China Merchants Bank Co Ltd Class A 600036

Stock XSHG Rating as of Oct 9, 2026

CN¥42.76 +1.34 (3.24%)

As of Oct 12, 2026, 7:00:04 AM Delayed Price Closed

Company Report

China Merchants Bank's Wealth Management Engine and Funding Cost Advantage Poised for Recovery

Iris Tan Jul 1, 2026

China Merchants Bank stands out thanks to its leading position in retail banking and an enviable funding cost advantage, which delivers one of the strongest returns on assets among peers. We expect its well-positioned customer base will allow CMB to deliver above-peer equity return during cyclical downturns.

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Price vs Fair Value

View History

600036 is trading at a LOCK|q@$g&^k premium.

Price

CN¥41.42

Oct 9, 2026

Fair Value

Jul 2, 2025

Uncertainty

LOCK|G>>#

1-Star Price: LOCK|.&f
5-Star Price: LOCK|.<$
Economic Moat: LOCK|>g?P^
Capital Allocation: LOCK|<pTYNNL

Bulls Say, Bears Say

Bulls

Falling bond yields and interest rates will help drive customer growth at CMB as clients seek products with higher returns.

Bears

CMB's average loan yield is dragged by intensified competition for consumption loans amid weakening demand and falling interest rates.

Trading Information

Previous Close Price: CN¥41.42
Day Range: CN¥41.52–42.76
52-Week Range: CN¥35.28–43.79
Bid/Ask: CN¥42.75 / CN¥42.76
Shares Outstanding: 25.22B
Market Cap: CN¥1.08T
Volume/Avg: 103M / 80M

Key Statistics

Price/Earnings (Normalized): 7.16
Price/Sales: 3.21
Dividend Yield (Trailing): 4.87%
Dividend Yield (Forward): 4.87%
Dividend Payment Schedule: Jan, Jul
Total Yield: 4.87%

Company Profile

China Merchants Bank was founded in 1987 and is headquartered in Shenzhen. The bank is China's seventh-largest listed bank by assets, with the largest distribution network among China's joint-stock banks. CMB's network has been expanding rapidly. Its outlets are located mainly in China's more developed areas, including the Pearl River and Yangtze River deltas. The firm has 18% and 82% of its shares listed on the Hong Kong and Shanghai exchanges, respectively. It has no foreign strategic investors. China Merchants Group is its largest shareholder, with a 30% stake. Retail banking, corporate banking, and wholesale banking accounted for 49%, 51%, and 0% of total profit before tax, respectively, and 40%, 58%, and 2% of total revenue in 2024.

Sector: Financial Services
Industry: Banks - Regional
Stock Style Box: Large Value
Total Number of Employees: 121,585
Website: https://www.cmbchina.com

Competitors

Valuation

Metric	600036	601939	601398
Price/Earnings (Normalized)	7.16	8.50	8.33
Price/Book Value	0.91	0.80	0.74
Price/Sales	3.21	3.65	3.49
Price/Cash Flow	11.59	15.08	17.18

Price/Earnings

600036

601939

601398

Financial Strength

Metric	600036	601939	601398
Quick Ratio	—	—	—
Current Ratio	—	—	—
Interest Coverage	—	—	—

Quick Ratio

No chart available

Profitability

Metric	600036	601939	601398
Return on Assets (Normalized)	1.15%	0.74%	0.70%
Return on Equity (Normalized)	13.77%	9.80%	9.84%
Return on Invested Capital (Normalized)	—	—	—

Return on Assets