Goldman Sachs released a research report affirming a "Buy" rating for both the A-shares and H-shares of China Merchants Bank (03968), setting a 12-month target price of 54.22 yuan for its A-shares and 52.96 Hong Kong dollars for its H-shares. China Merchants Bank (600036.SH) disclosed its preliminary full-year results for 2025, reporting total revenue of 3,380 billion yuan and a net profit of 1,500 billion yuan. Based on these figures, the bank's fourth-quarter revenue was 860 billion yuan, marking a 2% year-on-year increase but coming in 1% below Goldman Sachs' expectations, while its net profit for the quarter was 360 billion yuan, up 3% year-on-year yet also 1% lower than the investment bank's forecast.