Shenyang Toly Bread Co Ltd (603866) - Net Assets
Based on the latest financial reports, Shenyang Toly Bread Co Ltd (603866) has net assets worth CN¥5.26 Billion CNY (≈ $769.73 Million USD) as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CN¥7.30 Billion ≈ $1.07 Billion USD) and total liabilities (CN¥2.04 Billion ≈ $298.94 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 how tangible is Shenyang Toly Bread Co Ltd's equity to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | CN¥5.26 Billion |
| % of Total Assets | 72.03% |
| Annual Growth Rate | 17.7% |
| 5-Year Change | 5.54% |
| 10-Year Change | 153.18% |
| Growth Volatility | 22.55 |
Shenyang Toly Bread Co Ltd - Net Assets Trend (2011–2025)
This chart illustrates how Shenyang Toly Bread Co Ltd's net assets have evolved over time, based on quarterly financial data. See 603866 cash and liquid assets coverage to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Shenyang Toly Bread Co Ltd (2011–2025)
The table below shows the annual net assets of Shenyang Toly Bread Co Ltd from 2011 to 2025. For live valuation and market cap data, see Shenyang Toly Bread Co Ltd (603866) market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | CN¥5.21 Billion ≈ $762.15 Million |
+1.48% |
| 2024-12-31 | CN¥5.13 Billion ≈ $751.04 Million |
+0.89% |
| 2023-12-31 | CN¥5.09 Billion ≈ $744.40 Million |
+1.21% |
| 2022-12-31 | CN¥5.03 Billion ≈ $735.49 Million |
+1.85% |
| 2021-12-31 | CN¥4.94 Billion ≈ $722.16 Million |
+2.12% |
| 2020-12-31 | CN¥4.83 Billion ≈ $707.19 Million |
+29.11% |
| 2019-12-31 | CN¥3.74 Billion ≈ $547.74 Million |
+9.40% |
| 2018-12-31 | CN¥3.42 Billion ≈ $500.66 Million |
+8.42% |
| 2017-12-31 | CN¥3.16 Billion ≈ $461.79 Million |
+53.40% |
| 2016-12-31 | CN¥2.06 Billion ≈ $301.03 Million |
+10.06% |
| 2015-12-31 | CN¥1.87 Billion ≈ $273.52 Million |
+80.06% |
| 2014-12-31 | CN¥1.04 Billion ≈ $151.91 Million |
+14.84% |
| 2013-12-31 | CN¥903.94 Million ≈ $132.28 Million |
+27.43% |
| 2012-12-31 | CN¥709.36 Million ≈ $103.80 Million |
+33.41% |
| 2011-12-31 | CN¥531.71 Million ≈ $77.81 Million |
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Equity Component Analysis
This analysis shows how different components contribute to Shenyang Toly Bread 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 356.5% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | CN¥1.61 Billion | 30.93% |
| Other Components | CN¥3.60 Billion | 69.07% |
| Total Equity | CN¥5.21 Billion | 100.00% |
Shenyang Toly Bread Co Ltd Competitors by Market Cap
The table below lists competitors of Shenyang Toly Bread Co Ltd ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Lecron Energy Saving Materials
SHE:300343
|
$927.08 Million |
|
Liaoning Oxiranchem Inc
SHE:300082
|
$927.52 Million |
|
Shanghai Chengdi Constr Co
SHG:603887
|
$927.65 Million |
|
China Petrochemical Development Corp
TW:1314
|
$927.71 Million |
|
Shenzhen Tagen Group Co Ltd
SHE:000090
|
$926.92 Million |
|
Jiangmen iDear-Hanyu Electrical Joint-Stock Co Ltd
SHE:300403
|
$926.50 Million |
|
Yunnan QuakeSafe Seismic Isolation Technologies Co Ltd Class A
SHE:300767
|
$925.44 Million |
|
Amtran Technology Co Ltd
TW:2489
|
$925.36 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Shenyang Toly Bread Co Ltd's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 5,132,483,823 to 5,208,374,103, a change of 75,890,280 (1.5%).
- Net income of 283,853,769 contributed positively to equity growth.
- Dividend payments of 240,399,460 reduced retained earnings.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CN¥283.85 Million | +5.45% |
| Dividends Paid | CN¥240.40 Million | -4.62% |
| Other Changes | CN¥32.44 Million | +0.62% |
| Total Change | CN¥- | 1.48% |
Book Value vs Market Value Analysis
This analysis compares Shenyang Toly Bread 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: 1.22x
- 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 9.96x to 1.22x 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¥0.40 | CN¥3.96 | x |
| 2012-12-31 | CN¥0.53 | CN¥3.96 | x |
| 2013-12-31 | CN¥0.68 | CN¥3.96 | x |
| 2014-12-31 | CN¥0.77 | CN¥3.96 | x |
| 2015-12-31 | CN¥1.41 | CN¥3.96 | x |
| 2016-12-31 | CN¥1.39 | CN¥3.96 | x |
| 2017-12-31 | CN¥2.13 | CN¥3.96 | x |
| 2018-12-31 | CN¥2.65 | CN¥3.96 | x |
| 2019-12-31 | CN¥2.42 | CN¥3.96 | x |
| 2020-12-31 | CN¥3.10 | CN¥3.96 | x |
| 2021-12-31 | CN¥3.09 | CN¥3.96 | x |
| 2022-12-31 | CN¥3.15 | CN¥3.96 | x |
| 2023-12-31 | CN¥3.18 | CN¥3.96 | x |
| 2024-12-31 | CN¥3.21 | CN¥3.96 | x |
| 2025-12-31 | CN¥3.26 | CN¥3.96 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Shenyang Toly Bread 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): 5.45%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 5.21%
- • Asset Turnover: 0.75x
- • Equity Multiplier: 1.39x
- Recent ROE (5.45%) is below the historical average (18.57%), 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 | 27.43% | 12.19% | 1.63x | 1.38x | CN¥92.65 Million |
| 2012 | 30.33% | 14.09% | 1.79x | 1.21x | CN¥144.22 Million |
| 2013 | 28.17% | 14.48% | 1.68x | 1.16x | CN¥164.21 Million |
| 2014 | 26.29% | 13.26% | 1.67x | 1.19x | CN¥169.14 Million |
| 2015 | 18.56% | 13.54% | 1.20x | 1.15x | CN¥160.04 Million |
| 2016 | 21.17% | 13.18% | 1.40x | 1.15x | CN¥229.83 Million |
| 2017 | 16.26% | 12.58% | 1.16x | 1.12x | CN¥197.70 Million |
| 2018 | 18.77% | 13.29% | 1.24x | 1.14x | CN¥300.01 Million |
| 2019 | 18.26% | 12.11% | 1.09x | 1.39x | CN¥309.04 Million |
| 2020 | 18.27% | 14.81% | 1.05x | 1.18x | CN¥399.56 Million |
| 2021 | 15.47% | 12.05% | 1.05x | 1.22x | CN¥269.76 Million |
| 2022 | 12.73% | 9.57% | 1.01x | 1.32x | CN¥137.27 Million |
| 2023 | 11.28% | 8.49% | 0.96x | 1.39x | CN¥65.33 Million |
| 2024 | 10.17% | 8.58% | 0.86x | 1.38x | CN¥8.84 Million |
| 2025 | 5.45% | 5.21% | 0.75x | 1.39x | CN¥-236.98 Million |
Industry Comparison
This section compares Shenyang Toly Bread Co Ltd's net assets metrics with peer companies in the Grocery Stores industry.
Industry Context
- Industry: Grocery Stores
- Average net assets among peers: $1,282,369,826
- Average return on equity (ROE) among peers: 24.62%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Shenyang Toly Bread Co Ltd (603866) | CN¥5.26 Billion | 27.43% | 0.39x | $926.99 Million |
| Renrenle Commercial Group Co Ltd (002336) | $980.25 Million | 23.42% | 2.38x | $23.18 Million |
| Sanjiang Shopping Club Co Ltd (601116) | $3.18 Billion | 4.33% | 0.58x | $869.55 Million |
| Shanghai Laiyifen Co Ltd (603777) | $646.50 Million | 16.02% | 0.68x | $822.63 Million |
| Ganso Co Ltd (603886) | $325.57 Million | 54.71% | 1.38x | $460.77 Million |
About Shenyang Toly Bread Co Ltd
Toly Bread Co.,Ltd. engages in the production and sales of bread, pastries, moon cakes, and other products in China. The company was formerly known as Shenyang Toly Bread Co., Ltd. and changed its name to Toly Bread Co.,Ltd. in March 2017. Toly Bread Co.,Ltd. was founded in 1997 and is based in Shenyang, China.