China Merchants Securities Co., Ltd. Annual Results: Standalone & Consolidated Reports

Annual Results

Results Snapshot

Figures in Million

Consolidate Annual Results

Dec'25

Dec'24

Dec'23

Dec'22

Dec'21

Dec'20

Dec'19

Net Sales

45,296.12

32,782.46

33,561.04

32,062.23

44,288.06

34,945.42

28,146.86

Other Operating Income

0.00

Total Operating income

45,296.12

32,782.46

33,561.04

32,062.23

44,288.06

34,945.42

28,146.86

Raw Material Cost

7,327.68

7,001.41

7,289.47

6,732.20

3,986.14

2,866.67

2,166.64

Purchase of Finished goods

0.00

(Increase) / Decrease In Stocks

0.00

Employee Cost

7,719.92

6,894.31

6,440.68

6,748.03

10,022.24

8,425.57

6,303.89

Power Cost

0.00

Manufacturing Expenses

4,578.16

5,141.51

5,673.29

6,962.12

11,060.73

7,492.98

6,696.51

Selling and Distribution Expenses

669.35

352.86

433.80

603.33

704.94

452.16

372.09

Other Expenses

650.49

-228.30

-61.68

-402.19

-720.01

-341.81

-308.55

Total Expenditure (Excl Depreciation)

26,799.99

17,107.06

19,220.44

17,023.82

18,573.95

15,819.26

12,453.67

Operating Profit (PBDIT) excl Other Income

18496.1

15675.4

14340.599999999999

15038.4

25714.1

19126.199999999997

15693.199999999999

Other Income

19.04

16.07

45.35

135.88

301.25

57.92

102.85

Operating Profit (PBDIT)

19,498.74

16,629.30

15,232.65

15,985.45

26,793.46

19,848.50

16,398.04

Interest

4,578.16

5,141.51

5,673.29

6,962.12

11,060.73

7,492.98

6,696.51

Exceptional Items

-175.93

6.55

-136.51

-223.26

-367.25

-155.01

-151.08

Gross Profit (PBDT)

36,984.87

24,843.22

25,424.87

24,518.87

39,523.83

31,414.33

25,378.21

Depreciation

983.57

937.83

846.70

811.16

778.09

664.42

602.01

Profit Before Tax

13,761.08

10,556.52

8,576.15

7,988.91

14,587.39

11,536.10

8,948.45

Tax

1,906.79

899.39

581.90

528.56

2,465.92

2,028.27

1,655.92

Provisions and contingencies

0.00

Profit After Tax

12,746.45

10,640.17

9,051.83

8,673.23

13,068.07

9,764.39

7,348.11

Extraordinary Items

0.00

Prior Period Expenses

0.00

Other Adjustments

0.00

Net Profit

12,746.45

10,640.17

9,051.83

8,673.23

13,068.07

9,764.39

7,348.11

Share in Profit of Associates

0.00

Minority Interest

-34.09

4.44

5.67

8.01

15.36

13.74

35.04

Other related items

0.00

Consolidated Net Profit

12,712.36

10,644.62

9,057.50

8,681.24

13,083.43

9,778.13

7,383.15

Equity Capital

0.00

Face Value

1.11

1.06

1.1

1.12

1.22

1.19

1.12

Reserves

1,34,776.69

1,22,574.49

1,17,765.10

1,12,470.00

1,19,272.11

1,07,581.21

78,355.73

Earnings per share (EPS)

1.47

1.22

1.04

1.0

1.5

1.19

1.04

Diluted Earnings per share

1.47

1.22

1.04

1.0

1.5

1.19

1.04

Operating Profit Margin (Excl OI)

40.83%

47.82%

42.73%

46.9%

58.06%

54.73%

55.75%

Gross Profit Margin

32.55%

35.06%

28.08%

27.45%

34.69%

34.91%

33.93%

PAT Margin

28.14%

32.46%

26.97%

27.05%

29.51%

27.94%

26.11%

Public Share Holdings (%)

0.0%

Pledged Promotor Holding (%)

0.0%

Annual Analysis Highlights

Net Sales

YoY Growth in year ended Dec 2025 is 38.17% vs -2.32% in Dec 2024

Consolidate Net Profit

YoY Growth in year ended Dec 2025 is 19.43% vs 17.52% in Dec 2024

Operating Profit (PBDIT) excl Other Income

YoY Growth in year ended Dec 2025 is 17.25% vs 9.39% in Dec 2024

Interest

YoY Growth in year ended Dec 2025 is -10.96% vs -9.37% in Dec 2024

Operating Profit Margin (Excl OI)

YoY Growth in year ended Dec 2025 has fallen from Dec 2024

Compare Annual Results Of China Merchants Securities Co., Ltd. With

Select Peers

Figures in Million

Consolidate Annual Results

Change(HKD)

Change(%)

Net Sales

45,296.12

Other Operating Income

0.00

Total Operating income

45,296.12

Raw Material Cost

7,327.68

Purchase of Finished goods

0.00

(Increase) / Decrease In Stocks

0.00

Employee Cost

7,719.92

Power Cost

0.00

Manufacturing Expenses

4,578.16

Selling and Distribution Expenses

669.35

Other Expenses

650.49

0.00

650.49

Total Expenditure (Excl Depreciation)

26,799.99

Operating Profit (PBDIT) excl Other Income

18,496.13

0.00

18,496.13

Other Income

19.04

Operating Profit (PBDIT)

19,498.74

Interest

4,578.16

Exceptional Items

-175.93

Gross Profit (PBDT)

36,984.87

Depreciation

983.57

Profit Before Tax

13,761.08

Tax

1,906.79

Provisions and contingencies

0.00

Profit After Tax

12,746.45

Extraordinary Items

0.00

Prior Period Expenses

0.00

Other Adjustments

0.00

Net Profit

12,746.45

Share in Profit of Associates

0.00

Minority Interest

-34.09

Other related items

0.00

Consolidated Net Profit

12,712.36

Equity Capital

0.00

Face Value

1.11

0.00

Reserves

1,34,776.69

Earnings per share (EPS)

1.47

Diluted Earnings per share

1.47

Operating Profit Margin (Excl OI)

40.83%

0.00

40.83%

Gross Profit Margin

32.55%

0.00

32.55%

PAT Margin

28.14%

0.00

28.14%

Public Share Holdings (%)

0.00

0.00%

Pledged Promotor Holding (%)

0.00

0.00%

Annual - Net Sales

Net Sales 4,529.61 Million

in Dec 2025

Figures in Million

YoY Growth in year ended Dec 2025 is 38.17% vs -2.32% in Dec 2024

Annual - Consolidate Net Profit

Consolidate Net Profit 1,271.24 Million

in Dec 2025

Figures in Million

YoY Growth in year ended Dec 2025 is 19.43% vs 17.52% in Dec 2024

Annual - Operating Profit (PBDIT)

Operating Profit (PBDIT) 1,947.97 Million

in Dec 2025

Figures in Million

YoY Growth in year ended Dec 2025 is 17.25% vs 9.39% in Dec 2024

Annual - Interest

Interest 457.82 Million

in Dec 2025

Figures in Million

YoY Growth in year ended Dec 2025 is -10.96% vs -9.37% in Dec 2024

Annual - Operating Profit Margin (Excl OI)

Operating Profit Margin (Excl OI) 40.83%

in Dec 2025

Figures in %

YoY Growth in year ended Dec 2025 has fallen from Dec 2024