Western Securities Co Ltd (002673) - Net Assets
Based on the latest financial reports, Western Securities Co Ltd (002673) has net assets worth CN¥32.42 Billion CNY (≈ $4.74 Billion 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¥142.24 Billion ≈ $20.81 Billion USD) and total liabilities (CN¥109.82 Billion ≈ $16.07 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 Western Securities Co Ltd PP&E and investment ratio to assess the company's strategic physical and investment asset allocation.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | CN¥32.42 Billion |
| % of Total Assets | 22.79% |
| Annual Growth Rate | 14.53% |
| 5-Year Change | 17.7% |
| 10-Year Change | 156.7% |
| Growth Volatility | 32.09 |
Western Securities Co Ltd - Net Assets Trend (2007–2025)
This chart illustrates how Western Securities Co Ltd's net assets have evolved over time, based on quarterly financial data. For live market cap and overall valuation, see Western Securities Co Ltd stock valuation.
Annual Net Assets for Western Securities Co Ltd (2007–2025)
The table below shows the annual net assets of Western Securities Co Ltd from 2007 to 2025. Also explore how fast is Western Securities Co Ltd growing its equity to track the company's year-over-year net asset growth rate.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | CN¥32.03 Billion ≈ $4.69 Billion |
+10.38% |
| 2024-12-31 | CN¥29.02 Billion ≈ $4.25 Billion |
+3.17% |
| 2023-12-31 | CN¥28.12 Billion ≈ $4.12 Billion |
+3.53% |
| 2022-12-31 | CN¥27.17 Billion ≈ $3.98 Billion |
-0.16% |
| 2021-12-31 | CN¥27.21 Billion ≈ $3.98 Billion |
+4.22% |
| 2020-12-31 | CN¥26.11 Billion ≈ $3.82 Billion |
+47.20% |
| 2019-12-31 | CN¥17.74 Billion ≈ $2.60 Billion |
+1.76% |
| 2018-12-31 | CN¥17.43 Billion ≈ $2.55 Billion |
-1.28% |
| 2017-12-31 | CN¥17.66 Billion ≈ $2.58 Billion |
+41.52% |
| 2016-12-31 | CN¥12.48 Billion ≈ $1.83 Billion |
+2.32% |
| 2015-12-31 | CN¥12.19 Billion ≈ $1.78 Billion |
+125.29% |
| 2014-12-31 | CN¥5.41 Billion ≈ $792.02 Million |
+16.49% |
| 2013-12-31 | CN¥4.65 Billion ≈ $679.93 Million |
+4.27% |
| 2012-12-31 | CN¥4.46 Billion ≈ $652.06 Million |
+40.24% |
| 2011-12-31 | CN¥3.18 Billion ≈ $464.98 Million |
+1.72% |
| 2010-12-31 | CN¥3.12 Billion ≈ $457.12 Million |
+10.05% |
| 2009-12-31 | CN¥2.84 Billion ≈ $415.37 Million |
+41.95% |
| 2008-12-31 | CN¥2.00 Billion ≈ $292.61 Million |
-28.24% |
| 2007-12-31 | CN¥2.79 Billion ≈ $407.74 Million |
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Equity Component Analysis
This analysis shows how different components contribute to Western Securities Co Ltd'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 403.8% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | CN¥4.50 Billion | 14.94% |
| Other Components | CN¥25.64 Billion | 85.06% |
| Total Equity | CN¥30.14 Billion | 100.00% |
Western Securities Co Ltd Competitors by Market Cap
The table below lists competitors of Western Securities Co Ltd ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Ningxia Orient Tantalum Industry Co Ltd
SHE:000962
|
$4.32 Billion |
|
Guocheng Mining Co Ltd
SHE:000688
|
$4.32 Billion |
|
Klabin S.A.
SA:KLBN11
|
$4.33 Billion |
|
Flughafen Wien Aktiengesellschaft
VI:FLU
|
$4.33 Billion |
|
Jinneng Holding Shanxi Coal Industry Co Ltd
SHG:601001
|
$4.32 Billion |
|
Grupo Aeroportuario del Centro Norte S.A.B. de C.V.
F:G7A
|
$4.32 Billion |
|
Enova International Inc
NYSE:ENVA
|
$4.32 Billion |
|
Cinemark Holdings Inc
NYSE:CNK
|
$4.32 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Western Securities Co Ltd's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 28,811,275,000 to 30,139,360,116, a change of 1,328,085,116 (4.6%).
- Net income of 1,753,653,000 contributed positively to equity growth.
- Dividend payments of 1,109,009,033 reduced retained earnings.
- Other comprehensive income decreased equity by 4,629,978,000.
- Other factors increased equity by 5,313,419,149.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CN¥1.75 Billion | +5.82% |
| Dividends Paid | CN¥1.11 Billion | -3.68% |
| Other Comprehensive Income | CN¥-4.63 Billion | -15.36% |
| Other Changes | CN¥5.31 Billion | +17.63% |
| Total Change | CN¥- | 4.61% |
Book Value vs Market Value Analysis
This analysis compares Western Securities Co Ltd'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: 0.99x
- 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 5.43x to 0.99x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2007-12-31 | CN¥1.22 | CN¥6.61 | x |
| 2008-12-31 | CN¥0.87 | CN¥6.61 | x |
| 2009-12-31 | CN¥1.23 | CN¥6.61 | x |
| 2010-12-31 | CN¥1.37 | CN¥6.61 | x |
| 2011-12-31 | CN¥1.37 | CN¥6.61 | x |
| 2012-12-31 | CN¥1.64 | CN¥6.61 | x |
| 2013-12-31 | CN¥1.70 | CN¥6.61 | x |
| 2014-12-31 | CN¥1.78 | CN¥6.61 | x |
| 2015-12-31 | CN¥3.87 | CN¥6.61 | x |
| 2016-12-31 | CN¥4.44 | CN¥6.61 | x |
| 2017-12-31 | CN¥5.38 | CN¥6.61 | x |
| 2018-12-31 | CN¥4.95 | CN¥6.61 | x |
| 2019-12-31 | CN¥5.04 | CN¥6.61 | x |
| 2020-12-31 | CN¥5.82 | CN¥6.61 | x |
| 2021-12-31 | CN¥6.06 | CN¥6.61 | x |
| 2022-12-31 | CN¥6.04 | CN¥6.61 | x |
| 2023-12-31 | CN¥6.25 | CN¥6.61 | x |
| 2024-12-31 | CN¥6.45 | CN¥6.61 | x |
| 2025-12-31 | CN¥6.70 | CN¥6.61 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Western Securities Co Ltd 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): 5.82%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 29.30%
- • Asset Turnover: 0.05x
- • Equity Multiplier: 4.04x
- Recent ROE (5.82%) is below the historical average (10.46%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2007 | 45.20% | 47.74% | 0.21x | 4.55x | CN¥980.85 Million |
| 2008 | 20.09% | 39.05% | 0.13x | 3.83x | CN¥200.87 Million |
| 2009 | 27.97% | 44.60% | 0.12x | 5.23x | CN¥508.62 Million |
| 2010 | 17.24% | 33.66% | 0.13x | 3.99x | CN¥225.59 Million |
| 2011 | 7.04% | 20.40% | 0.11x | 3.12x | CN¥-93.68 Million |
| 2012 | 2.67% | 14.42% | 0.08x | 2.37x | CN¥-325.89 Million |
| 2013 | 5.92% | 23.83% | 0.10x | 2.46x | CN¥-189.50 Million |
| 2014 | 12.40% | 33.97% | 0.07x | 5.40x | CN¥128.50 Million |
| 2015 | 16.25% | 34.97% | 0.10x | 4.80x | CN¥758.79 Million |
| 2016 | 9.06% | 33.07% | 0.06x | 4.37x | CN¥-116.18 Million |
| 2017 | 4.28% | 23.73% | 0.06x | 2.91x | CN¥-1.01 Billion |
| 2018 | 1.15% | 8.94% | 0.04x | 3.01x | CN¥-1.54 Billion |
| 2019 | 3.46% | 14.15% | 0.09x | 2.75x | CN¥-1.16 Billion |
| 2020 | 4.29% | 19.44% | 0.09x | 2.48x | CN¥-1.48 Billion |
| 2021 | 5.20% | 18.64% | 0.09x | 3.14x | CN¥-1.30 Billion |
| 2022 | 1.59% | 6.60% | 0.07x | 3.55x | CN¥-2.27 Billion |
| 2023 | 4.17% | 14.26% | 0.08x | 3.44x | CN¥-1.63 Billion |
| 2024 | 4.87% | 17.90% | 0.08x | 3.33x | CN¥-1.48 Billion |
| 2025 | 5.82% | 29.30% | 0.05x | 4.04x | CN¥-1.26 Billion |
Industry Comparison
This section compares Western Securities Co Ltd's net assets metrics with peer companies in the Capital Markets industry.
Industry Context
- Industry: Capital Markets
- Average net assets among peers: $18,878,860,259
- Average return on equity (ROE) among peers: 1.95%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Western Securities Co Ltd (002673) | CN¥32.42 Billion | 45.20% | 3.39x | $4.32 Billion |
| Shenwan Hongyuan Group Co Ltd (000166) | $84.83 Billion | 6.76% | 3.58x | $14.48 Billion |
| Northeast Securities Co Ltd (000686) | $18.90 Billion | 3.54% | 3.41x | $2.62 Billion |
| Guangdong Golden Dragon Development Inc (000712) | $5.17 Billion | -3.50% | 4.76x | $1.31 Billion |
| Guoyuan Securities Co Ltd (000728) | $32.31 Billion | 5.91% | 2.55x | $4.66 Billion |
| Sealand Securities Co Ltd (000750) | $518.14 Million | -24.92% | 1.22x | $3.37 Billion |
| GF Securities Co Ltd (000776) | $66.86 Million | 21.07% | 0.46x | $17.60 Billion |
| Changjiang Securities Co Ltd (000783) | $1.87 Billion | -11.13% | 0.67x | $6.70 Billion |
| Shanxi Securities Co Ltd (002500) | $3.44 Billion | 17.98% | 3.33x | $2.70 Billion |
| Huaxi Securities Co Ltd Class A (002926) | $22.80 Billion | 1.86% | 2.90x | $3.16 Billion |
About Western Securities Co Ltd
Western Securities Co.,Ltd. engages in brokerage, proprietary, investment banking, asset management, and credit trading businesses in China. It provides securities brokerage; securities investment; alternative securities investment; securities sponsorship, underwriting, and consulting; margin trading and repurchase transaction financing; entrusted asset management; private asset management; fund … Read more