China Merchants Bank Co., Ltd. logo

China Merchants Bank Co., Ltd.

3968.HK

HKSEFinancial ServicesBanks - Regional

Latest quote

HK$49.48

+HK$0.04 · +0.08%

Aug 24, 1:45 PM HKT

3968.HK company overview

Regular session · HKT · Market data may be delayed.

Company profile

Company website

Alongside its subsidiaries, China Merchants Bank Co., Ltd. delivers a comprehensive range of banking and financial services. Its operations are structured into Wholesale Finance, Retail Finance, and Other Business segments. Customers can access a variety of account types, including checking, savings, time deposits, call accounts, notice accounts, and Renminbi accounts. The bank's extensive lending portfolio encompasses personal loans for housing, vehicles, consumption, commercial real estate, education abroad, and micro-businesses, as well as equipment and various guarantee-backed mortgages. For corporate clients, it provides financing for working capital, fixed assets, vessel purchases, bank acceptances, and discounts. Beyond traditional banking, its offerings extend to credit cards, insurance, and open-ended funds. It also facilitates commercial bill transactions (discounting, guarantees, redemption) and delivers comprehensive financial advisory services, including debt and equity financing underwriting, merger and acquisition financing, and assistance with enterprise listings. Further services include forfeiting, risk participation, escrow, cross-border RMB clearing, and interbank operations. The bank also specializes in risk and financial management, international factoring, trade finance, and both cross-border RMB and overseas financing solutions. Additional specialized services cover financial leasing and guarantees, investment and wealth management, forex and gold trading (including options and express trading), international, offshore, and private banking, as well as custody, pension, and electronic banking services. As of December 31, 2021, its extensive domestic network in Mainland China comprised 143 branches, 1,770 sub-branches, a branch-level operation center, 2,812 self-service centers, 6,592 self-service machines, a representative office, and 14,746 visual counters. Globally, the bank maintains a presence in key financial hubs such as Hong Kong, New York, London, Singapore, Luxembourg, Sydney, and Taipei. Established in 1987, China Merchants Bank Co., Ltd. has its headquarters in Shenzhen, China.

Industry
Banks - Regional
Sector
Financial Services
Headquarters
CN
CEO
Liang Wang
Listed since
Sep 22, 2006
Employees
121,585

Market position

Day range

Current HK$49.48

52-week range

Current HK$49.48

Open
HK$48.84
Previous close
HK$49.44
Volume
6.78M
0.5× average
Average volume
13.68M
Average daily volume
Market cap
1.25T HKD
Beta
0.54
Market reference 1
50-day average
HK$47.6408
+3.86% above average
200-day average
HK$48.9708
+1.04% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
333.45B CNY
P/E (TTM)
6.82×
P/B (TTM)
0.78×
P/S (TTM)
3.35×
EV / EBITDA
1.72×
Earnings yield
12.02%
Free cash flow yield
33.88%
Dividend yield
2.53%

Profitability & efficiency

Gross margin
100.00%
Operating margin
66.82%
Net margin
50.59%
Return on equity
11.80%
Return on assets
1.15%
Return on invested capital
7.33%

Financial health

Debt / equity
0.34×
Current ratio
0.18×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends77%59%40%22%Gross margin, FY2021: 72.66%Gross margin, FY2022: 71.69%Gross margin, FY2023: 67.66%Gross margin, FY2024: 67.26%Gross margin, FY2025: 70.98%Operating margin, FY2021: 32.90%Operating margin, FY2022: 34.59%Operating margin, FY2023: 35.49%Operating margin, FY2024: 35.88%Operating margin, FY2025: 38.26%Net margin, FY2021: 26.63%Net margin, FY2022: 28.91%Net margin, FY2023: 29.46%Net margin, FY2024: 29.81%Net margin, FY2025: 32.10%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 72.66%. Gross margin FY2022 71.69%. Gross margin FY2023 67.66%. Gross margin FY2024 67.26%. Gross margin FY2025 70.98%. Operating margin FY2021 32.90%. Operating margin FY2022 34.59%. Operating margin FY2023 35.49%. Operating margin FY2024 35.88%. Operating margin FY2025 38.26%. Net margin FY2021 26.63%. Net margin FY2022 28.91%. Net margin FY2023 29.46%. Net margin FY2024 29.81%. Net margin FY2025 32.10%.

Income trends

Revenue

467.82B CNY-6.03%

Operating income

178.99B CNY+0.19%

Net income

150.18B CNY+1.21%
Income trends across reported periods535.64B CNY384.47B CNY233.3B CNY82.13B CNYRevenue, FY2021: 450.36B CNYRevenue, FY2022: 477.4B CNYRevenue, FY2023: 497.59B CNYRevenue, FY2024: 497.85B CNYRevenue, FY2025: 467.82B CNYOperating income, FY2021: 148.17B CNYOperating income, FY2022: 165.11B CNYOperating income, FY2023: 176.62B CNYOperating income, FY2024: 178.65B CNYOperating income, FY2025: 178.99B CNYNet income, FY2021: 119.92B CNYNet income, FY2022: 138.01B CNYNet income, FY2023: 146.6B CNYNet income, FY2024: 148.39B CNYNet income, FY2025: 150.18B CNYFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 450.36B CNY. Revenue FY2022 477.4B CNY. Revenue FY2023 497.59B CNY. Revenue FY2024 497.85B CNY. Revenue FY2025 467.82B CNY. Operating income FY2021 148.17B CNY. Operating income FY2022 165.11B CNY. Operating income FY2023 176.62B CNY. Operating income FY2024 178.65B CNY. Operating income FY2025 178.99B CNY. Net income FY2021 119.92B CNY. Net income FY2022 138.01B CNY. Net income FY2023 146.6B CNY. Net income FY2024 148.39B CNY. Net income FY2025 150.18B CNY.
Metric (CNY)FY2025FY2024FY2023FY2022FY2021
Revenue467.82B CNY497.85B CNY497.59B CNY477.4B CNY450.36B CNY
Cost of goods sold135.76B CNY162.99B CNY160.94B CNY135.15B CNY123.14B CNY
Gross profit332.06B CNY334.86B CNY336.65B CNY342.26B CNY327.22B CNY
Selling, general, and administrative107.95B CNY34.5B CNY50.74B CNY107.67B CNY104.07B CNY
Operating expenses153.07B CNY156.2B CNY160.03B CNY177.15B CNY179.05B CNY
Interest income351.35B CNY374.27B CNY375.61B CNY353.38B CNY327.06B CNY
Interest expense135.76B CNY162.99B CNY160.94B CNY135.15B CNY123.14B CNY
Depreciation and amortization15.39B CNY15.59B CNY15.44B CNY14.61B CNY13.53B CNY
Operating income178.99B CNY178.65B CNY176.62B CNY165.11B CNY148.17B CNY
Net income150.18B CNY148.39B CNY146.6B CNY138.01B CNY119.92B CNY

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
45%
5 beats, 5 misses, 1 met estimate
Average EPS surprise
+0.23%
11 comparable reports
Latest EPS result
1.69
Estimate 1.78 · Miss by 5.06%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates1.851.641.431.22Q4 '24BeatQ1 '25BeatQ2 '25BeatQ3 '25MetQ4 '25MissQ1 '26MissQ2 '26MissQ3 '26Estimate
Q4 2024, reported Oct 29, 2024: actual 1.68, estimate 1.6, surprise +5.00%, Beat. Q1 2025, reported Jan 13, 2025: actual 1.33, estimate 1.29, surprise +3.10%, Beat. Q2 2025, reported Apr 29, 2025: actual 1.59, estimate 1.55, surprise +2.58%, Beat. Q3 2025, reported Aug 29, 2025: actual 1.63, estimate 1.63, surprise 0.00%, Met estimate. Q4 2025, reported Oct 29, 2025: actual 1.68, estimate 1.69, surprise -0.59%, Miss. Q1 2026, reported Mar 27, 2026: actual 1.41, estimate 1.45, surprise -2.76%, Miss. Q2 2026, reported Apr 28, 2026: actual 1.69, estimate 1.78, surprise -5.06%, Miss. Q3 2026, reported Aug 28, 2026: actual —, estimate 1.76, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates105.29B95.9B86.5B77.11BQ4 '24MissQ1 '25BeatQ2 '25MissQ3 '25MissQ4 '25BeatQ1 '26MissQ2 '26MissQ3 '26Estimate
Q4 2024, reported Oct 29, 2024: actual 87.66B HKD, estimate 88.39B HKD, surprise -0.83%, Miss. Q1 2025, reported Jan 13, 2025: actual 89.38B HKD, estimate 81.16B HKD, surprise +10.14%, Beat. Q2 2025, reported Apr 29, 2025: actual 88.87B HKD, estimate 92.1B HKD, surprise -3.51%, Miss. Q3 2025, reported Aug 29, 2025: actual 93.56B HKD, estimate 94.56B HKD, surprise -1.06%, Miss. Q4 2025, reported Oct 29, 2025: actual 88.95B HKD, estimate 87.78B HKD, surprise +1.33%, Beat. Q1 2026, reported Mar 27, 2026: actual 94.74B HKD, estimate 95.85B HKD, surprise -1.15%, Miss. Q2 2026, reported Apr 28, 2026: actual 98.8B HKD, estimate 100.41B HKD, surprise -1.60%, Miss. Q3 2026, reported Aug 28, 2026: actual —, estimate 101.24B HKD, surprise —, Comparison unavailable.

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