Tangshan Sunfar Silicon Ind (603938) - Net Assets
Based on the latest financial reports, Tangshan Sunfar Silicon Ind (603938) has net assets worth CN¥2.54 Billion CNY (≈ $372.00 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¥3.49 Billion ≈ $510.51 Million USD) and total liabilities (CN¥946.58 Million ≈ $138.51 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 603938 intangible-adjusted equity ratio to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | CN¥2.54 Billion |
| % of Total Assets | 72.87% |
| Annual Growth Rate | 18.77% |
| 5-Year Change | 58.01% |
| 10-Year Change | 362.9% |
| Growth Volatility | 21.44 |
Tangshan Sunfar Silicon Ind - Net Assets Trend (2012–2025)
This chart illustrates how Tangshan Sunfar Silicon Ind's net assets have evolved over time, based on quarterly financial data. See 603938 days of operational coverage to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Tangshan Sunfar Silicon Ind (2012–2025)
The table below shows the annual net assets of Tangshan Sunfar Silicon Ind from 2012 to 2025. For live valuation and market cap data, see Tangshan Sunfar Silicon Ind (603938) market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | CN¥2.50 Billion ≈ $366.22 Million |
+3.04% |
| 2024-12-31 | CN¥2.43 Billion ≈ $355.41 Million |
+0.97% |
| 2023-12-31 | CN¥2.41 Billion ≈ $352.00 Million |
+4.62% |
| 2022-12-31 | CN¥2.30 Billion ≈ $336.45 Million |
+45.16% |
| 2021-12-31 | CN¥1.58 Billion ≈ $231.77 Million |
+27.05% |
| 2020-12-31 | CN¥1.25 Billion ≈ $182.43 Million |
+7.19% |
| 2019-12-31 | CN¥1.16 Billion ≈ $170.19 Million |
+9.73% |
| 2018-12-31 | CN¥1.06 Billion ≈ $155.11 Million |
+8.42% |
| 2017-12-31 | CN¥977.66 Million ≈ $143.06 Million |
+80.83% |
| 2016-12-31 | CN¥540.65 Million ≈ $79.11 Million |
+5.34% |
| 2015-12-31 | CN¥513.23 Million ≈ $75.10 Million |
+20.19% |
| 2014-12-31 | CN¥427.01 Million ≈ $62.48 Million |
+28.37% |
| 2013-12-31 | CN¥332.63 Million ≈ $48.67 Million |
+24.31% |
| 2012-12-31 | CN¥267.58 Million ≈ $39.16 Million |
-- |
Equity Component Analysis
This analysis shows how different components contribute to Tangshan Sunfar Silicon Ind'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 4261.2% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | CN¥1.70 Billion | 68.15% |
| Other Components | CN¥796.48 Million | 31.85% |
| Total Equity | CN¥2.50 Billion | 100.00% |
Tangshan Sunfar Silicon Ind Competitors by Market Cap
The table below lists competitors of Tangshan Sunfar Silicon Ind ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
National Storage REIT
AU:NSR
|
$3.02 Billion |
|
Clicks
JSE:CLS
|
$3.02 Billion |
|
Shandong Humon Smelting Co Ltd
SHE:002237
|
$3.02 Billion |
|
Seacoast Banking Corporation of Florida
NASDAQ:SBCF
|
$3.02 Billion |
|
Zhuzhou Huarui Precision Cutting Tools Co Ltd
SHG:688059
|
$3.01 Billion |
|
AIR CHINA LTD H ADR/20
F:AD2B
|
$3.01 Billion |
|
Fujian Longking Co Ltd
SHG:600388
|
$3.01 Billion |
|
Nichidenbo Corp
TW:3090
|
$3.01 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Tangshan Sunfar Silicon Ind's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 2,426,616,338 to 2,500,800,735, a change of 74,184,397 (3.1%).
- Net income of 80,299,009 contributed positively to equity growth.
- Dividend payments of 6,480,703 reduced retained earnings.
- Other comprehensive income decreased equity by 221,408,034.
- Other factors increased equity by 221,774,124.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CN¥80.30 Million | +3.21% |
| Dividends Paid | CN¥6.48 Million | -0.26% |
| Other Comprehensive Income | CN¥-221.41 Million | -8.85% |
| Other Changes | CN¥221.77 Million | +8.87% |
| Total Change | CN¥- | 3.06% |
Book Value vs Market Value Analysis
This analysis compares Tangshan Sunfar Silicon Ind'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: 8.23x
- 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 59.08x to 8.23x 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¥0.91 | CN¥53.82 | x |
| 2013-12-31 | CN¥1.16 | CN¥53.82 | x |
| 2014-12-31 | CN¥1.49 | CN¥53.82 | x |
| 2015-12-31 | CN¥1.78 | CN¥53.82 | x |
| 2016-12-31 | CN¥1.88 | CN¥53.82 | x |
| 2017-12-31 | CN¥2.93 | CN¥53.82 | x |
| 2018-12-31 | CN¥2.76 | CN¥53.82 | x |
| 2019-12-31 | CN¥3.01 | CN¥53.82 | x |
| 2020-12-31 | CN¥3.22 | CN¥53.82 | x |
| 2021-12-31 | CN¥4.08 | CN¥53.82 | x |
| 2022-12-31 | CN¥5.93 | CN¥53.82 | x |
| 2023-12-31 | CN¥6.25 | CN¥53.82 | x |
| 2024-12-31 | CN¥6.47 | CN¥53.82 | x |
| 2025-12-31 | CN¥6.54 | CN¥53.82 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Tangshan Sunfar Silicon Ind 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): 3.21%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 3.83%
- • Asset Turnover: 0.64x
- • Equity Multiplier: 1.31x
- Recent ROE (3.21%) is below the historical average (13.66%), 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 | 8.62% | 4.75% | 1.20x | 1.51x | CN¥-3.70 Million |
| 2013 | 18.91% | 8.67% | 1.59x | 1.37x | CN¥29.64 Million |
| 2014 | 21.37% | 11.08% | 1.70x | 1.13x | CN¥48.56 Million |
| 2015 | 16.30% | 10.46% | 1.35x | 1.16x | CN¥32.33 Million |
| 2016 | 15.00% | 10.24% | 1.27x | 1.16x | CN¥27.01 Million |
| 2017 | 14.60% | 13.29% | 1.02x | 1.08x | CN¥44.98 Million |
| 2018 | 10.67% | 10.24% | 0.97x | 1.07x | CN¥7.05 Million |
| 2019 | 9.39% | 9.31% | 0.90x | 1.12x | CN¥-7.04 Million |
| 2020 | 7.93% | 9.68% | 0.66x | 1.24x | CN¥-25.42 Million |
| 2021 | 21.55% | 20.96% | 0.69x | 1.49x | CN¥179.64 Million |
| 2022 | 32.87% | 28.24% | 0.79x | 1.47x | CN¥520.30 Million |
| 2023 | 8.16% | 9.18% | 0.65x | 1.38x | CN¥-44.21 Million |
| 2024 | 2.63% | 3.60% | 0.57x | 1.28x | CN¥-178.88 Million |
| 2025 | 3.21% | 3.83% | 0.64x | 1.31x | CN¥-169.78 Million |
Industry Comparison
This section compares Tangshan Sunfar Silicon Ind's net assets metrics with peer companies in the Chemicals industry.
Industry Context
- Industry: Chemicals
- Average net assets among peers: $4,238,970,200
- Average return on equity (ROE) among peers: 9.03%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Tangshan Sunfar Silicon Ind (603938) | CN¥2.54 Billion | 8.62% | 0.37x | $3.01 Billion |
| North Huajin Chemical Industries Co Ltd (000059) | $14.98 Billion | 0.47% | 1.13x | $940.88 Million |
| Sichuan Chemical Co Ltd (000155) | $505.75 Million | 22.40% | 1.18x | $3.48 Billion |
| Jiangsu Wujiang China Eastern Silk Market Co Ltd (000301) | $2.69 Billion | 5.91% | 0.33x | $11.21 Billion |
| Zangge Holding Co Ltd (000408) | $6.53 Billion | 18.58% | 0.19x | $17.56 Billion |
| Sichuan Jinlu Group Co Ltd (000510) | $754.79 Million | 9.90% | 0.56x | $2.10 Billion |
| Jilin Gpro Titanium Industry Co Ltd (000545) | $2.05 Billion | 4.97% | 0.52x | $348.02 Million |
| Aoyuan Beauty Valley Technology Co Ltd (000615) | $674.19 Million | 1.08% | 0.85x | $891.94 Million |
| Ningxia Younglight Chemicals Co Ltd (000635) | $2.90 Billion | 3.79% | 0.15x | $376.61 Million |
| Maoming Petro-Chemical Shihua Co Ltd (000637) | $771.01 Million | 16.41% | 0.10x | $286.04 Million |
| Inner Mongolia Yuan Xing Energy Co Ltd (000683) | $10.53 Billion | 6.76% | 1.09x | $3.42 Billion |
About Tangshan Sunfar Silicon Ind
Tangshan Sunfar Silicon Industries Co.,Ltd. engages in the research, development, production, and sale of chemical products in China. Its product portfolio includes trichlorosilane, silicon tetrachloride, high-purity silicon tetrachloride, electronic grade dichlorosilane, electronic grade trichlorosilane, electronic grade silicon tetrachloride, fumed silica, silane coupling agent, potassium hydro… Read more