China Merchants Securities (600999) H2 2024 earnings summary

Executive summary

• Achieved record net profit of RMB 10.39 billion, up 18.51% year-over-year, with revenue of RMB 20.89 billion, up 5.40% year-over-year.

• Maintained industry-leading cost control and risk management, with no major compliance or risk events.

• Continued transformation and digitalization, with significant progress in AI-driven operations and business model innovation.

Financial highlights

• Revenue reached RMB 20.89 billion, up 5.40% year-over-year; net profit attributable to shareholders was RMB 10.39 billion, up 18.51%.

• Basic and diluted EPS were RMB 1.13, up 20.21% year-over-year.

• ROE was 8.82%, up 0.91 percentage points year-over-year.

• Total assets at year-end were RMB 721.16 billion, up 3.64% from the previous year.

• Cash flow from operating activities was RMB 54.73 billion, up 101.91% year-over-year.

Outlook and guidance

• 2025 is the final year of the 14th Five-Year Plan, with continued focus on technology, green, inclusive, pension, and digital finance.

• The company aims to further strengthen its position as a leading investment bank in China, deepen digital transformation, and enhance international business.

• Management expects continued economic resilience and policy support, but notes external uncertainties and domestic demand challenges.