Zheshang Securities Co Ltd (601878) - Net Assets
Based on the latest financial reports, Zheshang Securities Co Ltd (601878) has net assets worth CN¥48.40 Billion CNY (≈ $7.08 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¥248.02 Billion ≈ $36.29 Billion USD) and total liabilities (CN¥199.61 Billion ≈ $29.21 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 Zheshang Securities Co Ltd (601878) tangible net worth to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | CN¥48.40 Billion |
| % of Total Assets | 19.52% |
| Annual Growth Rate | 16.66% |
| 5-Year Change | 98.55% |
| 10-Year Change | 394.79% |
| Growth Volatility | 12.57 |
Zheshang Securities Co Ltd - Net Assets Trend (2007–2025)
This chart illustrates how Zheshang Securities Co Ltd's net assets have evolved over time, based on quarterly financial data. See Zheshang Securities Co Ltd liquidity coverage in days to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Zheshang Securities Co Ltd (2007–2025)
The table below shows the annual net assets of Zheshang Securities Co Ltd from 2007 to 2025. For live valuation and market cap data, see Zheshang Securities Co Ltd (601878) total market value.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | CN¥47.33 Billion ≈ $6.93 Billion |
+29.58% |
| 2024-12-31 | CN¥36.52 Billion ≈ $5.34 Billion |
+29.19% |
| 2023-12-31 | CN¥28.27 Billion ≈ $4.14 Billion |
+3.52% |
| 2022-12-31 | CN¥27.31 Billion ≈ $4.00 Billion |
+14.57% |
| 2021-12-31 | CN¥23.84 Billion ≈ $3.49 Billion |
+23.19% |
| 2020-12-31 | CN¥19.35 Billion ≈ $2.83 Billion |
+30.25% |
| 2019-12-31 | CN¥14.86 Billion ≈ $2.17 Billion |
+8.72% |
| 2018-12-31 | CN¥13.66 Billion ≈ $2.00 Billion |
+1.11% |
| 2017-12-31 | CN¥13.51 Billion ≈ $1.98 Billion |
+41.28% |
| 2016-12-31 | CN¥9.57 Billion ≈ $1.40 Billion |
+13.21% |
| 2015-12-31 | CN¥8.45 Billion ≈ $1.24 Billion |
+28.88% |
| 2014-12-31 | CN¥6.56 Billion ≈ $959.28 Million |
+13.93% |
| 2013-12-31 | CN¥5.75 Billion ≈ $841.97 Million |
+7.60% |
| 2012-12-31 | CN¥5.35 Billion ≈ $782.49 Million |
+3.32% |
| 2011-12-31 | CN¥5.18 Billion ≈ $757.35 Million |
+35.76% |
| 2010-12-31 | CN¥3.81 Billion ≈ $557.88 Million |
+19.07% |
| 2009-12-31 | CN¥3.20 Billion ≈ $468.54 Million |
+11.79% |
| 2008-12-31 | CN¥2.86 Billion ≈ $419.13 Million |
-3.08% |
| 2007-12-31 | CN¥2.96 Billion ≈ $432.46 Million |
-- |
Equity Component Analysis
This analysis shows how different components contribute to Zheshang 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 2131.5% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | CN¥9.55 Billion | 25.95% |
| Other Components | CN¥27.24 Billion | 74.05% |
| Total Equity | CN¥36.79 Billion | 100.00% |
Zheshang Securities Co Ltd Competitors by Market Cap
The table below lists competitors of Zheshang Securities Co Ltd ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Kymera Therapeutics Inc
NASDAQ:KYMR
|
$6.10 Billion |
|
Centessa Pharmaceuticals PLC ADR
NASDAQ:CNTA
|
$6.10 Billion |
|
Kodiak Gas Services, Inc.
NYSE:KGS
|
$6.11 Billion |
|
Shenzhen Honor Electronic Co Ltd
SHE:300870
|
$6.11 Billion |
|
Hunan Gold Corp Ltd
SHE:002155
|
$6.10 Billion |
|
Nice Ltd ADR
NASDAQ:NICE
|
$6.10 Billion |
|
DigitalOcean Holdings Inc
NYSE:DOCN
|
$6.09 Billion |
|
VSE Corporation
NASDAQ:VSEC
|
$6.08 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Zheshang Securities Co Ltd's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 35,192,805,000 to 36,788,819,285, a change of 1,596,014,285 (4.5%).
- Net income of 2,412,423,939 contributed positively to equity growth.
- Dividend payments of 1,595,511,715 reduced retained earnings.
- Other comprehensive income decreased equity by 5,400,578,000.
- Other factors increased equity by 6,179,680,062.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CN¥2.41 Billion | +6.56% |
| Dividends Paid | CN¥1.60 Billion | -4.34% |
| Other Comprehensive Income | CN¥-5.40 Billion | -14.68% |
| Other Changes | CN¥6.18 Billion | +16.8% |
| Total Change | CN¥- | 4.54% |
Book Value vs Market Value Analysis
This analysis compares Zheshang 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: 1.13x
- 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 8.70x to 1.13x 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¥1.05 | CN¥9.11 | x |
| 2008-12-31 | CN¥1.01 | CN¥9.11 | x |
| 2009-12-31 | CN¥1.13 | CN¥9.11 | x |
| 2010-12-31 | CN¥1.35 | CN¥9.11 | x |
| 2011-12-31 | CN¥1.83 | CN¥9.11 | x |
| 2012-12-31 | CN¥1.89 | CN¥9.11 | x |
| 2013-12-31 | CN¥1.86 | CN¥9.11 | x |
| 2014-12-31 | CN¥2.18 | CN¥9.11 | x |
| 2015-12-31 | CN¥2.81 | CN¥9.11 | x |
| 2016-12-31 | CN¥3.16 | CN¥9.11 | x |
| 2017-12-31 | CN¥4.32 | CN¥9.11 | x |
| 2018-12-31 | CN¥4.08 | CN¥9.11 | x |
| 2019-12-31 | CN¥4.46 | CN¥9.11 | x |
| 2020-12-31 | CN¥5.59 | CN¥9.11 | x |
| 2021-12-31 | CN¥6.30 | CN¥9.11 | x |
| 2022-12-31 | CN¥6.48 | CN¥9.11 | x |
| 2023-12-31 | CN¥6.47 | CN¥9.11 | x |
| 2024-12-31 | CN¥8.38 | CN¥9.11 | x |
| 2025-12-31 | CN¥8.04 | CN¥9.11 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Zheshang 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): 6.56%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 27.94%
- • Asset Turnover: 0.04x
- • Equity Multiplier: 6.11x
- Recent ROE (6.56%) is below the historical average (11.24%), 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 | 39.21% | 50.79% | 0.21x | 3.74x | CN¥863.20 Million |
| 2008 | 14.53% | 49.43% | 0.10x | 3.06x | CN¥129.86 Million |
| 2009 | 19.27% | 35.24% | 0.11x | 4.76x | CN¥296.69 Million |
| 2010 | 16.22% | 35.51% | 0.10x | 4.48x | CN¥237.29 Million |
| 2011 | 5.81% | 22.04% | 0.11x | 2.45x | CN¥-216.82 Million |
| 2012 | 3.17% | 13.26% | 0.10x | 2.47x | CN¥-365.40 Million |
| 2013 | 7.01% | 20.99% | 0.12x | 2.76x | CN¥-172.15 Million |
| 2014 | 11.44% | 23.19% | 0.09x | 5.36x | CN¥94.69 Million |
| 2015 | 21.72% | 29.83% | 0.11x | 6.57x | CN¥990.03 Million |
| 2016 | 12.97% | 26.94% | 0.09x | 5.62x | CN¥284.34 Million |
| 2017 | 7.87% | 23.08% | 0.09x | 3.92x | CN¥-287.88 Million |
| 2018 | 5.39% | 15.19% | 0.09x | 4.17x | CN¥-629.46 Million |
| 2019 | 6.51% | 13.94% | 0.10x | 4.54x | CN¥-518.01 Million |
| 2020 | 8.41% | 13.74% | 0.13x | 4.71x | CN¥-307.75 Million |
| 2021 | 9.21% | 12.20% | 0.14x | 5.25x | CN¥-188.00 Million |
| 2022 | 6.33% | 9.87% | 0.12x | 5.24x | CN¥-958.34 Million |
| 2023 | 6.49% | 9.06% | 0.13x | 5.39x | CN¥-948.10 Million |
| 2024 | 5.49% | 11.15% | 0.11x | 4.38x | CN¥-1.59 Billion |
| 2025 | 6.56% | 27.94% | 0.04x | 6.11x | CN¥-1.27 Billion |
Industry Comparison
This section compares Zheshang 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: $19,065,823,524
- Average return on equity (ROE) among peers: 13.59%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Zheshang Securities Co Ltd (601878) | CN¥48.40 Billion | 39.21% | 4.12x | $6.10 Billion |
| Shenwan Hongyuan Group Co Ltd (000166) | $3.11 Billion | 47.71% | 10.17x | $14.54 Billion |
| Northeast Securities Co Ltd (000686) | $11.83 Billion | 22.24% | 5.26x | $2.67 Billion |
| Guangdong Golden Dragon Development Inc (000712) | $448.61 Million | 5.25% | 0.60x | $1.19 Billion |
| Guoyuan Securities Co Ltd (000728) | $32.31 Billion | 5.91% | 2.55x | $4.49 Billion |
| Sealand Securities Co Ltd (000750) | $3.01 Billion | 4.43% | 2.79x | $3.36 Billion |
| GF Securities Co Ltd (000776) | $88.63 Billion | 9.70% | 3.03x | $17.83 Billion |
| Changjiang Securities Co Ltd (000783) | $1.64 Billion | 3.11% | 0.57x | $6.33 Billion |
| Shanxi Securities Co Ltd (002500) | $18.15 Billion | 3.41% | 3.27x | $2.67 Billion |
| Western Securities Co Ltd (002673) | $28.12 Billion | 4.14% | 2.42x | $4.21 Billion |
| Huaxi Securities Co Ltd Class A (002926) | $3.42 Billion | 30.03% | 4.88x | $3.05 Billion |
About Zheshang Securities Co Ltd
Zheshang Securities Co., Ltd. provides investment and financing products and services in China. It offers brokerage services, including investment consulting and diverse wealth management services and solutions for margin trading and short selling; investment banking services comprising personalized and full-range capital market advisory services; asset management services, such as management of … Read more