Core Viewpoint - Agricultural Bank of China reported a revenue of 369.9 billion yuan for 1H25, a year-on-year increase of 0.8%, and a net profit attributable to shareholders of 139.5 billion yuan, up 2.7% year-on-year [1][2] Financial Performance - 1H25 revenue growth accelerated to 0.8% from 0.4% in 1Q25, while net profit growth improved to 2.7% from 2.2% in 1Q25, with an annualized ROE of 9.9% [1][2] - Non-interest income grew by 15.1% year-on-year in 1H25, up from 11.1% in 1Q25, driven by a 62% increase in agency income [1][2] - Interest income declined by 2.9% year-on-year in 1H25, with net interest margin at 1.32%, down 13 basis points year-on-year [2][3] Asset Quality and Risk Management - The non-performing loan (NPL) ratio remained stable at 1.28% in 2Q25, with a provision coverage ratio of 295%, the highest among major banks [2][3] - Loan growth was steady, with a year-on-year increase of 9.6% in 2Q25, and total new loans of 1.8 trillion yuan in the first half of the year [3] Dividend and Shareholder Returns - The mid-term dividend payout ratio was 32.1%, with a proposed distribution of 1.2 yuan per 10 shares, reflecting a commitment to returning value to shareholders [2] Investment Outlook - The bank is expected to enter a new valuation repair cycle, supported by strong ROE and asset quality, with growth potential in the "Three Rural" policies [4] - Revised profit forecasts for 2025-2027 indicate net profit growth rates of 3.0%, 3.4%, and 4.3% respectively, with the current stock price reflecting a PB of 0.63 times for 2025, indicating significant room for valuation recovery [4]

Group 1 - Agricultural Bank of China (01288.HK) was increased in shareholding by Ping An Insurance (Group) Company of China, Ltd. on September 4, 2025, acquiring 40.213 million shares at an average price of HKD 5.3803 per share, totaling approximately HKD 216 million [1][2] - Following this transaction, Ping An Insurance's total shareholding in Agricultural Bank of China rose to 5,555,566,899 shares, increasing its ownership percentage from 17.94% to 18.07% [1][2]

Core Viewpoint - Agricultural Bank of China announced the resignation of Mr. Wu Gang from the position of Chief Risk Officer due to retirement [2] Company Summary - Mr. Wu Gang has requested to resign from his role as Chief Risk Officer of Agricultural Bank of China due to reaching the retirement age [2]

Core Viewpoint - The Agricultural Bank of China is implementing a fiscal interest subsidy policy for personal consumption loans to stimulate consumer spending and reduce credit costs for residents [1] Group 1: Implementation of Fiscal Interest Subsidy - The Agricultural Bank of China is actively organizing the implementation of the fiscal interest subsidy policy as per the guidelines issued by the Ministry of Finance, People's Bank of China, and financial regulatory authorities [1] - Customers must sign a supplementary agreement to authorize the bank to query loan accounts for consumption transaction identification and subsidy calculation [1][2] - The fiscal interest subsidy will be calculated from the date the agreement takes effect and the bank identifies eligible consumption transactions [1][3] Group 2: Eligibility and Conditions - Customers can enjoy the fiscal interest subsidy for personal consumption loans used for consumption between September 1, 2025, and August 31, 2026, provided the transactions can be identified through loan accounts [3] - The subsidy interest rate is set at an annualized 1%, not exceeding 50% of the loan contract interest rate [4] - Customers can check the subsidy amount through various channels, including mobile banking and customer service [6] Group 3: Restrictions and Compliance - Loans in default are not eligible for the fiscal interest subsidy until all overdue amounts are paid [7] - Once a loan is fully repaid, the corresponding consumption will no longer qualify for the subsidy, although outstanding principal may still be eligible [8] - The policy prohibits the use of loan funds for non-consumption purposes, such as real estate or stock investments, and any fraudulent activities will result in disqualification from the subsidy [10]

Core Viewpoint - China Ping An Insurance (Group) Co., Ltd. has increased its stake in Agricultural Bank of China (01288) by acquiring 40.213 million shares at an average price of HKD 5.3803 per share, totaling approximately HKD 216 million, resulting in a new holding of about 5.556 billion shares, representing an ownership percentage of 18.07% [1] Summary by Category - **Investment Activity** - China Ping An has purchased 40.213 million shares of Agricultural Bank of China [1] - The average purchase price was HKD 5.3803 per share [1] - The total investment amount is approximately HKD 216 million [1] - **Shareholding Status** - Following the acquisition, China Ping An's total shareholding in Agricultural Bank of China is approximately 5.556 billion shares [1] - The new ownership percentage stands at 18.07% [1]

Group 1 - On September 4, China Ping An Insurance (Group) Company Limited increased its stake in Agricultural Bank of China (601288) by acquiring 40.213 million shares at an average price of HKD 5.3803 per share, totaling approximately HKD 216 million [1] - Following the acquisition, China Ping An's total shareholding in Agricultural Bank of China reached approximately 5.556 billion shares, representing a holding percentage of 18.07% [1]

Group 1 - Agricultural Bank of China announced the resignation of its Chief Risk Officer, Wu Gang, effective September 8, 2025 [1] - Wu Gang confirmed that there are no disagreements with the board of directors regarding his departure [1] - The bank stated that Wu Gang has completed the necessary handover procedures as required [1]

Core Viewpoint - Agricultural Bank of China (01288) announced that Wu Gang has requested to resign from his position as Chief Risk Officer due to reaching retirement age [1] Company Summary - Wu Gang's resignation is attributed to mandatory retirement, indicating a transition in the bank's risk management leadership [1]

Core Viewpoint - Agricultural Bank of China (01288.HK) announced that Wu Gang has requested to resign from the position of Chief Risk Officer due to reaching retirement age [1] Company Summary - Wu Gang's resignation is attributed to reaching the retirement age, indicating a potential leadership change within the bank's risk management team [1]

每经头条（nbdtoutiao）——"中国真正实现了弯道超车"！从美国回来14年，陈智胜亲历中国创新药大 爆发：以前跨国药企不太信任中国数据，但现在不同了 （记者 曾健辉） 截至发稿，农业银行市值为25409亿元。 每经AI快讯，农业银行（SH 601288，收盘价：7.26元）9月8日晚间发布公告称，因到龄退休，武刚先 生请求辞去中国农业银行股份有限公司首席风险官职务。武刚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，已按照有关要求做好交接工作。 2025年1至6月份，农业银行的营业收入构成为：利息收入占比86.4%，非利息收入占比8.39%。 ...