Merchant Express Class A

SHE:001965 China Infrastructure Operations
Market Cap
$9.49 Billion
CN¥69.65 Billion CNY
Market Cap Rank
#4012 Global
#384 in China
Share Price
CN¥10.25
Change (1 day)
+1.49%
52-Week Range
CN¥9.38 - CN¥13.46
All Time High
CN¥13.95
Categories
Companies in China Infrastructure Operations
About

China Merchants Expressway Network & Technology Holdings Co.,Ltd. engages in construction of roads, bridges, tunnels, transportation engineering, ports the People's Republic of China. The company also engages in transportation infrastructure construction, as well as consulting and engineering technical services in ports, waterways, and building construction sectors. In addition, it provides desig… Read more

Merchant Express Class A (001965) - Net Assets

Latest net assets as of September 2025: CN¥84.38 Billion CNY

Based on the latest financial reports, Merchant Express Class A (001965) has net assets worth CN¥84.38 Billion CNY as of September 2025.

Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CN¥160.88 Billion) and total liabilities (CN¥76.50 Billion). 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.

Key Net Assets Metrics

Metric Value
Current Net Assets CN¥84.38 Billion
% of Total Assets 52.45%
Annual Growth Rate 13.3%
5-Year Change 48.63%
10-Year Change 216.89%
Growth Volatility 14.11

Merchant Express Class A - Net Assets Trend (2014–2024)

This chart illustrates how Merchant Express Class A's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.

Annual Net Assets for Merchant Express Class A (2014–2024)

The table below shows the annual net assets of Merchant Express Class A from 2014 to 2024.

Year Net Assets Change
2024-12-31 CN¥88.78 Billion +8.09%
2023-12-31 CN¥82.14 Billion +21.37%
2022-12-31 CN¥67.67 Billion +6.88%
2021-12-31 CN¥63.32 Billion +6.00%
2020-12-31 CN¥59.73 Billion +10.53%
2019-12-31 CN¥54.04 Billion +8.52%
2018-12-31 CN¥49.80 Billion +7.42%
2017-12-31 CN¥46.36 Billion +7.12%
2016-12-31 CN¥43.28 Billion +54.48%
2015-12-31 CN¥28.02 Billion +9.97%
2014-12-31 CN¥25.48 Billion --

Equity Component Analysis

This analysis shows how different components contribute to Merchant Express Class A'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 262.8% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2024)

Component Amount Percentage
Retained Earnings CN¥26.05 Billion 36.57%
Common Stock CN¥6.82 Billion 9.58%
Other Comprehensive Income CN¥4.67 Billion 6.56%
Other Components CN¥33.69 Billion 47.29%
Total Equity CN¥71.23 Billion 100.00%

Merchant Express Class A Competitors by Market Cap

The table below lists competitors of Merchant Express Class A ranked by their market capitalization.

Company Market Cap
Catcher Technology Co Ltd
TW:2474
 		$2.91 Billion
Jiangsu Wujiang China Eastern Silk Market Co Ltd
SHE:000301
 		$2.91 Billion
JGC Corp
PINK:JGCCY
 		$2.91 Billion
INFICON Holding AG
PINK:IFCNF
 		$2.91 Billion
Yangzhou Yangjie Electronic Technology Co Ltd
SHE:300373
 		$2.90 Billion
Vita Coco Company Inc
NASDAQ:COCO
 		$2.90 Billion
Vodafone Idea Limited
NSE:IDEA
 		$2.90 Billion
Beijing Sifang Automation Co Ltd
SHG:601126
 		$2.90 Billion

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Merchant Express Class A's equity between the two most recent reporting periods.

Equity Growth Insights

  • From 2023 to 2024, total equity changed from 65,053,321,199 to 71,228,592,000, a change of 6,175,270,801 (9.5%).
  • Net income of 5,322,235,000 contributed positively to equity growth.
  • Dividend payments of 5,560,692,976 reduced retained earnings.
  • Other comprehensive income decreased equity by 648,367,000.
  • Other factors increased equity by 7,062,095,777.

Equity Change Factors (2023 to 2024)

Factor Impact Contribution
Net Income CN¥5.32 Billion +7.47%
Dividends Paid CN¥5.56 Billion -7.81%
Other Comprehensive Income CN¥-648.37 Million -0.91%
Other Changes CN¥7.06 Billion +9.91%
Total Change CN¥- 9.49%

Book Value vs Market Value Analysis

This analysis compares Merchant Express Class A'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: 1.01x
  • 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 1.90x to 1.01x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date Book Value per Share Market Price P/B Ratio
2014-12-31 CN¥5.38 CN¥10.25 x
2015-12-31 CN¥6.13 CN¥10.25 x
2016-12-31 CN¥8.47 CN¥10.25 x
2017-12-31 CN¥7.69 CN¥10.25 x
2018-12-31 CN¥7.35 CN¥10.25 x
2019-12-31 CN¥8.00 CN¥10.25 x
2020-12-31 CN¥8.04 CN¥10.25 x
2021-12-31 CN¥8.48 CN¥10.25 x
2022-12-31 CN¥8.81 CN¥10.25 x
2023-12-31 CN¥9.53 CN¥10.25 x
2024-12-31 CN¥10.17 CN¥10.25 x

Capital Efficiency Dashboard

This dashboard shows how efficiently Merchant Express Class A 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): 7.47%
  • The company has moderate efficiency in generating returns from equity.
  • DuPont Analysis Breakdown:
  • • Net Profit Margin: 41.87%
  • • Asset Turnover: 0.08x
  • • Equity Multiplier: 2.23x
  • Recent ROE (7.47%) is below the historical average (8.56%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year Return on Equity Net Profit Margin Asset Turnover Equity Multiplier Economic Value Added
2014 10.45% 102.77% 0.06x 1.73x CN¥104.97 Million
2015 12.17% 112.21% 0.05x 1.98x CN¥552.84 Million
2016 7.88% 58.15% 0.09x 1.48x CN¥-792.16 Million
2017 7.79% 63.07% 0.08x 1.51x CN¥-957.99 Million
2018 8.60% 57.85% 0.08x 1.85x CN¥-636.21 Million
2019 8.79% 52.42% 0.09x 1.84x CN¥-597.26 Million
2020 4.04% 31.44% 0.08x 1.71x CN¥-3.27 Billion
2021 8.53% 57.65% 0.09x 1.69x CN¥-860.22 Million
2022 8.03% 58.59% 0.07x 1.90x CN¥-1.19 Billion
2023 10.40% 69.53% 0.06x 2.42x CN¥261.32 Million
2024 7.47% 41.87% 0.08x 2.23x CN¥-1.80 Billion

Industry Comparison

This section compares Merchant Express Class A's net assets metrics with peer companies in the Infrastructure Operations industry.

Industry Context

  • Industry: Infrastructure Operations
  • Average net assets among peers: $4,676,663,962
  • Average return on equity (ROE) among peers: -2.55%

Peer Company Comparison

Company Net Assets Return on Equity Debt-to-Equity Market Cap
Merchant Express Class A (001965) CN¥84.38 Billion 10.45% 0.91x $2.91 Billion
Shanxi Sanwei Group Co Ltd (000755) $1.20 Billion 5.69% 1.29x $240.31 Million
Dongguan Development Holdings Co Ltd (000828) $5.68 Billion 15.60% 0.80x $468.12 Million
City Development Environment Co Ltd (000885) $97.48 Million -85.52% 2.00x $431.18 Million
Xiandai Investment Co Ltd (000900) $14.21 Billion 3.82% 3.00x $474.56 Million
Shandong Sunway Petrochemical Engineering Co Ltd (002469) $1.32 Billion 3.04% 0.29x $634.92 Million
Xinjiang Communications Construction Group Co Ltd Class A (002941) $188.53 Million 9.86% 6.32x $848.09 Million
Guangdong Provincial Expressway Development Co Ltd (200429) $1.70 Billion 8.10% 0.07x $1.14 Billion
Henan Zhongyuan Expressway Co Ltd (600020) $12.62 Billion 1.11% 2.94x $484.63 Million
Fujian Expressway Development Co Ltd (600033) $5.07 Billion 15.38% 0.86x $626.53 Million