Merchant Express Class A (001965) - Net Assets

Latest as of September 2025: CN¥84.38 Billion CNY ≈ $12.35 Billion USD

Based on the latest financial reports, Merchant Express Class A (001965) has net assets worth CN¥84.38 Billion CNY (≈ $12.35 Billion USD) 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 ≈ $23.54 Billion USD) and total liabilities (CN¥76.50 Billion ≈ $11.19 Billion 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 Merchant Express Class A (001965) asset resilience to evaluate the company's liquid asset resilience ratio.

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. Also explore 001965 asset base for the complete picture of this company's asset base.

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. For live valuation and market cap data, see how much is Merchant Express Class A worth.

Year	Net Assets	Change
2024-12-31	CN¥88.78 Billion ≈ $12.99 Billion	+8.09%
2023-12-31	CN¥82.14 Billion ≈ $12.02 Billion	+21.37%
2022-12-31	CN¥67.67 Billion ≈ $9.90 Billion	+6.88%
2021-12-31	CN¥63.32 Billion ≈ $9.27 Billion	+6.00%
2020-12-31	CN¥59.73 Billion ≈ $8.74 Billion	+10.53%
2019-12-31	CN¥54.04 Billion ≈ $7.91 Billion	+8.52%
2018-12-31	CN¥49.80 Billion ≈ $7.29 Billion	+7.42%
2017-12-31	CN¥46.36 Billion ≈ $6.78 Billion	+7.12%
2016-12-31	CN¥43.28 Billion ≈ $6.33 Billion	+54.48%
2015-12-31	CN¥28.02 Billion ≈ $4.10 Billion	+9.97%
2014-12-31	CN¥25.48 Billion ≈ $3.73 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
China Greatwall Computer Shenzhen Co Ltd SHE:000066	$9.36 Billion
Puig Brands SA MC:PUIG	$9.36 Billion
China Zheshang Bank Co Ltd SHG:601916	$9.36 Billion
Old National Bancorp NASDAQ:ONB	$9.38 Billion
Tempus AI, Inc. Class A Common Stock NASDAQ:TEM	$9.34 Billion
Skyworks Solutions Inc NASDAQ:SWKS	$9.34 Billion
MGM Resorts International NYSE:MGM	$9.34 Billion
Sunoco LP NYSE:SUN	$9.34 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: 0.92x
The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
The price-to-book ratio has decreased from 1.75x to 0.92x 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¥9.40	x
2015-12-31	CN¥6.13	CN¥9.40	x
2016-12-31	CN¥8.47	CN¥9.40	x
2017-12-31	CN¥7.69	CN¥9.40	x
2018-12-31	CN¥7.35	CN¥9.40	x
2019-12-31	CN¥8.00	CN¥9.40	x
2020-12-31	CN¥8.04	CN¥9.40	x
2021-12-31	CN¥8.48	CN¥9.40	x
2022-12-31	CN¥8.81	CN¥9.40	x
2023-12-31	CN¥9.53	CN¥9.40	x
2024-12-31	CN¥10.17	CN¥9.40	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: $3,938,885,900
Average return on equity (ROE) among peers: 9.83%

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	$9.35 Billion
Guangdong Provincial Expressway Development Co Ltd (000429)	$2.55 Billion	11.61%	0.20x	$3.21 Billion
Shanxi Sanwei Group Co Ltd (000755)	$539.19 Million	10.13%	0.48x	$1.08 Billion
Dongguan Development Holdings Co Ltd (000828)	$4.14 Billion	14.26%	0.42x	$1.58 Billion
City Development Environment Co Ltd (000885)	$1.63 Billion	7.90%	1.70x	$1.33 Billion
Xiandai Investment Co Ltd (000900)	$12.60 Billion	4.95%	3.53x	$937.29 Million
Shandong Sunway Petrochemical Engineering Co Ltd (002469)	$2.86 Billion	9.86%	0.22x	$682.68 Million
Xinjiang Communications Construction Group Co Ltd Class A (002941)	$487.81 Million	9.18%	4.81x	$1.48 Billion
Guangdong Provincial Expressway Development Co Ltd (200429)	$1.74 Billion	9.99%	0.10x	$402.45 Million
Anhui Expressway Co Ltd (600012)	$8.91 Billion	10.53%	0.36x	$2.67 Billion

About Merchant Express Class A

SHE:001965 China Infrastructure Operations

Market Cap

$9.35 Billion

CN¥63.87 Billion CNY

Market Cap Rank

#2338 Global

#286 in China

Share Price

CN¥9.40

Change (1 day)

+0.97%

52-Week Range

CN¥8.72 - CN¥13.13

All Time High

CN¥13.95