacture Co Ltd
SHE:002426
|
$1.34 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Topscore Fashion's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 1,042,691,207 to 1,092,378,319, a change of 49,687,112 (4.8%).
- Net income of 14,518,904 contributed positively to equity growth.
- Dividend payments of 9,678,909 reduced retained earnings.
- Other comprehensive income decreased equity by 8,711,901.
- Other factors increased equity by 53,559,018.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CN¥14.52 Million | +1.33% |
| Dividends Paid | CN¥9.68 Million | -0.89% |
| Other Comprehensive Income | CN¥-8.71 Million | -0.8% |
| Other Changes | CN¥53.56 Million | +4.9% |
| Total Change | CN¥- | 4.77% |
Book Value vs Market Value Analysis
This analysis compares Topscore Fashion'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: 8.28x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 13.00x to 8.28x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2011-12-31 | CN¥1.66 | CN¥21.55 | x |
| 2012-12-31 | CN¥2.06 | CN¥21.55 | x |
| 2013-12-31 | CN¥2.34 | CN¥21.55 | x |
| 2014-12-31 | CN¥2.63 | CN¥21.55 | x |
| 2015-12-31 | CN¥2.91 | CN¥21.55 | x |
| 2016-12-31 | CN¥4.04 | CN¥21.55 | x |
| 2017-12-31 | CN¥5.12 | CN¥21.55 | x |
| 2018-12-31 | CN¥4.98 | CN¥21.55 | x |
| 2019-12-31 | CN¥5.09 | CN¥21.55 | x |
| 2020-12-31 | CN¥4.06 | CN¥21.55 | x |
| 2021-12-31 | CN¥3.62 | CN¥21.55 | x |
| 2022-12-31 | CN¥3.30 | CN¥21.55 | x |
| 2023-12-31 | CN¥3.01 | CN¥21.55 | x |
| 2024-12-31 | CN¥2.76 | CN¥21.55 | x |
| 2025-12-31 | CN¥2.60 | CN¥21.55 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Topscore Fashion 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): 1.33%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 1.26%
- • Asset Turnover: 0.75x
- • Equity Multiplier: 1.40x
- Recent ROE (1.33%) is below the historical average (4.50%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2011 | 21.10% | 9.76% | 1.18x | 1.84x | CN¥54.12 Million |
| 2012 | 19.72% | 9.27% | 1.17x | 1.81x | CN¥59.02 Million |
| 2013 | 15.27% | 6.89% | 1.15x | 1.92x | CN¥35.91 Million |
| 2014 | 15.47% | 7.12% | 1.21x | 1.80x | CN¥42.48 Million |
| 2015 | 12.28% | 6.39% | 1.16x | 1.66x | CN¥19.36 Million |
| 2016 | 7.67% | 7.58% | 0.85x | 1.19x | CN¥-35.68 Million |
| 2017 | 9.36% | 10.84% | 0.61x | 1.41x | CN¥-12.83 Million |
| 2018 | 11.24% | 11.80% | 0.76x | 1.26x | CN¥26.76 Million |
| 2019 | 9.64% | 9.93% | 0.79x | 1.24x | CN¥-7.84 Million |
| 2020 | -27.08% | -24.59% | 0.70x | 1.58x | CN¥-632.48 Million |
| 2021 | -4.14% | -3.36% | 0.75x | 1.64x | CN¥-220.67 Million |
| 2022 | -13.34% | -14.04% | 0.59x | 1.60x | CN¥-312.70 Million |
| 2023 | -2.33% | -2.37% | 0.60x | 1.64x | CN¥-159.83 Million |
| 2024 | -8.71% | -8.27% | 0.67x | 1.57x | CN¥-195.08 Million |
| 2025 | 1.33% | 1.26% | 0.75x | 1.40x | CN¥-94.72 Million |
Industry Comparison
This section compares Topscore Fashion's net assets metrics with peer companies in the Footwear & Accessories industry.
Industry Context
- Industry: Footwear & Accessories
- Average net assets among peers: $3,399,492,952
- Average return on equity (ROE) among peers: 12.17%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Topscore Fashion (603608) | CN¥1.21 Billion | 21.10% | 0.23x | $1.34 Billion |
| Wuxi Double Elephant Micro Fibre Material Co Ltd (002395) | $155.54 Million | 21.40% | 1.30x | $496.09 Million |
| Anhui ANLI Artificial Leather (300218) | $1.26 Billion | 10.51% | 0.75x | $400.08 Million |
| Shandong Tongda Island New Materials Co Ltd (300321) | $592.85 Million | 4.13% | 0.22x | $449.60 Million |
| Anhui Korrun Co Ltd (300577) | $111.60 Million | 20.42% | 1.59x | $710.69 Million |
| Guangdong Wanlima Industry Co Ltd (300591) | $212.52 Million | 12.37% | 1.63x | $397.14 Million |
| Zhejiang Zoenn Design Co Ltd (300901) | $990.93 Million | 0.39% | 0.23x | $651.12 Million |
| Huali Industrial Group Company Limited (300979) | $10.93 Billion | 25.33% | 0.48x | $5.75 Billion |
| Zhejiang China Commodities City Group Co Ltd (600415) | $13.08 Billion | 9.59% | 1.39x | $9.51 Billion |
| Zhejiang Aokang Shoes Co Ltd (603001) | $3.72 Billion | 7.37% | 0.28x | $681.81 Million |
| Zhejiang Red Dragonfly Footwear Co Ltd (603116) | $2.95 Billion | 10.19% | 0.38x | $564.92 Million |
About Topscore Fashion
Topscore Fashion Co., Ltd. engages in the production and sales of leather shoes and apparel products, and the mobile Internet marketing services in China. It offers mid-to-high-end fashion women's shoes, and apparel accessories under the KISSCAT, ZSAZSAZSU, tigrisso, MUSTHAVE, KissKitty, O bag, and Patricia brands. The company also offers mobile Internet media advertising, such as mobile applicat… Read more