Western Securities Co. (002673) Q2 2025 earnings summary

Executive summary

• Net profit attributable to shareholders rose 20.09% year-over-year to ¥784.91 million, despite a 16.23% decline in operating revenue to ¥2.79 billion, mainly due to a drop in bulk commodity trading income.

• Total assets increased 15.79% from the previous year-end to ¥111.12 billion, with net assets attributable to shareholders up 1.65%.

• The board approved a cash dividend of ¥0.10 per 10 shares, totaling ¥44.63 million, with no bonus shares or capital reserve conversion.

Financial highlights

• Operating revenue fell 16.23% year-over-year, while net profit attributable to shareholders grew 20.09%.

• Basic and diluted EPS were ¥0.1759, up 20.31% year-over-year.

• Return on equity (ROE) increased by 0.38 percentage points to 2.69%.

• Total assets reached ¥111.12 billion, and total liabilities rose 21.90% to ¥81.61 billion.

• Net cash flow from operating activities was negative ¥929.51 million, compared to a positive ¥3.46 billion in the prior year.

Outlook and guidance

• Management highlights ongoing industry competition, regulatory changes, and market volatility as key risks.

• No specific earnings guidance for Q3 2025 due to market uncertainties and cyclical fluctuations.