Minfeng Special Paper Co Ltd (600235) — Working Capital to Net Assets Ratio
Minfeng Special Paper Co Ltd (600235) has a Working Capital to Net Assets ratio of -8.1% as of March 2026. Working capital of CN¥-123.00 Million (current assets of CN¥889.95 Million minus current liabilities of CN¥1.01 Billion) is measured against net assets of CN¥1.51 Billion. A higher ratio indicates strong short-term liquidity financed by the equity base. See Minfeng Special Paper Co Ltd (600235) financial flexibility to measure the company's free cash flow as a share of total liabilities.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
Minfeng Special Paper Co Ltd Working Capital to Net Assets (1998–2025)
This chart shows how Minfeng Special Paper Co Ltd's Working Capital to Net Assets ratio has evolved across 28 annual periods from 1998 to 2025. As of March 2026, the ratio stands at -8.1%, reflecting working capital of CN¥-123.00 Million against net assets of CN¥1.51 Billion CNY. See 600235 defensive interval ratio to measure how many days the company can operate on defensive assets alone.
Annual Working Capital to Net Assets for Minfeng Special Paper Co Ltd (1998–2025)
The table below presents the year-by-year Working Capital to Net Assets ratio for Minfeng Special Paper Co Ltd from 1998 to 2025, covering 28 annual filings. Each row shows current assets, current liabilities, working capital, net assets, the ratio, and the change in percentage points compared to the prior year. For live market cap and the full company profile, see Minfeng Special Paper Co Ltd market cap and net worth.
| Year | WC/NA Ratio | Working Capital (CNY) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2025 | -9.1% | CN¥-138.07 Million | CN¥1.51 Billion | CN¥909.07 Million | CN¥1.05 Billion | ▲ +2.1 pp |
| 2024 | -11.2% | CN¥-168.29 Million | CN¥1.50 Billion | CN¥980.39 Million | CN¥1.15 Billion | ▼ -24.2 pp |
| 2023 | 13.0% | CN¥188.03 Million | CN¥1.45 Billion | CN¥1.09 Billion | CN¥904.20 Million | ▼ -4.9 pp |
| 2022 | 17.8% | CN¥250.95 Million | CN¥1.41 Billion | CN¥972.55 Million | CN¥721.60 Million | ▲ +2.1 pp |
| 2021 | 15.8% | CN¥220.21 Million | CN¥1.40 Billion | CN¥1.01 Billion | CN¥789.04 Million | ▲ +1.7 pp |
| 2020 | 14.0% | CN¥188.52 Million | CN¥1.34 Billion | CN¥1.02 Billion | CN¥832.91 Million | ▲ +7.3 pp |
| 2019 | 6.7% | CN¥86.86 Million | CN¥1.30 Billion | CN¥957.39 Million | CN¥870.52 Million | ▲ +6.3 pp |
| 2018 | 0.4% | CN¥5.19 Million | CN¥1.29 Billion | CN¥885.65 Million | CN¥880.46 Million | ▼ -13.5 pp |
| 2017 | 13.9% | CN¥179.53 Million | CN¥1.30 Billion | CN¥985.75 Million | CN¥806.22 Million | ▲ +5.7 pp |
| 2016 | 8.2% | CN¥104.17 Million | CN¥1.28 Billion | CN¥963.60 Million | CN¥859.43 Million | ▲ +7.1 pp |
| 2015 | 1.1% | CN¥13.63 Million | CN¥1.27 Billion | CN¥1.14 Billion | CN¥1.12 Billion | ▼ -12.5 pp |
| 2014 | 13.6% | CN¥194.41 Million | CN¥1.43 Billion | CN¥999.52 Million | CN¥805.11 Million | ▼ -9.2 pp |
| 2013 | 22.7% | CN¥325.17 Million | CN¥1.43 Billion | CN¥1.01 Billion | CN¥685.25 Million | ▲ +38.2 pp |
| 2012 | -15.4% | CN¥-150.95 Million | CN¥979.00 Million | CN¥788.44 Million | CN¥939.39 Million | ▼ -4.3 pp |
| 2011 | -11.1% | CN¥-114.93 Million | CN¥1.03 Billion | CN¥1.03 Billion | CN¥1.15 Billion | ▼ -7.0 pp |
| 2010 | -4.1% | CN¥-42.97 Million | CN¥1.04 Billion | CN¥645.78 Million | CN¥688.75 Million | ▲ +7.1 pp |
| 2009 | -11.3% | CN¥-109.57 Million | CN¥971.37 Million | CN¥666.64 Million | CN¥776.20 Million | ▲ +41.2 pp |
| 2008 | -52.5% | CN¥-484.91 Million | CN¥923.77 Million | CN¥631.45 Million | CN¥1.12 Billion | ▲ +11.9 pp |
| 2007 | -64.4% | CN¥-597.80 Million | CN¥927.85 Million | CN¥513.97 Million | CN¥1.11 Billion | ▲ +9.4 pp |
| 2006 | -73.9% | CN¥-666.86 Million | CN¥902.85 Million | CN¥555.85 Million | CN¥1.22 Billion | ▼ -1.9 pp |
| 2005 | -71.9% | CN¥-664.18 Million | CN¥923.54 Million | CN¥567.49 Million | CN¥1.23 Billion | ▼ -32.3 pp |
| 2004 | -39.7% | CN¥-370.10 Million | CN¥933.05 Million | CN¥525.69 Million | CN¥895.79 Million | ▼ -38.8 pp |
| 2003 | -0.9% | CN¥-8.00 Million | CN¥925.77 Million | CN¥564.88 Million | CN¥572.88 Million | ▼ -11.6 pp |
| 2002 | 10.7% | CN¥62.34 Million | CN¥580.61 Million | CN¥490.78 Million | CN¥428.44 Million | ▲ +2.2 pp |
| 2001 | 8.5% | CN¥47.54 Million | CN¥559.17 Million | CN¥487.98 Million | CN¥440.45 Million | ▼ -39.2 pp |
| 2000 | 47.7% | CN¥262.69 Million | CN¥551.02 Million | CN¥459.56 Million | CN¥196.87 Million | ▲ +27.2 pp |
| 1999 | 20.4% | CN¥41.20 Million | CN¥201.63 Million | CN¥256.61 Million | CN¥215.41 Million | ▲ +25.5 pp |
| 1998 | -5.0% | CN¥-9.78 Million | CN¥193.77 Million | CN¥205.38 Million | CN¥215.16 Million | — |