GoAI
Get started
China Merchants Securities Co., Ltd. logo

China Merchants Securities Co., Ltd.

6099.HK

HKSEFinancial ServicesFinancial - Capital Markets

Open in GoAI

Latest quote

HK$14.76

−HK$0.13 · -0.87%

Aug 24, 3:15 PM HKT

6099.HK company overview

Regular session · HKT · Market data may be delayed.

Company profile

Company website

China Merchants Securities Co., Ltd. is a prominent financial services firm operating across the People's Republic of China, catering to a diverse clientele including corporate entities, institutional investors, and individual clients. The company's comprehensive suite of investment and trading services is delivered through its distinct segments: Wealth Management and Institutional Business, Investment Banking, Investment Management, and Investment and Trading. Within its Wealth Management and Institutional arm, the firm provides expert investment consultation, personalized portfolio recommendations, financial product sales, and strategic asset allocation advice. Capital-based intermediary services are also a key offering, encompassing margin financing, securities lending, and various stock repurchase and pledge transactions. For institutional clients like fund and insurance companies, it delivers specialized investment research, sales and trading capabilities, and prime brokerage solutions. Furthermore, this segment facilitates trading in a broad array of instruments, including stocks, funds, bonds, futures, and other derivatives. The Investment Banking division specializes in facilitating capital-raising activities, offering both domestic and international equity and debt financing, along with comprehensive underwriting services for equities and bonds. Its expertise extends to structured financing, assisting with over-the-counter (OTC) listings, merger and acquisition advisory, and general financial consulting. Through its Investment Management services, China Merchants Securities provides collective and separately managed accounts, specialized asset management, and manages equity investment funds. Finally, the Investment and Trading segment actively engages in the dealing of equity and fixed-income securities, commodities, foreign exchange, and alternative investments, alongside a variety of derivatives. It also supplies bespoke OTC financial products, operates as a market maker, and offers insurance agency services. Founded in 1991, the company maintains its headquarters in Shenzhen, PRC.

Industry
Financial - Capital Markets
Sector
Financial Services
Headquarters
CN
CEO
Da Huo
Listed since
Oct 7, 2016
Employees
12,792

Market position

Day range

Current HK$14.76

52-week range

Current HK$14.76

Open
HK$14.85
Previous close
HK$14.89
Volume
4.43M
0.7× average
Average volume
6.33M
Average daily volume
Market cap
128.36B HKD
Beta
0.53
Market reference 1
50-day average
HK$15.8642
-6.96% below average
200-day average
HK$14.6887
+0.49% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
482.43B CNY
P/E (TTM)
11.91×
P/B (TTM)
1.15×
P/S (TTM)
5.03×
EV / EBITDA
25.79×
Earnings yield
11.05%
Free cash flow yield
-33.29%
Dividend yield
2.51%

Profitability & efficiency

Gross margin
82.71%
Operating margin
48.28%
Net margin
42.91%
Return on equity
9.94%
Return on assets
1.60%
Return on invested capital
1.93%

Financial health

Debt / equity
1.63×
Current ratio
1.82×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends84%65%45%25%Gross margin, FY2021: 74.25%Gross margin, FY2022: 65.31%Gross margin, FY2023: 65.75%Gross margin, FY2024: 68.59%Gross margin, FY2025: 79.48%Operating margin, FY2021: 36.56%Operating margin, FY2022: 31.74%Operating margin, FY2023: 33.43%Operating margin, FY2024: 39.66%Operating margin, FY2025: 40.83%Net margin, FY2021: 31.07%Net margin, FY2022: 30.02%Net margin, FY2023: 31.52%Net margin, FY2024: 36.71%Net margin, FY2025: 29.57%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 74.25%. Gross margin FY2022 65.31%. Gross margin FY2023 65.75%. Gross margin FY2024 68.59%. Gross margin FY2025 79.48%. Operating margin FY2021 36.56%. Operating margin FY2022 31.74%. Operating margin FY2023 33.43%. Operating margin FY2024 39.66%. Operating margin FY2025 40.83%. Net margin FY2021 31.07%. Net margin FY2022 30.02%. Net margin FY2023 31.52%. Net margin FY2024 36.71%. Net margin FY2025 29.57%.

Income trends

Revenue

40.68B CNY+43.82%

Operating income

16.61B CNY+48.07%

Net income

12.03B CNY+15.83%
Income trends across reported periods43.95B CNY30.9B CNY17.85B CNY4.81B CNYRevenue, FY2021: 37.48B CNYRevenue, FY2022: 26.88B CNYRevenue, FY2023: 27.81B CNYRevenue, FY2024: 28.29B CNYRevenue, FY2025: 40.68B CNYOperating income, FY2021: 13.7B CNYOperating income, FY2022: 8.53B CNYOperating income, FY2023: 9.3B CNYOperating income, FY2024: 11.22B CNYOperating income, FY2025: 16.61B CNYNet income, FY2021: 11.65B CNYNet income, FY2022: 8.07B CNYNet income, FY2023: 8.76B CNYNet income, FY2024: 10.39B CNYNet income, FY2025: 12.03B CNYFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 37.48B CNY. Revenue FY2022 26.88B CNY. Revenue FY2023 27.81B CNY. Revenue FY2024 28.29B CNY. Revenue FY2025 40.68B CNY. Operating income FY2021 13.7B CNY. Operating income FY2022 8.53B CNY. Operating income FY2023 9.3B CNY. Operating income FY2024 11.22B CNY. Operating income FY2025 16.61B CNY. Net income FY2021 11.65B CNY. Net income FY2022 8.07B CNY. Net income FY2023 8.76B CNY. Net income FY2024 10.39B CNY. Net income FY2025 12.03B CNY.
Metric (CNY)FY2025FY2024FY2023FY2022FY2021
Revenue40.68B CNY28.29B CNY27.81B CNY26.88B CNY37.48B CNY
Cost of goods sold8.35B CNY8.89B CNY9.52B CNY9.33B CNY9.65B CNY
Gross profit32.34B CNY19.4B CNY18.28B CNY17.56B CNY27.83B CNY
Selling, general, and administrative—2.33B CNY2.32B CNY2.33B CNY2.51B CNY
Operating expenses15.72B CNY8.18B CNY8.99B CNY9.03B CNY14.12B CNY
Interest income15.35B CNY10.02B CNY10.98B CNY10.67B CNY11.34B CNY
Interest expense4.11B CNY8.89B CNY9.52B CNY9.33B CNY9.65B CNY
Depreciation and amortization883.44M CNY690.78M CNY580.74M CNY538.75M CNY522.75M CNY
Operating income16.61B CNY11.22B CNY9.3B CNY8.53B CNY13.7B CNY
Net income12.03B CNY10.39B CNY8.76B CNY8.07B CNY11.65B CNY

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
89%
8 beats, 0 misses, 1 met estimate
Average EPS surprise
+40.82%
9 comparable reports
Latest EPS result
0.41

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates0.910.670.420.18Q3 '24BeatQ4 '24BeatQ1 '25BeatQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26No estimate
Q3 2024, reported Aug 30, 2024: actual 0.28, estimate 0.21, surprise +33.33%, Beat. Q4 2024, reported Oct 29, 2024: actual 0.26, estimate 0.21, surprise +23.81%, Beat. Q1 2025, reported Jan 17, 2025: actual 0.383, estimate 0.244, surprise +56.51%, Beat. Q2 2025, reported Apr 28, 2025: actual 0.267, estimate 0.25, surprise +6.72%, Beat. Q3 2025, reported Aug 28, 2025: actual 0.339, estimate 0.273, surprise +24.25%, Beat. Q4 2025, reported Oct 29, 2025: actual 0.437, estimate 0.345, surprise +26.81%, Beat. Q1 2026, reported Jan 27, 2026: actual 0.857, estimate 0.345, surprise +148.62%, Beat. Q2 2026, reported Apr 29, 2026: actual 0.413, estimate —, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates28.37B20.47B12.57B4.68BQ3 '24No estimateQ4 '24No estimateQ1 '25MissQ2 '25MissQ3 '25BeatQ4 '25MissQ1 '26MetQ2 '26No estimate
Q3 2024, reported Aug 30, 2024: actual 10.52B HKD, estimate —, surprise —, Comparison unavailable. Q4 2024, reported Oct 29, 2024: actual 7.08B HKD, estimate —, surprise —, Comparison unavailable. Q1 2025, reported Jan 17, 2025: actual 9.02B HKD, estimate 11.74B HKD, surprise -23.19%, Miss. Q2 2025, reported Apr 28, 2025: actual 6.88B HKD, estimate 11.82B HKD, surprise -41.78%, Miss. Q3 2025, reported Aug 28, 2025: actual 16.48B HKD, estimate 5.5B HKD, surprise +199.65%, Beat. Q4 2025, reported Oct 29, 2025: actual 7.78B HKD, estimate 8.07B HKD, surprise -3.60%, Miss. Q1 2026, reported Jan 27, 2026: actual 26.67B HKD, estimate 26.67B HKD, surprise 0.00%, Met estimate. Q2 2026, reported Apr 29, 2026: actual 7.99B HKD, estimate —, surprise —, Comparison unavailable.

6099.HK peers

Industrial and Commercial Bank of China Limited logo

1398.HK

Industrial and Commercial Bank of China Limited

HK$7.485

+0.13%

HSBC Holdings plc logo

0005.HK

HSBC Holdings plc

HK$160.9

-1.23%

Bank of China Limited logo

3988.HK

Bank of China Limited

HK$5.50

-0.09%

China Construction Bank Corporation logo

0939.HK

China Construction Bank Corporation

HK$9.185

-0.65%

Agricultural Bank of China Limited logo

1288.HK

Agricultural Bank of China Limited

HK$6.26

-0.32%

China Life Insurance Company Limited logo

2628.HK

China Life Insurance Company Limited

HK$28.64

+2.07%

ETFs holding 6099.HK

Funds reporting this stock among their holdings, ordered by reported position size.

Vanguard Total International Stock ETF logoVanguard Total International Stock ETFVXUS
Market value
12.45M
Weight
0.00%
AUM
646.2B USD
Expense ratio
0.05%
Price / 1D
$87.71+0.78%
Vanguard FTSE Emerging Markets ETF logoVanguard FTSE Emerging Markets ETFVWO
Market value
11.73M
Weight
0.01%
AUM
162.3B USD
Expense ratio
0.06%
Price / 1D
$60.45+0.72%
iShares Emerging Markets Equity Factor ETF logoiShares Emerging Markets Equity Factor ETFEMGF
Market value
2.25M
Weight
0.12%
AUM
1.89B USD
Expense ratio
0.26%
Price / 1D
$71.67+0.45%
Vanguard FTSE All-World ex-US ETF logoVanguard FTSE All-World ex-US ETFVEU
Market value
1.96M
Weight
0.00%
AUM
95.9B USD
Expense ratio
0.04%
Price / 1D
$85.69+0.82%
Vanguard International High Dividend Yield ETF logoVanguard International High Dividend Yield ETFVYMI
Market value
1.12M
Weight
0.01%
AUM
21.9B USD
Expense ratio
0.07%
Price / 1D
$105.25+1.02%
Schwab Emerging Markets Equity ETF logoSchwab Emerging Markets Equity ETFSCHE
Market value
1M
Weight
0.01%
AUM
12.89B USD
Expense ratio
0.06%
Price / 1D
$36.97+0.71%
Dimensional - Emerging Core Equity Market ETF logoDimensional - Emerging Core Equity Market ETFDFAE
Market value
812.08K
Weight
0.01%
AUM
10B USD
Expense ratio
0.29%
Price / 1D
$39.49+0.51%
Vanguard Total World Stock ETF logoVanguard Total World Stock ETFVT
Market value
593.74K
Weight
0.00%
AUM
97.9B USD
Expense ratio
0.06%
Price / 1D
$160.77+0.53%

Continue in GoAI

Research 6099.HK

research.disclaimer