China Merchants Securities (600999) H2 2025 earnings summary

Executive summary

• Achieved record net profit and revenue in 2025, with net profit of RMB 12.35 billion, up 18.91% year-over-year, and revenue of RMB 24.97 billion, up 19.53%.

• All core business lines—wealth management, investment banking, asset management, and trading—delivered growth and improved quality.

• Maintained strong risk management, with no major compliance or operational incidents and risk indicators well above regulatory standards.

• Continued digital transformation, including full deployment of a cloud-native core trading system and AI-driven business upgrades.

Financial highlights

• Net profit attributable to shareholders: RMB 12.35 billion, up 18.91% year-over-year.

• Operating revenue: RMB 24.97 billion, up 19.53% year-over-year.

• ROE: 9.94%, up 1.12 percentage points year-over-year.

• Basic EPS: RMB 1.35, up 19.47% year-over-year.

• Total assets: RMB 753.48 billion, up 4.48% from previous year.

• Dividend payout: RMB 3.90 billion, 31.62% payout ratio.

Outlook and guidance

• 2026 marks the start of the new five-year plan, with a focus on technology-driven, collaborative, and high-quality growth.

• Strategic priorities include strengthening wealth management, building a leading investment bank, expanding asset management, and deepening digital and AI capabilities.

• Aims to maintain steady growth in revenue and profit, and further enhance risk management and compliance.