The past six months have marked a period of significant transformation for China Merchants Securities Co.,Ltd., with the most notable change being the transition of the chairman role from Huo Da to Zhu Jiangtao. Following the appointment of the new chairman, a wave of management reshuffling has swept through the company, reflecting a new leadership agenda.

Between April and August 2026, the company recorded 13 changes among its directors and senior executives. Of these, six executives departed, representing 30% of the total director and executive count at the start of 2025. This sweeping reorganization has fundamentally reshaped the management team of China Merchants Securities Co.,Ltd. Beyond the chairman transition, non-executive directors Liu Zhenhua, Li Xiaofei, and Li Delin have left, along with employee director Ma Xiaoli and board secretary Liu Jie.

In the latest arrangement, the company has appointed Ma Xiaoli as the new board secretary. Reportedly a veteran of the firm, Ma Xiaoli is recognized for strong professional ethics and personal integrity, along with relevant experience in financial and accounting roles. He has served as general manager of the company's office since November 2024 and held the position of employee representative director from December 2025 to August 2026. The management restructuring, however, remains ongoing. The president position is currently vacant, with Zhu Jiangtao continuing to act in that capacity.

Amid these personnel changes, executive compensation at China Merchants Securities Co.,Ltd. has risen. For the six-month period ending June 30, 2026, compensation for key management personnel totaled RMB 7.3879 million, a 48.29% increase from RMB 4.9819 million in the same period last year. This pay hike is underpinned by a surge in the company's financial performance.

In the first half of 2026, China Merchants Securities Co.,Ltd. reported operating revenue of RMB 21.902 billion and net profit attributable to shareholders of RMB 10.624 billion, marking year-on-year growth of 108.19% and 104.87%, respectively. The company's asset base has also expanded steadily, with total assets reaching RMB 871.408 billion as of the end of June 2026, up 15.65% from the end of 2025.

However, net capital has declined. As of June 30, 2026, the parent company's net capital stood at RMB 87.088 billion, a 2.75% decrease from RMB 89.549 billion at the end of the prior year. The strong earnings growth is accompanied by a shift in the revenue structure. Nearly half of the company's revenue now comes from investment and trading activities. In the first half of 2026, this segment generated RMB 10.891 billion in operating revenue, a 325.63% year-on-year surge, accounting for 49.72% of total revenue.

Investment and trading operations encompass equity investments, trading and market-making of derivative financial instruments, fixed income investments, commodities, foreign exchange, and alternative investments, all of which carry inherent earnings volatility. Conversely, the wealth management and institutional business segment, which once contributed as much as 55.36% of revenue in 2025, has seen a notable drop in its share. In the first half of 2026, this segment brought in RMB 8.258 billion in operating revenue, up 39.21% year-on-year, but its proportion fell to 37.7%.

The surge in business activity has also driven up operating expenses. In the first half of 2026, total operating expenditure reached RMB 8.863 billion, an 83.30% increase year-on-year. Credit impairment losses were provisioned at RMB 250 million, up RMB 266 million or a staggering 1,687.7% from the prior year, with provisions made for both lending funds and financial assets purchased under resale agreements. Additionally, business and management fees rose to RMB 8.526 billion, up 78.07% year-on-year, primarily due to increased employee wages.

During the period, employee wages totaled RMB 5.956 billion, soaring 126.38% year-on-year. Despite this, the workforce is shrinking. As of the first half of 2026, China Merchants Securities Co.,Ltd. employed 12,767 people, a reduction of 25 from the 12,792 recorded at the end of the previous year. Based on a rough calculation using total wages, the average salary per employee for the first half of 2026 was approximately RMB 466,000.