First Tractor Co Ltd (601038) — Working Capital to Net Assets Ratio
First Tractor Co Ltd (601038) has a Working Capital to Net Assets ratio of 25.7% as of December 2025. Working capital of CN¥2.17 Billion (current assets of CN¥8.25 Billion minus current liabilities of CN¥6.08 Billion) is measured against net assets of CN¥8.44 Billion. A higher ratio indicates strong short-term liquidity financed by the equity base. See financial flexibility index of First Tractor Co Ltd to measure the company's free cash flow as a share of total liabilities.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
First Tractor Co Ltd Working Capital to Net Assets (2004–2025)
This chart shows how First Tractor Co Ltd's Working Capital to Net Assets ratio has evolved across 22 annual periods from 2004 to 2025. As of December 2025, the ratio stands at 25.7%, reflecting working capital of CN¥2.17 Billion against net assets of CN¥8.44 Billion CNY. See First Tractor Co Ltd defensive interval ratio to measure how many days the company can operate on defensive assets alone.
Annual Working Capital to Net Assets for First Tractor Co Ltd (2004–2025)
The table below presents the year-by-year Working Capital to Net Assets ratio for First Tractor Co Ltd from 2004 to 2025, covering 22 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 601038 market cap overview.
| Year | WC/NA Ratio | Working Capital (CNY) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2025 | 25.7% | CN¥2.17 Billion | CN¥8.44 Billion | CN¥8.25 Billion | CN¥6.08 Billion | ▲ +13.8 pp |
| 2024 | 11.9% | CN¥926.98 Million | CN¥7.78 Billion | CN¥7.43 Billion | CN¥6.50 Billion | ▲ +5.8 pp |
| 2023 | 6.1% | CN¥443.07 Million | CN¥7.22 Billion | CN¥6.49 Billion | CN¥6.04 Billion | ▼ -20.9 pp |
| 2022 | 27.0% | CN¥1.75 Billion | CN¥6.50 Billion | CN¥7.88 Billion | CN¥6.13 Billion | ▼ -3.2 pp |
| 2021 | 30.2% | CN¥1.80 Billion | CN¥5.98 Billion | CN¥7.70 Billion | CN¥5.89 Billion | ▲ +18.7 pp |
| 2020 | 11.4% | CN¥568.31 Million | CN¥4.98 Billion | CN¥7.44 Billion | CN¥6.87 Billion | ▲ +9.2 pp |
| 2019 | 2.2% | CN¥107.63 Million | CN¥4.78 Billion | CN¥6.42 Billion | CN¥6.31 Billion | ▼ -5.3 pp |
| 2018 | 7.5% | CN¥349.25 Million | CN¥4.66 Billion | CN¥7.53 Billion | CN¥7.18 Billion | ▼ -4.8 pp |
| 2017 | 12.3% | CN¥669.46 Million | CN¥5.44 Billion | CN¥8.42 Billion | CN¥7.75 Billion | ▼ -17.2 pp |
| 2016 | 29.5% | CN¥1.62 Billion | CN¥5.50 Billion | CN¥7.61 Billion | CN¥5.99 Billion | ▲ +23.4 pp |
| 2015 | 6.1% | CN¥327.64 Million | CN¥5.40 Billion | CN¥6.46 Billion | CN¥6.13 Billion | ▼ -11.2 pp |
| 2014 | 17.3% | CN¥920.81 Million | CN¥5.32 Billion | CN¥6.20 Billion | CN¥5.28 Billion | ▼ -20.1 pp |
| 2013 | 37.4% | CN¥1.95 Billion | CN¥5.23 Billion | CN¥6.59 Billion | CN¥4.64 Billion | ▲ +12.5 pp |
| 2012 | 24.9% | CN¥1.22 Billion | CN¥4.89 Billion | CN¥6.26 Billion | CN¥5.04 Billion | ▲ +18.1 pp |
| 2011 | 6.8% | CN¥255.42 Million | CN¥3.78 Billion | CN¥5.33 Billion | CN¥5.08 Billion | ▼ -30.0 pp |
| 2010 | 36.8% | CN¥1.30 Billion | CN¥3.54 Billion | CN¥5.36 Billion | CN¥4.06 Billion | ▲ +1.8 pp |
| 2009 | 35.0% | CN¥1.08 Billion | CN¥3.07 Billion | CN¥3.90 Billion | CN¥2.82 Billion | ▼ -2.4 pp |
| 2008 | 37.3% | CN¥1.05 Billion | CN¥2.82 Billion | CN¥3.67 Billion | CN¥2.61 Billion | ▼ -15.3 pp |
| 2007 | 52.7% | CN¥1.46 Billion | CN¥2.78 Billion | CN¥3.83 Billion | CN¥2.37 Billion | ▲ +18.8 pp |
| 2006 | 33.9% | CN¥814.17 Million | CN¥2.40 Billion | CN¥3.23 Billion | CN¥2.42 Billion | ▼ -4.9 pp |
| 2005 | 38.8% | CN¥850.76 Million | CN¥2.19 Billion | CN¥2.48 Billion | CN¥1.63 Billion | ▼ -2.9 pp |
| 2004 | 41.7% | CN¥932.19 Million | CN¥2.24 Billion | CN¥2.35 Billion | CN¥1.41 Billion | — |