Hangzhou First PV Material Co Ltd (603806) - Net Assets
Based on the latest financial reports, Hangzhou First PV Material Co Ltd (603806) has net assets worth CN¥16.08 Billion CNY (≈ $2.35 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¥20.68 Billion ≈ $3.03 Billion USD) and total liabilities (CN¥4.60 Billion ≈ $673.74 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 Hangzhou First PV Material Co Ltd (603806) asset resilience to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | CN¥16.08 Billion |
| % of Total Assets | 77.74% |
| Annual Growth Rate | 35.15% |
| 5-Year Change | 84.04% |
| 10-Year Change | 289.31% |
| Growth Volatility | 74.09 |
Hangzhou First PV Material Co Ltd - Net Assets Trend (2009–2024)
This chart illustrates how Hangzhou First PV Material Co Ltd's net assets have evolved over time, based on quarterly financial data. Also explore Hangzhou First PV Material Co Ltd total assets for the complete picture of this company's asset base.
Annual Net Assets for Hangzhou First PV Material Co Ltd (2009–2024)
The table below shows the annual net assets of Hangzhou First PV Material Co Ltd from 2009 to 2024. For live valuation and market cap data, see Hangzhou First PV Material Co Ltd market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | CN¥16.62 Billion ≈ $2.43 Billion |
+5.19% |
| 2023-12-31 | CN¥15.80 Billion ≈ $2.31 Billion |
+12.76% |
| 2022-12-31 | CN¥14.01 Billion ≈ $2.05 Billion |
+14.93% |
| 2021-12-31 | CN¥12.19 Billion ≈ $1.78 Billion |
+35.01% |
| 2020-12-31 | CN¥9.03 Billion ≈ $1.32 Billion |
+38.29% |
| 2019-12-31 | CN¥6.53 Billion ≈ $955.43 Million |
+17.52% |
| 2018-12-31 | CN¥5.56 Billion ≈ $812.98 Million |
+10.48% |
| 2017-12-31 | CN¥5.03 Billion ≈ $735.88 Million |
+3.87% |
| 2016-12-31 | CN¥4.84 Billion ≈ $708.46 Million |
+13.42% |
| 2015-12-31 | CN¥4.27 Billion ≈ $624.62 Million |
+12.27% |
| 2014-12-31 | CN¥3.80 Billion ≈ $556.37 Million |
+100.00% |
| 2013-12-31 | CN¥1.90 Billion ≈ $278.19 Million |
+5.53% |
| 2012-12-31 | CN¥1.80 Billion ≈ $263.61 Million |
+38.68% |
| 2011-12-31 | CN¥1.30 Billion ≈ $190.08 Million |
+77.24% |
| 2010-12-31 | CN¥732.90 Million ≈ $107.25 Million |
+304.44% |
| 2009-12-31 | CN¥181.21 Million ≈ $26.52 Million |
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Equity Component Analysis
This analysis shows how different components contribute to Hangzhou First PV Material 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 18064.5% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | CN¥10.30 Billion | 62.78% |
| Common Stock | CN¥2.61 Billion | 15.89% |
| Other Comprehensive Income | CN¥908.93 Million | 5.54% |
| Other Components | CN¥2.59 Billion | 15.79% |
| Total Equity | CN¥16.41 Billion | 100.00% |
Hangzhou First PV Material Co Ltd Competitors by Market Cap
The table below lists competitors of Hangzhou First PV Material Co Ltd ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
WIN Semiconductors
TWO:3105
|
$7.16 Billion |
|
Bilibili Inc
F:71BA
|
$7.17 Billion |
|
Alexandria Real Estate Equities Inc
NYSE:ARE
|
$7.17 Billion |
|
Yancoal Australia Ltd
AU:YAL
|
$7.18 Billion |
|
HITACHI CONSTR.MACH.ADR/2
F:HCMA
|
$7.15 Billion |
|
Shanghai 2345 Network Holding Group
SHE:002195
|
$7.14 Billion |
|
Impack Pratama Industri Tbk
JK:IMPC
|
$7.14 Billion |
|
PSP SWISS ADR 1/5/SF1050
F:P7S0
|
$7.13 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Hangzhou First PV Material Co Ltd's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 15,069,321,246 to 16,412,409,543, a change of 1,343,088,297 (8.9%).
- Net income of 1,307,559,527 contributed positively to equity growth.
- Dividend payments of 524,054,991 reduced retained earnings.
- Share repurchases of 9,102,443 reduced equity.
- Other comprehensive income increased equity by 125,060,570.
- Other factors increased equity by 443,625,634.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CN¥1.31 Billion | +7.97% |
| Dividends Paid | CN¥524.05 Million | -3.19% |
| Share Repurchases | CN¥9.10 Million | -0.06% |
| Other Comprehensive Income | CN¥125.06 Million | +0.76% |
| Other Changes | CN¥443.63 Million | +2.7% |
| Total Change | CN¥- | 8.91% |
Book Value vs Market Value Analysis
This analysis compares Hangzhou First PV Material 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: 2.99x
- 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 152.10x to 2.99x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2009-12-31 | CN¥0.12 | CN¥18.74 | x |
| 2010-12-31 | CN¥0.50 | CN¥18.74 | x |
| 2011-12-31 | CN¥0.89 | CN¥18.74 | x |
| 2012-12-31 | CN¥1.23 | CN¥18.74 | x |
| 2013-12-31 | CN¥1.30 | CN¥18.74 | x |
| 2014-12-31 | CN¥3.48 | CN¥18.74 | x |
| 2015-12-31 | CN¥5.47 | CN¥18.74 | x |
| 2016-12-31 | CN¥2.81 | CN¥18.74 | x |
| 2017-12-31 | CN¥2.92 | CN¥18.74 | x |
| 2018-12-31 | CN¥3.23 | CN¥18.74 | x |
| 2019-12-31 | CN¥3.79 | CN¥18.74 | x |
| 2020-12-31 | CN¥4.99 | CN¥18.74 | x |
| 2021-12-31 | CN¥6.65 | CN¥18.74 | x |
| 2022-12-31 | CN¥7.46 | CN¥18.74 | x |
| 2023-12-31 | CN¥5.78 | CN¥18.74 | x |
| 2024-12-31 | CN¥6.28 | CN¥18.74 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Hangzhou First PV Material 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): 7.97%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 6.83%
- • Asset Turnover: 0.90x
- • Equity Multiplier: 1.29x
- Recent ROE (7.97%) is below the historical average (25.04%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2009 | 68.26% | 29.20% | 1.24x | 1.88x | CN¥105.57 Million |
| 2010 | 75.27% | 32.39% | 1.86x | 1.25x | CN¥478.39 Million |
| 2011 | 47.04% | 24.85% | 1.65x | 1.15x | CN¥481.17 Million |
| 2012 | 27.89% | 22.90% | 1.04x | 1.17x | CN¥322.33 Million |
| 2013 | 31.33% | 30.43% | 0.83x | 1.23x | CN¥405.44 Million |
| 2014 | 11.36% | 18.11% | 0.56x | 1.12x | CN¥51.88 Million |
| 2015 | 15.16% | 19.42% | 0.69x | 1.13x | CN¥220.44 Million |
| 2016 | 17.52% | 21.45% | 0.72x | 1.14x | CN¥363.74 Million |
| 2017 | 11.64% | 12.76% | 0.80x | 1.13x | CN¥82.50 Million |
| 2018 | 13.53% | 15.62% | 0.75x | 1.16x | CN¥195.87 Million |
| 2019 | 14.67% | 15.01% | 0.77x | 1.27x | CN¥304.56 Million |
| 2020 | 17.34% | 18.65% | 0.73x | 1.28x | CN¥662.52 Million |
| 2021 | 18.04% | 17.08% | 0.94x | 1.12x | CN¥978.93 Million |
| 2022 | 11.29% | 8.36% | 0.93x | 1.44x | CN¥180.47 Million |
| 2023 | 12.28% | 8.19% | 1.03x | 1.45x | CN¥343.23 Million |
| 2024 | 7.97% | 6.83% | 0.90x | 1.29x | CN¥-333.68 Million |
Industry Comparison
This section compares Hangzhou First PV Material Co Ltd's net assets metrics with peer companies in the Semiconductor Equipment & Materials industry.
Industry Context
- Industry: Semiconductor Equipment & Materials
- Average net assets among peers: $17,716,400,941
- Average return on equity (ROE) among peers: 5.14%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Hangzhou First PV Material Co Ltd (603806) | CN¥16.08 Billion | 68.26% | 0.29x | $7.15 Billion |
| TCL Corp (000100) | $132.70 Billion | 1.18% | 1.85x | $13.00 Billion |
| TCL Zhonghuan Renewable Energy Technology Co Ltd (002129) | $324.60 Million | 17.43% | 0.64x | $5.12 Billion |
| TongFu Microelectronics Co Ltd (002156) | $222.39 Million | 16.98% | 3.34x | $11.50 Billion |
| Tianshui Huatian Technology Co Ltd (002185) | $279.37 Million | 22.06% | 1.27x | $6.27 Billion |
| NAURA Technology Group Co Ltd (002371) | $32.23 Billion | 17.44% | 1.04x | $56.96 Billion |
| Jiangsu Yoke Technology Co Ltd (002409) | $4.26 Billion | 3.12% | 0.12x | $5.90 Billion |
| Guangdong Huafeng New Energy Technology Co Ltd (002806) | $872.24 Million | -37.18% | 0.97x | $437.78 Million |
| Zhejiang Mtcn Technology Co Ltd (003026) | $648.76 Million | 3.51% | 0.98x | $948.18 Million |
| Hubei Tech Semiconductors Co (300046) | $645.15 Million | 5.00% | 0.19x | $1.12 Billion |
| Shanghai Sinyang Semiconductor (300236) | $4.99 Billion | 1.88% | 0.33x | $4.35 Billion |
About Hangzhou First PV Material Co Ltd
Hangzhou First Applied Material Co., Ltd., together with its subsidiaries, designs, develops, manufactures, and sells solar battery encapsulation materials in China and internationally. It operates through Photovoltaic Film, Photovoltaic Backplane, Solar Power Generation System, Aluminum plastic film, and Photosensitive Dry Film segments. The company offers encapsulant EVA films, polyolefin films… Read more