China Express Airlines Co Ltd Class A (002928) - Net Assets

Latest as of March 2026: CN¥3.98 Billion CNY ≈ $582.38 Million USD

Based on the latest financial reports, China Express Airlines Co Ltd Class A (002928) has net assets worth CN¥3.98 Billion CNY (≈ $582.38 Million 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¥24.16 Billion ≈ $3.54 Billion USD) and total liabilities (CN¥20.18 Billion ≈ $2.95 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 002928 goodwill-adjusted equity ratio to evaluate the tangible quality of the company's equity base.

Key Net Assets Metrics

Metric	Value
Current Net Assets	CN¥3.98 Billion
% of Total Assets	16.47%
Annual Growth Rate	32.47%
5-Year Change	6.85%
10-Year Change	386.97%
Growth Volatility	36.84

China Express Airlines Co Ltd Class A - Net Assets Trend (2013–2025)

This chart illustrates how China Express Airlines Co Ltd Class A's net assets have evolved over time, based on quarterly financial data. See China Express Airlines Co Ltd Class A (002928) defensive interval to measure how many days the company can operate on defensive assets alone.

Annual Net Assets for China Express Airlines Co Ltd Class A (2013–2025)

The table below shows the annual net assets of China Express Airlines Co Ltd Class A from 2013 to 2025. For live valuation and market cap data, see China Express Airlines Co Ltd Class A (002928) total market value.

Year	Net Assets	Change
2025-12-31	CN¥3.87 Billion ≈ $565.75 Million	+15.14%
2024-12-31	CN¥3.36 Billion ≈ $491.37 Million	+8.76%
2023-12-31	CN¥3.09 Billion ≈ $451.80 Million	-23.81%
2022-12-31	CN¥4.05 Billion ≈ $593.01 Million	+12.00%
2021-12-31	CN¥3.62 Billion ≈ $529.47 Million	-8.47%
2020-12-31	CN¥3.95 Billion ≈ $578.47 Million	+42.10%
2019-12-31	CN¥2.78 Billion ≈ $407.08 Million	+30.98%
2018-12-31	CN¥2.12 Billion ≈ $310.80 Million	+84.67%
2017-12-31	CN¥1.15 Billion ≈ $168.30 Million	+44.87%
2016-12-31	CN¥793.93 Million ≈ $116.18 Million	+76.58%
2015-12-31	CN¥449.62 Million ≈ $65.79 Million	+75.89%
2014-12-31	CN¥255.63 Million ≈ $37.41 Million	+93.15%
2013-12-31	CN¥132.35 Million ≈ $19.37 Million	--

Equity Component Analysis

This analysis shows how different components contribute to China Express Airlines Co Ltd 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 decreased by 1613.4% over the analyzed period, potentially due to dividend distributions or operating losses.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Other Components	CN¥4.58 Billion	118.47%
Total Equity	CN¥3.87 Billion	100.00%

China Express Airlines Co Ltd Class A Competitors by Market Cap

The table below lists competitors of China Express Airlines Co Ltd Class A ranked by their market capitalization.

Company	Market Cap
Develia S.A WAR:DVL	$1.34 Billion
VGI Public Company Limited BK:VGI-R	$1.34 Billion
Malaysia Building Society Bhd KLSE:1171	$1.34 Billion
Atlanticus Holdings Corporation NASDAQ:ATLC	$1.34 Billion
Inox Wind Energy Limited NSE:IWEL	$1.34 Billion
Orchid Island Capital Inc. NYSE:ORC	$1.34 Billion
G-III Apparel Group Ltd NASDAQ:GIII	$1.34 Billion
Indegene Ltd NSE:INDGN	$1.34 Billion

Equity Growth Attribution

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

Equity Growth Insights

From 2024 to 2025, total equity changed from 3,357,944,123 to 3,866,236,252, a change of 508,292,129 (15.1%).
Net income of 625,910,360 contributed positively to equity growth.
Dividend payments of 200,763,527 reduced retained earnings.
Other comprehensive income decreased equity by 174,302,209.
Other factors increased equity by 257,447,505.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	CN¥625.91 Million	+16.19%
Dividends Paid	CN¥200.76 Million	-5.19%
Other Comprehensive Income	CN¥-174.30 Million	-4.51%
Other Changes	CN¥257.45 Million	+6.66%
Total Change	CN¥-	15.14%

Book Value vs Market Value Analysis

This analysis compares China Express Airlines Co Ltd 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: 2.37x
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 9.70x to 2.37x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2013-12-31	CN¥0.74	CN¥7.17	x
2014-12-31	CN¥1.43	CN¥7.17	x
2015-12-31	CN¥2.50	CN¥7.17	x
2016-12-31	CN¥0.98	CN¥7.17	x
2017-12-31	CN¥1.42	CN¥7.17	x
2018-12-31	CN¥2.40	CN¥7.17	x
2019-12-31	CN¥3.04	CN¥7.17	x
2020-12-31	CN¥3.90	CN¥7.17	x
2021-12-31	CN¥3.57	CN¥7.17	x
2022-12-31	CN¥3.93	CN¥7.17	x
2023-12-31	CN¥2.42	CN¥7.17	x
2024-12-31	CN¥2.63	CN¥7.17	x
2025-12-31	CN¥3.02	CN¥7.17	x

Capital Efficiency Dashboard

This dashboard shows how efficiently China Express Airlines Co Ltd 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): 16.19%
The company demonstrates strong efficiency in generating profits from shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 8.39%
• Asset Turnover: 0.31x
• Equity Multiplier: 6.16x
Recent ROE (16.19%) is below the historical average (18.37%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2013	74.59%	11.48%	0.55x	11.80x	CN¥86.15 Million
2014	48.11%	9.61%	0.71x	7.03x	CN¥97.95 Million
2015	53.79%	13.49%	0.73x	5.47x	CN¥196.79 Million
2016	43.55%	13.55%	0.71x	4.56x	CN¥266.38 Million
2017	32.54%	10.85%	0.63x	4.77x	CN¥259.21 Million
2018	11.65%	5.81%	0.55x	3.67x	CN¥35.07 Million
2019	18.05%	9.29%	0.55x	3.52x	CN¥224.04 Million
2020	15.50%	12.96%	0.41x	2.92x	CN¥217.57 Million
2021	-3.11%	-2.84%	0.24x	4.48x	CN¥-474.39 Million
2022	-48.71%	-74.69%	0.15x	4.32x	CN¥-2.38 Billion
2023	-31.25%	-18.73%	0.28x	5.89x	CN¥-1.27 Billion
2024	7.98%	4.00%	0.32x	6.16x	CN¥-67.82 Million
2025	16.19%	8.39%	0.31x	6.16x	CN¥239.29 Million

Industry Comparison

This section compares China Express Airlines Co Ltd Class A's net assets metrics with peer companies in the Airlines industry.

Industry Context

Industry: Airlines
Average net assets among peers: $28,117,568,944
Average return on equity (ROE) among peers: 8.87%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
China Express Airlines Co Ltd Class A (002928)	CN¥3.98 Billion	74.59%	5.07x	$1.34 Billion
China Southern Airlines Co Ltd Class A (600029)	$42.45 Billion	4.46%	2.89x	$10.63 Billion
China Eastern Airlines Corp Ltd (600115)	$4.24 Billion	7.52%	4.43x	$10.04 Billion
Hainan Airlines Co Ltd A (600221)	$8.44 Billion	7.72%	3.72x	$9.34 Billion
Spring Airlines Co Ltd (601021)	$8.46 Billion	14.91%	1.43x	$6.74 Billion
Air China Ltd Class A (601111)	$57.94 Billion	5.73%	2.54x	$11.68 Billion
Juneyao Airlines (603885)	$1.33 Billion	17.27%	3.62x	$3.61 Billion
Hainan Airlines Co Ltd B (900945)	$73.96 Billion	4.49%	1.67x	$81.28 Million

About China Express Airlines Co Ltd Class A

SHE:002928 China Airlines

Market Cap

$1.34 Billion

CN¥9.16 Billion CNY

Market Cap Rank

#7848 Global

#1866 in China

Share Price

CN¥7.17

Change (1 day)

-1.65%

52-Week Range

CN¥6.56 - CN¥12.30

All Time High

CN¥20.86