Csd Water Service Co Ltd (603903) - Net Assets

Latest as of March 2026: CN¥1.48 Billion CNY ≈ $217.22 Million USD

Based on the latest financial reports, Csd Water Service Co Ltd (603903) has net assets worth CN¥1.48 Billion CNY (≈ $217.22 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¥3.81 Billion ≈ $557.76 Million USD) and total liabilities (CN¥2.33 Billion ≈ $340.54 Million 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 603903 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¥1.48 Billion
% of Total Assets	38.95%
Annual Growth Rate	23.08%
5-Year Change	11.52%
10-Year Change	231.51%
Growth Volatility	36.55

Csd Water Service Co Ltd - Net Assets Trend (2012–2025)

This chart illustrates how Csd Water Service Co Ltd's net assets have evolved over time, based on quarterly financial data. See how many days can Csd Water Service Co Ltd fund operations to measure how many days the company can operate on defensive assets alone.

Annual Net Assets for Csd Water Service Co Ltd (2012–2025)

The table below shows the annual net assets of Csd Water Service Co Ltd from 2012 to 2025. For live valuation and market cap data, see Csd Water Service Co Ltd (603903) market capitalisation.

Year	Net Assets	Change
2025-12-31	CN¥1.47 Billion ≈ $214.61 Million	-9.35%
2024-12-31	CN¥1.62 Billion ≈ $236.74 Million	-15.22%
2023-12-31	CN¥1.91 Billion ≈ $279.26 Million	+6.59%
2022-12-31	CN¥1.79 Billion ≈ $261.99 Million	+36.14%
2021-12-31	CN¥1.32 Billion ≈ $192.44 Million	+12.99%
2020-12-31	CN¥1.16 Billion ≈ $170.32 Million	+12.55%
2019-12-31	CN¥1.03 Billion ≈ $151.33 Million	+18.52%
2018-12-31	CN¥872.54 Million ≈ $127.68 Million	+20.03%
2017-12-31	CN¥726.93 Million ≈ $106.37 Million	+64.31%
2016-12-31	CN¥442.40 Million ≈ $64.74 Million	+12.04%
2015-12-31	CN¥394.87 Million ≈ $57.78 Million	+45.95%
2014-12-31	CN¥270.56 Million ≈ $39.59 Million	+17.90%
2013-12-31	CN¥229.49 Million ≈ $33.58 Million	+132.75%
2012-12-31	CN¥98.60 Million ≈ $14.43 Million	--

Equity Component Analysis

This analysis shows how different components contribute to Csd Water Service 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 5277.7% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Retained Earnings	CN¥522.51 Million	37.01%
Other Components	CN¥889.35 Million	62.99%
Total Equity	CN¥1.41 Billion	100.00%

Csd Water Service Co Ltd Competitors by Market Cap

The table below lists competitors of Csd Water Service Co Ltd ranked by their market capitalization.

Company	Market Cap
TPI Polene Public Company Limited BK:TPIPL	$454.45 Million
Alltek Technology Corp TW:3209	$454.61 Million
Zaptec AS OL:ZAP	$454.65 Million
Tianjin Ruixin Technology Co Ltd SHE:300828	$454.67 Million
TWC Enterprises Ltd TO:TWC	$454.06 Million
Guoanda Co Ltd SHE:300902	$453.86 Million
Infomedia Ltd AU:IFM	$453.85 Million
Hu Lane Associate TWO:6279	$453.71 Million

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Csd Water Service Co Ltd's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 1,516,068,423 to 1,411,862,472, a change of -104,205,951 (-6.9%).
Net loss of 105,827,271 reduced equity.
Dividend payments of 67,247,175 reduced retained earnings.
Other factors increased equity by 68,868,496.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	CN¥-105.83 Million	-7.5%
Dividends Paid	CN¥67.25 Million	-4.76%
Other Changes	CN¥68.87 Million	+4.88%
Total Change	CN¥-	-6.87%

Book Value vs Market Value Analysis

This analysis compares Csd Water Service 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: 2.20x
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 15.26x to 2.20x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2012-12-31	CN¥0.80	CN¥12.16	x
2013-12-31	CN¥1.69	CN¥12.16	x
2014-12-31	CN¥1.89	CN¥12.16	x
2015-12-31	CN¥2.61	CN¥12.16	x
2016-12-31	CN¥2.88	CN¥12.16	x
2017-12-31	CN¥3.82	CN¥12.16	x
2018-12-31	CN¥4.05	CN¥12.16	x
2019-12-31	CN¥4.45	CN¥12.16	x
2020-12-31	CN¥5.11	CN¥12.16	x
2021-12-31	CN¥5.78	CN¥12.16	x
2022-12-31	CN¥6.77	CN¥12.16	x
2023-12-31	CN¥6.96	CN¥12.16	x
2024-12-31	CN¥5.96	CN¥12.16	x
2025-12-31	CN¥5.53	CN¥12.16	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Csd Water Service 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): -7.50%
The company may be facing challenges in efficiently utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: -10.32%
• Asset Turnover: 0.26x
• Equity Multiplier: 2.79x
Recent ROE (-7.50%) 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
2012	9.60%	6.13%	0.68x	2.30x	CN¥-379.02K
2013	11.81%	11.15%	0.64x	1.66x	CN¥4.06 Million
2014	14.88%	11.39%	0.69x	1.90x	CN¥12.76 Million
2015	11.73%	13.74%	0.47x	1.81x	CN¥6.67 Million
2016	10.79%	11.43%	0.50x	1.88x	CN¥3.42 Million
2017	8.68%	11.75%	0.39x	1.88x	CN¥-9.48 Million
2018	11.47%	8.96%	0.43x	2.97x	CN¥11.88 Million
2019	12.36%	8.31%	0.46x	3.25x	CN¥21.20 Million
2020	13.30%	8.47%	0.52x	3.04x	CN¥34.17 Million
2021	14.01%	11.23%	0.40x	3.16x	CN¥47.03 Million
2022	7.24%	8.38%	0.32x	2.73x	CN¥-45.83 Million
2023	9.20%	10.22%	0.33x	2.76x	CN¥-14.24 Million
2024	-7.71%	-11.05%	0.23x	3.06x	CN¥-268.53 Million
2025	-7.50%	-10.32%	0.26x	2.79x	CN¥-247.01 Million

Industry Comparison

This section compares Csd Water Service Co Ltd's net assets metrics with peer companies in the Waste Management industry.

Industry Context

Industry: Waste Management
Average net assets among peers: $3,814,662,551
Average return on equity (ROE) among peers: 7.87%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Csd Water Service Co Ltd (603903)	CN¥1.48 Billion	9.60%	1.57x	$454.31 Million
China Tianying Inc (000035)	$3.05 Billion	7.29%	1.67x	$1.75 Billion
BECE Legend Group Co Ltd (000803)	$152.97 Million	2.06%	0.80x	$498.79 Million
Tus-Sound Environmental Resources Co Ltd (000826)	$466.74 Million	10.73%	0.65x	$460.95 Million
Wangneng Environment Co Ltd (002034)	$546.35 Million	1.41%	1.19x	$1.28 Billion
Beijing Orient Landscape Co Ltd (002310)	$2.41 Billion	-3.15%	0.82x	$2.18 Billion
GEM Co Ltd (002340)	$6.78 Billion	2.27%	1.35x	$5.66 Billion
Dongjiang Environmental Co Ltd (002672)	$470.85 Million	30.73%	0.77x	$468.86 Million
Qiaoyin Environmental Tech Co Ltd (002973)	$878.22 Million	11.69%	1.27x	$752.89 Million
Tongxing Environmental Protection (003027)	$1.54 Billion	9.98%	0.33x	$386.60 Million
Beijing Originwater Technology (300070)	$21.85 Billion	5.70%	1.59x	$1.85 Billion

About Csd Water Service Co Ltd

SHG:603903 China Waste Management

Market Cap

$454.31 Million

CN¥3.10 Billion CNY

Market Cap Rank

#12959 Global

#3874 in China

Share Price

CN¥12.16

Change (1 day)

+4.83%

52-Week Range

CN¥7.25 - CN¥17.27

All Time High

CN¥159.84