China Merchants Bank Co., Ltd. (3968) 📈: отчетность и дивиденды за 2025

Reports

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Финансовый отчет	link	link	link	link	link	link	link	link	link	link

Capitalization

IFRS

Reporting Annual Quarterly

	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд ¥				503.38	434.29	621.47	818.47	953.4	995.68	1 594.45	1 196.75	916.26	849.17
Выручка, млрд ¥				201.34	208.7	219.9	247.25	267.98	287.6	327.22	302.2	336.65	336.65
Чистая прибыль, млрд ¥				57.7	62.08	70.15	80.56	92.87	97.34	119.92	121.86	146.6	146.6
EV, млрд ¥			-257.17	-95.03	-194.4	60.67	605.54	965.68	861.74	1 091.5	443.44	-42.61
EBIT, млрд ¥			72.77	74.25	77.72	90.68	106.5	117.13	122.44	147.26	263.99	175.21
EBITDA, млрд ¥	61.61	70.82	76.1	78.17	81.98			127.9	134.54	160.79	276.88	190.65
Баланс стоимость, млрд ¥				360.81	402.35	481.38	541.28	615.28	723.75	858.75	945.5	1 076.37	1 076.37
FCF, млрд ¥				391.34	-138.12	-22	-53.21	-19.53	402.2	157.89	535.25	327.59	447.11
Операционный денежный поток, млрд ¥				400.42	-120.62	-5.66	-35.72	4.43	421.33	182.05	570.14	357.75	477.3
Операционная прибыль, млрд ¥			72.77	74.25	77.72	90.54	106.62	117.12	121.82	147.26	263.99	175.21
Операционные расходы, млрд ¥			61.41	67.96	65.15	70.43	81.11	91.5	102.81	116.88	107.78	120.99
CAPEX, млрд ¥				9.08	17.5	16.34	17.49	23.96	19.13	24.16	34.89	30.16	30.18

	2005Q4	2006Q1	2007Q2	2007Q3	2007Q4	2017Q2	2017Q4	2018Q2	2018Q4	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Капитализация, млрд ¥																		1 600.3	1 600.08	1 609.56	1 257.02	1 043.04	891.93	1 128.34	967.42	841.24	732.16
Выручка, млрд ¥																					85.65	85.74	77.43	90.64	86.27	76.29	76.37	86.42	84.98	79.76
Чистая прибыль, млрд ¥																					33.4	37.5	31.09	38.84	36.91	35.56	32.71	38.08	36.67	38.44
EV, млрд ¥						1 455.24		856.13	917.54	1 014.97		996.62													332.42	338.76	-73.08	97.44	255.46
EBIT, млрд ¥											33.8	18.46	34.9	27.94	35.07	24.54									87.1	81.74	84.49	44.82
EBITDA, млрд ¥	3.01	2.33	6.22	6.33	4.39																				43.71	40.94	41.11	0.381	44.18
Баланс стоимость, млрд ¥																					888.03	919.58	945.5	981.09	977.13	943.79	1 076.37	1 118.97	1 110.21	1 152.53
FCF, млрд ¥																					111.95	12.68	414.08	-21.93	100.9	-45.94	294.56	-12.18	101.78	171.57
Операционный денежный поток, млрд ¥																					304.22	15.87	329.59	329.59	106.97	-40.7	304.11	-1.21	109.39	179.05
Операционная прибыль, млрд ¥							16.62	28.83	19.16	31.58		19.59													43.71	40.94	41.11	44.44	44.18
Операционные расходы, млрд ¥									26.22	21.52		27.36				31.95	24.21								29.05	26.83	35.84	26.97	29.38
CAPEX, млрд ¥																					13.13	3.19	6.07	6.07	6.07	5.23	9.54	10.97	7.6	7.48

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Наличность, млрд ¥				849.91	903.77	857.27	913.59	985.54	876.67	7 984.79	960.91	1 073.59	1 073.59
Short Term Investments ¥		329.39	410.49	391.14	411.84	272.14	217.09	158.51
Long term investments ¥			955.36	1 379.82	934.57	1 030.11	1 714.49	433.28	2 130.89	2 224.04	822.86	3 239.24
Total Receivables ¥	45.23	253.11	432.31	741	555	600.97	0.321	0.314	0.34	0.3928
Total Current Assets ¥			4 692.08	5 430.62	5 885.38	6 231.25	6 671.18	7 317.44	1 586.95	1 861.77	960.91	1 073.59
Чистые активы, млрд ¥				31.84	43.07	49.18	55.44	80.13	82.31	92.69	117.47	981.09	117.47
Активы, млрд ¥				5 474.98	5 942.31	6 297.64	6 745.73	7 417.24	8 361.45	9 249.02	10 138.91	11 028.48	11 028.48
Short Term Debt ¥		373.2	46.76	191.73	221.92	199.1	275.73	419.63
Long Term Debt ¥				59.78	53.16	97.38	424.93	578.19	346.14	446.65	236.83	278.17	236.83
Задолженность, млрд ¥				5 113.22	5 538.95	5 814.25	6 202.12	6 799.53	7 631.09	8 383.34	429.69	436.55	9 942.75
Чистый долг, млрд ¥			-649.32	-419.64	-379.82	-288.06	-284.72	-227.05	-372.77	-215.51	-531.22	-637.03
Долг, млрд ¥				251.51	275.08	296.48	700.66	997.82	503.9	631.11	429.69	436.55	859.08
Interest income ¥				235.98	215.48	242.01	270.91	292.99	307.43	327.06	353.38	375.61
Расходы на обслуживание долга ¥							110.53	119.9	122.39	123.14	119.33	160.94	160.94
Чист. проц. доходы, млрд ¥				137.59	134.6	144.85	160.38	173.09	185.03	203.92	218.24	214.67	411.65
Goodwill ¥			9.95	9.95	9.95	9.95	9.95	9.95	9.95	9.95	10	9.95
Амортизация, млрд ¥			3.33	3.92	4.26	5.27	5.83	11.32	12.71	13.53	12.9	15.44
Товарно материальные запасы ¥		0.062	0.455	0.691	0.864	0.868	0.597	0.768	0.612	0.513

	2005Q4	2006Q1	2007Q1	2007Q2	2007Q3	2007Q4	2016Q4	2017Q2	2017Q4	2018Q2	2018Q4	2019Q2	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Наличность, млрд ¥																							8 690.66	998.21	960.91	968.05	1 026.88	900.46	1 073.59	1 202.16	1 104.13	1 142.75
Short Term Investments ¥							411.84	395.89	364.9	526.8	217.09	482.99	158.51																	1 186.03
Long term investments ¥																				2 265.48	2 224.04	2 416.79	2 554.91	756.98	822.86	3 009.16	3 044.89	3 132.44	3 239.24
Total Receivables ¥													0.314		22.94	93.08	0.34	93.2	123.45	0.321	0.321	120.67	101.25
Total Current Assets ¥																					1 861.77	1 673.05	1 810.84	1 282.78		1 655.02	1 026.88	900.46	1 073.59	16.13	1 104.13
Чистые активы, млрд ¥																			88.47	92.84	92.69	107.39	107.02	112.87	117.47	121.91	121.72	120.16
Активы, млрд ¥																							9 725	9 707.11	10 138.91	10 508.75	10 739.84	9 946.68	11 028.48	11 520.23	11 574.78	11 654.76
Short Term Debt ¥							1 037.1	1 090.71	988.29	803.19	275.73	381.52	419.63
Long Term Debt ¥																			428.72	416.88	446.65	377.88	338.15	235.79	223.82	265.47	278.46	235.86
Задолженность, млрд ¥																							8 829.33	8 779.34	9 193.41	9 527.67	529.44	466.62	436.55	10 394.74	529.52	10 495.13
Чистый долг, млрд ¥														-133.99	-234.55	-216.76	-372.77	-306.77									-497.44	-433.83	-637.03	-600	-574.6
Долг, млрд ¥											1 034.19	883.42	997.82						442.47	430.67							529.44	466.62	436.55	602.16	529.52
Interest income ¥																				82.66	85.15	86.29	86.58	88.93	91.59	93.34	93.99	93.84	94.44
Расходы на обслуживание долга ¥																							33.35	34.49	35.48	37.94	40.4	37.81	42.05	42.14	41.41	40.71
Чист. проц. доходы, млрд ¥																					53.28	54.46	53.23	54.44	56.11	55.41	53.59	53.29	52.38	103.17
Goodwill ¥																				9.95	9.95	9.95	9.95	9.95	10	10	9.95	9.95	9.95
Амортизация, млрд ¥	0.3306	0.1844	0.206	0.332	0.224	0.103																					-43.39	-40.8	-43.38	-44.44
Товарно материальные запасы ¥								0.858	0.868		0.597		0.768		0.813		0.612		0.951	0.513	0.513		1.48

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	2.83	2.49	2.57	3.13	3.62	3.79	4.61	4.64	5.81			5.81
Цена акции ао			31.1	28.7	40.05	48.95	60.55	43.65	27.2	40.15	41.55	41.55
Число акций ао, млн	25038.71	25240.3	25058.97	25709.09	25602.88	25219.85	25219.85	26238.02	25220			25219.85
FCF/акцию	15.63	-5.47	-0.8778	-2.07	-0.7629	15.95	6.26	20.4	12.99			17.73

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
EPS				1.24	1.48	1.11	1.54	1.46	1.41	1.37	1.51	1.45	1.52
Цена акции ао	63.45	63.45	63.82	49.84	41.36	35.37	44.74	38.36	33.36	29.03
Число акций ао, млн	25219.85	25219.85	25219.85	25219.85	25219.85	25219.85	25219.85	25219.85	25219.85	25219.85
FCF/акцию				4.44	0.5029	16.42	-0.8696	4	-1.82	12.31	-0.483	4.04	6.8

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %			15.99	15.43	14.57	14.88	15.09	13.45	13.96	13.51	14.5			14.5	8.33
ROA, %			1.05	1.04	1.11	1.19	1.25	1.16	1.3	1.26	1.39			1.39	1.05
ROIC, %	8.47	13.57	12.69	13.59	13.28	9.28	8.42	10.66	11.84	12.96
ROS, %					31.9	32.58	34.65	33.85	36.65	40.32	43.55	43.55	43.55	43.55	27.39
ROCE, %		23.1	20.52	19.27	18.76	19.59	18.96	16.76	1.71	2.63	1.61
Рентаб EBITDA, %	53.43	45.93	38.83	39.28			47.73	46.78	49.14	91.62	56.63			57.44	37.56
Чистая рентаб, %			28.66	29.75	31.9	32.58	34.65	33.85	36.65	40.32	43.55			43.55	27.38
Operation Margin, %					41.17	43.12	43.7	42.36	45	87.35	52.05	0	0	0	17.87
Доходность FCF, %		71.94	77.74	-31.8	-3.54	-6.5	-2.05	40.39	9.9	44.73	48.8

	2005Q4	2006Q1	2007Q2	2007Q3	2007Q4	2017Q2	2017Q4	2018Q2	2018Q4	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
ROE, %																				3.76	4.08	3.29	3.96	3.91	3.71	3.34	3.76	3.51	3.53	8.33
ROA, %																				0.3434	0.3863	0.3066	0.3696	0.3474	0.3438	0.3119	0.3377	0.3175	0.331	1.05
ROIC, %						1.87		1.64	1.42	2.08		1.77												2.7	5.8	2.51	2.32	2.3
ROS, %																				39	43.74	40.15	42.85	42.79	46.61	42.83	44.06	43.15	48.19	27.39
ROCE, %											5.61	2.99	5.38	4.37	4.94	3.36								0.8534	0.7957	0.8057	0.4174
Рентаб EBITDA, %	53.51	29.09	64.28	59.23	34.46																			50.66	53.66	53.83	0.4409	51.99		37.56
Чистая рентаб, %																				39	43.74	40.15	42.85	42.79	46.61	42.83	44.06	43.15	48.19	27.38
Operation Margin, %							30.67	45.04	32.46	45.86		32.52												50.66	53.66	53.83	51.43	51.99		17.87
Доходность FCF, %																	4.29	5.91	-0.2151	8.91	1.22	46.43	-1.94	10.43	-5.46	40.23

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E			8.72	7	8.86	10.16	10.27	10.23	13.3	8	4.05			4.05	13.88
P/BV			1.4	1.08	1.29	1.51	1.55	1.38	1.86	0.1004	0.0561			0.5475	0.70
P/S			2.5	2.08	2.83	3.31	3.56	3.46	4.87	3.23	1.77			1.77	2.78
P/FCF					-28.25	-15.38	-48.81	2.48	10.1	2.24	2.05	1.9	1.9	1.9	16.88
E/P					0.1129	0.0984	0.0974	0.0978	0.0752	0.1153	0.16	0.1726	0.1726	0.1726	0.10
EV/EBITDA	2.44	-3.38	-1.22	-2.37			5.54	5.11	6.79	1.6	-0.2235				44.37
EV/Ebit							6.08	5.64	7.41	1.68	-0.2432	0	0	0
EV/S					0.2759	2.45	3.6	2.32	3.34	1.47	-0.1266	0	0	0	7.49
EV/FCF					-2.76	-11.38	-49.44	1.66	6.91	0.8285	-0.1301	0	0	0	3.01
Debt/EBITDA			3.22	3.36			7.91	3.75	3.92	1.55	2.29	0	0	0	1.82
Netdebt/Ebitda			-5.37	-4.63			-1.78	-2.77	-1.34	-1.92	-3.34	0	0	0	0.60
Debt/Ratio					0.0471	0.1039	0.1345	0.0603	0.0682	0.0424	0.0396	0.0779	0.0779	0.0779	0.20
Debt/Equity					0.6159	1.29	1.62	0.6962	0.7349	0.4545	0.4056	7.31	7.31	7.31	32.54
Debt/Net Income					4.23	8.7	10.74	5.18	5.26	3.53	2.98	5.86	5.86	5.86	37.53
Бета										1	2.66	1.26	3.87	3.87	1.92
Индекс Альтмана	0.1826	0.1732	0.1635	0.1149						0.175	0.1533	0.1798	0.1798	0.1798	1.09

	2005Q4	2006Q1	2007Q2	2007Q3	2007Q4	2017Q2	2018Q2	2018Q4	2019Q2	2019Q4	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
P/E														37.64	27.81	28.69	29.05	5.82	5.47	4.08	4.81	5.73	5.94	13.88
P/BV														1.42	1.13	0.9433	1.15	0.0813	0.0815	0.0532	0.6197	0.0752	0.757	0.70
P/S														14.68	12.16	11.52	12.45	2.47	2.36	1.78	2.12	2.53	2.65	2.78
P/FCF											23.32	16.91	-464.92	11.23	82.24	2.15	-51.45	9.59	-18.31	2.49				16.88
E/P											0.0203	0.0164	0.0224	0.0266	0.036	0.0349	0.0344	0.0382	0.0453	0.0447				0.10
EV/EBITDA																		1.19	1.41	-0.3477	0.7726	2.02		44.37
EV/Ebit																		3.82	4.14	-0.865	2.17
EV/S						26.37	13.38	15.54	14.74	16.54								3.85	4.44	-0.957	1.13	3.01		7.49
EV/FCF						9.43	-58.77	6.92	9.11	20.22								3.29	-7.37	-0.2481	-8	2.51		3.01
Debt/EBITDA																		12.11	11.4	10.62	1580.47	11.99		1.82
Netdebt/Ebitda	-21.11	-17.25	-27.44	-22.68	-43.1													-11.38	-10.6	-15.5	-1574.8	-13.01		0.60
Debt/Ratio						0.2812	0.1385	0.1533	0.1228	0.1345								0.0493	0.0469	0.0396	0.0523	0.0457		0.20
Debt/Equity						4.16	1.94	2.04	1.54	1.62								0.5418	0.4944	0.4056	0.5381	0.477		32.54
Debt/Net Income						90.42	41.02	78.47	34.82	63.85								14.34	13.12	13.35	15.81	14.44		37.53

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	20.02	29.98	33.18	34.73	43.01	51.81	33.48	56.34	59.42		82.25
Дивиденд		0.8105	0.8388	1.01	1.07	1.31	1.5	1.78	1.89	2.16	2.16
Див доход, ао, %		4.71	3.38	3.18	2.87	3.33	2.38	8.01	9.71	12.59	12.59	6.99
Дивиденды / прибыль, %	34.7	48.29	47.29	43.1	46.31	53.23	27.92	46.37	38.43		40.53	109.27

	2014Q3	2015Q2	2016Q3	2017Q2	2018Q3	2019Q3	2020Q3	2021Q3	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд									0.114	40.85	40.34	1.06	3.76	46.24	5.28	1.89	0.981	53.65
Дивиденд	0.7809	0.8495	0.8105	0.8388	1.01	1.07	1.31	1.5		1.78				1.89
Див доход, ао, %	5.24	3.65	4.44	3.85	3.45	2.84	3.44	2.37		4.31				5.67					6.99
Дивиденды / прибыль, %									0.3413	108.91	129.75	2.74	10.18	130.04	16.14	4.96	2.68	139.56	109.27

	Industry average	5 quarters average	CAGR 5

Other

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	CAGR 5
ebit_margin	43.5	42.36	45	87.35	52.05
Персонал, чел				103669	112999	116529

	2023Q2	2023Q3	2023Q4	2024Q1	CAGR 5
ebit_margin	100.96	107.15	110.63	51.87

	CAGR 5

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HKEX: 3968 - China Merchants Bank Co., Ltd.

Reporting China Merchants Bank Co., Ltd.

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