China Merchants Securities Co., Ltd. Class A

China Merchants Securities Co., Ltd. Class A

1.67
EUR
+0.03
(+1.83%)
0.57EPS
3.28P/E
22.39BMarket Cap
Oct 29Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
0.75
1.19
2.55
1.12
1.01
0.76
1.45
1.87
2.16
1.35
1.42
1.52
1.86
8.56
Basic EPS, GAAP
0.29
0.43
1.13
0.55
0.47
0.32
0.59
0.77
0.9
0.62
0.68
0.82
0.98
4.4
Free Cash Flow per Basic Share
-2.41
2.16
0.08
-2.46
-3.46
2.46
0.79
-0.82
-3.23
4.77
2.05
4.24
-2.53
20.95
Dividend per Share
0.12
0.2
0.59
0.67
0.42
0.54
0.57
0.62
0.73
0.86
0.63
0.7
0.73
1.36
Book Value per Share
3.49
4.28
4.99
5.45
7.22
7.35
7.75
8.78
9.34
9.57
10.13
10.81
11.46
12.03
Tangible Book Value per Share
3.49
4.28
4.98
5.45
7.22
7.31
7.71
8.75
9.31
9.53
10.07
10.73
11.36
11.92
Basic Weighted Avg Shares
7,761
8,926
9,685
9,911
12,381
13,677
12,295
12,396
12,897
12,991
12,907
12,724
12,664
3,860
Sales/Revenue/Turnover
5,820
10,663
24,741
11,066
12,508
10,404
17,826
23,235
27,829
17,558
18,282
19,403
23,568
33,046
Operating Margin (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Depreciation Expense
78
81
88
94
128
145
440
481
523
539
581
691
746
- -
Net Income, GAAP
2,232
3,851
10,909
5,403
5,786
4,425
7,282
9,492
11,645
8,070
8,764
10,386
12,350
16,981
Effective Tax Rate (%)
15.58
21.87
19.85
16.05
18.32
18.38
16.64
15.96
14.93
5.33
5.67
7.39
12.49
16.55
Profit Margin (%)
38.35
36.11
44.09
48.83
46.26
42.53
40.85
40.85
41.85
45.96
47.94
53.53
52.4
51.38
Working Capital
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
LT Debt
20,356
32,085
88,383
77,368
103,801
96,066
111,873
145,422
187,539
183,594
215,426
196,542
221,897
233,259
Total Equity
27,184
41,596
48,432
59,915
79,335
80,720
85,128
105,825
112,590
115,257
122,037
130,252
138,047
144,831
Return on Invested Capital (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Return on Capital (%)
5.84
6.3
10.35
3.93
3.6
2.45
3.88
4.23
4.22
2.69
2.75
3.13
3.61
4.94
Return on Common Equity (%)
8.43
11.21
24.27
9.99
8.32
5.54
8.79
9.95
10.67
7.09
7.39
8.24
9.21
12.29

Capital Structure

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
- -
- -
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
12,039
12,039
12,039
Market Capitalization
143,487
134,386
173,572

Working Capital

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
- -
- -
- -
Cash, Cash Equivalents & STI
324,685
358,076
428,757
Accounts Receivable, Net
- -
- -
- -
Inventories
- -
- -
- -
Total Current Liabilities
- -
- -
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
- -
- -
Deferred Revenue
- -
- -
- -

Growth Rates

CNY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
11.5%
5.47%
5.98%
Free Cash Flow
-359.13%
-10.63%
-159.47%
Net Income, GAAP
6.6%
7.6%
18.91%
Sales/Revenue/Turnover
5.72%
2.92%
21.47%
Total Cash Common Dividend
6.8%
5.33%
3.82%

Quarterly Revenue

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
3,949
4,894
4,309
6,251
19,403
2025
4,342
5,451
- -
6,445
23,568
2026
6,623
14,528
- -
- -
- -

Quarterly Earnings Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.17
2.49
0.2
2.99
0.82
2025
0.18
3.06
- -
3.66
0.98
2026
0.26
7.58
- -
- -
- -

Quarterly Dividends Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.12
1.98
0.36
0.89
0.7
2025
0.08
1.81
- -
1.29
0.73
2026
0.07
1.52
- -
- -
- -

Company Description

CEO
Da Huo
Full Time Employees
12,792
Sector
Finance
Industry
Investment managers
Address
No. 111, Fuhua Yi Road Shenzhen GD China 518046
IPO Date
Nov 17, 2009
Business
China Merchants Securities Co., Ltd. (600999.SS) operates as a comprehensive securities firm principally engaged in wealth management and institutional services, investment banking, investment management, and proprietary investment and trading businesses in the People's Republic of China. The company provides brokerage services for trading stocks, funds, bonds, futures, and other derivatives; capital-based intermediary services including margin financing, securities lending, and stock pledge repo; value-added services such as investment consultancy, portfolio recommendations, account assessments, and asset allocation; and investment research encompassing sales and trading, prime brokerage, and related offerings. It offers investment banking services like domestic and international equity financing, debt and structured financing, over-the-counter listings, and financial advisory to corporate clients; investment management including collective asset management, separately managed accounts, specialized asset management, and equity investment fund management; as well as proprietary trading and market-making in equity and fixed-income securities, commodities, alternative investments, over-the-counter financial products, and derivatives. Through its overseas platform, China Merchants Securities International Company Limited, with subsidiaries in Hong Kong, London, and Seoul, it delivers integrated financial services such as brokerage in HK equities, futures, bonds, funds, ETFs, overseas equities, stock options, global commodities; corporate financing; asset management; private equity; and fund administration. Founded in 1991 and headquartered in Shenzhen, China Merchants Securities conducts operations primarily in mainland China with international expansion via its Hong Kong-based platform and subsidiaries targeting institutional and retail clients, including qualified foreign investors. In recent developments, the company schedules its 2025 second extraordinary general meeting on December 19 to approve the dissolution of the Supervisory Committee, amendments to the Articles of Association and various governance rules including procedures for shareholders' meetings, board meetings, independent directors, related party transactions, and proceeds management, alongside the repeal of supervisory committee procedures, aligning with updated regulatory requirements from the Shanghai Stock Exchange to strengthen board responsibilities and shareholder protections. It also announced board and committee changes effective November 21, 2025, and enhancements to governance structures including a new committee as of late November 2025.