Western Securities' revenue last year decreased by more than 10% year-on-year, with a decline in bulk commodity trading business income.

Western Securities Co., Ltd. (hereinafter referred to as “Western Securities,” 002673) experienced over a 10% year-over-year decline in revenue in 2025.

On the evening of April 1st, Western Securities released the “2025 Annual Report,” which showed that during the reporting period, the company achieved a total operating revenue of 5.99B yuan, a decrease of 10.84% year-over-year; net profit attributable to shareholders of the listed company (hereinafter referred to as “net profit”) was 1.75B yuan, an increase of 24.97%; net profit excluding non-recurring gains and losses was 1.74B yuan, an increase of 25.36%.

In 2025, Western Securities’ basic earnings per share were 0.39 yuan/share, up 25.13% year-over-year. As of the end of 2025, the company’s total assets reached 121.66B yuan, a 26.78% increase compared to the end of 2024.

Regarding profit distribution, Western Securities stated in the 2025 annual report that it plans to distribute a cash dividend of 0.90 yuan (including tax) for every 10 shares to all shareholders, totaling 402 million yuan (including tax). Combining the company’s 2025 profit distribution plan and the interim profit distribution implemented in 2025, the total cash dividends for the year amount to 536 million yuan (including tax), accounting for 30.54% of the net profit attributable to shareholders in the consolidated financial statements for the year. After distributing this cash dividend, the remaining undistributed profit will be carried over to the next year. In 2025, the company will not issue bonus shares or convert capital reserve into share capital.

From the perspective of quarterly operating performance, Western Securities’ revenue and net profit in 2025 showed a generally rising trend each quarter. Specifically, quarterly revenue was 1.22B yuan, 1.57B yuan, 1.55B yuan, and 1.65B yuan.

In terms of profitability, the net profits for the first to fourth quarters were 291 million yuan, 494 million yuan, 459 million yuan, and 510 million yuan, respectively, with the fourth quarter also being the highest point of the year.

Regarding the decline in the company’s revenue last year, Western Securities stated in the 2025 annual report that the reason for the change was a decrease in income and costs from bulk commodity trading business compared to the previous year.

In terms of core business segments, the 2025 annual report also shows that during the reporting period, the operating income of subsidiaries and other businesses decreased by 38.33% year-over-year.

The 2025 annual report indicates that during the reporting period, Western Futures, a subsidiary, faced pressure on performance. Due to changes in industry policies and declining market interest rates, Western Securities achieved operating income of 1.06B yuan (with Western Yongtang contributing 964 million yuan), with the average daily client equity scale at 4.01B yuan, down 22.45% from the same period last year.

Meanwhile, in 2025, the company’s proprietary investment and asset management segments also saw year-over-year declines, decreasing by 8.89% and 18.38%, respectively.

Regarding proprietary investment, Western Securities stated in the 2025 annual report that during the reporting period, the company’s proprietary investment segment achieved operating income of 1.88B yuan.

For the asset management business, Western Securities noted that during the reporting period, the company’s asset management business generated operating income of 137 million yuan, with a total asset management scale of 36.42 billion yuan. The company managed 29 single-asset management plans, accounting for 20.26% of the total; 179 pooled asset management products, accounting for 49.81%; and 24 specialized asset management plans, accounting for 29.93%.

It is worth mentioning that in 2025, Western Securities completed the acquisition of a controlling stake in Guorong Securities Co., Ltd. (hereinafter referred to as “Guorong Securities”).

On August 15, 2025, the China Securities Regulatory Commission (CSRC) issued the “Approval on the Approval of Guorong Securities Co., Ltd. to Change Major Shareholders, Actual Controllers, and the Changes of Actual Controllers of Guorong Fund Management Co., Ltd. and Beijing Shouchuang Futures Co., Ltd.”

The CSRC approved Western Securities to become the major shareholder of Guorong Securities and approved Shaanxi Investment Group Co., Ltd. to become the actual controller of Guorong Securities, Guorong Fund Management Co., Ltd., and Beijing Shouchuang Futures Co., Ltd. The approval also confirmed that Western Securities lawfully acquired 1.15B shares of Guorong Securities (accounting for 64.5961% of the company’s total shares).

The merger and acquisition case of “Western + Guorong” took only 14 months from initial disclosure to approval. On June 21, 2024, Western Securities officially announced the acquisition of Guorong Securities. At that time, Western Securities stated that the company planned to acquire control of Guorong Securities through a cash payment based on its own development needs.

According to the latest information on the official website, Western Securities was established in January 2001, with its registered address in Xi’an, Shaanxi Province. The registered capital is 4.47B yuan, and the actual controller is Shaanxi Investment Group Co., Ltd. In May 2012, the company’s A-shares were listed on the Shenzhen Stock Exchange, becoming the 19th securities firm listed nationwide.

In terms of branch offices, Western Securities has over 100 securities business departments and brokerage branches nationwide, and has three wholly-owned subsidiaries: Western Futures Co., Ltd., Western Advantage Capital Investment Co., Ltd., and Western Securities Investment (Xi’an) Co., Ltd. The company also holds a controlling stake in Western Lide Fund Management Co., Ltd.

As of the midday close on April 2nd, Western Securities closed at 7.09 yuan per share, down 2.74%.

Reporter Tian Zhongfang, Surpervised Intern Yan Yutong