• China Merchants Bank average gross margin for 2023 was 71.4%, a 2.22% decline from 2022.
• China Merchants Bank average gross margin for 2022 was 73.02%, a 1.84% decline from 2021.
• China Merchants Bank average gross margin for 2021 was 71.7%, a 2.37% increase from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.