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分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。 本 公 告 僅 供 參 考，並 不 擬 及 不 構 成 收 購、購 買 或 認 購 本 行 或 要 約 人 的 任 何 證 券 的 邀 請 或 要 約 或 該 等 邀 請 或 要 約 的 一 部 分，或 於 任 何 司 法 權 區 招 攬 任 何 表 決 或 批 准，亦 不 得 在 與 適 用 法 律 相 牴 觸 的 情 況 下 於 任 何 司 法 權 區 出 售、發 行 或 轉 讓 本 行 證 券。 若 構 成 違 反 任 何 司 法 權 區 的 適 用 法 律 或 規 例，則 本 公 告 所 載 全 部 或 部 分 資 料 不 得 於、向 或 從 該 司 法 權 區 發 佈、刊 發 或 派 發。 Shenyang Shengjing Financial Holding Investment Group Co., Ltd.* 瀋陽盛京 ...

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 會 就本公告全部或任何部分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。 * 盛京銀行股份有限公司根據香港銀行業條例（香港法例第155章）並非一家認可機構， 並 非 受 限 於 香 港 金 融 管 理 局 的 監 督，及 不 獲 授 權 在 香 港 經 營 銀 行 及╱或 接 受 存 款 業 務。 盛京銀行股份有限公司* 孫 進 董事長 中國遼寧省瀋陽市 2025年9月12日 於 本 公 告 日 期，本 行 執 行 董 事 為 孫 進 先 生、柳 旭 女 士、王 亦 工 先 生、張 學 文 先 生 及 何 一 軒 先 生；本 行 非 執 行 董 事 為 孫 振 宇 先 生、何 鵬 先 生、楊 秀 女 士 及 王 紅 枚 女 士；及 本 行 獨 立 非 執 行 董 事 為 王 沫 先 生、呂 丹 女 士、 陳 柏 楠 先 生、王 嵐 女 士 及 黃 瑋 強 先 生。 SHENGJING BANK CO., LTD. ...

目錄 | 1 | 公司基本情況 | 2 | | --- | --- | --- | | 2 | 財務摘要 | 4 | | 3 | 管理層討論和分析 | 7 | | | 3.1 總體經營情況 | 7 | | | 3.2 財務報表分析 | 9 | | | 業務綜述 3.3 | 48 | | | 3.4 風險管理 | 58 | | | 未來展望與發展戰略 3.5 | 64 | | 4 | 股本變動及股東情況 | 65 | | 5 | 董事、監事、高級管理人員及員工 | 73 | | 6 | 重要事項 | 76 | | 7 | 獨立核數師審閱報告 | 78 | | 8 | 未經審計的中期財務報表 | 80 | | 9 | 未經審計的中期財務報表附註 | 91 | | 10 | 未經審計的補充財務信息 | 233 | | 11 | 釋義 | 239 | * 盛京銀行股份有限公司根據香港銀行業條例（香港法例第155章）並非一家認可機構，並非受限於香港金融管理 局的監督，及不獲授權在香港經營銀行及╱或接受存款業務。 公司基本情況 | 法定中文名稱 | 盛京銀行股份有限公司 | | --- | --- | | 中文簡稱 | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 6,455,937,700 RMB | | 1 | RMB | | 6,455,937,700 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 6,455,937,700 RMB | | 1 | RMB | | 6,455,937,700 | 本月底法定/註冊股本總額： RMB 8,796,680,200 備註： 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | ...

Core Viewpoint - Shengjing Bank reported its interim results for the six months ending June 30, 2025, highlighting steady growth in revenue and net profit while focusing on strategic planning and operational transformation [1][2] Financial Performance - Operating income reached 4.326 billion RMB, with a net profit of 508 million RMB and a net profit attributable to shareholders of 494 million RMB [1] - Total assets amounted to 1,128.181 billion RMB, an increase of 5.405 billion RMB, or 0.5%, compared to the end of the previous year [1] - Total deposits were 791.469 billion RMB, up by 10.880 billion RMB, or 1.4%, while total loans increased to 514.873 billion RMB, rising by 14.280 billion RMB, or 2.9% [1] Strategic Focus - The bank emphasized serving the high-quality development of the real economy, enhancing financial services for local economies, SMEs, and urban and rural residents [2] - Technology loans grew by 39.6%, green loans increased by 29.5%, and inclusive micro-enterprise loans rose by 17.6% [2] - The bank launched version 7.0 of its mobile banking app, adding 277,300 new users in the first half of 2025 [2] Risk Management - The bank maintained a prudent risk appetite and management strategy, enhancing digital transformation and technology empowerment [2] - The non-performing loan ratio stood at 2.69%, an increase of 0.01 percentage points from the end of the previous year, while the provision coverage ratio remained stable at 157.00% [2]

报告期内，该行以服务实体经济高质量发展为主线，围绕做好"五篇大文章"，立足"三服务"定位，持续 加强对地方经济、中小企业和城乡居民的金融服务能力。截至2025年6月30日，该行培育特色科技金 融，科技贷款较上年末增幅39.6%;深耕拓展绿色金融，绿色贷款较上年末增幅29.5%;精准滴灌普惠金 融，普惠小微企业贷款较上年末增幅17.6%;专注服务养老金融，完善"盛情社区"小程序，社区认证超30 万人;赋能升级数字金融，发佈手机银行7.0版本，2025年上半年新增手机银行用户27.73万户。 盛京银行(02066)发布截至2025年6月30日止六个月中期业绩，营业收入43.26亿元(人民币，下同);净利润 5.08亿元;归母净利润4.94亿元。 报告期内，该行立足宏观经济环境与行业发展趋势，强化战略规划组织实施，稳步推进经营转型，统筹 平衡质的有效提升和量的合理增长。截至2025年6月30日，该行资产总额11,281.81亿元，较上年末增加 54.05亿元，增幅0.5%;各项存款7,914.69亿元，较上年末增加108.80亿元，增幅1.4%;各项贷款5,148.73亿 元，较上年末增加142.80亿元，增幅2. ...

[Company Profile](index=4&type=section&id=1%20Company%20Profile) The bank's legal Chinese name is Shengjing Bank Co., Ltd., with its registered office in Shenyang, Liaoning, China - The bank's legal Chinese name is Shengjing Bank Co., Ltd., abbreviated as Shengjing Bank[7](index=7&type=chunk) - Registered and office address: No. 109 Beizhan Road, Shenhe District, Shenyang City, Liaoning Province, China[7](index=7&type=chunk) - H-share registrar: Hong Kong Registrars Limited[9](index=9&type=chunk) - Auditor: Crowe (HK) CPA Limited[9](index=9&type=chunk) [Financial Highlights](index=6&type=section&id=2%20Financial%20Highlights) This section provides a concise overview of the bank's key financial performance, asset/liability, profitability, asset quality, and capital adequacy indicators for the reporting period Operating Results (H1 2025 vs H1 2024) | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Income | 4,325,668 | 4,560,146 | (5.1) | | Profit Before Tax | 754,150 | 650,980 | 15.8 | | Net Profit | 508,470 | 591,690 | (14.1) | | Net Profit Attributable to Equity Holders of the Bank | 493,537 | 576,594 | (14.4) | Major Asset/Liability Indicators (June 30, 2025 vs December 31, 2024) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 1,128,181,308 | 1,122,776,226 | 0.5 | | Total Loans and Advances | 514,872,706 | 500,592,244 | 2.9 | | Total Liabilities | 1,047,732,812 | 1,042,578,840 | 0.5 | | Total Customer Deposits | 791,469,266 | 780,589,201 | 1.4 | Profitability Indicators (H1 2025 vs H1 2024) | Indicator | H1 2025 (%) | H1 2024 (%) | Change (percentage points) | | :--- | :--- | :--- | :--- | | Return on Average Total Assets | 0.09 | 0.11 | (0.02) | | Return on Average Equity | 1.28 | 1.48 | (0.20) | | Net Interest Spread | 1.16 | 1.20 | (0.04) | | Net Interest Margin | 0.81 | 0.80 | 0.01 | | Cost-to-Income Ratio | 53.95 | 57.58 | (3.63) | Asset Quality Indicators (June 30, 2025 vs December 31, 2024) | Indicator | June 30, 2025 (%) | December 31, 2024 (%) | Change (percentage points) | | :--- | :--- | :--- | :--- | | Non-Performing Loan Ratio | 2.69 | 2.68 | 0.01 | | Provision Coverage Ratio | 157.00 | 157.00 | – | | Loan Loss Reserve Ratio | 4.22 | 4.21 | 0.01 | Capital Adequacy Ratio Indicators (June 30, 2025 vs December 31, 2024) | Indicator | June 30, 2025 (%) | December 31, 2024 (%) | Change (percentage points) | | :--- | :--- | :--- | :--- | | Core Tier 1 Capital Adequacy Ratio | 9.85 | 10.26 | (0.41) | | Tier 1 Capital Adequacy Ratio | 11.72 | 12.24 | (0.52) | | Capital Adequacy Ratio | 14.08 | 14.69 | (0.61) | [Management Discussion and Analysis](index=9&type=section&id=3%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the bank's overall business performance, financial statements, and risk management strategies, along with its future outlook and development plans [Overall Business Performance](index=9&type=section&id=3.1%20Overall%20Business%20Performance) In the first half of 2025, Shengjing Bank achieved steady growth in total assets, deposits, and loans, optimizing its asset and liability structure while strengthening risk management Asset and Liability Scale Growth (As of June 30, 2025 vs End of Last Year) | Indicator | June 30, 2025 (RMB billions) | End of Last Year (RMB billions) | Growth (%) | | :--- | :--- | :--- | :--- | | Total Assets | 11,281.81 | 11,227.76 | 0.5 | | Total Deposits | 7,914.69 | 7,805.89 | 1.4 | | Total Loans | 5,148.73 | 5,005.92 | 2.9 | - Technology-driven loans increased by **39.6%** compared to the end of last year[16](index=16&type=chunk) - Green loans increased by **29.5%** compared to the end of last year[16](index=16&type=chunk) - Inclusive small and micro enterprise loans increased by **17.6%** compared to the end of last year[16](index=16&type=chunk) - Launched mobile banking version 7.0, adding **277,300** new mobile banking users in H1 2025[16](index=16&type=chunk) - Non-performing loan ratio was **2.69%**, an increase of **0.01 percentage points** from the end of last year[17](index=17&type=chunk) - Provision coverage ratio was **157.00%**, consistent with the end of last year[17](index=17&type=chunk) [Financial Statement Analysis](index=11&type=section&id=3.2%20Financial%20Statement%20Analysis) Financial statement analysis reveals a 14.1% year-on-year decrease in net profit for H1 2025, primarily due to lower interest income from declining asset yields and reduced non-interest income from market rate fluctuations [Income Statement Analysis](index=11&type=section&id=3.2.1%20Income%20Statement%20Analysis) In H1 2025, Shengjing Bank's net profit decreased by 14.1% year-on-year, mainly due to reduced interest income from declining asset yields and lower non-interest income from market rate fluctuations [Operating Income](index=12&type=section&id=3.2.1.1%20Operating%20Income) In H1 2025, Shengjing Bank's operating income decreased by 5.1% year-on-year to RMB 4.326 billion, primarily due to a decline in non-interest income influenced by market interest rate fluctuations Operating Income Change | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Income | 4,325,668 | 4,560,146 | (234,478) | (5.1) | | Net Non-Interest Income | 940,281 | 1,324,358 | (384,077) | (29.0) | | Net Interest Income | 3,385,387 | 3,235,788 | 149,599 | 4.6 | - The decrease in operating income was mainly due to a year-on-year decline in non-interest income affected by market interest rate fluctuations[20](index=20&type=chunk) - Net interest income increased year-on-year, partially offsetting the decline in non-interest income[20](index=20&type=chunk) [Net Interest Income](index=12&type=section&id=3.2.1.2%20Net%20Interest%20Income) In H1 2025, Shengjing Bank's net interest income increased by 4.6% year-on-year to RMB 3.385 billion, driven by a larger decrease in interest expense compared to interest income Net Interest Income Change | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | 3,385,387 | 3,235,788 | 149,599 | 4.6 | | Interest Income | 15,603,519 | 16,442,995 | (839,476) | (5.1) | | Interest Expense | (12,218,132) | (13,207,207) | 989,075 | (7.5) | [Net Interest Margin and Net Interest Spread](index=13&type=section&id=3.2.1.3%20Net%20Interest%20Margin%20and%20Net%20Interest%20Spread) In H1 2025, Shengjing Bank's net interest spread was 1.16%, a decrease of 0.04 percentage points, while net interest margin was 0.81%, an increase of 0.01 percentage points Net Interest Spread and Net Interest Margin | Indicator | Six Months Ended June 30, 2025 (%) | Six Months Ended June 30, 2024 (%) | Change (percentage points) | | :--- | :--- | :--- | :--- | | Net Interest Spread | 1.16 | 1.20 | (0.04) | | Net Interest Margin | 0.81 | 0.80 | 0.01 | Interest Income Change Analysis (2025 vs 2024) | Interest-Earning Assets | Change due to Volume (RMB thousands) | Change due to Rate (RMB thousands) | Net Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Loans and Advances to Customers | 507,881 | (1,086,762) | (578,881) | | Financial Investments | 236,780 | (425,189) | (188,409) | | Deposits with Central Bank | (42,286) | (281) | (42,567) | | Due from and Placements with Banks and Other Financial Institutions | (71,813) | (6,295) | (78,108) | | Financial Assets Held Under Resale Agreements | 64,724 | (16,235) | 48,489 | | **Total Interest Income Change** | **695,286** | **(1,534,762)** | **(839,476)** | Interest Expense Change Analysis (2025 vs 2024) | Interest-Bearing Liabilities | Change due to Volume (RMB thousands) | Change due to Rate (RMB thousands) | Net Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Borrowings from Central Bank | 3,511 | (1,292) | 2,219 | | Customer Deposits | 336,162 | (1,030,696) | (694,534) | | Due to and Placements from Banks and Other Financial Institutions | 405,579 | (305,526) | 100,053 | | Financial Assets Sold Under Repurchase Agreements | (290,956) | (183,902) | (474,858) | | Debt Securities Issued | 126,912 | (48,867) | 78,045 | | **Total Interest Expense Change** | **581,208** | **(1,570,283)** | **(989,075)** | - Net interest income change: **RMB 114 million** from volume change, **RMB 35 million** from rate change, totaling **RMB 150 million**[31](index=31&type=chunk) [Interest Income](index=17&type=section&id=3.2.1.4%20Interest%20Income) In H1 2025, Shengjing Bank's interest income decreased by 5.1% year-on-year to RMB 15.604 billion, primarily due to lower interest income from loans and advances - In H1 2025, interest income was **RMB 15.604 billion**, a year-on-year decrease of **RMB 839 million**, or **5.1%**[35](index=35&type=chunk) - The main reason was a year-on-year decrease in interest income from loans and advances to customers[35](index=35&type=chunk) - In H1 2025, interest income from loans and advances to customers was **RMB 11.679 billion**, a year-on-year decrease of **RMB 579 million**, or **4.7%**[37](index=37&type=chunk) - Interest income from loans and advances to customers accounted for **74.9%** of total interest income, an increase of **0.4 percentage points** year-on-year[37](index=37&type=chunk) - Average yield on corporate loans decreased from **4.92%** to **4.74%**, and on personal loans from **5.68%** to **4.42%**[37](index=37&type=chunk) - In H1 2025, interest income from financial investments was **RMB 3.308 billion**, a year-on-year decrease of **RMB 188 million**, or **5.4%**[38](index=38&type=chunk) - In H1 2025, interest income from financial assets held under resale agreements was **RMB 124 million**, a year-on-year increase of **RMB 48 million**, or **64.2%**[40](index=40&type=chunk) [Interest Expense](index=20&type=section&id=3.2.1.5%20Interest%20Expense) In H1 2025, Shengjing Bank's interest expense decreased by 7.5% year-on-year to RMB 12.218 billion, mainly due to significant reductions in interest expense from deposits and repurchase agreements - In H1 2025, interest expense was **RMB 12.218 billion**, a year-on-year decrease of **RMB 989 million**, or **7.5%**[41](index=41&type=chunk) - The main reasons were year-on-year decreases in interest expense from customer deposits and financial assets sold under repurchase agreements[41](index=41&type=chunk) - In H1 2025, interest expense from customer deposits was **RMB 10.062 billion**, a year-on-year decrease of **RMB 695 million**, or **6.5%**[44](index=44&type=chunk) - The decrease in interest expense from customer deposits was mainly due to the deepening interest rate marketization reform and the bank's continuous strengthening of liability quality management to reduce funding costs[44](index=44&type=chunk) - Average interest rate on corporate demand deposits decreased from **1.53%** to **1.04%**, and on personal demand deposits from **0.20%** to **0.07%**[45](index=45&type=chunk) - In H1 2025, interest expense from financial assets sold under repurchase agreements was **RMB 588 million**, a year-on-year decrease of **RMB 475 million**, or **44.7%**[47](index=47&type=chunk) [Net Non-Interest Income](index=23&type=section&id=3.2.1.6%20Non-Interest%20Income) In H1 2025, Shengjing Bank's net non-interest income decreased by 29.0% year-on-year, despite a significant increase in net fee and commission income, due to reduced net trading gains and net investment income Net Non-Interest Income Change | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net Non-Interest Income | 940,281 | 1,324,358 | (384,077) | (29.0) | - In H1 2025, net fee and commission income was **RMB 213 million**, a year-on-year increase of **RMB 194 million**, or **1,003.3%**[49](index=49&type=chunk) - The growth in net fee and commission income was mainly due to the bank's active promotion of business transformation and reduction of business cooperation fee expenses[49](index=49&type=chunk) - In H1 2025, net trading losses were **RMB 237 million**, a year-on-year decrease of **RMB 821 million**, or **77.6%**[51](index=51&type=chunk) - The decrease in net trading losses was mainly due to foreign exchange business costs and changes in fair value revaluation[51](index=51&type=chunk) - In H1 2025, net investment income was **RMB 883 million**, a year-on-year decrease of **RMB 1.459 billion**, or **62.3%**[52](index=52&type=chunk) - The decrease in net investment income was mainly due to reduced net gains from disposal of debt assets[52](index=52&type=chunk) [Operating Expenses](index=25&type=section&id=3.2.1.7%20Operating%20Expenses) In H1 2025, Shengjing Bank's operating expenses decreased by 10.4% year-on-year to RMB 2.486 billion, with notable reductions in staff costs, rent, property management fees, and other general and administrative expenses Total Operating Expenses Change | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Operating Expenses | 2,486,359 | 2,773,695 | (287,336) | (10.4) | - In H1 2025, staff costs were **RMB 1.443 billion**, a year-on-year decrease of **RMB 15 million**, or **1.0%**[56](index=56&type=chunk) - The decrease in staff costs was mainly due to year-on-year reductions in salaries, bonuses, allowances, and social insurance contributions[56](index=56&type=chunk) - In H1 2025, rent and property management fees were **RMB 42 million**, a year-on-year decrease of **RMB 25 million**, or **37.1%**[59](index=59&type=chunk) - In H1 2025, other general and administrative expenses were **RMB 461 million**, a year-on-year decrease of **RMB 273 million**, or **37.2%**[61](index=61&type=chunk) [Asset Impairment Losses](index=27&type=section&id=3.2.1.8%20Asset%20Impairment%20Losses) In H1 2025, Shengjing Bank's asset impairment losses decreased by 4.4% year-on-year to RMB 1.085 billion, driven by a substantial reduction in financial investment impairment losses despite an increase in loan impairment losses Total Asset Impairment Losses Change | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total | 1,085,159 | 1,135,471 | (50,312) | (4.4) | - In H1 2025, impairment losses on loans and advances to customers were **RMB 902 million**, a year-on-year increase of **RMB 153 million**, or **20.4%**[63](index=63&type=chunk) - In H1 2025, impairment losses on financial investments were **RMB 155 million**, a year-on-year decrease of **RMB 835 million**, or **84.3%**[63](index=63&type=chunk) [Income Tax Expense](index=28&type=section&id=3.2.1.9%20Income%20Tax%20Expense) In H1 2025, Shengjing Bank's income tax expense amounted to RMB 246 million - In H1 2025, income tax expense was **RMB 246 million**[64](index=64&type=chunk) [Statement of Financial Position Analysis](index=28&type=section&id=3.2.2%20Statement%20of%20Financial%20Position%20Analysis) As of June 30, 2025, Shengjing Bank's total assets and liabilities both saw slight increases, with shareholders' equity also rising marginally, reflecting ongoing optimization of its asset and liability structure [Assets](index=28&type=section&id=3.2.2.1%20Assets) As of June 30, 2025, Shengjing Bank's total assets increased by 0.5% to RMB 1,128.181 billion, with loans and advances, financial investments, and cash as primary components - As of June 30, 2025, total assets were **RMB 1,128.181 billion**, an increase of **RMB 5.405 billion** or **0.5%** from the end of last year[65](index=65&type=chunk) - Major components: net loans and advances to customers (**49.1%**), financial investments (**38.5%**), and cash and deposits with central bank (**5.8%**)[65](index=65&type=chunk) - As of June 30, 2025, total loans and advances to customers were **RMB 514.873 billion**, an increase of **RMB 14.280 billion** or **2.9%** from the end of last year[68](index=68&type=chunk) - Loans and advances to customers accounted for **45.6%** of total assets, an increase of **1.0 percentage point** from the end of last year[68](index=68&type=chunk) - Corporate loans (including bill discounts) were **RMB 393.833 billion**, an increase of **2.0%**[71](index=71&type=chunk) - Personal loans were **RMB 121.040 billion**, an increase of **5.6%**[72](index=72&type=chunk) - Personal consumer loans increased from **RMB 60.144 billion** to **RMB 68.897 billion**[69](index=69&type=chunk) - As of June 30, 2025, financial investments balance was **RMB 431.004 billion**, a decrease of **RMB 25.968 billion** or **5.7%** from the end of last year[77](index=77&type=chunk) - Financial investments accounted for **38.2%** of total assets, a decrease of **2.5 percentage points** from the end of last year[77](index=77&type=chunk) - Financial investments at fair value through profit or loss decreased by **11.18%**[79](index=79&type=chunk) - Financial investments at fair value through other comprehensive income decreased by **24.83%**[79](index=79&type=chunk) - Financial investments at amortized cost increased by **3.10%**[80](index=80&type=chunk) [Liabilities](index=36&type=section&id=3.2.2.2%20Liabilities) As of June 30, 2025, Shengjing Bank's total liabilities increased by 0.5% to RMB 1,047.733 billion, with deposits being the largest component, and issued bonds showing significant growth - As of June 30, 2025, total liabilities were **RMB 1,047.733 billion**, an increase of **RMB 5.154 billion** or **0.5%** from the end of last year[84](index=84&type=chunk) - Major components: customer deposits (**78.2%**), due to and placements from banks and other financial institutions (**9.1%**), and financial assets sold under repurchase agreements (**6.2%**)[84](index=84&type=chunk) - As of June 30, 2025, total customer deposits were **RMB 791.469 billion**, an increase of **RMB 10.880 billion** or **1.4%** from the end of last year[86](index=86&type=chunk) - Customer deposits accounted for **75.5%** of total liabilities, an increase of **0.6 percentage points** from the end of last year[86](index=86&type=chunk) - Personal deposits increased by **RMB 21.045 billion**, or **3.8%**, from the end of last year[86](index=86&type=chunk) - Corporate deposits decreased by **RMB 12.179 billion** from the end of last year[86](index=86&type=chunk) - As of June 30, 2025, total debt securities issued were **RMB 23.390 billion**, an increase of **RMB 4.652 billion** or **24.8%** from the end of last year[89](index=89&type=chunk)[91](index=91&type=chunk) - The balance of interbank certificates of deposit issued was **RMB 12.391 billion**, an increase of **RMB 4.652 billion** from the end of last year[91](index=91&type=chunk) [Shareholders' Equity](index=40&type=section&id=3.2.2.3%20Shareholders%20Equity) As of June 30, 2025, Shengjing Bank's total shareholders' equity increased by 0.3% to RMB 80.448 billion, with an increase in retained earnings partially offset by decreases in investment revaluation reserves and non-controlling interests - As of June 30, 2025, total shareholders' equity was **RMB 80.448 billion**, an increase of **RMB 251 million** or **0.3%** from the end of last year[92](index=92&type=chunk) Shareholders' Equity Composition | Indicator | June 30, 2025 (RMB thousands) | % of Total | December 31, 2024 (RMB thousands) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Share Capital | 8,796,680 | 10.9 | 8,796,680 | 11.0 | | Capital Reserve | 26,943,067 | 33.5 | 26,957,822 | 33.6 | | Surplus Reserve | 7,577,198 | 9.4 | 7,537,771 | 9.4 | | General Reserve | 14,890,179 | 18.5 | 14,846,802 | 18.5 | | Investment Revaluation Reserve | (2,610,850) | (3.2) | (2,561,420) | (3.2) | | Retained Earnings | 24,483,453 | 30.4 | 24,072,720 | 30.0 | | Non-Controlling Interests | 406,432 | 0.5 | 583,472 | 0.7 | [Loan Quality Analysis](index=41&type=section&id=3.2.3%20Loan%20Quality%20Analysis) Shengjing Bank continued to optimize its credit structure and strengthen risk control during the reporting period, resulting in a slight increase in the non-performing loan ratio to 2.69% [Five-Category Loan Classification](index=41&type=section&id=3.2.3.1%20Loan%20Five-Category%20Classification) As of June 30, 2025, Shengjing Bank's total non-performing loans amounted to RMB 13.829 billion, with a non-performing loan ratio of 2.69%, a slight increase of 0.01 percentage points from the end of last year Non-Performing Loan Status | Indicator | June 30, 2025 (RMB thousands) | % of Total | December 31, 2024 (RMB thousands) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Non-Performing Loans | 13,828,539 | 2.69 | 13,437,687 | 2.68 | | Normal Loans | 480,840,294 | 93.4 | 467,100,612 | 93.4 | [Loan Concentration](index=42&type=section&id=3.2.3.2%20Loan%20Concentration) As of June 30, 2025, Shengjing Bank's corporate loans were primarily concentrated in five industries, with the top ten single borrowers' loans all classified as normal Industry Loan Concentration (As of June 30, 2025) | Industry | Loan Amount (RMB thousands) | % of Total | Non-Performing Loan Amount (RMB thousands) | Non-Performing Loan Ratio (%) | | :--- | :--- | :--- | :--- | :--- | | Wholesale and Retail Trade | 148,359,870 | 28.9 | 6,068,540 | 4.09 | | Leasing and Business Services | 67,086,574 | 13.0 | 573,411 | 0.85 | | Real Estate | 39,316,526 | 7.6 | 476,285 | 1.21 | | Manufacturing | 36,849,974 | 7.2 | 1,275,244 | 3.46 | | Construction | 12,630,407 | 2.5 | 682,867 | 5.41 | - The total loan balance for the top five industries was **RMB 304.243 billion**, accounting for **59.1%** of total loans and advances[102](index=102&type=chunk) - Loans to the top ten single borrowers were all classified as normal[103](index=103&type=chunk) [Non-Performing Loan Distribution by Product Type](index=45&type=section&id=3.2.3.3%20Non-Performing%20Loan%20Distribution%20by%20Product%20Type) As of June 30, 2025, Shengjing Bank's non-performing loan ratio was 2.69%, with corporate NPLs decreasing and personal NPLs increasing, particularly in housing mortgages and consumer loans - As of June 30, 2025, the bank's non-performing loan ratio was **2.69%**[104](index=104&type=chunk) - As of June 30, 2025, the non-performing loan ratio for corporate loans was **2.51%**, a decrease from **2.62%** as of December 31, 2024[105](index=105&type=chunk) - As of June 30, 2025, the non-performing loan ratio for personal loans was **3.26%**, an increase from **2.90%** as of December 31, 2024[105](index=105&type=chunk) - The non-performing loan ratio for housing mortgage loans increased from **3.66%** to **4.34%**[104](index=104&type=chunk) - The non-performing loan ratio for personal consumer loans increased from **2.23%** to **2.41%**[104](index=104&type=chunk) [Capital Adequacy Ratio Analysis](index=46&type=section&id=3.2.4%20Capital%20Adequacy%20Ratio%20Analysis) As of June 30, 2025, Shengjing Bank's core Tier 1 capital adequacy ratio was 9.85%, Tier 1 capital adequacy ratio was 11.72%, and total capital adequacy ratio was 14.08%, all meeting regulatory requirements despite a slight decrease Capital Adequacy Ratio Indicators | Indicator | June 30, 2025 (%) | December 31, 2024 (%) | Change (percentage points) | | :--- | :--- | :--- | :--- | | Core Tier 1 Capital Adequacy Ratio | 9.85 | 10.26 | (0.41) | | Tier 1 Capital Adequacy Ratio | 11.72 | 12.24 | (0.52) | | Capital Adequacy Ratio | 14.08 | 14.69 | (0.61) | - All capital adequacy ratios met regulatory requirements[106](index=106&type=chunk) [Segment Information](index=48&type=section&id=3.2.5%20Segment%20Information) Shengjing Bank primarily operates within China, with corporate banking being the largest revenue contributor, followed by retail banking and treasury business [Geographical Segments](index=48&type=section&id=3.2.5.1%20Geographical%20Segments) Shengjing Bank primarily operates within China, with the Northeast region being its main source of operating income, accounting for 88.2% of the total Geographical Segment Operating Income (H1 2025) | Region | Operating Income (RMB thousands) | % of Total | | :--- | :--- | :--- | | Northeast Region | 3,815,898 | 88.2 | | North China Region | 370,665 | 8.6 | | Other | 139,105 | 3.2 | [Business Segments](index=49&type=section&id=3.2.5.2%20Business%20Segments) In H1 2025, Shengjing Bank's corporate banking business accounted for the highest proportion of operating income at 64.2%, with retail banking and treasury business following at 18.0% and 16.0% respectively Business Segment Operating Income (H1 2025 vs H1 2024) | Business Segment | 2025 (RMB thousands) | % of Total | 2024 (RMB thousands) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Corporate Banking Business | 2,777,012 | 64.2 | 2,533,834 | 55.6 | | Retail Banking Business | 777,878 | 18.0 | 1,128,556 | 24.7 | | Treasury Business | 693,624 | 16.0 | 879,821 | 19.3 | [Off-Balance Sheet Commitments](index=49&type=section&id=3.2.6%20Off-Balance%20Sheet%20Commitments) As of June 30, 2025, Shengjing Bank's total off-balance sheet credit commitments amounted to RMB 49.933 billion, a 16.2% decrease from the end of last year, primarily due to reductions in bank acceptance bills and letters of credit Credit Commitment Details (As of June 30, 2025 vs December 31, 2024) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Bank Acceptance Bills | 20,845,550 | 27,928,425 | (7,082,875) | (25.4) | | Letters of Guarantee Issued | 3,620,595 | 3,711,906 | (91,311) | (2.5) | | Letters of Credit Issued | 3,309,192 | 4,854,949 | (1,545,757) | (31.8) | | Unused Credit Card Limits | 22,157,752 | 23,059,759 | (902,007) | (3.9) | | **Total** | **49,933,089** | **59,555,039** | **(9,621,950)** | **(16.2)** | [Business Review](index=50&type=section&id=3.3%20Business%20Review) In H1 2025, Shengjing Bank comprehensively advanced the transformation and upgrading of its corporate, retail, and treasury banking businesses, focusing on serving the real economy, enhancing digital operations, and improving profitability [Corporate Banking Business](index=50&type=section&id=3.3.1%20Corporate%20Banking%20Business) Shengjing Bank's corporate banking business returned to its roots, focusing on its core responsibilities and implementing a "strengthen Shenyang, expand Liaoning, specialize outside, uplift county areas" strategy to achieve high-quality growth [Corporate Deposits](index=50&type=section&id=3.3.1.1%20Corporate%20Deposits) Shengjing Bank prioritized basic deposit growth by enhancing settlement fund ratios, deepening engagement with quality clients, strengthening client linkage marketing, and optimizing branch services - As of June 30, 2025, the bank's corporate deposit balance was **RMB 196.643 billion**[117](index=117&type=chunk) - Operating model: Implemented a "digital + comprehensive" operating model, strengthening client linkage marketing to increase the number of basic customer accounts[116](index=116&type=chunk) - Service system: Improved the classified and tiered service system for corporate clients, leveraging the upgraded corporate business integrated management platform to enhance digital management and service capabilities[117](index=117&type=chunk) [Corporate Loans](index=51&type=section&id=3.3.1.2%20Corporate%20Loans) Shengjing Bank's corporate loan business supported the real economy and national strategies, with significant credit allocation to Liaoshen region and substantial growth in technology-driven and green loans - Corporate loan balance (excluding bill discounts) was **RMB 346.404 billion**, an increase of **RMB 8.522 billion** or **2.5%** from the end of last year[118](index=118&type=chunk) - Credit allocation: Credit extended to "five key areas" and major enterprises in key sectors such as agriculture and manufacturing accounted for **65.9%**[118](index=118&type=chunk) - Technology-driven enterprise loans: Increased by **39.6%** from the end of last year[118](index=118&type=chunk) - Green credit: Increased by **29.5%** from the end of last year[118](index=118&type=chunk) [Transaction Banking](index=52&type=section&id=3.3.1.3%20Transaction%20Banking) Shengjing Bank's transaction banking business aligned with national policies, served the real economy, and enhanced comprehensive revenue by integrating products, enriching service offerings, and driving digital transformation - Transaction banking on- and off-balance sheet assets: As of June 30, 2025, equivalent to **RMB 39.958 billion**[119](index=119&type=chunk) - Transaction banking intermediary business income: **RMB 86 million**[119](index=119&type=chunk) [Retail Banking Business](index=52&type=section&id=3.3.2%20Retail%20Banking%20Business) Shengjing Bank's retail banking business focused on "strengthening foundations, optimizing structure, and enhancing efficiency" to build a new development paradigm, driving both quality and effectiveness [Personal Deposits](index=52&type=section&id=3.3.2.1%20Personal%20Deposits) Shengjing Bank's personal deposit business, centered on customer needs, achieved stable growth through a "digital + comprehensive" operating model, a balance between volume and price, and continuous optimization of deposit structure - Personal deposit balance: As of June 30, 2025, **RMB 576.093 billion**, an increase of **RMB 21.045 billion** or **3.8%** from the end of last year[123](index=123&type=chunk) - Strategy: Implemented a "digital + comprehensive" operating model, adhered to a "volume-price balance" strategy, and continuously optimized the deposit structure[121](index=121&type=chunk)[123](index=123&type=chunk) [Personal Loans](index=53&type=section&id=3.3.2.2%20Personal%20Loans) Shengjing Bank actively responded to national policies to boost consumption, upgrading personal loan services by focusing on key livelihood areas, innovating products, and enhancing risk management through advanced models - Personal loan balance: As of June 30, 2025, **RMB 121.040 billion**, an increase of **RMB 6.407 billion** or **5.6%** from the end of last year[124](index=124&type=chunk) - Policy response: Actively responded to national policies to expand domestic demand and boost consumption, formulating the "Shengjing Bank Action Plan for Developing Consumer Finance to Boost Consumption"[124](index=124&type=chunk) - Product innovation: Launched "Shengshan Loan" credit-based consumer loans and upgraded "Parking Space Loan"[124](index=124&type=chunk) - Risk management: Initiated a risk model quantitative upgrade project, applying advanced statistical and machine learning algorithms[124](index=124&type=chunk) [Debit Cards](index=54&type=section&id=3.3.2.3%20Debit%20Cards) Shengjing Bank innovated debit card products, creating a "basic card + featured card" matrix to serve diverse customer segments, particularly focusing on social security cardholders and expanding scenario-based ecosystems - Total debit cards issued: As of June 30, 2025, **21.4342 million** cards, an increase of **337,800** cards from the end of last year[125](index=125&type=chunk) - Total consumption transaction volume: **RMB 4.447 billion**[125](index=125&type=chunk) - Product strategy: Built a "basic card + featured card" dual-track product matrix, focusing on social security-related livelihood customer segments[125](index=125&type=chunk) [Asset Management](index=54&type=section&id=3.3.2.4%20Asset%20Management) Shengjing Bank's asset management business adhered to a "steady progress, steady improvement" philosophy, enhancing R&D innovation and building a comprehensive product portfolio with diverse maturities - Proprietary wealth management product scale: As of June 30, 2025, **RMB 38.746 billion**[128](index=128&type=chunk) - Intermediary business income: **RMB 100 million**[128](index=128&type=chunk) - Investment strategy: Adhered to a "small-amount, diversified, decentralized" investment strategy, optimized portfolio asset allocation, and actively sought high-quality assets aligned with green and tech-innovation themes[126](index=126&type=chunk)[128](index=128&type=chunk) [Treasury Business](index=55&type=section&id=3.3.3%20Treasury%20Business) Shengjing Bank's treasury business enhanced its trading profitability and strengthened interbank client channels by building a sustainable multi-asset, multi-strategy trading framework and an interbank client ecosystem - Trading framework: Constructed a multi-asset, multi-strategy active trading system, integrating macroeconomic fundamental judgments with micro-level trading[129](index=129&type=chunk) - Interbank cooperation: Built an interbank client ecosystem, increasing the number of interbank cooperative institutions and diversifying cooperation models[129](index=129&type=chunk) [Specialized Institutions and Subsidiaries](index=56&type=section&id=3.3.4%20Specialized%20Institutions%20and%20Subsidiaries) Shengjing Bank's specialized institutions and subsidiaries actively implemented the national inclusive finance strategy, enhancing financial services for small and micro enterprises, transforming credit card business, and strengthening risk control in consumer finance [Small Enterprise Financial Services Center](index=56&type=section&id=3.3.4.1%20Small%20Enterprise%20Financial%20Services%20Center) Shengjing Bank's Small Enterprise Financial Services Center deepened its inclusive finance strategy by refining service systems, strengthening financing coordination mechanisms, and increasing support for rural revitalization - Strategic deployment: Deeply implemented the national inclusive finance "grand article" strategic deployment[130](index=130&type=chunk) - Service system: Formulated the "Shengjing Bank 2025 Inclusive Business Development Guidance Opinion" to improve a multi-level, broad-coverage, and sustainable financial service system[130](index=130&type=chunk) - Financing coordination: Deepened the financing coordination mechanism supporting small and micro enterprises, establishing a "two-list" system[130](index=130&type=chunk) - Rural revitalization: Increased financial support for rural revitalization, applying characteristic credit products such as "Liaonong Loan" and "Shengchan Loan"[130](index=130&type=chunk) - Product innovation: Innovated and developed the digital inclusive product "Shengke Loan" to enhance product risk control capabilities[131](index=131&type=chunk) [Credit Card Center](index=57&type=section&id=3.3.4.2%20Credit%20Card%20Center) Shengjing Bank's Credit Card Center pursued a "1 stable, 1 improvement, 2 growth" strategy, integrating into the broader retail banking system, enhancing asset deployment, and refining digital risk control - Strategic objectives: Focused on the "1 stable, 1 improvement, 2 growth" strategic objectives, promoting credit card business transformation and integration into the broader retail banking operating system[132](index=132&type=chunk) - Asset deployment: Improved the auto finance business system, expanded cooperation networks with quality 4S stores, and iterated consumer finance products[132](index=132&type=chunk) - Customer management: Strengthened refined customer management, deployed offline high-frequency merchant scenarios, and activated consumption potential[132](index=132&type=chunk) - Risk control system: Improved the digital autonomous risk control system, promoted the application of big data and artificial intelligence technologies to enhance risk calculation accuracy and efficiency[132](index=132&type=chunk)[133](index=133&type=chunk) - Cumulative credit cards issued: As of June 30, 2025, **2.6955 million** cards, an increase of **71,500** cards or **2.7%** from the end of last year[133](index=133&type=chunk) [Shengyin Consumer Finance Co., Ltd.](index=58&type=section&id=3.3.4.3%20Shengyin%20Consumer%20Finance%20Co.,%20Ltd.) Shengyin Consumer Finance Co., Ltd. adjusted its business structure, strengthened risk control, and maintained a positive operating performance in a complex market environment, adhering to inclusive finance principles - Operating status: Faced with a complex market environment, the company's operating performance continued to improve, with all regulatory indicators meeting requirements[134](index=134&type=chunk) - Operating direction: Adhered to its core responsibilities, maintained an inclusive finance operating direction, continuously reduced various costs, and offered interest rate concessions to the public[134](index=134&type=chunk) - Strategic exploration: Continuously explored "technology finance, green finance, inclusive finance, elderly care finance, and digital finance"[134](index=134&type=chunk) [Distribution Channels](index=59&type=section&id=3.3.5%20Distribution%20Channels) Shengjing Bank continuously upgraded its distribution channels, transforming offline branches into comprehensive operating models, enriching e-banking functions, and integrating information technology into strategic development [Offline Channels](index=59&type=section&id=3.3.5.1%20Offline%20Channels) Shengjing Bank continued to transform and upgrade its offline branches to serve the real economy, creating comprehensive operating models that enhance convenience, government services, and elderly-friendly services - Number of branches: As of June 30, 2025, a total of **213** institutional branches[135](index=135&type=chunk) - Branch transformation: Built comprehensive operating branches, promoting the decentralization of inclusive finance and personal loan businesses, and conducting integrated operations for "corporate + personal," "assets + liabilities," and "settlement + financing"[135](index=135&type=chunk) - Service capabilities: Strengthened the construction of "non-financial +" scenarios, continuously enhancing branch convenience, government services, and elderly-friendly service capabilities[135](index=135&type=chunk) [E-Banking](index=59&type=section&id=3.3.5.2%20E-Banking) Shengjing Bank's e-banking services continued to improve, with corporate online banking adding new features and personal mobile banking launching version 7.0, leading to increased users and transaction volumes - Cumulative corporate online banking customers: As of June 30, 2025, **105,000** customers[137](index=137&type=chunk) - Corporate online banking transaction volume: **3.2266 million** transactions, a year-on-year increase of **21.3%**[137](index=137&type=chunk) - Cumulative corporate online banking transaction amount: **RMB 2,885.223 billion**, a year-on-year increase of **47.7%**[137](index=137&type=chunk) - Corporate online banking functional enhancements: Launched 18 new functions, including online payment, online signing for corporate mobile banking, and interbank time deposits[136](index=136&type=chunk) - Personal mobile banking: Launched mobile banking version 7.0, optimizing and upgrading **142** functions[138](index=138&type=chunk) - Cumulative personal mobile banking users: As of June 30, 2025, **4.8280 million** users, an increase of **6.1%** from the end of last year[138](index=138&type=chunk) - Personal mobile banking monthly active users: **1.0795 million** users, a year-on-year increase of **8.7%**[138](index=138&type=chunk) [Information Technology and R&D](index=60&type=section&id=3.3.5.3%20Information%20Technology%20and%20R%26D) Shengjing Bank's IT and R&D efforts were deeply integrated into its strategic planning, establishing a real-time monitoring system, innovating data governance, and accelerating the construction of a digital ecosystem - Operations monitoring: Successfully built a "real-time monitoring + automated inspection + intelligent early warning" three-in-one operations monitoring system[140](index=140&type=chunk) - Data governance: Innovatively established a "four-dimensional system" for data governance, achieving online management of metadata, implementation of data standards, and full-process quality monitoring[140](index=140&type=chunk) - Digital ecosystem: Fully committed to building an integrated "finance + life + government affairs" digital ecosystem, accelerating the construction of a full-scenario acquiring ecosystem[140](index=140&type=chunk) - Technology application: Focused on deploying RPA technology and artificial intelligence applications, achieving automated reporting of personal settlement accounts and large-scale application of intelligent marketing models and customer tags[140](index=140&type=chunk) [Risk Management](index=61&type=section&id=3.4%20Risk%20Management) Shengjing Bank enhanced its comprehensive risk management capabilities in line with its new three-year strategic plan, strengthening credit, operational, and market risk controls while advancing digital transformation [Credit Risk Management](index=62&type=section&id=3.4.1%20Credit%20Risk%20Management) Shengjing Bank maintained its market positioning, prioritized "five key areas" for business development, and strictly adhered to credit risk bottom lines by optimizing credit asset structure and enhancing asset quality - Strategic vision: Focused on the strategic vision of "being a good bank that benefits enterprises and people," adhering to the market positioning of "serving the local economy, serving small and medium-sized enterprises, and serving urban and rural residents"[143](index=143&type=chunk) - Policy guidance: Issued industry lending policies, strengthened risk control in key business areas, and guided credit resources to precise allocations[143](index=143&type=chunk) - Approval team: Established a specialized review and approval team to enhance the professionalism and scientific nature of approval decisions[143](index=143&type=chunk) - Control strategy: Implemented a credit control strategy with both support and pressure, deeply analyzing the risk status of existing credit clients[143](index=143&type=chunk) [Operational Risk Management](index=63&type=section&id=3.4.2%20Operational%20Risk%20Management) Shengjing Bank continuously established effective operational risk control mechanisms, adhering to a "three lines of defense" governance framework, and promoting proactive and refined operational risk management - Governance framework: Adhered to the "three lines of defense" operational risk governance framework, establishing effective operational risk control mechanisms[144](index=144&type=chunk) - Prevention awareness: Strengthened operational risk prevention awareness, fostering a mindset of "compliance first, risk upfront"[144](index=144&type=chunk) - Tool system: Improved the operational risk tool system, unified risk identification and control assessment standards, and clarified key risk indicator monitoring and early warning processes[144](index=144&type=chunk) - Supervision and inspection: Strengthened operational risk supervision and inspection, integrating various special inspections to thoroughly investigate and rectify management loopholes[144](index=144&type=chunk) [Market Risk Management](index=64&type=section&id=3.4.3%20Market%20Risk%20Management) Shengjing Bank steadily advanced its market risk management system, optimizing risk limits, strengthening daily monitoring, and progressing with system development to ensure stable and controllable market risk - Limit management: Reviewed and optimized market risk limits, formulating annual limit plans and related policies[145](index=145&type=chunk) - Daily monitoring: Strengthened daily monitoring and management of limits, actively responding to changes in the external environment and market fluctuations[145](index=145&type=chunk) - System development: Steadily advanced the market risk management system project, ensuring the completeness and reliability of information systems[145](index=145&type=chunk) [Interest Rate Risk in Banking Book Management](index=64&type=section&id=3.4.4%20Interest%20Rate%20Risk%20in%20Banking%20Book%20Management) Shengjing Bank maintained a prudent interest rate risk appetite, establishing a comprehensive management system that uses repricing gap analysis, sensitivity analysis, and stress testing to control risk levels - Management system: Established a comprehensive interest rate risk management system for the banking book, employing repricing gap analysis, net interest income and economic value sensitivity analysis, and stress testing methods[146](index=146&type=chunk) - Limit management: Strictly implemented the interest rate risk limit management mechanism for the banking book, continuously strengthening monitoring and analysis[146](index=146&type=chunk) - Strategy: Implemented duration adjustment strategies aligned with interest rate trends, and reasonably utilized interest rate pricing and internal funds transfer pricing (FTP) tools[146](index=146&type=chunk) [Liquidity Risk Management](index=65&type=section&id=3.4.5%20Liquidity%20Risk%20Management) Shengjing Bank's liquidity risk management adhered to prudent principles, establishing a comprehensive framework and system, and enhancing its resilience through limit monitoring, stress testing, and emergency mechanisms - Management principles: Liquidity risk appetite adhered to principles of capital, return, and risk matching, generally positioned as prudent and stable[147](index=147&type=chunk) - Management mechanisms: Established comprehensive limit early warning monitoring, stress testing, and emergency management mechanisms, strengthening daily cash flow management[147](index=147&type=chunk) - Funding sources: Actively expanded stable and diversified funding sources, strengthening the cornerstone effect of steady growth in general deposits[147](index=147&type=chunk) - Long-term management: Strengthened the "three-tier regular reserve + emergency reserve" long-term liquidity management mechanism[147](index=147&type=chunk) [Information Technology Risk Management](index=65&type=section&id=3.4.6%20Information%20Technology%20Risk%20Management) In H1 2025, Shengjing Bank continuously strengthened its information technology security system by establishing robust policies, building integrated data security platforms, and conducting comprehensive risk assessments - Security system: Continuously improved the information technology security system, with the technology, risk, and audit "three lines of defense" departments fulfilling their respective duties[148](index=148&type=chunk) - Policy development: Established and improved the information technology policy system, formulating the "Shengjing Bank 2025–2027 Information Security System Construction Plan"[148](index=148&type=chunk) - Platform construction: Built an integrated data security platform, a software development security management platform, and a security configuration verification and hardening system[148](index=148&type=chunk) - Security management: Ensured full-lifecycle secure development management, covering system security requirements, development design, testing and evaluation, and acceptance and deployment stages[148](index=148&type=chunk) [Reputational Risk Management](index=66&type=section&id=3.4.7%20Reputational%20Risk%20Management) Shengjing Bank refined its proactive reputational risk management mechanisms based on principles of foresight, alignment, comprehensiveness, and effectiveness, actively maintaining a positive brand image - Management principles: Focused on "foresight, alignment, comprehensiveness, and effectiveness" management principles, improving the normalized proactive reputational risk management mechanism[149](index=149&type=chunk) - Public opinion control: Conducted full-process public opinion control, including real-time monitoring, scientific analysis and judgment, dynamic tracking and early warning, and timely response and disposal[149](index=149&type=chunk) - Brand building: Strengthened brand system construction, promoting the "Sheng" series brands such as "Sheng Pioneer," "Shengqing," "Sheng Youth," and "Sheng Reading"[149](index=149&type=chunk) [Compliance Risk Management](index=66&type=section&id=3.4.8%20Compliance%20Risk%20Management) Shengjing Bank actively managed compliance risk by strengthening its management system, implementing a "positive norms, negative prohibitions, and penalties for violations" mechanism, and dynamically tracking regulatory changes - Management mechanism: Established a compliance management mechanism of "positive norms, negative prohibitions, and penalties for violations"[150](index=150&type=chunk) - Party building leadership: Led the entire bank in implementing the three-year compliance action plan under Party building guidance, clarifying the concept of "risk-based, compliance first"[150](index=150&type=chunk) - Policy adherence: Dynamically tracked changes in regulatory policies, clarified policy directions, and proactively adhered to regulations[151](index=151&type=chunk) - Supervision and inspection: Increased internal inspections and audit supervision, adhering to the principle of "horizontal reach, vertical depth, and full coverage"[151](index=151&type=chunk) [Anti-Money Laundering Risk Management](index=67&type=section&id=3.4.9%20Anti-Money%20Laundering%20Risk%20Management) Shengjing Bank deepened its anti-money laundering risk management by implementing the new Anti-Money Laundering Law, optimizing suspicious transaction monitoring models, and strengthening talent development and public awareness - Management philosophy: Deeply implemented the "risk-based" work philosophy, continuously deepening anti-money laundering risk management[152](index=152&type=chunk) - System development: Deeply implemented the requirements of the new "Anti-Money Laundering Law of the People's Republic of China" and other laws and regulations, continuously internalizing external regulations[152](index=152&type=chunk) - Monitoring system: Continuously optimized risk monitoring systems, such as suspicious transaction monitoring indicator models[152](index=152&type=chunk) - Talent reserve: Strengthened anti-money laundering talent reserve and professional梯隊 construction through head office centralized management and branch "bi-weekly" training[153](index=153&type=chunk) [Country Risk Management](index=68&type=section&id=3.4.10%20Country%20Risk%20Management) Shengjing Bank integrated country risk management into its comprehensive risk framework, establishing a robust control system that includes scientific measurement, monitoring, and annual internal risk ratings - Management system: Integrated country risk management into the comprehensive risk management system, establishing a complete country risk management control system[154](index=154&type=chunk) - Measurement and monitoring: Scientifically conducted country risk measurement and monitoring, accurately measuring the bank's overseas claims and liabilities[154](index=154&type=chunk) - Rating: Conducted annual internal comprehensive country risk ratings for countries and regions where overseas claims business has been or will be carried out[154](index=154&type=chunk) - System improvement: Improved country risk management policies, timely revising relevant policies[154](index=154&type=chunk) [Future Outlook and Development Strategy](index=69&type=section&id=3.5%20Future%20Outlook%20and%20Development%20Strategy) Shengjing Bank anticipates continued economic recovery in China, with opportunities in technology, green, and inclusive finance, and will pursue high-quality development guided by its "good bank" vision and regional strategies - Macroeconomic assessment: In H1 2025, the economy operated steadily with progress, GDP grew by **5.3%** year-on-year, and monetary policy was moderately loose[155](index=155&type=chunk) - Development opportunities: Key areas such as technological innovation, green transformation, and inclusive finance will continue to create development opportunities for the banking industry[156](index=156&type=chunk) - Strategic vision: Adhered to the strategic vision of "being a good bank that benefits enterprises and people"[156](index=156&type=chunk) - Strategic main line: Focused on the strategic main line of "strengthening Party building leadership and achieving high-quality development"[156](index=156&type=chunk) - Regional development strategy: Continued to deepen the implementation of the "strengthen Shenyang, expand Liaoning, specialize outside, uplift county areas" regional development strategy[156](index=156&type=chunk) - Key areas: Empowered the real economy through technology finance, practiced responsibility through green finance, and solidified foundations through inclusive finance, deepening regional operations and specialized capability building[156](index=156&type=chunk) [Share Capital Changes and Shareholder Information](index=70&type=section&id=4%20Share%20Capital%20Changes%20and%20Shareholder%20Information) This section details changes in the bank's share capital, including the holdings of major domestic and H-share shareholders, their interests, and information on ultimate controllers [Top Ten Domestic Shareholder Holdings](index=71&type=section&id=4.1%20Top%20Ten%20Domestic%20Shareholder%20Holdings) As of the latest practicable date, Shengjing Financial Holdings was the largest domestic shareholder with 20.79% equity, and the top ten domestic shareholders collectively held 50.12% of the total shares Top Ten Domestic Shareholder Holdings (As of the Latest Practicable Date) | No. | Shareholder Name | Shareholder Nature | Total Shares Held | % of Total Share Capital | Number of Pledged Shares | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Shenyang Shengjing Financial Holdings Investment Group Co., Ltd. | State-owned | 1,829,225,327 | 20.79 | 0 | | 2 | Shenyang Hengxin State-owned Assets Management Group Co., Ltd. | State-owned | 479,933,014 | 5.46 | 0 | | 3 | Liaoning Huibao International Investment Group Co., Ltd. | Private | 400,000,000 | 4.55 | 400,000,000 | | 5 | Quzhou Xinan Development Co., Ltd. | State-owned | 300,000,000 | 3.41 | 80,000,000 | | **Total** | | | **4,409,158,341** | **50.12** | **480,000,000** | [Interests and Short Positions of Major Shareholders and Other Persons](index=72&type=section&id=4.2%20Interests%20and%20Short%20Positions%20of%20Major%20Shareholders%20and%20Other%20Persons) As of June 30, 2025, Shengjing Financial Holdings and Shenyang Hengxin were major domestic shareholders, while several entities and individuals held significant H-share interests, some indirectly through controlled corporations Domestic Shareholder Major Interests (As of June 30, 2025) | Shareholder Name | Nature of Interest | Number of Domestic Shares Held | % of Total Domestic Shares | % of Total Share Capital of the Bank | | :--- | :--- | :--- | :--- | :--- | | Shengjing Financial Holdings | Beneficial Owner | 1,829,225,327 | 28.33 | 20.79 | | Shenyang Hengxin | Beneficial Owner | 479,933,014 | 7.43 | 5.46 | | Shenyang Industrial Investment Development Group Co., Ltd. | Interest in Controlled Corporation | 479,933,014 | 7.43 | 5.46 | H-Share Major Interests (As of June 30, 2025) | Shareholder Name | Nature of Interest | Number of H-Shares Held | % of Total H-Shares | % of Total Share Capital of the Bank | | :--- | :--- | :--- | :--- | :--- | | Zhengbang Holdings Limited | Beneficial Owner | 400,000,000 | 17.09 | 4.55 | | Sun Chuhong | Interest in Controlled Corporation / Beneficial Owner | 420,898,500 | 17.98 | 4.78 | | Future Capital Group Limited | Beneficial Owner | 400,000,000 | 17.09 | 4.55 | | PEAK TRUST COMPANY-NV | Trustee | 406,761,000 | 17.38 | 4.62 | | Zhang Songqiao | Interest in Controlled Corporation / Beneficial Owner | 324,651,500 | 13.87 | 3.69 | [Shareholders Holding 5% or More of Total Share Capital](index=77&type=section&id=4.3%20Shareholders%20Holding%205%25%20or%20More%20of%20Total%20Share%20Capital) As of the end of the reporting period, Shengjing Financial Holdings and Shenyang Hengxin were major shareholders, holding 20.79% and 5.46% of the total share capital, respectively - Shengjing Financial Holdings held **1,829,225,327** domestic shares, accounting for **20.79%** of the total share capital[171](index=171&type=chunk) - Shenyang Hengxin held **479,933,014** domestic shares, accounting for **5.46%** of the total share capital[171](index=171&type=chunk) [Domestic Major Shareholders and Their Ultimate Controllers](index=77&type=section&id=4.4%20Domestic%20Major%20Shareholders%20and%20Their%20Ultimate%20Controllers) As of the end of the reporting period, Shengjing Financial Holdings and Shenyang Hengxin were the bank's major domestic shareholders, both ultimately controlled by the Shenyang State-owned Assets Supervision and Administration Commission Domestic Major Shareholders and Ultimate Controllers (As of the End of the Reporting Period) | Shareholder Name | Shareholding Ratio | Controlling Shareholder | Ultimate Controller | | :--- | :--- | :--- | :--- | | Shengjing Financial Holdings | 20.79% | Shenyang State-owned Assets Supervision and Administration Commission | Shenyang State-owned Assets Supervision and Administration Commission | | Shenyang Hengxin | 5.46% | Shenyang Industrial Investment Development Group Co., Ltd. | Shenyang State-owned Assets Supervision and Administration Commission | [Bonds Issued](index=78&type=section&id=4.5%20Bonds%20Issued) Details of the bank's issued bonds are provided in the "Bonds Issued" section of the Management Discussion and Analysis and Note 29 to the Interim Financial Statements - Details of issued bonds can be found in the "Bonds Issued" section of the "Management Discussion and Analysis" chapter and Note 29 to the "Notes to Interim Financial Statements" chapter[174](index=174&type=chunk) [Purchase, Redemption, and Sale of Listed Securities](index=78&type=section&id=4.6%20Purchase,%20Redemption,%20and%20Sale%20of%20Listed%20Securities) During the reporting period, Shengjing Bank and its subsidiaries did not purchase, redeem, or sell any of the bank's listed securities, and held no treasury shares at period-end - During the reporting period, the bank and its subsidiaries did not purchase, redeem, or sell any of the bank's listed securities[175](index=175&type=chunk) - As of the end of the reporting period, the bank did not hold any treasury shares[176](index=176&type=chunk) [Directors, Supervisors, Senior Management, and Employees](index=79&type=section&id=5%20Directors,%20Supervisors,%20Senior%20Management,%20and%20Employees) This section provides an overview of the bank's governance structure, including the composition of its Board of Directors, Board of Supervisors, and senior management, along with details on employee remuneration and training [Basic Information of Directors, Supervisors, and Senior Management](index=79&type=section&id=5.1%20Basic%20Information%20of%20Directors,%20Supervisors,%20and%20Senior%20Management) As of June 30, 2025, Shengjing Bank's Board of Directors comprised 5 executive, 4 non-executive, and 5 independent non-executive directors, while the Board of Supervisors included 3 shareholder, 3 external, and 3 employee supervisors - Board of Directors members: Including Sun Jin (Chairman), Liu Xu (President) and 3 other executive directors, Sun Zhenyu and 3 other non-executive directors, and Wang Mo and 4 other independent non-executive directors[177](index=177&type=chunk) - Board of Supervisors members: Including Liu Yan (Chairman of the Board of Supervisors) and 2 other shareholder supervisors, Xing Tiancai and 2 other external supervisors, and Yu Xiaolong and 2 other employee supervisors[177](index=177&type=chunk) - Senior management: Including Sun Yingpin (Assistant President), Bao Hong (Chief Financial Officer), and Zhou Zhi (Board Secretary)[177](index=177&type=chunk) [Interests and Short Positions of Directors, Supervisors, and Chief Executive in Shares, Underlying Shares, and Debentures of the Bank](index=80&type=section&id=5.2%20Interests%20and%20Short%20Positions%20of%20Directors,%20Supervisors,%20and%20Chief%20Executive%20in%20Shares,%20Underlying%20Shares,%20and%20Debentures%20of%20the%20Bank) As of the latest practicable date, none of Shengjing Bank's directors, supervisors, or chief executive, or their associates, held any disclosable interests or short positions in the bank's shares, underlying shares, or debentures - None of the bank's directors, supervisors, or chief executive, or their respective associates, held any interests or short positions in the shares, underlying shares, and debentures of the bank or its associated corporations that needed to be notified to the bank and the Hong Kong Stock Exchange[179](index=179&type=chunk) [Changes in Directors, Supervisors, and Senior Management](index=80&type=section&id=5.3%20Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, there were changes in Shengjing Bank's Board of Directors and Board of Supervisors, including the resignation of Mr. Wang Jun and Mr. Niu Jiao, and the election of Mr. Li Weiming and Mr. Ma Lijun - Mr. Wang Jun resigned as a non-executive director and member of the Board's Audit Committee due to reaching the statutory retirement age[180](index=180&type=chunk) - Mr. Li Weiming was elected as a non-executive director of the bank's Eighth Board of Directors, with his qualification pending approval by the Liaoning Financial Regulatory Bureau[180](index=180&type=chunk) - Mr. Niu Jiao resigned as an employee supervisor and member of the Nomination Committee due to work arrangements[180](index=180&type=chunk) - Mr. Ma Lijun was elected as an employee supervisor of the bank[180](index=180&type=chunk) [Securities Transactions by Directors and Supervisors](index=81&type=section&id=5.4%20Securities%20Transactions%20by%20Directors%20and%20Supervisors) Shengjing Bank adopted the "Securities Dealing Rules" and confirmed that all directors and supervisors complied with these rules, which meet or exceed the standards of the Listing Rules Appendix C3 - The bank adopted the "Shengjing Bank Co., Ltd. Securities Dealing Rules for Directors, Supervisors, and Key Employees" ("Securities Dealing Rules"), with standards no lower than those in Appendix C3 of the Listing Rules[182](index=182&type=chunk) - All directors and supervisors confirmed that they complied with the Securities Dealing Rules throughout the reporting period[182](index=182&type=chunk) [Employees, Remuneration Policy, and Training Programs](index=81&type=section&id=5.5%20Employees,%20Remuneration%20Policy,%20and%20Training%20Programs) As of June 30, 2025, Shengjing Bank Group had 8,469 employees, with a market- and value-oriented remuneration policy that includes deferred payment for key personnel, and extensive training programs - Total employees: As of June 30, 2025, the Group had a total of **8,469** employees[183](index=183&type=chunk) - Remuneration policy: Adhered to market-oriented and value-oriented principles, establishing a diversified remuneration system, and implementing deferred payment for senior management and personnel in positions with significant risk influence[183](index=183&type=chunk) - Training programs: In H1 2025, a total of **11,421** training sessions were conducted, totaling **12,969** hours, with **200,584** participants[183](index=183&type=chunk) [Significant Matters](index=82&type=section&id=6%20Significant%20Matters) This section covers significant corporate governance, financial, and operational matters, including compliance with governance codes, dividend policies, related party transactions, and legal proceedings [Corporate Governance Code](index=82&type=section&id=6.1%20Corporate%20Governance%20Code) Shengjing Bank is committed to enhancing corporate governance transparency and accountability, complying with the Listing Rules Appendix C1 Corporate Governance Code and disclosure requirements for inside information - Compliance status: During the reporting period, the bank complied with the code provisions set out in Appendix C1 of the Listing Rules, "Corporate Governance Code," and the Listing Rules regarding disclosure of inside information[184](index=184&type=chunk) - Directors' attendance at general meetings: Mr. He Peng, Ms. Yang Xiu, Ms. Wang Hongmei, Mr. Wang Mo, Ms. Lü Dan, Mr. Chen Bainan, Ms. Wang Lan, and Mr. Huang Weiqiang attended the 2024 Annual General Meeting held on June 13, 2025[184](index=184&type=chunk) [Profit and Dividends](index=82&type=section&id=6.2%20Profit%20and%20Dividends) Shengjing Bank wil

Regulatory Voice - The People's Bank of China, the Financial Regulatory Administration, and the National Forestry and Grassland Administration jointly issued a notice to support high-quality development in forestry, proposing 15 specific measures across five areas, including financial services for collective forest rights reform and enhancing financial support for strategic forestry initiatives [1] Industry Focus - Several small and medium-sized banks have announced a reduction in RMB deposit rates, with decreases ranging from 10 to 20 basis points, including adjustments to the 3-year fixed deposit rates by banks such as Jiangsu Bank and Nanjing Bank [2] Personal Pension Products - The ninth batch of personal pension financial products was released, with two new products added by China Post Investment Management, bringing the total to 37 products supported by the registration center. The new products are primarily fixed-income investments, focusing on bonds while including a small portion of equity and derivative assets [3] Corporate Dynamics - Zhejiang International Trade Group and Zhejiang Oriental Financial Holding Group have increased their shareholding in Hangzhou United Bank to 6.06% and 3.94%, respectively, following the approval of share transfers by the Zhejiang Regulatory Bureau [4] - Shengjing Bank announced plans to delist from the Hong Kong Stock Exchange, with Shengjing Financial Holdings and its concerted parties proposing a cash offer to acquire all issued H-shares for HKD 2.967 billion and domestic shares for CNY 3.929 billion [5] - Three banks in Sichuan, namely Chengdu Bank, Chengdu Rural Commercial Bank, and Sichuan Bank, are planning to jointly establish a wealth management company, with preparations already underway [6] - Jilin Rural Commercial Bank has been approved to commence operations, marking the establishment of the 11th provincial-level rural commercial bank in China [7]

Group 1 - The article outlines the timeline of Shenyang Bank's delisting, highlighting the capital game and risk clearance over a decade [1][2][3] - During the period from 2016 to 2019, Evergrande Group became the largest shareholder of Shenyang Bank, significantly influencing its resource allocation [1][2] - The intervention of state-owned assets management in 2021 marked a critical phase in addressing the financial crisis and restructuring the bank's ownership [2][3] Group 2 - The delisting was driven by multiple pressures, including the bank's loss of financing capabilities and a significant decline in its market valuation [4][5] - Shenyang Bank's performance deteriorated, with a 59% drop in revenue from its peak in 2019 and a net profit that was only 8% of its 2017 level [6][7] - Regulatory constraints and rising operational costs further narrowed the bank's operational space, with a net interest margin close to the regulatory limit [7] Group 3 - Governance failures were highlighted, including widespread corruption among senior management, leading to significant financial misconduct [8][9] - Evergrande's control over the bank's governance structure turned it into a financing tool for its own interests, straying from its original mission [9][10] - The bank's management underwent a significant overhaul in 2023 to address governance issues and restore order [10] Group 4 - The bank's strategy post-delisting focuses on regional market engagement, with 89% of its revenue now derived from Northeast China [14] - Despite efforts to mitigate risks, unresolved legacy issues and economic pressures pose ongoing challenges for the bank's stability [15] - The case of Shenyang Bank serves as a cautionary tale for smaller banks regarding governance, risk management, and the potential for state intervention [16][17]

Core Viewpoint - Shengjing Bank has announced plans to delist from the Hong Kong Stock Exchange, following the trend of other regional banks, indicating a significant shift in the banking landscape in Northeast China [2][7]. Group 1: Delisting Plans - Shengjing Bank plans to initiate a full cash offer to acquire all circulating H-shares for approximately HKD 29.67 billion and domestic shares for about CNY 39.29 billion, totaling around HKD 68.96 billion [3][4]. - The delisting requires approval from independent H-share shareholders, with at least 75% voting in favor and no more than 10% opposing [4]. - The bank's current listing status is deemed ineffective for financing, with trading volumes significantly low, leading to a decision to optimize resource allocation by delisting [5][6]. Group 2: Financial Performance - Shengjing Bank's total assets reached CNY 1.12 trillion by the end of 2024, reflecting a 4% year-on-year growth [5]. - The bank's revenue has declined from a peak of CNY 21.002 billion in 2019 to CNY 8.577 billion in 2024, while net profit dropped from CNY 7.580 billion in 2017 to CNY 0.621 billion in 2024, a decrease of 15.21% year-on-year [6]. - The non-performing loan ratio stood at 2.68% at the end of 2024, with a provision coverage ratio of 157%, indicating a weakening ability to absorb risks [6]. Group 3: Industry Context - Shengjing Bank is the third bank in Northeast China to pursue delisting, following Jinzhou Bank and Jiutai Rural Commercial Bank, highlighting a trend of regional banks facing operational challenges [7][8]. - The overall performance of small and medium-sized banks listed in Hong Kong shows a stark contrast, with some banks experiencing significant stock price increases, while others, like Shengjing Bank, struggle with low stock prices and trading volumes [8][9]. - Analysts suggest that the "state-owned acquisition + Hong Kong delisting" model may become a pathway for other struggling regional banks to address historical issues and push for reforms, potentially accelerating industry consolidation [7][10].