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China Merchants Bank Co
(3968)
China Merchants Bank Co (3968) vs. iShares MSCI Hong Kong ETF (EWH)
China Merchants Bank Co Business Overview & Revenue Model
China Merchants Bank Co Earnings Call Summary
China Merchants Bank Co Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 484.77B | 497.85B | 497.59B | 477.40B | 450.36B | 225.61B |
| Gross Profit | 250.44B | 334.86B | 336.65B | 342.26B | 327.22B | 225.61B |
| EBITDA | 180.73B | 194.24B | 192.06B | 179.72B | 161.70B | 0.00 |
| Net Income | 152.58B | 148.39B | 146.60B | 138.01B | 119.92B | 97.34B |
Balance Sheet | ||||||
| Total Assets | 13.82T | 12.15T | 11.03T | 10.14T | 9.25T | 8.36T |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 2.10T | 1.07T | 960.91B | 846.62B | 876.67B |
| Total Debt | 1.76T | 471.07B | 436.55B | 455.39B | 631.11B | 609.26B |
| Total Liabilities | 12.59T | 10.92T | 9.94T | 9.18T | 8.38T | 7.63T |
| Stockholders Equity | 1.22T | 1.23T | 1.08T | 945.50B | 858.75B | 723.75B |
Cash Flow | ||||||
| Free Cash Flow | 291.63B | 412.09B | 327.59B | 535.25B | 157.89B | 402.20B |
| Operating Cash Flow | 316.95B | 447.02B | 357.75B | 570.14B | 182.05B | 421.33B |
| Investing Cash Flow | -535.84B | -292.86B | -255.11B | -513.93B | -19.70B | -240.75B |
| Financing Cash Flow | -102.95B | 2.15B | -72.99B | -297.03B | 89.36B | -211.79B |
China Merchants Bank Co Technical Analysis
China Merchants Bank Co Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | HK$1.18T | 7.86 | ― | 4.26% | -4.57% | 1.77% | |
72 Outperform | HK$224.13B | 5.02 | ― | 5.53% | -8.41% | -5.52% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | HK$438.54B | 5.02 | 9.71% | 5.76% | -5.46% | 0.33% | |
62 Neutral | HK$674.19B | 5.93 | 9.30% | 5.37% | -1.54% | -3.95% | |
60 Neutral | HK$407.69B | 10.11 | 12.04% | 5.80% | 1.90% | 12.81% | |
57 Neutral | HK$183.35B | 5.44 | 5.16% | 9.09% | -7.28% | -5.00% |
China Merchants Bank Co Corporate Events
China Merchants Bank has announced that non-executive director Sun Yunfei will resign from the board and from his role as a member of the Strategy and Sustainable Development Committee, effective 30 December 2025, citing age as the reason for his departure before the end of his original term in June 2028. The bank stated that Sun’s resignation will not reduce the board below its quorum requirement, that he has completed all required work handover, and that he has no disagreements with the board or issues needing disclosure to shareholders or creditors, indicating limited governance or operational disruption while the board expressed formal appreciation for his contributions.
The most recent analyst rating on (HK:3968) stock is a Buy with a HK$60.00 price target. To see the full list of analyst forecasts on China Merchants Bank Co stock, see the HK:3968 Stock Forecast page.
China Merchants Bank has published an updated list of its board of directors and detailed the allocation of roles across six specialized board committees, clarifying the responsibilities of shareholder, executive and independent non-executive directors. The announcement outlines which directors chair or sit on key bodies covering strategy and sustainable development, nomination, remuneration and appraisal, risk and capital management, audit, and related party transactions and consumer rights protection, underscoring the bank’s emphasis on structured corporate governance, risk oversight and stakeholder protection.
The most recent analyst rating on (HK:3968) stock is a Buy with a HK$60.00 price target. To see the full list of analyst forecasts on China Merchants Bank Co stock, see the HK:3968 Stock Forecast page.
China Merchants Bank has received regulatory approval from China’s National Financial Regulatory Administration for the appointment qualifications of Ma Xianghui as a shareholder (non-executive) director, and of Wong Yuk Shan and Lu Liping as independent non-executive directors, with all three appointments taking effect on 29–30 December 2025 and lasting until the end of the bank’s thirteenth board term. At the same time, the terms of independent non-executive directors Li Menggang and Liu Qiao have expired, and both are stepping down from the board and its special committees after completing formal handover procedures, with the bank emphasizing that their departures do not affect board quorum and that there are no disagreements or unresolved commitments, pointing to a planned and orderly board transition.
The most recent analyst rating on (HK:3968) stock is a Buy with a HK$60.00 price target. To see the full list of analyst forecasts on China Merchants Bank Co stock, see the HK:3968 Stock Forecast page.
China Merchants Bank has approved an interim profit distribution for the first half of 2025, based on audited interim results showing retained earnings of RMB574.204 billion at the legal entity level and net profit attributable to ordinary shareholders of RMB72.955 billion on a consolidated basis. The board confirmed that 35% of these interim profits will be paid out as cash dividends, equating to RMB1.013 per share (tax inclusive) for both A and H shareholders on the register as of the record date, with H-share investors receiving approximately HK$1.118595 per share based on a predefined exchange rate. Using the current total ordinary share capital of 25,219,845,601 shares, the aggregate dividend amounts to about RMB25.548 billion, corresponding to a slightly above-target cash payout ratio of 35.02% due to rounding, and the plan has already been cleared through the bank’s board, supervisory board and 2024 annual general meeting, so no further shareholder approval is needed. The distribution, to be executed through CMB Wing Lung (Trustee) Limited for H shares with payment expected around 9 February 2026, reinforces the bank’s commitment to regular cash returns for investors and highlights its strong earnings capacity in a challenging operating environment for Chinese lenders.
The most recent analyst rating on (HK:3968) stock is a Buy with a HK$60.00 price target. To see the full list of analyst forecasts on China Merchants Bank Co stock, see the HK:3968 Stock Forecast page.
China Merchants Bank has declared an interim ordinary cash dividend of RMB 1.013 per share for the six months ended 30 June 2025, equivalent to HKD 1.118595 per H share based on an exchange rate of RMB 1 to HKD 1.10424, for the financial year ending 31 December 2025. The dividend, already approved by shareholders on 25 June 2025, will go ex-dividend on 14 January 2026, with the record date set for 21 January 2026 and payment scheduled for 9 February 2026, while detailed withholding tax arrangements specify a 10% tax on dividends for non-resident individuals, non-resident enterprises and Northbound Trading investors, and a 20% rate for individual Southbound Trading investors, clarifying the after-tax entitlements for different categories of shareholders.
The most recent analyst rating on (HK:3968) stock is a Buy with a HK$60.00 price target. To see the full list of analyst forecasts on China Merchants Bank Co stock, see the HK:3968 Stock Forecast page.
China Merchants Bank has proposed the appointment of Wang Xiaoqing as a non-executive (shareholder) director for its thirteenth board session, following unanimous approval of his nomination by the board on 29 December 2025. His appointment remains subject to approval at the general meeting and subsequent regulatory clearance from the National Financial Regulatory Administration, with his term to run until the current board’s expiry. Wang, an economist with a doctorate in Political Economics from Fudan University, currently serves as general manager of China Merchants Financial Holdings and brings extensive experience in asset management, risk management and senior leadership roles within China Merchants Bank and other major financial institutions. The bank emphasized that Wang holds a modest personal shareholding in the company, has no disqualifying records or conflicts of interest, and will not receive director remuneration if appointed, signaling a governance-focused strengthening of its board without immediate financial impact on the company.
The most recent analyst rating on (HK:3968) stock is a Buy with a HK$60.00 price target. To see the full list of analyst forecasts on China Merchants Bank Co stock, see the HK:3968 Stock Forecast page.
China Merchants Bank has entered into a new three-year Fund Business Co-operation Agreement with its non-wholly owned subsidiary China Merchants Fund Management (CMFM), effective from 1 January 2026 to 31 December 2028, to continue providing agency distribution and related services for CMFM-managed investment funds. The arrangement, which sets fees on an arm’s-length basis and at rates no less favourable than those offered to independent third parties, has been classified under Hong Kong Listing Rules as a non-exempt continuing connected transaction subject to reporting, annual review and announcement requirements, but exempt from independent shareholders’ approval, underscoring the bank’s ongoing integration of fund distribution within its broader financial services while maintaining regulatory compliance and fair pricing for stakeholders.
The most recent analyst rating on (HK:3968) stock is a Buy with a HK$60.00 price target. To see the full list of analyst forecasts on China Merchants Bank Co stock, see the HK:3968 Stock Forecast page.
China Merchants Bank has received regulatory approval from the National Financial Regulatory Administration for its 2025 revision of the Articles of Association, paving the way for a structural overhaul of its governance framework. Effective 18 December 2025, the bank will abolish its Board of Supervisors and transfer the supervisory functions and powers required by law to the Audit Committee under the Board of Directors, while simultaneously repealing the procedural rules governing the former supervisory body; the existing supervisors have stepped down without disagreement, signaling an orderly transition that aligns the bank’s governance structure with evolving regulatory expectations and potentially streamlines oversight and decision-making.
The most recent analyst rating on (HK:3968) stock is a Buy with a HK$60.00 price target. To see the full list of analyst forecasts on China Merchants Bank Co stock, see the HK:3968 Stock Forecast page.
China Merchants Bank Co., Ltd. has announced the implementation of its dividend distribution plan for domestic preference shares, with a declared cash dividend of RMB3.62 per share, totaling RMB995.5 million. This decision, approved by the board of directors, reflects the company’s commitment to delivering value to its shareholders and maintaining a robust financial strategy, potentially impacting its market positioning and stakeholder relations positively.
The most recent analyst rating on (HK:3968) stock is a Buy with a HK$60.00 price target. To see the full list of analyst forecasts on China Merchants Bank Co stock, see the HK:3968 Stock Forecast page.
China Merchants Bank Co., Ltd. has received approval from the National Financial Regulatory Administration to commence business operations for its new subsidiary, China Merchants Bank Financial Asset Investment Co., Ltd., with a registered capital of RMB15.0 billion. This strategic move aims to enhance the company’s operational capabilities by conducting market-based debt-to-equity swaps and pilot operations in equity investments, thereby driving high-quality development and supporting technological innovation.
The most recent analyst rating on (HK:3968) stock is a Buy with a HK$60.00 price target. To see the full list of analyst forecasts on China Merchants Bank Co stock, see the HK:3968 Stock Forecast page.
China Merchants Bank Co., Ltd. announced the approval of Deng Renjie’s appointment as a non-executive director by the National Financial Regulatory Administration. This appointment, effective from October 30, 2025, is expected to influence the strategic direction of the bank as it continues to navigate the competitive financial services industry.
The most recent analyst rating on (HK:3968) stock is a Buy with a HK$60.00 price target. To see the full list of analyst forecasts on China Merchants Bank Co stock, see the HK:3968 Stock Forecast page.
China Merchants Bank Co., Ltd. has announced the composition of its board of directors, detailing the roles and functions of each member. The board includes shareholder directors, executive directors, and independent non-executive directors, with various members serving on six special committees. This announcement underscores the bank’s commitment to structured governance and strategic oversight, potentially impacting its operational efficiency and stakeholder confidence.
The most recent analyst rating on (HK:3968) stock is a Buy with a HK$60.00 price target. To see the full list of analyst forecasts on China Merchants Bank Co stock, see the HK:3968 Stock Forecast page.
China Merchants Bank Co., Ltd. has released its unaudited third quarterly report for 2025, prepared in accordance with IFRS Accounting Standards. The report has been reviewed and approved by the company’s Board of Directors and Supervisors, confirming its accuracy and completeness. This announcement underscores the bank’s commitment to transparency and accountability in its financial reporting, which is crucial for maintaining investor confidence and ensuring compliance with regulatory standards.
The most recent analyst rating on (HK:3968) stock is a Buy with a HK$60.00 price target. To see the full list of analyst forecasts on China Merchants Bank Co stock, see the HK:3968 Stock Forecast page.
China Merchants Bank Co., Ltd. has announced the approval of Jiang Chaoyang’s appointment as a non-executive director, effective from October 24, 2025. This strategic appointment is expected to strengthen the company’s leadership, potentially impacting its operations and market positioning positively.
The most recent analyst rating on (HK:3968) stock is a Buy with a HK$60.00 price target. To see the full list of analyst forecasts on China Merchants Bank Co stock, see the HK:3968 Stock Forecast page.
China Merchants Bank Co., Ltd. has announced the composition of its Board of Directors, detailing the roles and functions of each member. This announcement includes the establishment of six special committees, each with specific responsibilities, which are expected to enhance the bank’s governance and strategic oversight. The restructuring aims to bolster the bank’s operational efficiency and strengthen its market position, potentially impacting stakeholders positively by ensuring robust risk management and consumer rights protection.
The most recent analyst rating on (HK:3968) stock is a Buy with a HK$60.00 price target. To see the full list of analyst forecasts on China Merchants Bank Co stock, see the HK:3968 Stock Forecast page.
China Merchants Bank Co., Ltd. announced it will disclose its 2025 third quarterly results on October 29, 2025, via the Hong Kong Exchanges and Clearing Limited website. To provide investors with a comprehensive understanding of its financial performance, the company will hold an online audio press conference on October 31, 2025, where key executives, including the Executive Vice President and Chief Financial Officer, will address investor queries. This initiative aims to enhance transparency and engage stakeholders effectively.
The most recent analyst rating on (HK:3968) stock is a Buy with a HK$60.00 price target. To see the full list of analyst forecasts on China Merchants Bank Co stock, see the HK:3968 Stock Forecast page.
China Merchants Bank Co., Ltd. announced that its board of directors will meet on October 29, 2025, to review and approve the company’s third-quarter results for the period ending September 30, 2025. This meeting is significant as it will provide insights into the company’s financial performance and could impact its market positioning and stakeholder confidence.
The most recent analyst rating on (HK:3968) stock is a Buy with a HK$60.00 price target. To see the full list of analyst forecasts on China Merchants Bank Co stock, see the HK:3968 Stock Forecast page.