Core Viewpoint - Agricultural Bank announced the departure of non-executive director Li Wei due to the expiration of his term [1][2]. Group 1 - Li Wei will no longer serve as a non-executive director of Agricultural Bank [1][2]. - Li Wei has also resigned from his positions on the board's "Three Rural" Finance and Inclusive Finance Development Committee, Nomination and Remuneration Committee, and Audit Committee [1][2].

Group 1 - Agricultural Bank of China announced that Li Wei will no longer serve as a non-executive director due to the expiration of his term [1][2] - Li Wei also stepped down from his roles in the bank's board committees, including the "Three Rural" Finance and Inclusive Finance Development Committee, the Nomination and Remuneration Committee, and the Audit Committee [1][2]

Core Viewpoint - The Chinese banking industry is entering a deep transformation cycle after the "golden decade," facing pressures from macroeconomic adjustments, interest rate liberalization, stringent financial regulations, and technological disruptions [1][2][3] Group 1: Industry Challenges - The banking sector is experiencing intensified differentiation, with traditional scale expansion models becoming unsustainable [3] - Banks are facing four pressures: low interest rates, narrow interest margins, high risks, and strong regulations [2] - As of March 29, 2025, the average net interest margin of 13 disclosed banks is expected to narrow to around 1.5%, a year-on-year decline of 10 basis points, and a drop of nearly 60 basis points compared to 2020 [2] Group 2: Digital Transformation - Some banks are attempting to break through traditional business models by embracing digital transformation, with large and medium-sized banks establishing dedicated technology finance departments [4][5] - Despite the establishment of digital strategies, most banks remain at a basic stage of digitalization, focusing on replacing manual processes with digital tools [5] - Leading banks are expected to reduce operational costs by 15%-20% and improve return on equity by 4 percentage points through deep integration of AI technology into core business processes [5] Group 3: Strategic Shifts - The transition to digital and intelligent operations is no longer optional but a necessity for survival in the banking sector [6][14] - Banks like China Merchants Bank and Ping An Bank are integrating AI into their financial services, while Industrial and Commercial Bank of China is building a "Digital ICBC" ecosystem [6] - The focus on digital transformation is reflected in the financial performance of banks, with some achieving continuous revenue and profit growth [6][25] Group 4: Asset Management and Risk - The traditional asset operation model heavily relies on manual experience, making it difficult to achieve precise pricing and dynamic risk control [11] - The banking sector is facing an "asset shortage" due to a slowdown in financing demand from traditional industries and a mismatch between traditional credit evaluation systems and the characteristics of emerging industries [10][11] - Banks are increasingly recognizing the need to support technology-driven enterprises with innovative financial products that consider intangible assets [16][25] Group 5: Future Trends - The banking industry is expected to witness three major trends: the integration of digital intelligence into core business processes, the emergence of specialized sectors to avoid homogenized competition, and a shift towards serving the real economy [30][32] - The focus will shift from scale expansion to value creation, aligning with national strategies on modern industrial systems and technological innovation [33] - Banks that successfully integrate digital intelligence with core operations will gain competitive advantages, while those that remain at a basic level of digitalization may be phased out [31][36]

Core Viewpoint - Agricultural Bank of China (01288.HK) announced that Li Wei will no longer serve as a non-executive director due to the expiration of his term [1] Group 1 - Li Wei has stepped down from his position as a non-executive director of Agricultural Bank of China [1] - Li Wei will also no longer be a member of the board's "Three Rural" Finance and Inclusive Finance Development Committee, Nomination and Remuneration Committee, and Audit Committee [1]

证券代码：601288 证券简称：农业银行 公告编号：临 2026-008 号 中国农业银行股份有限公司 关于董事离任的公告 中国农业银行股份有限公司董事会及全体董事保证本公告内容不存在任何 虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性 承担法律责任。 中国农业银行股份有限公司（以下简称"本行"）非执行 董事李蔚先生因任期届满不再担任本行非执行董事，同时不再 担任董事会"三农"金融与普惠金融发展委员会、提名与薪酬 委员会、审计委员会委员职务。 本行董事会对李蔚先生任职期间为本行发展做出的重要贡 献表示衷心感谢。 特此公告。 中国农业银行股份有限公司董事会 2026 年 3 月 31 日 1 李蔚先生确认与本行董事会无不同意见，也没有就其离任 需要知会本行股东及债权人的任何事项。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 AGRICULTURAL BANK OF CHINA LIMITED 1288 董事名單與其角色和職能 中國農業銀行股份有限公司（「本行」）董事會（「董事會」）成員載列如下。 執行董事 谷 澍 王志恒 劉 洪 林 立 獨立非執行董事 吳聯生 汪昌雲 鞠建東 非執行董事 周 濟 劉曉鵬 張 奇 張洪武 莊毓敏 張 琦 王沛詩 - 1 - 董事會設立7個專門委員會。下表提供各董事會成員在這些委員會中所擔任的職位。 | 委員會 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 戰略規劃 | 「三農」 金融與 | | | 風險 管理與 | | | | | | 與可持續 | 普惠金融 | 提名與 | | 消費者 | 關聯交易 | 美國區域 | | | | 發展 | 發展 | 薪酬 | 審計 | 權益保護 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 AGRICULTURAL BANK OF CHINA LIMITED 1288 公司秘書 中國北京 2026年3月31日 於本公告日期，本行的執行董事為谷澍先生、王志恒先生、劉洪先生和林立先生；本行的非執行董事為周濟女士、 劉曉鵬先生、張奇先生和張洪武先生；本行的獨立非執行董事為吳聯生先生、汪昌雲先生、鞠建東先生、 莊毓敏女士、張琦先生和王沛詩女士。 李蔚先生因任期屆滿不再擔任中國農業銀行股份有限公司（「本行」）非執行董事職務，同 時不再擔任本行董事會（「董事會」）「三農」金融與普惠金融發展委員會、提名與薪酬委員 會、審計委員會委員職務。 李蔚先生確認與董事會無不同意見，也沒有就其離任需要知會本行股東及債權人的任何 事項。 董事會對李蔚先生任職期間為本行發展做出的重要貢獻表示衷心感謝。 承董事會命 中國農業銀行股份有限公司 劉清 關於董事離任的公告 ...

Investment Rating - The report maintains an "Accumulate" rating for A/H shares of the company [7] Core Views - The company reported a net profit of RMB 291.04 billion and operating income of RMB 725.31 billion for 2025, with year-on-year growth of 3.2% and 2.1% respectively, aligning with previous expectations [1] - The company plans to distribute a cash dividend of RMB 0.25 per share for 2025, maintaining a dividend payout ratio of 30% [1] - The company is leading in asset expansion among major banks, with total assets, loans, and deposits growing by 12.8%, 9.0%, and 7.7% respectively by the end of 2025 [2] - Non-interest income increased by 19.9% year-on-year, driven by a strong performance in wealth management and investment services [3] - The company’s non-performing loan ratio remained stable at 1.27%, with a provision coverage ratio of 293% [4] - The target price for 2026 A/H shares is set at RMB 7.67 and HKD 6.78, with a projected price-to-book ratio of 0.90 for A shares and 0.70 for H shares [5] Summary by Sections Financial Performance - For 2025, the company achieved a net profit of RMB 291.04 billion, with a year-on-year growth of 3.18% and operating income of RMB 725.31 billion, reflecting a growth rate of 2.08% [11] - The company’s net interest income decreased by 1.9% year-on-year, but the decline was less severe compared to previous quarters [2] Asset Growth - By the end of 2025, total assets grew by 12.8%, loans by 9.0%, and deposits by 7.7%, marking the fastest expansion among the six major banks [2] - The company’s corporate and retail loan growth rates were 9.2% and 5.0% respectively, with county loans growing at 11.0% [2] Non-Interest Income - Non-interest income rose by 19.9% year-on-year, with intermediary business income increasing by 16.6% [3] - The company’s investment income and fair value changes grew by 38.0% and 23.1% respectively, indicating resilience in the market [3] Risk Management - The non-performing loan ratio was stable at 1.27%, with a provision coverage ratio of 293%, indicating strong risk management capabilities [4] - The company maintained strict standards for non-performing loan recognition, with overdue loans over 90 days accounting for 72% of total non-performing loans [4] Valuation - The target price for 2026 A/H shares is RMB 7.67 and HKD 6.78, with a projected price-to-book ratio of 0.90 for A shares and 0.70 for H shares [5] - The company is expected to maintain a competitive edge in the market due to its unique county financial characteristics and resilient performance [5]

Core Viewpoint - Agricultural Bank of China (601288.SH) announced that non-executive director Li Wei will no longer serve due to the expiration of his term, and he will also step down from various committee positions [1] Group 1 - Li Wei's term as a non-executive director has ended [1] - Li Wei will no longer be a member of the board's "Three Rural" finance and inclusive finance development committee [1] - Li Wei will also resign from the nomination and remuneration committee, as well as the audit committee [1]

Core Viewpoint - Agricultural Bank of China reported a net profit and operating income for 2025, showing year-on-year growth of 3.2% and 2.1% respectively, aligning closely with previous expectations [1] Group 1: Financial Performance - The bank's total assets, loans, and deposits grew by 12.8%, 9.0%, and 7.7% respectively by the end of 2025, leading among the six major banks [2] - Non-interest income increased by 19.9% year-on-year, with intermediary business income rising by 16.6%, ranking first among major banks [3] - The bank's net interest margin was 1.28%, a decrease of 14 basis points year-on-year, influenced by LPR adjustments and low market interest rates [2] Group 2: Risk and Asset Quality - The non-performing loan (NPL) ratio stood at 1.27% at the end of 2025, with a provision coverage ratio of 293%, remaining stable compared to the previous quarter [4] - Retail loan NPLs showed volatility, with increases in mortgage, business loan, and credit card NPL ratios, while corporate loan quality improved in sectors like transportation and water conservancy [4] Group 3: Future Outlook - The bank plans to continue expanding its wealth management and investment trading businesses to diversify income sources [3] - For 2026, the bank's projected net profit is estimated at 303 billion yuan, with a target price of 7.67 yuan for A shares and 6.78 Hong Kong dollars for H shares, maintaining a buy rating [5]