Financials China Merchants Bank Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 2025-06-16			5-day change	1st Jan Change
45.78 ^CNY	+1.33%		+2.95%	+16.49%

Jun. 13	Huaneng Power Issues 1.5 Billion Yuan Mid-Term Bonds	MT
Jun. 12	China Aerospace Times Electronics Issues 350 Million Yuan Ultra-Short-Term Bond	MT

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	290,508	331,253	344,784	339,123	337,488	337,625	354,740	388,207
Change	-	14.03%	4.08%	-1.64%	-0.48%	0.04%	5.07%	9.43%
EBITDA	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EBIT ¹	187,514	214,135	220,154	215,611	216,839	221,079	233,977	247,725
Change	-	14.2%	2.81%	-2.06%	0.57%	1.96%	5.83%	5.88%
Interest Paid	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	122,440	148,173	165,092	176,606	178,652	181,056	189,252	203,282
Change	-	21.02%	11.42%	6.97%	1.16%	1.35%	4.53%	7.41%
Net income ¹	97,342	119,922	138,012	146,602	148,391	149,690	156,442	166,300
Change	-	23.2%	15.08%	6.22%	1.22%	0.88%	4.51%	6.3%
Announcement Date	1/14/21	1/14/22	1/13/23	1/19/24	1/14/25	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	71,750	72,454	71,073	84,190	83,998	82,661	79,843	-	86,206	89,832	87,077	73,226	80,990	85,674	86,528	79,136	86,150	83,751	82,022	80,674	83,780
Change	-	0.98%	-1.91%	18.46%	-0.23%	-1.59%	-3.41%	-	-	4.21%	-3.07%	-15.91%	10.6%	5.78%	1%	-8.54%	8.86%	-2.78%	-2.06%	-1.64%	3.85%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	27,894	-	-	59,984	36,242	54,725	37,205	-	58,339	62,509	58,028	44,447	42,629	58,709	57,148	53,309	10,683	31,425	56,008	55,790	49,629
Change	-	-	-	-	-39.58%	51%	-32.01%	-	-	7.15%	-7.17%	-23.4%	-4.09%	37.72%	-2.66%	-6.72%	-79.96%	194.16%	78.23%	-0.39%	-11.04%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	27,935	-	-	-	36,230	-	-	-	-	-	44,003	44,301	-	45,188	-	-	-	44,242	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	0.68%	-	-	-	-	-	-	-	-	-
Net income	21,993	-	-	32,015	29,135	32,465	-	36,022	-	-	36,913	38,138	32,712	38,077	-	38,441	-	37,286	-	-	-
Change	-	-	-	-	-9%	11.43%	-	-	-	-	-	3.32%	-14.23%	16.4%	-	-	-	-	-	-	-
Announcement Date	8/28/20	10/30/20	1/14/21	4/23/21	8/13/21	10/22/21	1/14/22	4/22/22	8/19/22	4/26/23	8/25/23	10/27/23	1/19/24	4/29/24	8/29/24	10/29/24	1/14/25	4/29/25	-	-	-

¹CNY in Million

Estimates

¹CNY in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Announcement Date	1/14/21	1/14/22	1/13/23	1/19/24	1/14/25	-	-	-

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024
CAPEX ¹	23,964	19,125	24,160	34,892	30,161	34,930
Change	-	-20.19%	26.33%	44.42%	-13.56%	15.81%
Free Cash Flow (FCF) ¹	-	-	-	-	-	-
Change	-	-	-	-	-	-
Announcement Date	4/30/20	3/19/21	3/18/22	3/24/23	3/25/24	3/25/25

¹CNY in Million

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-	-	-	-	-	-	-	-	-
EBIT Margin (%)	-	64.55%	64.64%	63.85%	63.58%	64.25%	65.48%	65.96%	63.81%
EBT Margin (%)	-	42.15%	44.73%	47.88%	52.08%	52.94%	53.63%	53.35%	52.36%
Net margin (%)	-	33.51%	36.2%	40.03%	43.23%	43.97%	44.34%	44.1%	42.84%
FCF margin (%)	-	-	-	-	-	-	-	-	-
FCF / Net Income (%)	-	-	-	-	-	-	-	-	-
Profitability
ROA	-	1.23%	1.36%	1.42%	1.39%	1.28%	1.21%	1.16%	1.18%
ROE	-	15.73%	16.96%	17.06%	16.22%	14.49%	13.01%	12.6%	12.54%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	-	-	-	-	-	-	-	-
CAPEX / EBITDA (%)	-	-	-	-	-	-	-	-	-
CAPEX / FCF (%)	-	-	-	-	-	-	-	-	-
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
Dividend per Share ¹	-	1.253	1.522	1.738	1.972	2	2.02	2.072	2.188
Change	-	-	21.47%	14.19%	13.46%	1.42%	1%	2.58%	5.6%
Book Value Per Share ¹	-	25.36	34.05	32.71	36.71	41.46	45.62	49.79	54.03
Change	-	-	34.27%	-3.94%	12.23%	12.94%	10.04%	9.14%	8.51%
EPS ¹	-	3.79	4.61	5.26	5.63	5.66	5.864	6.135	6.465
Change	-	-	21.64%	14.1%	7.03%	0.53%	3.61%	4.61%	5.38%
Nbr of stocks (in thousands)	-	25,219,846	25,219,846	25,219,846	25,219,846	25,219,846	25,219,846	25,219,846	25,219,846
Announcement Date	-	1/14/21	1/14/22	1/13/23	1/19/24	1/14/25	-	-	-