Core Viewpoint - Zhejiang Merchants Bank reported a 1Q25 performance with a year-on-year decline in operating income of 7.1% and a slight increase in net profit attributable to shareholders of 0.6%, aligning with expectations [1] Financial Performance - In 1Q25, net interest income increased by 1.4% year-on-year, primarily due to effective control of deposit costs, which supported a rebound in net interest margin [2] - The net interest margin for 1Q25 was 1.60%, with a year-on-year decrease of 8 basis points and a quarter-on-quarter increase of 29 basis points [2] - Interest-earning asset yield decreased by 50 basis points year-on-year to 3.60%, while the cost of interest-bearing liabilities fell by 42 basis points to 1.93% [2] - The bank maintained a steady expansion of interest-earning assets, which grew by 8.9% year-on-year and 3.5% quarter-on-quarter, with total loans increasing by 6.9% year-on-year [2] Non-Interest Income - Other non-interest income saw a significant decline of 24.9% year-on-year in 1Q25, attributed to a high base in 1Q24 and rising bond rates [3] - Net fee income decreased by 13.2% year-on-year, contributing to an overall decline in non-interest income of 22.2% [3] Asset Quality - The non-performing loan ratio slightly increased by 6 basis points to 1.44% in 1Q25, while the net non-performing loan generation rate decreased by 20 basis points to 1.32% [3] - The provision coverage ratio fell by 7.46 percentage points to 171.21% [3] Profit Forecast and Valuation - The profit forecast remains unchanged, with the A-shares trading at 0.4x P/B for 2025E and 2026E, maintaining a target price of 3.55 yuan, indicating a 17.5% upside [4] - The H-shares are trading at 0.4x P/B for 2025E and 0.3x for 2026E, with a target price of 3.01 HKD, reflecting a 15.3% upside [4]

Core Viewpoint - Zhejiang Commercial Bank has achieved significant growth in customer deposits, surpassing 2 trillion yuan for the first time, indicating a strategic shift towards liability-driven operations [2][3]. Financial Performance - As of the end of Q1 2025, Zhejiang Commercial Bank reported total assets of 3.44 trillion yuan, a 3.54% increase from the previous year [2]. - The bank's total liabilities reached 3.24 trillion yuan, reflecting a 3.67% growth year-on-year [2]. - The bank's operating income for Q1 2025 was 17.105 billion yuan, a decrease of 1.302 billion yuan or 7.07% compared to the previous year [3]. - Net interest income increased to 11.981 billion yuan, up 1.38% year-on-year, while non-interest income fell to 5.124 billion yuan, down 22.23% [3]. Profitability - The net profit attributable to shareholders was 5.949 billion yuan, a slight increase of 0.36 billion yuan or 0.61% year-on-year [4]. Asset Quality - As of March 2025, the non-performing loan balance was 25.955 billion yuan, up 1.81% from the previous year, with a non-performing loan ratio of 1.38%, unchanged from the end of the previous year [4]. - The provision coverage ratio decreased to 171.21%, down 7.46 percentage points from the previous year [4]. Capital Adequacy - The capital adequacy ratio stood at 12.18%, a decrease of 0.43 percentage points from the previous year, while the core tier 1 capital ratio remained stable at 8.38% [4].

Core Viewpoint - The report presents the financial performance and operational status of Zhejiang Zheshang Bank for the first quarter of 2025, highlighting stable growth in business scale and maintaining asset quality. Group 1: Financial Performance - Total assets reached 3,443.12 billion RMB, an increase of 117.58 billion RMB, or 3.54% compared to the end of the previous year [8] - Total liabilities amounted to 3,237.33 billion RMB, up by 114.54 billion RMB, or 3.67% [8] - Net profit attributable to shareholders was 5.949 billion RMB, reflecting a slight increase of 0.36 billion RMB, or 0.61% year-on-year [8] Group 2: Revenue and Income - Operating income was 17.105 billion RMB, a decrease of 1.302 billion RMB, or 7.07% year-on-year [8] - Net interest income was 11.981 billion RMB, an increase of 0.163 billion RMB, or 1.38% [8] - Non-interest income was 5.124 billion RMB, a decrease of 1.465 billion RMB, or 22.23% [8] Group 3: Asset Quality - Non-performing loans amounted to 25.955 billion RMB, an increase of 0.461 billion RMB, or 1.81% [9] - Non-performing loan ratio remained stable at 1.38% [9] - Provision coverage ratio was 171.21%, a decrease of 7.46 percentage points [9] Group 4: Capital Adequacy - Capital adequacy ratio stood at 12.18%, down by 0.43 percentage points [9] - Tier 1 capital adequacy ratio was 9.60%, a slight decrease of 0.01 percentage points [9] - Core Tier 1 capital adequacy ratio remained stable at 8.38% [9] Group 5: Shareholder Information - The total number of shareholders at the end of the reporting period was disclosed, with specific details on the top ten shareholders [5] - No existing preferred shares were reported as of the end of the reporting period [7]

证券代码：601916 证券简称：浙商银行 公告编号：2025-024 浙商银行股份有限公司 第七届监事会第十次会议决议公告 本公司监事会及全体监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。 浙商银行股份有限公司（以下简称"本公司"）第七届监事会第十次会议 于2025年4月23日发出会议通知，以书面传签方式召开，表决截止日为2025年4 月29日。本次会议应出席监事11名，实际参与书面传签表决的监事共10名，高 强监事因个人原因未出席会议。本次会议的召开符合法律、法规、部门规章、 其他规范性文件和《浙商银行股份有限公司章程》的有关规定。 会议审议通过了以下议案： 一、通过《浙商银行股份有限公司2025年第一季度报告》。 表决结果：10票赞成，0票反对，0票弃权。 监事会对本公司2025年第一季度报告进行了审核，并出具如下审核意见： 《浙商银行股份有限公司2025年第一季度报告》的编制和审议程序符合法律、 法规以及监管部门的相关规定，内容真实、准确、完整地反映了本公司的实际 情况。 二、通过《浙商银行股份有限公司普惠小微金融2024年工作总结与2 ...

浙商银行股份有限公司 第七届董事会 2025 年第三次临时会议决议公告 证券代码：601916 证券简称：浙商银行 公告编号：2025-023 本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。 浙商银行股份有限公司（以下简称"本公司"或"浙商银行"）第七届董 事会 2025 年第三次临时会议于 2025 年 4 月 23 日发出会议通知，以书面传签方 式召开，表决截止日为 2025 年 4 月 29 日。本公司董事会现有董事 12 名，实际 参与书面传签表决的董事共 12 名。本次会议的召开符合法律、法规、部门规章、 其他规范性文件和《浙商银行股份有限公司章程》的规定。 会议审议通过了以下议案： 一、通过《浙商银行股份有限公司 2025 年第一季度报告》 表决结果：12票赞成，0票反对，0票弃权。 本议案已经公司董事会审计委员会审议通过。 具体详见本公司在上海证券交易所及香港联交所披露的《浙商银行股份有 限公司 2025 年第一季度报告》。 二、通过《浙商银行股份有限公司 2025 年第一季度第三支柱信息披露报告》 表决结果：1 ...

Financial Performance - Net profit attributable to shareholders was RMB 5,949 million, a slight increase of 0.61% compared to the same period last year[4]. - Operating income decreased to RMB 17,105 million, down 7.07% year-on-year[4]. - The total comprehensive income for the group was RMB 3,040 million for Q1 2025, down from RMB 6,295 million in Q1 2024, a decline of 51.66%[33]. - Net profit for the group reached RMB 6,112 million for the period ending March 31, 2025, slightly up from RMB 6,027 million in the same period of 2024, indicating a year-on-year increase of 1.41%[31]. - The group reported a total operating income of RMB 17,105 million for Q1 2025, down from RMB 18,407 million in Q1 2024, a decrease of 7.06%[30]. Assets and Liabilities - Total assets reached RMB 3,443,117 million, an increase of 3.54% compared to the end of 2024[4]. - The total liabilities increased to RMB 3,237,334 million, marking a growth of 3.67% compared to the end of 2024[4]. - The total liabilities amounted to RMB 3,237.33 billion, reflecting an increase of RMB 114.54 billion or 3.67% from the previous year-end[15]. - Total equity of the group rose to RMB 205,783 million as of March 31, 2025, up from RMB 202,743 million as of December 31, 2024, representing a growth of 1.01%[27]. Income and Expenses - Non-interest income accounted for 25.49% of total operating income, a decrease of 2.03 percentage points year-on-year[4]. - The net interest income was RMB 11.981 billion, an increase of RMB 0.163 billion or 1.38% year-on-year, while the net interest margin was 1.76%, down 0.08 percentage points[15]. - Interest income decreased to RMB 26,950 million in Q1 2025 from RMB 28,859 million in Q1 2024, a decline of 6.61%[29]. - The group’s credit impairment losses for Q1 2025 were RMB 4,284 million, compared to RMB 5,379 million in Q1 2024, reflecting a reduction of 20.36%[31]. Cash Flow - The net cash flow from operating activities improved significantly to RMB (2,199) million, a 97.56% increase from RMB (90,099) million in the previous year[4]. - The net cash inflow from operating activities for the group was RMB 185,133 million, compared to RMB 74,930 million in the same period of 2024, showing a significant increase[35]. - The net cash outflow from operating activities for the bank was RMB 2,199 million, compared to a net outflow of RMB 90,099 million in the same period of 2024, indicating improved operational efficiency[37]. - The net cash outflow from investment activities was RMB 19,058 million, a decrease from a net inflow of RMB 54,379 million in the same period of 2024, reflecting a shift in investment strategy[39]. Capital Adequacy and Ratios - The core Tier 1 capital adequacy ratio stood at 8.38%, unchanged from the end of 2024[6]. - The capital adequacy ratio was 12.18%, a decrease of 0.43 percentage points from the previous year-end[16]. - The liquidity coverage ratio was reported at 234.77%, down from 322.75% at the end of 2024[10]. - The cost-to-income ratio improved to 25.49%, a decrease of 2.03 percentage points compared to the previous year[15]. Loans and Advances - Total loans and advances amounted to RMB 1,890,698 million, reflecting a growth of 1.81% year-on-year[4]. - The non-performing loan balance stood at RMB 25.955 billion, up RMB 0.461 billion or 1.81% compared to the end of the previous year, with a non-performing loan ratio of 1.38%[16]. - The net increase in loans and advances issued was RMB (38,934) million, a decrease from RMB (57,637) million in the same period of 2024, indicating a tightening of lending practices[37]. Deposits - The total deposits reached RMB 2,006.368 billion, an increase of RMB 84.079 billion or 4.37% from the previous year-end[15]. - The net increase in deposits absorbed by the group was RMB 82,439 million, consistent with the previous year, indicating stable deposit growth[35].

Financial Performance - Operating income for Q1 2025 was RMB 17,135 million, a decrease of 6.95% year-over-year [8]. - Net profit attributable to shareholders for Q1 2025 was RMB 5,949 million, a slight increase of 0.61% compared to the same period last year [8]. - Net profit before tax for the first quarter of 2025 was RMB 8,040 million, compared to RMB 7,638 million in the same period of 2024, reflecting an increase of about 5.27% [33]. - Net interest income was RMB 11.981 billion, an increase of RMB 0.163 billion or 1.38% year-on-year [28]. - Non-interest income decreased by RMB 1.442 billion or 21.86%, accounting for 30.08% of total operating income, down 5.74 percentage points year-on-year [22]. - Basic and diluted earnings per share remained stable at RMB 0.22 [29]. Assets and Liabilities - Total assets as of March 31, 2025, reached RMB 3,443,117 million, an increase of 3.54% compared to December 31, 2024 [7]. - Total liabilities reached RMB 3,237,334 million, an increase of 3.67% compared to the end of 2024 [7]. - Total loans and advances amounted to RMB 1,890,698 million, reflecting a growth of 1.81% from December 31, 2024 [7]. - Total assets increased to RMB 3,443,117 million as of March 31, 2025, up from RMB 3,325,539 million at the end of 2024, representing a growth of approximately 3.54% [30]. - The total liabilities rose to RMB 3,237,334 million as of March 31, 2025, from RMB 3,122,796 million at the end of 2024, marking an increase of approximately 3.67% [31]. Cash Flow and Liquidity - The net cash flow from operating activities improved significantly to RMB (2,199) million, a 97.56% increase from RMB (90,099) million in Q1 2024 [8]. - Cash and cash equivalents at the end of the first quarter of 2025 were RMB 160,167 million, up from RMB 133,635 million at the beginning of the period, indicating a net increase of RMB 26,532 million [34]. - The company reported a net cash outflow from operating activities of RMB 2,199 million for the first quarter of 2025, compared to an outflow of RMB 90,099 million in the same period of 2024 [34]. - The company issued bonds generating cash inflow of RMB 153,851 million during the first quarter of 2025, compared to RMB 140,859 million in the same period of 2024 [34]. Capital Adequacy and Ratios - The core tier 1 capital adequacy ratio stood at 8.38% as of March 31, 2025, unchanged from the end of 2024 [10]. - The capital adequacy ratio stood at 12.18%, a decrease of 0.43 percentage points compared to the end of the previous year [23]. - The liquidity coverage ratio decreased to 234.77% as of March 31, 2025, down from 322.75% at the end of 2024 [16]. - The average return on total assets (annualized) for Q1 2025 was 0.72%, down from 0.76% in Q1 2024 [8]. - The average equity return (annualized) decreased to 13.57% in Q1 2025, compared to 14.39% in the same period last year [8]. - The group’s loan provision coverage ratio was 171.21%, down by 7.46 percentage points from the previous year [23]. Other Financial Metrics - The non-performing loan balance was RMB 25.955 billion, an increase of RMB 0.046 billion or 1.81% from the previous year [23]. - The company’s expected credit loss provision decreased to RMB 4,284 million in the first quarter of 2025 from RMB 5,379 million in the same period of 2024, indicating a reduction of about 20.36% [33]. - The total equity attributable to shareholders increased to RMB 201,780 million as of March 31, 2025, from RMB 198,903 million at the end of 2024, reflecting a growth of approximately 0.88% [31]. - The company’s net increase in deposits was RMB 82,439 million for the first quarter of 2025, compared to RMB 19,772 million in the same period of 2024 [33]. - The company’s financial investments measured at fair value and recognized in profit or loss increased to RMB 257,918 million as of March 31, 2025, from RMB 228,873 million at the end of 2024, representing a growth of approximately 12.70% [30].

Core Viewpoint - Zhejiang Commercial Bank demonstrates strong operational resilience and stability in its Q1 2025 report, despite the challenging economic environment, by actively optimizing its business structure [1][2]. Financial Performance - As of March 31, 2025, the total assets of Zhejiang Commercial Bank exceeded 3.4 trillion yuan, reflecting a growth of 3.54% compared to the end of the previous year [1][2]. - The bank achieved an operating income of 17.105 billion yuan, with net interest income increasing by 1.38% year-on-year [1]. - The net profit attributable to shareholders reached 5.949 billion yuan, marking a year-on-year growth of 0.61% [1][4]. Business Strategy - The bank has shifted its focus from scale and speed to improving quality and serving the real economy, aligning with a long-termism approach [2]. - As of Q1 2025, total loans and advances amounted to 1.8907 trillion yuan, an increase of 1.81% from the previous year [2]. - Total liabilities reached 3.2373 trillion yuan, up 3.67%, with deposits increasing by 4.37% to 2.0064 trillion yuan [2]. Risk Management - The bank maintains a stable asset quality with a non-performing loan ratio of 1.38%, unchanged from the previous year, and a provision coverage ratio of 171.21% [5][6]. - The core Tier 1 capital adequacy ratio stands at 8.38%, consistent with the end of the previous year [5][6]. Digital Transformation and Customer Service - Zhejiang Commercial Bank has initiated a comprehensive reform centered on customer service, leveraging digitalization to enhance service capabilities and break down internal barriers [4]. - The bank has made significant strides in digital financial services, particularly in supply chain finance, serving over 70,000 upstream and downstream clients, with more than 75% being small and micro enterprises [4].

智通财经4月29日电，浙商银行(601916.SH)发布2025年第一季度报告，报告期内，公司实现营业收入 171.05亿元，同比下降7.07%；归属于本行股东的净利润为59.49亿元，同比增长0.61%。 浙商银行：一季度净利润同比增长0.61% ...

Core Insights - The financial industry is focusing on enhancing its "digital finance" capabilities, transitioning from "digitalization" to "intelligent digitalization" in 2024 [1] - Financial institutions are increasing their technology investments and talent reserves, emphasizing a more pragmatic approach to technology spending and its return on investment [2] Group 1: Technology Investment Trends - In 2024, the six major state-owned banks invested a total of 125.46 billion yuan in financial technology, a 2.15% increase from 2023, but the revenue share remains below 4% for most banks [2] - Postal Savings Bank saw the highest growth in technology investment, reaching 12.30 billion yuan, a 9.03% increase, accounting for 3.53% of its operating income [2] - Nearly half of the banks reported a slight decline in the proportion of technology investment relative to revenue, indicating a shift towards more efficient spending [2] Group 2: AI and Big Model Applications - The application of large models is becoming prominent across various business areas, with China Construction Bank launching 168 financial model applications in 2024 [3] - China Merchants Bank and CITIC Bank are also focusing on "AI + finance" strategies, with China Merchants Bank introducing the first open-source financial model with over 100 billion parameters [3] - Ping An has made digital transformation a priority for 2025, with significant expectations for AI technology applications, reporting 250,000 to 300,000 daily uses of large models internally [3] Group 3: Organizational Changes - Financial institutions are restructuring to better align with digital finance needs, with many forming dedicated committees for digital finance [5] - China Merchants Bank and others are enhancing their organizational culture to support cross-department collaboration and innovation [5] - Zhejiang Commercial Bank has established a financial technology research institute to explore new technologies like large models and quantum technology [5] Group 4: Infrastructure Development - The six major state-owned banks are significantly investing in computing power and cloud computing, with China Construction Bank's computing power reaching 507.72 PFlops, a 9.58% increase [6] - Postal Savings Bank is advancing its cloud-native platform, achieving a tenfold increase in processing efficiency for its core business systems [6] - Other banks, such as CITIC Bank and Shanghai Pudong Development Bank, are also making substantial investments in distributed core systems and data centers [6] Group 5: Strategic Recommendations - Large financial institutions are advised to balance investment and output, focusing on core technology development and infrastructure upgrades [7] - Smaller institutions should avoid "digital anxiety" and develop tailored digital transformation strategies based on their resources [7] - Emphasis on core technology innovation and creating a conducive environment for research and development is crucial for competitive advantage [7]