China A-share · SSE · 600036
China Merchants Bank (600036) stock analysis: valuation and financials
货币金融服务
¥42.67 -0.3% Price as of Oct 14, 2026
High-quality narrow-moat retail bank earning CNY150.2B at 44.5% net margin with a clean deposit-funded balance sheet, but revenue is flat (3-year CAGR -0.7%) and at 7.1x P/E the market prices in little; bottom line: cheap optionality on a growth inflection.
- Market cap
- ¥1.1T
- P/E
- 7.1x
- EV/Sales
- —
- FCF yield
- —
- 52-week range
- ¥34.55 – ¥42.80
Research as of Oct 14, 2026
Business quality scorecard
- Growth14
- Capital allocation69
- Valuation100
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Interest and fee income from retail customers (CNY191.0B, 56.6% of FY2025 revenue) and corporate clients (CNY138.1B, 40.9%) funds the bank; retail is the largest stream but is shrinking, so wholesale generates the incremental profit.
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | ¥331.3B | ¥344.8B | ¥339.1B | ¥337.5B | ¥337.5B |
| Revenue growth | +14.0% | +4.1% | -1.6% | -0.5% | +0.0% |
| Net income | ¥119.9B | ¥138.0B | ¥146.6B | ¥148.4B | ¥150.2B |
Amounts in CNY · What is free cash flow?
Margins Banks report no gross margin; net margin rose 43.2% FY2023 to 44.0% FY2024 to 44.5% FY2025 on flat revenue (CNY 337.5B) with SG&A down to CNY 108.0B. TTM 43.9%; Q2 FY2026 42.3% vs 43.7% a year earlier.
- Cash flow WatchNo operating cash flow, capex, DSO or inventory days are disclosed for this financial issuer, so cash conversion and free-cash-flow margin cannot be computed; that missing statement is the reason for the watch.
- Debt LowReported debt-to-equity is 0 and equity of CNY 1,345.0B (TTM) funds the balance sheet; goodwill is only CNY 9.95B, 0.74% of equity.
Management and track record
- Management AdequateNet income rose from 97.34B CNY (FY2020) to 150.2B CNY (FY2025) with net margin expanding to 44.5%; ROE 12.0%. Operating execution has been profitable and steady.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
The full report is for members.