Financials China Merchants Bank Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 13/02/2026			5-day change	1st Jan Change
38.71 ^CNY	-0.72%		-2.25%	-8.05%

11/02	CATL Issues 5 Billion Yuan in Green Tech Bonds	MT
26/01	Li Ning Subsidiaries Subscribe to Wealth Management Products	MT

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	2,90,508	3,31,253	3,44,784	3,39,123	3,37,537	3,37,532	3,55,034	3,69,111
Change	-	14.03%	4.08%	-1.64%	-0.47%	-0%	5.19%	3.97%
EBITDA	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EBIT ¹	1,87,514	2,14,135	2,20,154	2,15,611	2,16,839	2,21,084	2,31,649	2,47,470
Change	-	14.2%	2.81%	-2.06%	0.57%	1.96%	4.78%	6.83%
Interest Paid	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	1,22,440	1,48,173	1,65,092	1,76,606	1,78,652	1,78,993	1,88,250	1,95,552
Change	-	21.02%	11.42%	6.97%	1.16%	0.19%	5.17%	3.88%
Net income ¹	97,342	1,19,922	1,38,012	1,46,602	1,48,391	1,50,181	1,56,420	1,60,023
Change	-	23.2%	15.08%	6.22%	1.22%	1.21%	4.15%	2.3%
Announcement Date	14/01/21	14/01/22	13/01/23	19/01/24	14/01/25	23/01/26	-	-

¹CNY in Million

Estimates

Fiscal Period: December	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	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	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	86,218	81,451	86,112	87,241	90,441	85,039
Change	-	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%	2.95%	-5.53%	5.72%	1.31%	3.67%	-5.97%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	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	56,476	55,001	51,255	60,822	60,560	58,708
Change	-	-	-39.58%	51%	-32.01%	-	-	7.15%	-7.17%	-23.4%	-4.09%	37.72%	-2.66%	-6.72%	-79.96%	194.16%	79.72%	-2.61%	0%	18.66%	-0.43%	-3.06%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	36,230	-	-	-	-	-	44,003	44,301	-	45,188	-	-	-	44,242	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	0.68%	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	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	14/01/21	23/04/21	13/08/21	22/10/21	14/01/22	22/04/22	19/08/22	26/04/23	25/08/23	27/10/23	19/01/24	29/04/24	29/08/24	29/10/24	14/01/25	29/04/25	29/08/25	29/10/25	23/01/26	-	-	-

¹CNY in Million

Estimates

¹CNY in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Announcement Date	14/01/21	14/01/22	13/01/23	19/01/24	14/01/25	23/01/26	-	-

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	30/04/20	19/03/21	18/03/22	24/03/23	25/03/25	25/03/25

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%	64.24%	65.68%	65.25%	67.04%
EBT Margin (%)	-	42.15%	44.73%	47.88%	52.08%	52.93%	53.03%	53.02%	52.98%
Net margin (%)	-	33.51%	36.2%	40.03%	43.23%	43.96%	44.49%	44.06%	43.35%
FCF margin (%)	-	-	-	-	-	-	-	-	-
FCF / Net Income (%)	-	-	-	-	-	-	-	-	-
Profitability
ROA	-	1.23%	1.36%	1.42%	1.39%	1.28%	1.19%	1.1%	1.11%
ROE	-	15.73%	16.96%	17.06%	16.22%	14.49%	13.44%	12.16%	11.74%
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	2.102	2.16
Change	-	-	21.47%	14.19%	13.46%	1.42%	0.01%	5.08%	2.76%
Book Value Per Share ¹	-	25.36	34.05	32.71	36.71	41.46	43.43	48.96	55.29
Change	-	-	34.27%	-3.94%	12.23%	12.94%	4.75%	6.67%	12.92%
EPS ¹	-	3.79	4.61	5.26	5.63	5.66	5.7	6.02	6.338
Change	-	-	21.64%	14.1%	7.03%	0.53%	0.71%	3.5%	5.28%
Nbr of stocks (in thousands)	-	2,52,19,846	2,52,19,846	2,52,19,846	2,52,19,846	2,52,19,846	2,52,19,846	2,52,19,846	2,52,19,846
Announcement Date	-	14/01/21	14/01/22	13/01/23	19/01/24	14/01/25	23/01/26	-	-