Balance Sheet China Merchants Securities Co., Ltd.

Equities

600999

CNE100000HK9

Investment Banking & Brokerage Services

End-of-day quote Shanghai S.E. Other stock markets 12/01/2026			5-day change	1st Jan Change
17.35 ^CNY	+0.75%		+1.88%	+4.27%

12-30	Knowledge Atlas Technology Launches Hong Kong IPO to Raise HK$4.34 Billion	MT
12-22	China Merchants Securities Co., Ltd. Board Committees Changes	CI

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Published financial data: CHINA MERCHANTS SECURITIES CO., LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Interest and Dividend Income, Total	16.15B	21.64B	20.07B	17.18B	19.92B
Interest Expense, Total	7.12B	9.65B	9.33B	9.52B	8.89B
Net Interest Income	9.03B	11.99B	10.74B	7.65B	11.03B
Gain (Loss) on Sale of Investments, Total (Rev)	1.39B	754M	-2.62B	2.06B	1.11B
Other Revenues, Total	13.84B	16.58B	11.03B	10B	8.61B
Revenues Before Provison For Loan Losses	24.26B	29.33B	19.15B	19.72B	20.75B
Provision For Loan Losses	15.12M	43.06M	96.47M	43.23M	-108M
Total Revenues	24.24B	29.28B	19.05B	19.68B	20.86B
Cost of Services Provided, Total	9.67B	11.07B	8.66B	8.75B	9.65B
Provision for Bad Debts	2.51M	25.29M	19M	21.05M	1.09M
Other Operating Expenses	3.15B	4.17B	1.49B	1.59B	125M
Total Operating Expenses	12.82B	15.27B	10.16B	10.36B	9.78B
Operating Income	11.42B	14.02B	8.89B	9.32B	11.08B
Currency Exchange Gains (Loss)	17.8M	12.14M	-50.52M	57.85M	122M
Other Non Operating Income (Expenses)	-	36.64M	3.2M	2.66M	14.26M
EBT, Excl. Unusual Items	11.44B	14.07B	8.84B	9.38B	11.22B
Gain (Loss) on Sale of Investments	-138M	-305M	-185M	-124M	6.04M
Gain (Loss) on Sale of Assets	-	-	2.55M	4.64M	5.52M
Asset Writedown	-3.96M	-5.61M	-3.96M	-3.96M	-4.11M
Other Unusual Items	9.68M	-50.95M	-123M	38.58M	-3.5M
EBT, Incl. Unusual Items	11.31B	13.7B	8.53B	9.3B	11.22B
Income Tax Expense	1.81B	2.05B	452M	527M	830M
Earnings From Continuing Operations	9.5B	11.66B	8.08B	8.77B	10.39B
Net Income to Company	9.5B	11.66B	8.08B	8.77B	10.39B
Minority Interest	-12.23M	-12.74M	-6.89M	-5.13M	-4.1M
Net Income - (IS)	9.49B	11.65B	8.07B	8.76B	10.39B
Preferred Dividend and Other Adjustments	802M	802M	612M	572M	572M
Net Income to Common Incl Extra Items	8.69B	10.84B	7.46B	8.19B	9.81B
Net Income to Common Excl. Extra Items	8.69B	10.84B	7.46B	8.19B	9.81B
Per Share Items
Net EPS - Basic	1.06	1.25	0.86	0.94	1.13
Basic EPS - Continuing Operations	1.06	1.25	0.86	0.94	1.13
Basic Weighted Average Shares Outstanding	8.21B	8.7B	8.7B	8.7B	8.7B
Net EPS - Diluted	1.06	1.25	0.86	0.94	1.13
Diluted EPS - Continuing Operations	1.06	1.25	0.86	0.94	1.13
Diluted Weighted Average Shares Outstanding	8.21B	8.7B	8.7B	8.7B	8.7B
Normalized Basic EPS	0.87	1.01	0.63	0.67	0.81
Normalized Diluted EPS	0.87	1.01	0.63	0.67	0.81
Dividend Per Share	0.77	0.54	0.18	0.25	0.48
Payout Ratio	81.29	81.25	139.15	93.27	85.75
American Depositary Receipts Ratio (ADR)	10	10	10	10	10
Supplemental Items
Total Revenues (As Reported)	24.28B	29.43B	19.22B	19.82B	20.89B
Effective Tax Rate - (Ratio)	15.96	14.93	5.3	5.66	7.39
Current Domestic Taxes	2.41B	-	-	-	-
Total Current Taxes	2.41B	2.05B	608M	300M	332M
Deferred Domestic Taxes	-607M	-	-	-	-
Total Deferred Taxes	-607M	-5.17M	-156M	227M	498M
Normalized Net Income	7.14B	8.78B	5.52B	5.86B	7.01B

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	12.57B	9.78B	24.25B	14.12B	19.19B
Cash & Securities Segregated	84.25B	97.14B	105B	116B	149B
Securities Purchased Under Agreements To Resell	52.26B	39.2B	49.58B	49.78B	31.85B
Accounts Receivable, Total	82.59B	99.69B	82.35B	84.24B	95.67B
Other Receivables	405M	2.22B	198M	211M	637M
Gross Property Plant And Equipment	4.5B	4.81B	5.23B	5.58B	5.58B
Accumulated Depreciation	-1.76B	-2.08B	-2.51B	-2.85B	-3.17B
Net Property Plant And Equipment	2.75B	2.73B	2.72B	2.73B	2.4B
Goodwill	9.67M	9.67M	9.67M	9.67M	9.67M
Other Intangibles, Total	430M	434M	430M	703M	1B
Investment In Debt and Equity Securities	11.3B	12.41B	15.62B	32.88B	37.28B
Trading Asset Securities, Total	82.41B	153B	127B	151B	130B
Restricted Cash	-	-	-	-	-
Other Current Assets, Total	116B	138B	141B	169B	166B
Deferred Tax Assets Long-Term (Collected)	1.82B	1.56B	1.83B	1.58B	576M
Deferred Charges Long-Term	362M	480M	600M	458M	344M
Other Long-Term Assets, Total	53.05B	40.93B	60.74B	72.24B	87.28B
Total Assets	500B	597B	612B	696B	721B
Liabilities
Accounts Payable, Total	8.9B	6.88B	113B	127B	154B
Accrued Expenses, Total	92.66B	108B	6.98B	6.12B	6.05B
Short-Term Borrowings	173B	171B	170B	233B	233B
Current Portion of Long-Term Debt	-	-	-	-	-
Current Portion of Leases	294M	322M	336M	7.32B	273M
Long-Term Debt	93.65B	147B	136B	124B	119B
Long-Term Leases	966M	996M	907M	911M	633M
Current Income Taxes Payable	250M	554M	182M	50.83M	148M
Unearned Revenue, Current	-	-	63.81M	55.49M	33.16M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	12.5B	22.19B	47.26B	44B	75.3B
Unearned Revenue Non Current	119M	116M	113M	104M	102M
Pension & Other Post Retirement Benefits	1.13M	1.22M	911K	942K	1.04M
Deferred Tax Liability Non-Current	790M	492M	482M	558M	438M
Other Non Current Liabilities	10.93B	26.72B	21.35B	30.79B	1.79B
Total Liabilities	394B	485B	496B	574B	591B
Common Stock, Total	8.7B	8.7B	8.7B	8.7B	8.7B
Additional Paid In Capital	40.36B	40.36B	40.35B	40.36B	40.36B
Retained Earnings	41.43B	48.48B	51.06B	57.4B	64.23B
Treasury Stock	-	-	-	-	-
Comprehensive Income and Other	15.25B	14.97B	15.06B	15.5B	16.89B
Total Common Equity	106B	113B	115B	122B	130B
Minority Interest	87.91M	87.42M	82.49M	75.51M	73.6M
Total Equity	106B	113B	115B	122B	130B
Total Liabilities And Equity	500B	597B	612B	696B	721B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	8.7B	8.7B	8.7B	8.7B	8.7B
ECS Total Common Shares Outstanding	8.7B	8.7B	8.7B	8.7B	8.7B
Book Value / Share	12.16	12.94	11.52	12.3	13.24
Tangible Book Value	105B	112B	115B	121B	129B
Tangible Book Value Per Share	12.11	12.89	11.47	12.22	13.13
Total Debt	268B	320B	307B	365B	353B
Net Debt	36.27B	20.84B	1.2B	33.39B	22.5B
Equity Method Investments, Total	9.51B	9.65B	10.75B	11.75B	12.71B
Full Time Employees	9.23K	12K	12.49K	12.77K	13.46K

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	9.49B	11.65B	8.07B	8.76B	10.39B
Depreciation, Depletion & Amortization	469M	507M	522M	544M	569M
Amortization of Goodwill and Intangible Assets - (CF)	12.05M	15.84M	16.63M	37.1M	122M
Total Depreciation, Depletion & Amortization	481M	523M	539M	581M	691M
Amortization of Deferred Charges, Total	110M	123M	159M	186M	174M
(Gain) Loss On Sale of Asset - (CF)	3.94M	5.61M	2.55M	-1.09M	-2.35M
(Gain) Loss on Sale of Investments - (CF)	-4.34B	-4.39B	327M	-3.24B	-5.16B
Total Asset Writedown	-88.35M	56.77M	412M	-2.44B	-1.21B
Provision for Credit Losses	15.12M	43.06M	96.47M	43.23M	-108M
Provision and Write-off of Bad Debts	2.51M	25.29M	19M	21.05M	1.09M
Change in Accounts Receivable	-85.65B	-97.81B	27.05B	-39.6B	25.4B
Change in Accounts Payable	66.6B	42.41B	20.38B	57.35B	19.42B
Change In Deferred Taxes	-607M	-5.17M	-156M	227M	498M
Other Operating Activities	4.16B	6.18B	5.61B	5.21B	4.63B
Cash from Operations	-9.81B	-41.19B	62.5B	27.1B	54.73B
Capital Expenditure	-374M	-413M	-560M	-608M	-764M
Sale of Property, Plant, and Equipment	1.01M	1.47M	1.63M	4.14M	5M
Investment in Marketable and Equity Securities, Total	853M	11.59B	-20.67B	-25.84B	-17.05B
Other Investing Activities, Total	2.04B	2.63B	2.09B	2.35B	3.55B
Cash from Investing	2.52B	13.81B	-19.13B	-24.09B	-14.26B
Long-Term Debt Issued, Total	153B	178B	75.84B	138B	154B
Total Debt Issued	153B	178B	75.84B	138B	154B
Long-Term Debt Repaid, Total	-123B	-133B	-85.6B	-122B	-155B
Total Debt Repaid	-123B	-133B	-85.6B	-122B	-155B
Issuance of Common Stock	15.49B	-	15B	-	-
Repurchase of Common Stock	-	-	-15B	-	-
Common Dividends Paid	-7.72B	-9.46B	-11.23B	-8.17B	-8.91B
Common & Preferred Stock Dividends Paid	-7.72B	-9.46B	-11.23B	-8.17B	-8.91B
Other Financing Activities, Total	-3.85M	-13.23M	-25.97M	-12.11M	-6M
Cash from Financing	37.32B	35.72B	-21.01B	7.7B	-10.36B
Foreign Exchange Rate Adjustments	-682M	-294M	1.19B	276M	262M
Net Change in Cash	29.35B	8.04B	23.55B	10.99B	30.37B
Supplemental Items
Cash Interest Paid	5.18B	6.75B	6.29B	7.38B	7.19B
Cash Income Tax Paid (Refund)	3.9B	3.74B	2.93B	1.72B	1.27B
Net Debt Issued / Repaid	29.55B	45.19B	-9.76B	15.89B	-1.45B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	2.16	2.13	1.34	1.34	1.47
Return On Equity %	9.95	10.67	7.09	7.39	8.24
Return on Common Equity	9.11	9.94	6.55	6.91	7.78
Margin Analysis
Gross Profit Margin %	61.49	62.23	56.37	56.9	55.48
SG&A Margin	1.38	0.04	1.8	1.36	1.76
Income From Continuing Operations Margin %	39.2	39.81	42.4	44.57	49.81
Net Income Margin %	39.15	39.77	42.37	44.54	49.79
Net Avail. For Common Margin %	35.84	37.03	39.16	41.63	47.05
Normalized Net Income Margin	29.44	29.98	28.96	29.77	33.59
Asset Turnover
Asset Turnover	0.06	0.05	0.03	0.03	0.03
Short Term Liquidity
Current Ratio	1.5	1.74	1.57	1.4	1.26
Quick Ratio	1.09	1.3	1.15	1	0.91
Operating Cash Flow to Current Liabilities	-0.03	-0.13	0.19	0.06	0.12
Long Term Solvency
Total Debt/Equity	253.01	283.84	266.63	299.13	270.78
Total Debt / Total Capital	71.67	73.95	72.72	74.95	73.03
LT Debt/Equity	89.41	131.71	118.62	102.27	91.51
Long-Term Debt / Total Capital	25.33	34.31	32.35	25.62	24.68
Total Liabilities / Total Assets	78.82	81.15	81.16	82.46	81.94
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	29.45	20.78	-35.01	3.25	6.01
Gross Profit, 1 Yr. Growth %	29.05	24.78	-42.52	4.22	3.36
Earnings From Cont. Operations, 1 Yr. Growth %	29.95	22.66	-30.7	8.57	18.48
Net Income, 1 Yr. Growth %	30.34	22.69	-30.68	8.6	18.51
Normalized Net Income, 1 Yr. Growth %	28.6	22.97	-37.13	9.07	19.67
Diluted EPS Before Extra, 1 Yr. Growth %	29.26	17.84	-31.2	9.6	20.05
Common Equity, 1 Yr. Growth %	24.33	6.4	2.36	5.89	6.74
Total Assets, 1 Yr. Growth %	30.9	19.51	2.42	13.76	3.64
Tangible Book Value, 1 Yr. Growth %	24.46	6.42	2.37	5.68	6.53
Cash From Operations, 1 Yr. Growth %	-198.17	320.11	-251.73	-56.64	101.91
Capital Expenditures, 1 Yr. Growth %	54.85	10.45	35.73	8.57	25.56
Dividend Per Share, 1 Yr. Growth %	-	-30.05	-65.74	36.22	89.68
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	46.23	25.04	-11.35	-18.08	4.62
Gross Profit, 2 Yr. CAGR %	58.52	25.59	-14.24	-22.59	3.79
Earnings From Cont. Operations, 2 Yr. CAGR %	46.2	26.26	-7.8	-13.27	13.42
Net Income, 2 Yr. CAGR %	46.46	26.45	-7.78	-13.25	13.44
Normalized Net Income, 2 Yr. CAGR %	44.47	25.75	-12.07	-18.31	14.21
Diluted EPS Before Extra, 2 Yr. CAGR %	39.98	23.42	-9.96	-13.17	14.71
Common Equity, 2 Yr. CAGR %	14.45	15.01	4.36	4.12	6.31
Total Assets, 2 Yr. CAGR %	28.02	25.07	10.63	7.94	8.58
Tangible Book Value, 2 Yr. CAGR %	14.54	15.09	4.38	4.02	6.1
Cash From Operations, 2 Yr. CAGR %	-46.43	103.08	152.48	-18.88	-6.43
Capital Expenditures, 2 Yr. CAGR %	-10	30.78	22.44	21.39	16.75
Dividend Per Share, 2 Yr. CAGR %	71	-	-51.05	-31.69	60.74
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	21.46	37.2	0.57	-6.72	-10.73
Gross Profit, 3 Yr. CAGR %	24.02	45.36	-2.4	-8.47	-14.76
Earnings From Cont. Operations, 3 Yr. CAGR %	17.86	37.89	3.38	-2.65	-3.77
Net Income, 3 Yr. CAGR %	17.94	38.06	3.49	-2.62	-3.74
Normalized Net Income, 3 Yr. CAGR %	16.92	36.91	-0.19	-6.38	-7.24
Diluted EPS Before Extra, 3 Yr. CAGR %	10.92	32.17	1.58	-3.87	-3.27
Common Equity, 3 Yr. CAGR %	10.1	11.7	10.63	4.87	4.98
Total Assets, 3 Yr. CAGR %	20.5	25.12	17.01	11.67	6.49
Tangible Book Value, 3 Yr. CAGR %	9.96	11.77	10.68	4.81	4.85
Cash From Operations, 3 Yr. CAGR %	-38.69	6.43	84.28	40.34	9.93
Capital Expenditures, 3 Yr. CAGR %	11.59	-3.64	32.41	17.63	22.77
Dividend Per Share, 3 Yr. CAGR %	30.67	26.94	-	-31.15	-3.98
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-0.77	20.62	7.08	11.65	2.18
Gross Profit, 5 Yr. CAGR %	-0.98	20.44	6.56	13.54	0.03
Earnings From Cont. Operations, 5 Yr. CAGR %	-2.75	16.57	6.84	14.55	7.28
Net Income, 5 Yr. CAGR %	-2.74	16.6	6.89	14.65	7.36
Normalized Net Income, 5 Yr. CAGR %	-3.5	16.81	4.32	11.36	4.76
Diluted EPS Before Extra, 5 Yr. CAGR %	-10.84	6.57	2.05	11.72	6.63
Common Equity, 5 Yr. CAGR %	16.94	13.46	7.77	8.6	8.89
Total Assets, 5 Yr. CAGR %	11.37	19.7	16.45	17.94	13.57
Tangible Book Value, 5 Yr. CAGR %	16.86	13.39	7.69	8.6	8.83
Cash From Operations, 5 Yr. CAGR %	52.26	11.46	7.99	-4.53	40.52
Capital Expenditures, 5 Yr. CAGR %	-1.42	-1.13	15.81	5.68	25.91
Dividend Per Share, 5 Yr. CAGR %	0.55	9.5	-11.77	-0.93	-