Cash flow Western Securities Co.,Ltd.

Stocks

002673

CNE100001D96

Diversified Investment Services

End-of-day quote Shenzhen S.E. Other stock markets 17/07/2026			5-day change	1st Jan Change
6.610 ^CNY	-0.60%		+1.54%	-16.22%

18/06	Western Securities to Redeem 500-Million-Yuan Corporate Bonds	MT
17/06	Western Securities to Pay First Year Interest of 1 Billion Yuan Bond	MT

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Published financial data: WESTERN SECURITIES CO.,LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Interest and Dividend Income, Total	292.87Cr	276.94Cr	306.03Cr	322.08Cr	385.39Cr
Interest Expense, Total	82Cr	121.82Cr	128.82Cr	113.3Cr	100.21Cr
Net Interest Income	210.73Cr	155.12Cr	177.21Cr	208.77Cr	285.19Cr
Gain (Loss) on Sale of Investments, Total (Rev)	17Cr	-74Cr	27Cr	29Cr	-32Cr
Other Revenues, Total	446.09Cr	446.99Cr	481.7Cr	430.8Cr	341.8Cr
Revenues Before Provison For Loan Losses	673.67Cr	527.95Cr	686.07Cr	668.81Cr	595.35Cr
Provision For Loan Losses	-19.24L	-44.08L	-11.87L	-1L	13.02L
Total Revenues	673.87Cr	528.39Cr	686.19Cr	668.82Cr	595.22Cr
Cost of Services Provided, Total	250.99Cr	206.94Cr	228.43Cr	250.43Cr	276.72Cr
Provision for Bad Debts	11Cr	-32.99L	-14.38L	28.26L	90.96L
Other Operating Expenses	239.42Cr	263.56Cr	306.62Cr	246.39Cr	94Cr
Total Operating Expenses	501.12Cr	470.17Cr	534.9Cr	497.1Cr	371.45Cr
Operating Income	172.74Cr	58Cr	151.28Cr	171.72Cr	223.77Cr
Currency Exchange Gains (Loss)	-7L	26.45L	6L	3L	-18.99L
Other Non Operating Income (Expenses)	-	-	-	-	-
EBT, Excl. Unusual Items	172.67Cr	58Cr	151.34Cr	171.74Cr	223.58Cr
Gain (Loss) on Sale of Investments	14Cr	-2.13Cr	-18.17L	1L	2L
Gain (Loss) on Sale of Assets	10.45T	1L	4L	3L	11.13L
Asset Writedown	-2L	-85.27T	-6L	-3L	-4L
Other Unusual Items	1.16Cr	2.21Cr	2.04Cr	2.47Cr	2.97Cr
EBT, Incl. Unusual Items	187.59Cr	59Cr	153.17Cr	174.23Cr	226.64Cr
Income Tax Expense	45Cr	13Cr	33Cr	31Cr	45Cr
Earnings From Continuing Operations	142.53Cr	46Cr	119.78Cr	142.81Cr	181.3Cr
Net Income to Company	142.53Cr	46Cr	119.78Cr	142.81Cr	181.3Cr
Minority Interest	-1.54Cr	-2.98Cr	-3.21Cr	-2.48Cr	-5.93Cr
Net Income - (IS)	141Cr	43Cr	116.57Cr	140.33Cr	175.37Cr
Net Income to Common Incl Extra Items	141Cr	43Cr	116.57Cr	140.33Cr	175.37Cr
Net Income to Common Excl. Extra Items	141Cr	43Cr	116.57Cr	140.33Cr	175.37Cr
Per Share Items
Net EPS - Basic	0.32	0.1	0.26	0.31	0.39
Basic EPS - Continuing Operations	0.32	0.1	0.26	0.31	0.39
Basic Weighted Average Shares Outstanding	446.91Cr	446.83Cr	446.97Cr	446.9Cr	446.9Cr
Net EPS - Diluted	0.32	0.1	0.26	0.31	0.39
Diluted EPS - Continuing Operations	0.32	0.1	0.26	0.31	0.39
Diluted Weighted Average Shares Outstanding	446.91Cr	446.83Cr	446.97Cr	446.9Cr	446.9Cr
Normalized Basic EPS	0.24	0.08	0.2	0.23	0.3
Normalized Diluted EPS	0.24	0.08	0.2	0.23	0.3
Dividend Per Share	0.11	0.05	0.09	0.1	0.12
Payout Ratio	44.08	219.14	65.72	79.32	63.24
Supplemental Items
Total Revenues (As Reported)	675.1Cr	530.84Cr	689.43Cr	671.2Cr	598.46Cr
Effective Tax Rate - (Ratio)	24.02	21.82	21.8	18.03	20.01
Current Domestic Taxes	45Cr	40Cr	22Cr	24Cr	53Cr
Total Current Taxes	45Cr	40Cr	22Cr	24Cr	53Cr
Deferred Domestic Taxes	54.28L	-28Cr	11Cr	7.91Cr	-8.05Cr
Total Deferred Taxes	54.28L	-28Cr	11Cr	7.91Cr	-8.05Cr
Normalized Net Income	106.39Cr	34Cr	91Cr	104.86Cr	133.81Cr
Non-Cash Pension Expense	2L	8L	2L	70.6L	79.28L

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	371.83Cr	303.91Cr	302.66Cr	884.33Cr	379.56Cr
Cash & Securities Segregated	1.24TCr	1.22TCr	1.12TCr	1.57TCr	2.62TCr
Securities Purchased Under Agreements To Resell	158.17Cr	743.81Cr	457.22Cr	303.83Cr	304.3Cr
Accounts Receivable, Total	865.45Cr	768.26Cr	857.49Cr	1.01TCr	1.71TCr
Other Receivables	11Cr	20Cr	157.98Cr	37Cr	128.94Cr
Gross Property Plant And Equipment	130.6Cr	144.28Cr	164.39Cr	186.85Cr	211.3Cr
Accumulated Depreciation	-40Cr	-55Cr	-66Cr	-79Cr	-95Cr
Net Property Plant And Equipment	91Cr	90Cr	98Cr	108.11Cr	116.72Cr
Goodwill	62.44L	62.44L	62.44L	62.44L	127.4Cr
Other Intangibles, Total	19Cr	21Cr	23Cr	23Cr	28Cr
Investment In Debt and Equity Securities	33Cr	7.45Cr	2.69Cr	45Cr	404.22Cr
Trading Asset Securities, Total	2.82TCr	3.05TCr	3.07TCr	2.84TCr	3.04TCr
Other Current Assets, Total	2.8TCr	3.19TCr	3.41TCr	2.69TCr	3.2TCr
Deferred Tax Assets Long-Term (Collected)	87Cr	99Cr	107.12Cr	80Cr	104.15Cr
Deferred Charges Long-Term	11Cr	7.95Cr	6.22Cr	3.69Cr	2.47Cr
Other Long-Term Assets, Total	9.7Cr	37Cr	6.7Cr	4.48Cr	4.54Cr
Total Assets	8.51TCr	9.57TCr	9.62TCr	9.6TCr	12TCr
Liabilities
Accounts Payable, Total	-	-	7.45Cr	44Cr	32Cr
Accrued Expenses, Total	1.61TCr	1.55TCr	1.39TCr	1.97TCr	3.41TCr
Short-Term Borrowings	3.2TCr	3.44TCr	3.03TCr	1.91TCr	2.74TCr
Current Portion of Long-Term Debt	201.97Cr	-	-	-	-
Current Portion of Leases	-	-	-	15Cr	13Cr
Long-Term Debt	470.58Cr	1.58TCr	1.74TCr	1.85TCr	1.93TCr
Long-Term Leases	60Cr	51Cr	43Cr	20Cr	19Cr
Current Income Taxes Payable	1.63Cr	11Cr	2.02Cr	42.63L	15Cr
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	97Cr	46Cr	185.84Cr	552.84Cr	434.05Cr
Unearned Revenue Non Current	3.72Cr	5.77Cr	9.12Cr	14Cr	14Cr
Pension & Other Post Retirement Benefits	3.01Cr	4.12Cr	4.52Cr	3.47Cr	3.94Cr
Deferred Tax Liability Non-Current	17Cr	48.8L	19Cr	-	-
Other Non Current Liabilities	126.83Cr	152.05Cr	385.21Cr	309.4Cr	344.72Cr
Total Liabilities	5.79TCr	6.85TCr	6.81TCr	6.69TCr	8.96TCr
Common Stock, Total	446.96Cr	446.96Cr	446.96Cr	446.96Cr	446.96Cr
Additional Paid In Capital	1.6TCr	1.6TCr	1.6TCr	1.6TCr	1.6TCr
Retained Earnings	664.62Cr	658.69Cr	752.38Cr	838.96Cr	969.18Cr
Treasury Stock	-	-	-	-28.82L	-5.01Cr
Comprehensive Income and Other	-1.1Cr	-4.11Cr	-4.58Cr	-4.2Cr	3.12Cr
Total Common Equity	2.71TCr	2.7TCr	2.79TCr	2.88TCr	3.01TCr
Minority Interest	11Cr	15Cr	18Cr	20Cr	188.67Cr
Total Equity	2.72TCr	2.72TCr	2.81TCr	2.9TCr	3.2TCr
Total Liabilities And Equity	8.51TCr	9.57TCr	9.62TCr	9.6TCr	12TCr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	446.96Cr	446.96Cr	446.96Cr	446.92Cr	446.34Cr
ECS Total Common Shares Outstanding	446.96Cr	446.96Cr	446.96Cr	446.92Cr	446.34Cr
Book Value / Share	6.06	6.04	6.25	6.45	6.75
Tangible Book Value	2.69TCr	2.68TCr	2.77TCr	2.86TCr	2.86TCr
Tangible Book Value Per Share	6.02	6	6.2	6.39	6.4
Total Debt	3.94TCr	5.08TCr	4.81TCr	3.8TCr	4.71TCr
Net Debt	-650.87Cr	-245.81Cr	-141.95Cr	-1.8TCr	-1.64TCr
Equity Method Investments, Total	4.36Cr	3.29Cr	4.13Cr	4.48Cr	4.54Cr
Full Time Employees	3.13T	3.25T	3.32T	3.27T	4.69T

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	141Cr	43Cr	116.57Cr	140.33Cr	175.37Cr
Depreciation, Depletion & Amortization	14Cr	17Cr	17Cr	18Cr	20Cr
Amortization of Goodwill and Intangible Assets - (CF)	20.2L	20.2L	50T	19.95L	15.83L
Total Depreciation, Depletion & Amortization	15Cr	18Cr	17Cr	18Cr	20Cr
Amortization of Deferred Charges, Total	7.48Cr	7.96Cr	7.51Cr	8.11Cr	8.65Cr
(Gain) Loss On Sale of Asset - (CF)	-10.45T	-1L	-4L	-3L	-11.13L
(Gain) Loss on Sale of Investments - (CF)	-31Cr	76Cr	-28Cr	-36Cr	40Cr
Total Asset Writedown	2L	85.27T	6L	3L	4L
Provision for Credit Losses	-19.24L	-44.08L	-11.87L	-1L	13.02L
Provision and Write-off of Bad Debts	11Cr	-32.99L	-14.38L	28.26L	90.96L
Change in Accounts Receivable	-2.65TCr	-1.28TCr	-210.1Cr	1.15TCr	-936.96Cr
Change In Inventories	66.5L	-13Cr	1.97Cr	16Cr	-1.48Cr
Change in Accounts Payable	1.1TCr	638.12Cr	47Cr	-157.3Cr	882.05Cr
Change In Deferred Taxes	54.28L	-28Cr	11Cr	7.91Cr	-8.05Cr
Change in Other Net Operating Assets (Collected)	-5.98Cr	-5.18Cr	-5.33Cr	-4.3Cr	-5Cr
Other Operating Activities	40Cr	66Cr	68Cr	67Cr	46Cr
Cash from Operations	-1.37TCr	-474.53Cr	25Cr	1.21TCr	221.93Cr
Capital Expenditure	-20Cr	-20Cr	-23Cr	-19Cr	-15Cr
Sale of Property, Plant, and Equipment	13.99L	3L	9L	4L	2L
Cash Acquisitions	-	-	-	-344.26Cr	-
Divestitures	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-	84.12L	-	-	-
Other Investing Activities, Total	-	8.45Cr	8.31Cr	-	853.81Cr
Cash from Investing	-20Cr	-11Cr	-15Cr	-363.42Cr	838.9Cr
Long-Term Debt Issued, Total	1.23TCr	3.31TCr	2.35TCr	1.75TCr	1.79TCr
Total Debt Issued	1.23TCr	3.31TCr	2.35TCr	1.75TCr	1.79TCr
Long-Term Debt Repaid, Total	-395.31Cr	-2.8TCr	-2.46TCr	-1.73TCr	-1.73TCr
Total Debt Repaid	-395.31Cr	-2.8TCr	-2.46TCr	-1.73TCr	-1.73TCr
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-	-	-	-28.82L	-4.72Cr
Common Dividends Paid	-62Cr	-94Cr	-77Cr	-111.3Cr	-110.9Cr
Common & Preferred Stock Dividends Paid	-62Cr	-94Cr	-77Cr	-111.3Cr	-110.9Cr
Other Financing Activities, Total	-	58.48L	-4.05Cr	4.04Cr	-
Cash from Financing	773.07Cr	415.52Cr	-183.16Cr	-86Cr	-50Cr
Foreign Exchange Rate Adjustments	-7L	26.45L	6L	8L	-18.99L
Net Change in Cash	-618.55Cr	-69Cr	-172.75Cr	759.07Cr	1.01TCr
Supplemental Items
Cash Interest Paid	71Cr	80Cr	86Cr	76Cr	102.14Cr
Cash Income Tax Paid (Refund)	100.02Cr	53Cr	66Cr	45Cr	73Cr
Net Debt Issued / Repaid	835.22Cr	508.74Cr	-102.5Cr	21Cr	65Cr

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	1.91	0.51	1.25	1.49	1.67
Return On Equity %	5.35	1.68	4.33	5	5.94
Return on Common Equity	5.31	1.58	4.24	4.94	5.95
Margin Analysis
Gross Profit Margin %	63.92	62.54	68.34	64.62	56.22
SG&A Margin	1.17	1.7	1.63	2.07	2.71
Income From Continuing Operations Margin %	21.15	8.67	17.46	21.35	30.46
Net Income Margin %	20.92	8.1	16.99	20.98	29.46
Net Avail. For Common Margin %	20.92	8.1	16.99	20.98	29.46
Normalized Net Income Margin	15.79	6.35	13.32	15.68	22.48
Asset Turnover
Asset Turnover	0.09	0.06	0.07	0.07	0.05
Short Term Liquidity
Current Ratio	1.62	1.84	2.03	2.08	1.71
Quick Ratio	1.07	1.21	1.29	1.48	1.23
Operating Cash Flow to Current Liabilities	-0.27	-0.09	0.01	0.27	0.03
Long Term Solvency
Total Debt/Equity	144.66	186.97	170.99	130.9	147.08
Total Debt / Total Capital	59.13	65.15	63.1	56.69	59.53
LT Debt/Equity	19.5	60.19	63.37	64.52	61.01
Long-Term Debt / Total Capital	7.97	20.97	23.38	27.94	24.69
Total Liabilities / Total Assets	68.03	71.61	70.77	69.76	73.68
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	31.09	-21.59	29.86	-2.53	-11
Gross Profit, 1 Yr. Growth %	39.23	-23.29	42.41	-7.61	-22.44
Earnings From Cont. Operations, 1 Yr. Growth %	25.88	-67.88	160.21	19.22	26.95
Net Income, 1 Yr. Growth %	26.23	-69.64	170.76	20.38	24.97
Normalized Net Income, 1 Yr. Growth %	5.45	-68.44	172.17	14.75	27.61
Diluted EPS Before Extra, 1 Yr. Growth %	-1.1	-69.64	170.82	20.4	24.97
Common Equity, 1 Yr. Growth %	4.17	-0.33	3.43	3.1	4.61
Total Assets, 1 Yr. Growth %	33.28	12.39	0.43	-0.27	26.78
Tangible Book Value, 1 Yr. Growth %	4.15	-0.41	3.36	3.15	0.02
Cash From Operations, 1 Yr. Growth %	1.1T	-65.41	-105.28	4.72T	-81.64
Capital Expenditures, 1 Yr. Growth %	81.47	0.45	16.48	-16.98	-22.25
Dividend Per Share, 1 Yr. Growth %	40.79	-54.21	83.67	11.11	20
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	35.89	1.39	0.91	12.51	-6.86
Gross Profit, 2 Yr. CAGR %	49.6	3.35	4.34	14.57	-15.42
Earnings From Cont. Operations, 2 Yr. CAGR %	52.08	-36.41	-8.33	76.13	23.03
Net Income, 2 Yr. CAGR %	52.01	-38.1	-9.07	80.54	22.65
Normalized Net Income, 2 Yr. CAGR %	54.32	-42.31	-7.32	76.73	21.01
Diluted EPS Before Extra, 2 Yr. CAGR %	34.58	-45.2	-9.08	80.57	22.66
Common Equity, 2 Yr. CAGR %	23.88	1.9	1.54	3.26	3.85
Total Assets, 2 Yr. CAGR %	32.34	22.39	6.32	0.08	12.45
Tangible Book Value, 2 Yr. CAGR %	24.06	1.84	1.47	3.25	1.58
Cash From Operations, 2 Yr. CAGR %	113.93	104.14	-86.48	59.61	197.52
Capital Expenditures, 2 Yr. CAGR %	48.83	35.01	8.17	-1.66	-19.66
Dividend Per Share, 2 Yr. CAGR %	30.32	-19.7	-8.29	42.86	15.47
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	45.37	13.13	10.11	-0.25	4.05
Gross Profit, 3 Yr. CAGR %	79.13	19.74	14.87	0.11	0.54
Earnings From Cont. Operations, 3 Yr. CAGR %	91.87	-9.43	1.89	0.06	57.92
Net Income, 3 Yr. CAGR %	91.61	-11.14	1.43	-0.16	59.7
Normalized Net Income, 3 Yr. CAGR %	79.62	-9.08	-3.25	-0.48	58.55
Diluted EPS Before Extra, 3 Yr. CAGR %	76.69	-18.07	-6.49	-0.16	59.72
Common Equity, 3 Yr. CAGR %	16.01	15.22	2.41	2.06	3.71
Total Assets, 3 Yr. CAGR %	17.65	25.33	14.64	4.08	8.29
Tangible Book Value, 3 Yr. CAGR %	16.12	15.3	2.35	2.03	2.17
Cash From Operations, 3 Yr. CAGR %	62.93	16.55	-39.62	-4.13	-22.38
Capital Expenditures, 3 Yr. CAGR %	49.53	30.55	28.53	-0.96	-9.07
Dividend Per Share, 3 Yr. CAGR %	22.65	-8.04	5.8	-2.23	34.79
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	14.56	10.78	25.62	12.88	2.98
Gross Profit, 5 Yr. CAGR %	22.42	16.55	44.3	17.56	1.58
Earnings From Cont. Operations, 5 Yr. CAGR %	5.07	-9.51	42.79	18.3	9.87
Net Income, 5 Yr. CAGR %	4.63	-10.66	42.21	18.12	9.44
Normalized Net Income, 5 Yr. CAGR %	2.8	-12.39	37.85	18.61	5.81
Diluted EPS Before Extra, 5 Yr. CAGR %	-4.74	-16.09	35.45	12.51	4.23
Common Equity, 5 Yr. CAGR %	16.91	8.96	9.99	10.29	2.99
Total Assets, 5 Yr. CAGR %	9.45	13.3	12.98	14.58	13.76
Tangible Book Value, 5 Yr. CAGR %	17.05	9	10.02	10.33	2.04
Cash From Operations, 5 Yr. CAGR %	21.24	1.27	-39.8	32.17	14.28
Capital Expenditures, 5 Yr. CAGR %	22.53	-1.3	31.37	16.56	6.51
Dividend Per Share, 5 Yr. CAGR %	-0.55	-6.88	9.18	9.68	9.57