Chinese commercial bank offering retail and corporate banking, wealth management, payments and related financial services.
Profile & Fundamentals
China Merchants Bank: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
China Merchants Bank Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
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Company and Market Context
Company Profile & Ownership
China Merchants Bank Co., Ltd., together with its subsidiaries, provides various banking products and services. It operates through Wholesale Finance Business, Retail Finance Business, and Other Business segments. It offers current, demand, time, call, savings, notice, and renminbi accounts. The company also offers loan products include personal commercial real estate, consumption, housing, and car loans; loans to finance for studying abroad; micro-business loans; mortgage loans for equipment; joint guarantee, special guarantee, and housing mortgage loan; bank acceptance, discount, liquid capital, and fixed asset loans; and loans for vessels. In addition, it offers credit cards; insurance products; open-ended funds; discount and guarantees for commercial bills, redemption of commercial bills, and guaranteed discount for commercial acceptance bills; and financial consultation, debt financing underwriting, merger and acquisition financing, and equity financing and enterprise listing services. Further, the company provides forfeiting and risk participation, escrow, cross-border RMB clearing, and interbank services; and risk and financial management, cross-border RMB and oversea financing, international factoring and settlement, and trade finance services. Additionally, it offers financial leasing and guarantee, investment and wealth management, forex option and gold trading, forex express trading, international, offshore and private banking, custody, pension, and electronic banking services. The company also operates in Hong Kong, New York, London, Singapore, Luxembourg, and Sydney. The company was founded in 1987 and is headquartered in Shenzhen, China.
Company profile record
China Merchants Bank Co Ltd Class H
Common Stock · Financials · Regional Banks
Company
- Company / asset
- China Merchants Bank Co Ltd Class H
- Security type
- Common Stock
- Sector
- Financials
- Industry
- Regional Banks
- HQ
- 🇨🇳 China
- Head office
- No. 7088, Shennan Boulevard, Shenzhen, China, 518040
Leadership & scale
- Full-time employees
- 122K
- Fiscal year end
- December
Fundamentals snapshot
- Market Cap
- HKD 1.29T
- P/E
- 7.5x
- Revenue (Q2 26)
- CNY 76.9B
- Profit (Q2 26)
- CNY 38.4B
- Dividend Yield
- 4.5%
- Revenue (FY 25)
- CNY 467.8B
- Shares in public float
- 15.4B
- Insider ownership
- 17.57%
Reporting & identifiers
- Symbol
- 3968.HKEX
- Listing
- 🇭🇰 Hong Kong | Dividend Tax: 0%
- Ticker Currency
- HKD
- Income Statement Currency
- CNY
- Balance Sheet Currency
- CNY
- Cash Flow Currency
- CNY
- EPS Currency
- CNY
- Contract Type
- SPOT
- ISIN
- CNE1000002M1
- Asset ID
- equity_59664c70-89e1-5564-a4db-bb1866767962
Ownership
Shares Outstanding
Latest: 25.2B | Max: 26.3B | Min: 23.9B
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
60.93%
15.4B latest reported shares
Insider Ownership
17.57%
Latest reported insider stake
Short Float
--
Latest reported short interest / float
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 25,058,974,400 |
| 2018-01-01 | 25,709,090,900 |
| 2019-01-01 | 25,602,884,600 |
| 2020-01-01 | 25,538,095,200 |
| 2021-01-01 | 25,562,992,100 |
| 2022-01-01 | 26,238,022,800 |
| 2023-01-01 | 23,927,297,000 |
| 2024-01-01 | 25,219,846,000 |
| 2025-01-01 | 26,347,544,000 |
| 2026-01-01 | 25,219,846,000 |
Top Holders
Available reported ownership records.
No reported records are available in this preview.
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
China Merchants Bank delivered steady financial performance despite severe economic headwinds. In fiscal 2025, the bank generated net operating income of RMB 337.3 billion and net profit of RMB 150.2 billion. Results through the first half of 2026 confirmed this durability, with net profit edging up 2.0% to RMB 76.5 billion. A powerful 26.5% rebound in wealth management fees counterbalanced lending rate pressures. Beneath headline stability, an important portfolio shift is occurring. Consumer borrowing has softened, forcing the bank to replace high-margin retail loans with safer, lower-yielding corporate credit. Strong fee generation and disciplined operating costs keep overall earnings resilient, fully supporting ongoing cash dividend distributions.
China Merchants Bank delivered steady financial performance despite severe economic headwinds. In fiscal 2025, the bank generated net operating income of RMB 337.3 billion and net profit of RMB 150.2 billion. Results through the first half of 2026 confirmed this durability, with net profit edging up 2.0% to RMB 76.5 billion. A powerful 26.5% rebound in wealth management fees counterbalanced lending rate pressures. Beneath headline stability, an important portfolio shift is occurring. Consumer borrowing has softened, forcing the bank to replace high-margin retail loans with safer, lower-yielding corporate credit. Strong fee generation and disciplined operating costs keep overall earnings resilient, fully supporting ongoing cash dividend distributions.
Revenue, Net Income, and Free Cash Flow
Latest: CNY 467.8B | Max: CNY 535.3B | Min: CNY -138.1B
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 9x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Profitability remains superior to commercial banking rivals, supported by an annualized return on average equity near 13.4% and an operating margin of 38.3%. Although benchmark rate cuts pushed the net interest margin down to 1.83% in first-half 2026, the pace of margin compression has slowed noticeably. The bank's pricing power on customer deposits explains this resilience. A dominant proportion of low-cost transaction balances allows management to lower funding expenses, offsetting lower loan yields. Combined with growing wealth advisory fees, this funding advantage preserves strong bottom-line profitability across interest-rate cycles.
Profitability remains superior to commercial banking rivals, supported by an annualized return on average equity near 13.4% and an operating margin of 38.3%. Although benchmark rate cuts pushed the net interest margin down to 1.83% in first-half 2026, the pace of margin compression has slowed noticeably. The bank's pricing power on customer deposits explains this resilience. A dominant proportion of low-cost transaction balances allows management to lower funding expenses, offsetting lower loan yields. Combined with growing wealth advisory fees, this funding advantage preserves strong bottom-line profitability across interest-rate cycles.
Profitability Margins
Latest: 71.0% | Max: 100.0% | Min: 21.4%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
71.0%
Gross profit / revenue
Operating Margin
38.3%
Operating income / revenue
Net Margin
32.1%
Net income / revenue
FCF Margin
90.5%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 41,767,625,899.28 | 8,932,517,985.61 | -19,873,237,410.07 |
| 2017-12-31 | 48,702,304,147.47 | 10,775,729,646.7 | -3,378,801,843.32 |
| 2018-12-31 | 52,001,889,534.88 | 11,709,302,325.58 | -7,734,447,674.42 |
| 2019-12-31 | 55,730,459,770.11 | 13,342,959,770.11 | -2,806,321,839.08 |
| 2020-12-31 | 34,549,923,430.32 | 14,906,891,271.06 | 61,593,108,728.94 |
| 2021-12-31 | 70,811,320,754.72 | 18,855,660,377.36 | 24,825,157,232.7 |
| 2022-12-31 | 61,127,144,686.3 | 17,671,190,781.05 | 77,572,608,695.65 |
| 2023-12-31 | 70,082,816,901.41 | 20,648,169,014.08 | 46,139,718,309.86 |
| 2024-12-31 | 64,073,359,073.36 | 19,097,940,797.94 | 53,036,422,136.42 |
| 2025-12-31 | 66,926,609,442.06 | 21,485,121,602.29 | 60,560,228,898.43 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
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| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 8.63 | Trailing four quarters |
| 2024-12-31 | 6.56 | Trailing four quarters |
| 2023-12-31 | 4.12 | Trailing four quarters |
| 2022-12-31 | 8.3 | Annual net income |
| 2021-12-31 | 10.52 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 72.14 | 27.2 | 21.39 | -47.58 |
| 2017-12-31 | 69.36 | 28.6 | 22.13 | -6.94 |
| 2018-12-31 | 69.11 | 29.77 | 22.52 | -14.87 |
| 2019-12-31 | 69.09 | 30.2 | 23.94 | -5.04 |
| 2020-12-31 | 100 | 57.12 | 43.15 | 178.27 |
| 2021-12-31 | 72.66 | 32.9 | 26.63 | 35.06 |
| 2022-12-31 | 71.69 | 34.59 | 28.91 | 126.9 |
| 2023-12-31 | 67.66 | 35.49 | 29.46 | 65.84 |
| 2024-12-31 | 67.26 | 35.88 | 29.81 | 82.77 |
| 2025-12-31 | 70.98 | 38.26 | 32.1 | 90.49 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-09-06.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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