On a TTM basis through 2026Q1, pre-tax profit is currently about 54.5bn, equivalent to a pre-tax margin of 59.7%, but headline durability remains more sensitive to revaluation. The revenue mix still leans mainly on trading at 97.2% after expanding by +4.5pp, while lending is at 0.4%; brokerage and services are still only 2.3% and have narrowed by 4.3pp, so diversification remains thin. On the balance sheet, Equity / Assets is 98.8% while Leverage is about 0.01x, indicating a still relatively balanced capital posture.
Earnings are still being supported by trading, but revaluation has become large enough to make the headline less durable than usual.
Trading currently accounts for about 97.2%, lending is at 0.4%, brokerage is around 1.9%, other services about 0.4%, brokerage plus services together are 2.3%.
The earnings engine is already less one-dimensional, so the more important question is whether diversification can hold.
Trading income is materially dependent on revaluation.
The mix is still fairly readable for now, but case durability will depend on whether brokerage and services keep thickening.
Key risks
Revaluation volatility risk
A large part of trading income is coming from revaluation, so earnings may be more volatile than the headline suggests.
Key signals
Securities business revenue
91.4bn
+292.9% YoY
PBT margin
59.7%
—
Trading Share
97.2%
+4.5pp
Revaluation / Trading
84.5%
+26.8pp
Annual YoY · 2026Q1
Profitability Quality & Volatility
▲
How strong is current profitability, and how durable is it?
Headline profitability remains solid, but durability is weaker because part of the result is still sensitive to revaluation.
Pre-tax margin is currently 59.7%, Return on assets is about 10.5%, revaluation accounts for 84.8% of pre-tax profit.
Headline profit should not be read purely off reported PBT because revaluation still makes the result more volatile.
Profit remains sensitive to revaluation swings.
Provisioning is not currently the main drag on profit.
Key risks
Revaluation volatility remains high
Revaluation makes up a large enough share of PBT to make profit quality less durable than the headline suggests.
Key signals
PBT margin
59.7%
—
Net margin
59.7%
—
ROAA
10.5%
—
ROAE
10.6%
—
Revaluation / PBT
84.8%
—
TTM YoY · 2026Q1
Are assets at risk?
Balance Sheet Quality & Asset Composition
▼
Where is the balance sheet exposed, and how resilient does it look?
The balance sheet is leaning more toward the prop book, making market-valuation sensitivity a key issue to monitor.
The margin book is about 0.5% of assets, the prop book about 13.8%, liquid assets around 70.6%, equity roughly 98.8%.
A high prop-book share lets market-valuation swings flow more directly into the balance sheet.
The prop book is the more prominent balance-sheet component.
Capital buffer is not the main weakness for now, so the key reading point shifts to which assets are driving the balance sheet.
Key risks
Key signals
Margin book / Assets
0.5%
—
Prop book / Assets
13.8%
−7.1pp
Liquid assets / Assets
70.6%
+15.2pp
Equity / Assets
98.8%
−0.2pp
Liabilities / Equity
0.01x
—
Quarterly YoY · 2026Q1
Is leverage safe?
Capital, Funding & Risk Posture
●
Are capital buffers and funding posture sufficiently safe?
Capital and funding posture looks more balanced for now, though the effective thickness of liquidity buffers still needs monitoring.
Equity currently equals 98.8% of assets, liabilities stand at 0.01x of equity.
Capital and funding are mainly acting as a buffer for the case, rather than the main source of headline distortion.
When funding and liquidity remain adequate, capital posture works more as a buffer than a veto point.
Liquidity buffer remains relatively better than short-term funding needs.
Key risks
Key signals
Equity / Assets
98.8%
−0.2pp
Liabilities / Equity
0.01x
—
Liquid assets / Assets
70.6%
+15.2pp
Quarterly YoY · 2026Q1
Investment Takeaway
Overall, WSS currently looks like a more mixed case, with both supporting factors and watchpoints but no single clean direction yet.
Capital buffer is not currently the main pressure point for this case.
The current revenue mix does not yet offer a clear enough earnings anchor to read as a healthy case.
Statement Data
Item
2025
2024
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)
54.7
9.2
a. Realised gains on disposals of FVTPL financial assets
4.9
0.8
b. Gains from revaluation of FVTPL financial assets
46.2
5.3
c. Dividends and interest income from FVTPL financial assets
3.5
3.1
1.2. Gains from held to maturity investments
13.3
9.3
1.3. Interest income from loans and receivables
0.2
0.0
1.6. Revenue from brokerage services
0.7
0.5
1.8. Revenue from investment advisory services
9.4
1.2
1.10. Revenue from securities custody services
0.2
0.2
Revenue from securities business (01->11)
78.5
20.5
Net sales
78.5
20.5
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)
23.2
42.7
a. Loss from disposals of financial assets at FVTPL
17.1
4.2
b. Loss from revaluation of financial assets at FVTPL
6.1
38.5
2.4. Selling loss available-for-sale financial assets (AFS)
-0.5
-0.0
2.6. Expenses for proprietary trading activities
0.3
0.3
2.7. Expenses for brokerage services
3.6
2.4
2.9. Expenses for financial advisory services
0.7
0.7
2.11. Expenses for secutiries custodian services
0.2
0.2
Operating expenses (21->33)
27.4
46.3
Gross profit
51.1
-25.8
3.1. Realized and unrealized gain from changes in foreign exchange rates
0.0
0.0
3.2. Dividends, interest income from demand deposits
0.4
0.4
Total financial income (41->44)
0.4
0.4
4.4. Other investment expenses
-0.3
-0.7
Total financial expenses (51->54)
-0.3
-0.7
VI. General and Administrative expenses
6.6
6.9
VII. Net profit from securities business (20+50-40-60-61-62)
45.2
-31.5
8.1. Other incomes
0.4
0.2
8.2. Other expenses
0.0
0.1
Other profit (71-72)
0.4
0.1
IX. Profit before tax (70+80)
45.6
-31.4
9.1. Realised profit
5.5
1.8
9.2. Unrealised profit
40.1
-33.2
XI. Net profit after tax (90-100)
45.6
-31.4
11.1. Profit after tax for shareholders of the parents company
45.6
-31.4
13.1. Earning per share
907.00
-625.00
Earnings per Share
906.83
-624.92
Item
2025
2024
A. SHORT-TERM ASSETS (100=110+130)
520.7
453.7
Short-term financial assets
509.4
442.7
1. Cash and cash equivalents
5.6
86.2
1.1. Cash
5.6
86.2
2. Financial assets at fair value through profit or loss (FVTPL)
98.2
102.7
3. Held to maturity investments (HTM)
351.0
186.0
4. Loans
0.8
0.3
5. Available-for-sale financial assets (AFS)
—
73.8
6. Provisions for impairment loss of financial assets and mortgages
—
-7.3
7. Short-term receivables
0.7
0.1
7.2. Receivables and accruals from dividends and interest income
0.7
0.1
7.2.2. Undue dividend and interest receivables
0.7
0.1
Prepayments to suppliers
0.0
0.1
9. Service related receivable
4.3
0.9
12. Other receivables
49.0
0.0
13. Provision for doubtful debts
-0.1
-0.1
II. Other short-term assets
11.3
11.1
1. Advances
0.0
0.0
3. Short-term prepayments
0.6
0.5
Taxes and other receivables from state authorities
9.8
9.8
5. Other short-term assets
0.0
0.0
B. LONG-TERM ASSETS (200=210+220+240+250-260)
14.5
34.4
I. Long-term financial assets
—
19.5
2. Long-term investments
—
19.5
2.5. Other long-term investments
—
19.8
II. Fixed assets
0.8
0.5
1. Tangible fixed assets
0.5
0.5
- Cost
8.6
8.4
- Accumulated depreciation
-8.1
-8.0
3. Intangible fixed assets
0.3
—
- Cost
3.3
2.9
- Accumulated depreciation
-3.0
-2.9
IV. Construction in progress
0.3
0.6
V. Other long-term assets
13.3
13.8
1. Pledged assets, mortgages, security deposits in long term
0.1
0.0
2. Long-term prepayments
8.4
8.9
4. Payment for Settlement Assistance Fund
4.9
4.9
TOTAL ASSETS (270=100+200)
535.2
488.1
A. LIABILITIES (300=310+340)
6.2
4.7
I. Short -term liabilities
6.2
4.7
8. Trade accounts payable
0.0
0.0
9. Advances from customers
2.1
1.1
10. Taxes and other payables to state authorities
0.2
0.1
11. Payable to employees
2.0
1.7
12. Employee welfare payables
0.0
0.0
13. Accrued expenses
0.1
0.1
16. Short-term deposits, collateral received
0.1
0.1
17. Other payables
1.1
1.1
19. Bonus and welfare fund
0.4
0.4
B. OWNER'S EQUITY (400=410+420)
529.1
483.4
I. Owner's equity
529.1
483.4
1. Investment capital from owners
503.0
503.0
1.1. Capital from owners
503.0
503.0
a. Common stock
503,000,000,000.00
503,000,000,000.00
7. Undistributed earnings after tax
17.7
-27.9
7.1. Realised profits
37.4
32.0
7.2. Unrealised losses
-19.7
-59.9
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)
535.2
488.1
Item
2025
2024
- Other receipts from operating activities
100.1
182.3
- Other payments for operating activities
-98.2
-78.8
Net cash flows from securities trading activities
-80.5
64.8
1. Payment for fixed assets, constructions and other long-term assets
-0.2
-0.8
Net cash flows from investing activities
-0.2
-0.8
IV. Net cash flows during the period
-80.7
64.0
V. Cash and cash equivalents at begingning of the period
86.2
22.3
Cash and cash equivalents at end of period
5.6
86.2
Item
Q1'26
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Q3'24
Q2'24
Q1'24
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)
8.7
16.7
11.6
23.1
3.3
4.4
2.5
1.1
9.7
a. Realised gains on disposals of FVTPL financial assets
3.8
0.0
0.0
0.5
0.2
—
0.7
0.0
—
b. Gains from revaluation of FVTPL financial assets
4.9
14.7
11.6
21.2
3.1
2.4
1.7
—
9.7
c. Dividends and interest income from FVTPL financial assets
—
2.0
—
1.5
—
2.0
0.1
1.1
—
1.2. Gains from held to maturity investments
6.0
2.9
3.9
3.2
3.3
2.6
3.1
1.6
2.0
1.3. Interest income from loans and receivables
0.1
0.1
0.1
0.0
0.0
0.0
0.0
0.0
—
1.4. Gains from available-for-sale financial assets (AFS)
—
—
—
4.3
—
—
—
—
—
1.6. Revenue from brokerage services
0.5
0.2
0.2
0.1
0.1
0.1
0.1
0.1
0.2
1.8. Revenue from investment advisory services
—
7.8
1.6
—
—
0.0
0.0
0.5
0.7
1.10. Revenue from securities custody services
0.1
0.1
0.1
0.0
0.0
0.0
0.0
0.1
0.0
Revenue from securities business (01->11)
15.3
27.8
17.4
30.9
6.8
7.2
5.8
3.4
12.6
Net sales
15.3
27.8
17.4
30.9
6.8
7.2
5.8
3.4
12.6
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)
0.6
16.7
1.2
8.2
1.6
3.3
12.2
5.0
30.8
a. Loss from disposals of financial assets at FVTPL
0.3
13.8
0.1
2.9
0.3
—
—
0.1
4.1
b. Loss from revaluation of financial assets at FVTPL
0.4
2.9
1.1
5.3
1.3
3.3
12.2
4.9
26.7
2.4. Selling loss available-for-sale financial assets (AFS)
—
2.0
4.8
—
—
—
—
—
—
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans
—
—
-2.1
-5.3
—
—
—
—
—
2.6. Expenses for proprietary trading activities
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
2.7. Expenses for brokerage services
0.7
0.7
1.5
0.9
0.6
0.6
0.6
0.7
1.1
2.9. Expenses for financial advisory services
0.2
0.2
0.1
0.1
0.2
0.2
0.2
0.2
0.2
2.11. Expenses for secutiries custodian services
0.1
0.1
0.1
0.0
0.0
0.0
0.0
0.0
0.0
Operating expenses (21->33)
1.6
19.8
5.5
4.0
2.4
4.2
13.0
6.0
32.2
Gross profit
13.8
8.0
11.8
26.8
4.3
3.0
-7.2
-2.6
-19.6
3.1. Realized and unrealized gain from changes in foreign exchange rates
—
0.0
—
—
—
0.0
—
0.0
—
3.2. Dividends, interest income from demand deposits
0.0
0.2
0.0
0.0
0.0
0.1
0.0
0.1
0.0
Total financial income (41->44)
0.0
0.2
0.0
0.0
0.0
0.1
0.0
0.1
0.0
4.4. Other investment expenses
—
—
—
-0.3
—
—
—
—
—
Total financial expenses (51->54)
—
—
—
-0.3
—
—
—
—
—
VI. General and Administrative expenses
1.8
2.0
1.6
1.6
1.5
1.9
1.6
1.7
1.6
VII. Net profit from securities business (20+50-40-60-61-62)
12.0
6.2
10.3
25.6
2.9
1.2
-8.8
-4.2
-21.2
8.1. Other incomes
0.2
0.2
0.2
0.0
0.0
0.0
0.0
0.0
0.0
8.2. Other expenses
—
0.0
0.0
—
—
—
—
0.0
0.1
Other profit (71-72)
0.2
0.2
0.2
0.0
0.0
0.0
0.0
0.0
-0.0
IX. Profit before tax (70+80)
12.2
6.3
10.4
25.6
2.9
1.2
-8.8
-4.2
-21.3
9.1. Realised profit
7.6
-5.5
-0.1
5.4
1.1
2.1
—
—
-4.3
9.2. Unrealised profit
4.5
11.8
10.5
20.2
1.8
-0.9
-10.4
—
-17.0
XI. Net profit after tax (90-100)
12.2
6.3
10.4
25.6
2.9
1.2
-8.8
-4.2
-21.3
11.1. Profit after tax for shareholders of the parents company
12.2
6.3
10.4
25.6
2.9
1.2
-8.8
-4.2
-21.3
Earnings per Share
241.89
125.97
207.09
508.96
58.34
23.78
-173.97
-83.38
-422.76
Item
Q1'26
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Q3'24
Q2'24
Q1'24
A. SHORT-TERM ASSETS (100=110+130)
533.6
520.7
514.0
502.7
457.2
454.1
452.6
460.6
464.0
Short-term financial assets
521.8
509.4
502.6
491.2
445.7
443.1
441.5
449.4
452.9
1. Cash and cash equivalents
7.1
5.6
375.7
91.6
1.2
86.2
1.5
93.7
0.4
1.1. Cash
7.1
5.6
1.8
91.6
1.2
86.2
1.5
93.7
0.4
1.2. Cash equivalents
—
—
373.9
—
—
—
—
—
—
2. Financial assets at fair value through profit or loss (FVTPL)
75.8
98.2
119.8
105.6
102.6
102.7
103.6
114.9
120.1
3. Held to maturity investments (HTM)
379.8
351.0
—
125.2
271.0
186.0
265.2
172.4
210.4
4. Loans
2.8
0.8
2.5
1.7
0.1
0.3
0.2
0.7
—
5. Available-for-sale financial assets (AFS)
49.0
49.0
3.0
13.8
73.8
73.8
73.8
73.8
73.8
6. Provisions for impairment loss of financial assets and mortgages
—
—
—
-2.0
-7.3
-6.8
-6.8
-7.3
-7.3
7. Short-term receivables
6.7
0.7
0.8
0.0
3.4
0.1
3.2
0.1
2.0
7.2. Receivables and accruals from dividends and interest income
6.7
0.7
0.8
0.0
3.4
0.1
3.2
0.1
2.0
7.2.2. Undue dividend and interest receivables
6.7
0.7
0.8
0.0
3.4
0.1
3.2
0.1
2.0
Prepayments to suppliers
0.0
0.0
0.2
0.1
0.1
0.1
0.1
0.0
52.4
9. Service related receivable
0.8
4.3
0.8
0.8
0.9
0.9
0.8
1.3
1.2
12. Other receivables
0.0
0.0
0.0
154.5
0.0
0.0
0.0
0.0
0.0
13. Provision for doubtful debts
-0.1
-0.1
-0.1
-0.1
-0.1
-0.1
-0.1
-0.1
-0.1
II. Other short-term assets
11.8
11.3
11.4
11.5
11.6
11.0
11.1
11.1
11.2
1. Advances
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3. Short-term prepayments
1.0
0.6
0.7
0.8
0.9
0.5
0.6
0.7
0.8
Taxes and other receivables from state authorities
9.8
9.8
9.8
9.8
9.8
9.8
9.8
9.8
9.8
5. Other short-term assets
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
B. LONG-TERM ASSETS (200=210+220+240+250-260)
14.2
14.2
14.2
14.3
34.0
33.5
33.6
33.1
33.5
I. Long-term financial assets
—
—
—
—
19.8
19.8
19.8
19.8
19.8
2. Long-term investments
—
—
—
—
19.8
19.8
19.8
19.8
19.8
2.5. Other long-term investments
—
—
—
—
19.8
19.8
19.8
19.8
19.8
II. Fixed assets
0.8
0.8
0.7
0.4
0.4
0.5
0.6
0.6
0.5
1. Tangible fixed assets
0.4
0.5
0.4
0.4
0.4
0.5
0.5
0.6
0.5
- Cost
8.6
—
—
—
—
—
—
—
—
- Accumulated depreciation
-8.2
—
—
—
—
—
—
—
—
3. Intangible fixed assets
0.3
0.3
0.3
-0.0
-0.0
0.0
0.0
—
—
- Cost
3.3
—
—
—
—
—
—
—
—
- Accumulated depreciation
-3.0
—
—
—
—
—
—
—
—
IV. Construction in progress
0.3
0.3
0.3
0.6
0.6
—
—
—
—
V. Other long-term assets
13.0
13.1
13.2
13.3
13.4
13.5
13.6
13.8
14.3
1. Pledged assets, mortgages, security deposits in long term
0.0
0.1
0.1
0.1
0.1
0.0
0.0
0.0
0.3
2. Long-term prepayments
8.3
8.4
8.5
8.6
8.7
8.9
9.0
9.1
9.2
4. Payment for Settlement Assistance Fund
4.7
4.7
4.7
4.7
4.7
4.6
4.6
4.6
4.8
5. Other long-term assets
0.0
—
—
—
—
—
—
—
—
TOTAL ASSETS (270=100+200)
547.7
535.0
528.2
517.0
491.2
487.6
486.2
493.7
497.6
A. LIABILITIES (300=310+340)
6.5
6.2
5.7
5.0
4.8
4.7
4.4
4.3
3.9
I. Short -term liabilities
6.5
6.0
5.6
4.9
4.7
4.6
4.4
4.2
3.9
8. Trade accounts payable
0.0
0.0
0.0
0.2
0.2
0.0
0.0
0.0
0.0
9. Advances from customers
2.5
2.1
1.9
1.3
1.2
1.1
1.0
1.0
0.9
10. Taxes and other payables to state authorities
0.1
0.2
0.1
0.1
0.1
0.1
0.1
0.1
0.0
11. Payable to employees
1.9
2.0
1.7
1.6
1.6
1.7
1.5
1.4
1.2
12. Employee welfare payables
0.1
0.0
0.1
0.1
0.1
0.0
0.1
0.1
0.1
13. Accrued expenses
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
16. Short-term deposits, collateral received
0.1
—
—
—
—
—
—
—
—
17. Other payables
1.1
1.1
1.1
1.1
1.1
1.1
1.1
1.1
1.1
19. Bonus and welfare fund
0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.4
II. Long-term liabilities
—
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
B. OWNER'S EQUITY (400=410+420)
541.2
528.8
522.5
512.0
486.4
482.9
481.7
489.4
493.6
I. Owner's equity
541.2
528.8
522.5
512.0
486.4
482.9
481.7
489.4
493.6
1. Investment capital from owners
503.0
503.0
503.0
503.0
503.0
503.0
503.0
503.0
503.0
1.1. Capital from owners
503.0
503.0
503.0
503.0
503.0
503.0
503.0
503.0
503.0
a. Common stock
503,000,000,000.00
503,000,000,000.00
503,000,000,000.00
503,000,000,000.00
503,000,000,000.00
503,000,000,000.00
503,000,000,000.00
503,000,000,000.00
503,000,000,000.00
7. Undistributed earnings after tax
29.9
17.4
11.1
0.6
-25.0
-28.4
-29.6
-21.9
-17.7
7.1. Realised profits
45.1
37.2
42.6
38.4
33.0
31.4
29.4
26.6
25.9
7.2. Unrealised losses
-15.2
-19.8
-31.5
-37.8
-58.0
-59.9
-59.0
-48.5
-43.6
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)
547.7
535.0
528.2
517.0
491.2
487.6
486.2
493.7
497.6
Item
Q1'26
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Q2'24
Q1'24
- Other receipts from operating activities
-45.0
100.7
-9.9
6.9
2.4
10.2
143.1
29.0
- Other payments for operating activities
-8.9
-15.6
-0.0
-77.8
-4.8
-10.6
-64.7
-3.5
Net cash flows from securities trading activities
1.6
-85.9
-125.2
215.6
-85.0
-7.0
93.5
-21.8
1. Payment for fixed assets, constructions and other long-term assets
-0.0
-0.2
—
—
—
-0.5
-0.2
-0.1
Net cash flows from investing activities
-0.0
-0.2
—
—
—
-0.5
-0.2
-0.1
IV. Net cash flows during the period
1.5
-86.1
-125.2
215.6
-85.0
-7.5
93.3
-21.9
V. Cash and cash equivalents at begingning of the period