Western Securities Co. (002673) Q4 2025 earnings summary

Executive summary

• Achieved net profit attributable to shareholders of RMB 1.75 billion, up 24.97% year-over-year, despite a 10.84% decrease in revenue to RMB 5.98 billion.

• Completed the acquisition of a controlling stake in Guorong Securities, marking a major strategic breakthrough.

• Maintained a strong capital position and continued to expand business lines, with total assets rising 26.78% to RMB 121.66 billion.

Financial highlights

• Revenue: RMB 5.98 billion, down 10.84% year-over-year.

• Net profit attributable to shareholders: RMB 1.75 billion, up 24.97% year-over-year.

• Basic and diluted EPS: RMB 0.39, up 25.13% year-over-year.

• Total assets: RMB 121.66 billion, up 26.78% from prior year-end.

• Net assets attributable to shareholders: RMB 30.14 billion, up 4.61% year-over-year.

• Cash dividend payout ratio: 30.54% of annual net profit.

Outlook and guidance

• Focus on high-quality development, digital transformation, and integration of acquired businesses.

• Plans to strengthen core competitiveness, expand overseas presence, and enhance risk management.

• 2026 marks the start of the new five-year plan, with a vision to become a leading national investment bank.