China Merchants Securities Co., Ltd. (FRA:195H)

Revenue by Segment

Financials in millions CNY. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016
Investment & Trading		6.33B	3.54B	1.79B	5.50B	4.59B
Investment & Trading Growth		79.14%	97.62%	-67.48%	19.75%	14.03%
Investment Banking		857.64M	1.29B	1.39B	2.46B	2.07B
Investment Banking Growth		-33.75%	-6.57%	-43.63%	18.83%	16.31%
Investment Management (Including Direct Investment Operations)		924.04M	926.83M	1.18B	1.74B	1.53B
Investment Management (Including Direct Investment Operations) Growth		-0.30%	-21.53%	-31.96%	13.22%	-14.17%
Others		2.54B	4.05B	3.76B	6.03B	4.48B
Others Growth		-37.26%	7.78%	-37.59%	34.41%	30.52%
Wealth Management and Institutional Business		10.23B	10.01B	11.10B	13.71B	11.60B
Wealth Management and Institutional Business Growth		2.22%	-9.83%	-19.00%	18.18%	51.03%
Total		20.89B	19.82B	19.22B	29.43B	24.28B
Total Growth		5.40%	3.13%	-34.69%	21.22%	29.77%

Revenue by Geography

Financials in millions CNY. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016
Outside Mainland China		1.09B	901.36M	260.84M	1.44B	999.28M
Outside Mainland China Growth		21.42%	245.55%	-81.90%	44.19%	-
Mainland China		19.80B	18.92B	18.96B	27.99B	23.28B
Mainland China Growth		4.64%	-0.20%	-32.26%	20.23%	-
Total		20.89B	19.82B	19.22B	29.43B	24.28B
Total Growth		5.40%	3.13%	-34.69%	21.22%	29.77%

Source: S&P Global Market Intelligence.