Core Viewpoint - Jinshang Bank has launched a fixed-income wealth management product, with a fundraising period from July 29, 2025, to August 6, 2025, and a maximum scale of 500 million yuan [1] Group 1: Product Details - The product is the 25087th issue of the Fengying closed-end wealth management product, categorized as fixed income with a medium-low risk level (R2) [1] - The minimum investment amount is set at 10,000 yuan, and the product has a duration of 524 days [1] - The performance benchmark for the product is between 2.10% and 3.30%, which does not represent the expected return or guarantee future performance [1]

Core Insights - The report indicates a decline in the average annualized yield of selected bank wealth management products, with a one-year investment yield of 0.92% and a six-month investment yield of 0.59% over the past three months [1][2] - The comprehensive yield index for low-risk six-month investment cycle products increased slightly, while the one-year investment cycle products also saw a minor rise, indicating a slowdown in growth [2] - The weighted average yield of collective trust products decreased, with short-term and long-term products showing declines as well [2][3] Banking Wealth Management Market - The average annualized yield of selected cash management products was 1.42%, down 4 basis points from June 1, 2025, and down 185 basis points from the baseline period of April 4, 2021 [1] - The yield for low-risk six-month investment cycle products was 0.59%, up 1 basis point month-on-month, but down 21 basis points over the past six months [1] Trust Market - The weighted average yield of collective trust products fell by 11 basis points to 5.40%, with short-term products at 5.06% (down 9 basis points) and long-term products at 5.55% (down 13 basis points) [2] Public Fund Market - The average seven-day annualized yield of money market funds was 1.33%, down 2 basis points month-on-month and down 115 basis points from the peak in December 2020 [2] - Bond funds increased by 1.13%, mixed funds by 3.64%, and stock funds by 3.14% over the past six months [2] Private Fund Market - The composite strategy private funds saw a six-month increase of 4.69%, while stock strategy private funds increased by 4.17% over the same period [3]

Group 1 - The appointment of Li Yanbin as the Vice Mayor of Yangquan City reflects a growing trend of financial system officials taking on local government roles, where they often oversee finance, fiscal, state-owned assets, and technology sectors [1][2] - Li Yanbin has over 22 years of economic work experience, having started his career at the Bank of Communications and held various positions in different companies before becoming the Vice President and Board Secretary of Jinshan Bank [2][3] - Jinshan Bank, established in 2009 and listed on the Hong Kong Stock Exchange in 2019, reported a slight decline in operating income to 5.791 billion yuan and a net profit decrease of 12.37% to 1.755 billion yuan for 2024, while total assets grew by 4.2% to 376.306 billion yuan [4]

Group 1 - The core viewpoint of the news is that Jinshang Bank actively participates in the promotion of the home appliance replacement policy in Shanxi Province through innovative financial services, aiming to boost consumer spending and support the green economy transition [1][3]. - Jinshang Bank has launched a specialized financial service called "Code to Renew," offering merchants up to 3 million yuan in credit with an annual interest rate starting at 3.6%, allowing for flexible borrowing and repayment [1]. - The bank's initiative includes a consumer discount program where customers can receive cash discounts based on their spending at participating merchants, enhancing the attractiveness of the home appliance replacement program [2]. Group 2 - Jinshang Bank is committed to building a green consumption ecosystem by collaborating with government and enterprises, providing one-stop financial services during the home appliance festival, including financial consulting and loan applications [3]. - The bank's efforts are aimed at injecting new vitality into the consumer market in Shanxi Province and enhancing the quality of life for residents through financial innovation [3].

Core Points - Jinshan Bank reported a net profit of 1.75 billion yuan for 2024, a decrease of 12.6% year-on-year, marking the first decline in net profit since its listing in 2019 [4][5] - In Q1 2025, Jinshan Bank's operating income was 1.11 billion yuan, down 14.4% year-on-year, with a net profit of 470 million yuan, a decrease of 11.4% [2][4] - The bank's total assets as of December 31, 2024, were 376.31 billion yuan, an increase of 4.2% from the previous year, with net loans and advances amounting to 195.10 billion yuan, up 5.1% [5][6] Financial Performance - For 2024, Jinshan Bank's operating income was 5.79 billion yuan, a slight decrease of 0.2% compared to 2023 [4][5] - The bank's total liabilities increased by 3.5% to 348.28 billion yuan, with customer deposits rising by 7.7% to 310.33 billion yuan [5][6] Loan Quality and Risks - As of December 31, 2024, the non-performing loan (NPL) rate for Jinshan Bank was 1.77%, a slight decrease from 1.78% in the previous year, with total NPLs amounting to 3.57 billion yuan [7][8] - The NPL rate for manufacturing loans surged to 2.83% by the end of 2024, with the amount of non-performing loans in this sector increasing from 328 million yuan to 1.13 billion yuan [8][9] - The rise in NPLs is attributed to defaults from certain coal mining and coking enterprises due to market changes and poor internal management [9][10]

Core Points - Jinshang Bank reported a net profit of 1.75 billion yuan for 2024, marking a 12.6% decrease year-on-year, the first decline since its listing [1][2] - The bank's total operating income for 2024 was 5.791 billion yuan, down 0.2% from the previous year, indicating a reversal from previous growth trends [1][2] - The bank's non-performing loan (NPL) ratio stood at 1.77% at the end of 2024, remaining stable year-on-year, but the NPL rate in the manufacturing sector surged from 0.75% to 2.83% [1][4] Financial Performance - Jinshang Bank's pre-provision profit for 2024 was 3.521 billion yuan, an increase of 0.55 billion yuan year-on-year [2] - The bank's credit impairment losses for 2024 were 1.675 billion yuan, up 243 million yuan from the previous year, contributing to the decline in net profit [2] - The average return on total assets and average return on equity for 2024 were 0.47% and 6.88%, respectively, both showing a decline compared to the previous year [3] Asset Quality - The total amount of loans and advances issued by Jinshang Bank reached 201.414 billion yuan at the end of 2024, with corporate loans growing by 5.8% and personal loans by 7.7% year-on-year [4] - The bank's focus on non-performing loans revealed a significant increase in the manufacturing sector, with the NPL balance rising from 328 million yuan to 1.128 billion yuan [4] - The bank's provision coverage ratio was 205.46% at the end of 2024, reflecting a strong risk resistance capability [5] Governance Changes - Jinshang Bank announced significant changes to its board of directors, including the nomination of new non-executive and independent directors [5][6] - The bank plans to enhance its financial management and internal compliance controls as part of its governance strategy [6] - The decision to abolish the supervisory board aims to streamline decision-making processes and improve governance efficiency [6]

Meeting Overview - The annual general meeting for 2024 will be held on June 27, 2025, in Taiyuan, Shanxi Province [1] - The meeting will be convened by the board of directors and is expected to last no more than half a working day [1] - The meeting will take place at the conference room on the 22nd floor, located at 59 Changfeng Street, Xiaodian District, Taiyuan [1] Agenda Items - Approval of the 2024 Board of Directors' work report [1] - Approval of the 2024 Supervisory Committee's work report [1] - Approval of the 2024 profit distribution plan [1] - Approval of the 2024 financial settlement report [1] - Approval of the 2025 financial budget [1] - Approval of the Supervisory Committee's evaluation report on the performance of directors in 2024 [1] - Approval of the Supervisory Committee's evaluation report on the performance of supervisors in 2024 [1] - Approval of the Supervisory Committee's evaluation report on the performance of senior management in 2024 [1] - Appointment of the auditing firm for the 2025 financial statements [1] - Appointment of Mr. Rong Changqing as a non-executive director of the sixth board [1] - Appointment of Mr. Gao Yurong as a non-executive director of the sixth board [1] - Appointment of Mr. Wang Xian Kui as a non-executive director of the sixth board [1] - Appointment of Mr. Wu Xiaoping as an independent non-executive director of the sixth board [1] - Proposal to amend the "Rules of Procedure for Shareholders' Meetings" [1][2] - Proposal to amend the "Rules of Procedure for Board Meetings" [2] - Proposal to abolish the Supervisory Committee [2] - Proposal to amend the company's articles of association [2] Attendance - Only domestic shareholders listed in the company's shareholder register by June 23, 2025, will have the right to attend and vote at the meeting [2] - Shareholders may appoint one or more proxies to attend and vote on their behalf [2][3] Registration Process - Shareholders must register in advance to attend the meeting, with specific requirements for personal and corporate shareholders [5] - Registration will take place on June 23, 2025, from 8:30 AM to 11:30 AM and 3:00 PM to 5:30 PM [6] - The registration location is the same as the meeting venue [7] Additional Information - Shareholders intending to participate must submit a signed return by June 17, 2025 [8] - Meeting materials and contact information are available on the company's website [8]

Group 1 - The core viewpoint of the report indicates that the average annualized yield of selected cash management products in the national bank wealth management market has increased to 1.55% as of April 27, 2025, compared to a decrease of 172 basis points from the baseline period [1] - The comprehensive yield index for medium and low-risk six-month investment cycle products in the national bank wealth management market reached 115.45 points in April, reflecting a month-on-month increase of 0.21% and a growth of 15.45% from the baseline period [2] - The weighted average yield of collective trust products in the trust market decreased by 6 basis points to 5.61% in April, with short-term products dropping to 5.27% and long-term products to 5.78% [2] Group 2 - The average seven-day annualized yield of money market funds was 1.41% in April, down 3 basis points from the previous month and 107 basis points from the peak in December 2020 [2] - The bond fund yield index fell to 76.89 points in April, a decrease of 2.65 points from the previous month and a decline of 23.11 points from the December 2020 baseline [3] - The composite strategy private equity fund saw a six-month increase of 0.53%, while the stock strategy private equity fund had a six-month increase of 0.22% [3]

Financial Performance - As of the end of 2024, the total assets reached RMB 376.31 billion, with deposits of RMB 300.86 billion and loans of RMB 201.41 billion[13]. - Net profit for 2024 was RMB 1,749.5 million, down 12.6% from RMB 2,000.6 million in 2023[16]. - Interest income for 2024 reached RMB 11,705.0 million, a slight increase of 0.8% from RMB 11,614.9 million in 2023[16]. - Net interest income decreased by 1.1% to RMB 4,189.3 million in 2024 from RMB 4,236.2 million in 2023[16]. - The pre-tax profit for 2024 was RMB 1,818.2 million, down 10.6% from RMB 2,033.9 million in 2023[32]. - Total commission and fee income fell by 18.6% from RMB 860.9 million in 2023 to RMB 700.8 million in 2024, impacted by declines in settlement and clearing fees, agency fees, and card service fees[51]. - Trading income improved significantly from a loss of RMB 78.5 million in 2023 to a gain of RMB 115.2 million in 2024, attributed to proactive asset structure adjustments and increased redemption price differences[52]. - Investment securities income decreased by 8.1% from RMB 887.0 million in 2023 to RMB 815.0 million in 2024, mainly due to reduced fund dividend income[53]. - Operating expenses decreased by 2.2% from RMB 2,348.4 million in 2023 to RMB 2,296.3 million in 2024, reflecting ongoing cost control strategies[56]. - Personnel costs reduced by 2.3% from RMB 1,432.4 million in 2023 to RMB 1,399.9 million in 2024, with significant reductions in wages and bonuses[57]. Asset and Liability Management - Total assets increased by 4.2% to RMB 376,305.5 million in 2024, compared to RMB 361,305.0 million in 2023[18]. - The bank's total liabilities rose by 3.5% to RMB 348,277.2 million in 2024 from RMB 336,492.2 million in 2023[18]. - The bank's total equity increased by 13.0% to RMB 28,028.3 million in 2024 from RMB 24,812.8 million in 2023[18]. - Total available stable funding reached RMB 252,981.1 million in 2024, up from RMB 231,274.6 million in 2023[19]. - Required stable funding increased to RMB 189,545.3 million in 2024 from RMB 182,449.4 million in 2023[19]. - The liquidity coverage ratio significantly increased to 347.26% in 2024 from 242.06% in 2023, indicating enhanced liquidity position[19]. - The net stable funding ratio rose to 133.47% in 2024, compared to 126.76% in 2023, showing improved funding stability[19]. Risk Management - The provision coverage ratio is reported at 205.46%, indicating strong risk management practices[13]. - Non-performing loan ratio improved slightly to 1.77% in 2024 from 1.78% in 2023[19]. - Credit impairment losses increased by 17.0% from RMB 1,432.0 million in 2023 to RMB 1,674.8 million in 2024, driven by enhanced write-off efforts and cautious risk exposure evaluations[64]. - The company's non-performing loan (NPL) ratio increased from 2.16% as of December 31, 2023, to 2.19% as of December 31, 2024, with the NPL balance rising from RMB 2,602.7 million to RMB 2,784.5 million[119]. - The impairment loss provision for loans increased by 8.0% from RMB 6,780.7 million at the beginning of 2024 to RMB 7,326.1 million by December 31, 2024, due to an increase in loan issuance and a cautious evaluation of future risk exposure[128]. Strategic Initiatives - The company aims to strengthen its corporate services and enhance retail banking as part of its strategic vision for 2021-2025[15]. - The company continues to focus on supporting the real economy by increasing loan disbursements in key sectors such as manufacturing and technology innovation[37]. - The company is actively pursuing a strategic plan for 2021-2025, focusing on adapting to external environmental changes and enhancing strategic execution assessments[151]. - The company has established a green finance management framework, with specific departments responsible for implementing environmental and social risk management practices[152]. Shareholder Structure - The total issued share capital was 5,838,650,000 shares, with no changes in share capital during the reporting period[172]. - The total number of shares held by major shareholders amounts to 3,818,239,160, representing 65.40% of the total share capital[176]. - The largest shareholder, Shanxi Provincial State-owned Capital Operation Co., holds 1,212,220,564 shares, which is approximately 20.76% of the total equity[178]. - The company has a significant presence in H-shares, with 102,400,000 shares held by Taiyuan State-owned Investment Group, accounting for 1.75% of H-shares[178]. - The total number of shares held by the top five shareholders exceeds 50% of the total equity, indicating a concentrated ownership structure[179]. Corporate Governance - The board consists of 13 directors, including 3 executive directors, 5 non-executive directors, and 5 independent non-executive directors[193]. - The supervisory board comprises 9 supervisors, including 3 employee supervisors, 3 shareholder supervisors, and 3 external supervisors[195]. - The company has a three-year term for directors and supervisors, with re-election allowed[193]. - The company experienced a change in directors with the appointment of Wu Canming as a non-executive director, effective December 27, 2024[198].

Core Viewpoint - Jinshang Bank's 2024 annual report indicates a steady yet progressive development, with asset scale growth, stable operating income, and improving asset quality and risk resilience [2] Group 1: Operational Performance - As of the end of 2024, Jinshang Bank's total assets reached 376.306 billion yuan, an increase of 15.001 billion yuan, or 4.15% from the previous year [3] - The deposit balance was 300.863 billion yuan, up by 19.781 billion yuan, or 7.04% year-on-year [3] - The loan balance stood at 201.414 billion yuan, reflecting a growth of 9.978 billion yuan, or 5.21% [3] - The bank achieved an operating income of 5.791 billion yuan, maintaining stability [3] - The non-performing loan ratio decreased by 0.01 percentage points to 1.77%, while the provision coverage ratio increased by 6.75 percentage points to 205.46% [3] Group 2: Reform and Innovation - Jinshang Bank accelerated its reform and innovation efforts, enhancing its high-quality development momentum [4] - The bank introduced various initiatives, including "Government Procurement Smart Loan" and "Code Loan," to improve service efficiency and reach underserved customer segments [3][4] - The bank was authorized to independently conduct non-financial enterprise debt financing tool underwriting, becoming one of the first banks in the province to offer "Government Procurement Smart Loan" services [4] Group 3: Service to the Real Economy - Jinshang Bank emphasizes financial services for the real economy, with corporate loan balances reaching 127.308 billion yuan, a year-on-year increase of 5.8% [5] - The bank's technology finance loan balance was 13.466 billion yuan, while green finance loans reached 11.208 billion yuan [5] - The proportion of medium- and long-term loans in total corporate loans increased from 59.3% at the end of 2023 to 62.4% by the end of 2024 [5] Group 4: Digital Transformation - The bank's digital transformation strategy (2022-2024) has led to significant improvements in service efficiency and customer experience [7] - Mobile banking registered users grew by 11.5%, and transaction volumes increased by 9.5% year-on-year [7] - Personal loan balances reached 34.284 billion yuan, a 7.7% increase, with consumer loans growing significantly by 52.1% to 4.469 billion yuan [7] Group 5: Risk Management - Jinshang Bank has enhanced its credit risk management through advanced information technology systems and big data integration [8] - The bank implemented a comprehensive risk management system focusing on early identification and proactive measures [8]