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]

Core Insights - Jincheng Bank reported a decline in both revenue and net profit for the first time since its Hong Kong listing, with revenue of 5.791 billion yuan, down 0.2% year-on-year, and net profit of 1.75 billion yuan, down 12.6% [1][3] Financial Performance - In 2024, Jincheng Bank's net interest income decreased to 4.189 billion yuan, a decline of 1.1% year-on-year, with net interest margin and net interest yield dropping to 1.07% and 1.2%, respectively [3][4] - The bank's fee and commission income fell to 627 million yuan, a decrease of 10.8%, primarily due to adjustments in trade financing business [4] - Credit impairment losses increased to 1.675 billion yuan, up 17% year-on-year, with loan impairment losses reaching 1.783 billion yuan, a significant increase of 85.9% [4] Asset Quality and Structure - As of the end of 2024, Jincheng Bank's total assets reached 376.306 billion yuan, with net loans and advances of 195.104 billion yuan, reflecting increases of 4.2% and 5.1% year-on-year, respectively [1][6] - The non-performing loan (NPL) balance was 356.6 million yuan, up 15.3 million yuan from the previous year, with an NPL ratio of 1.77%, a slight decrease of 0.01 percentage points [6] - The bank's financial investment assets increased by 17.6% to 106.796 billion yuan, with bond and fund investments totaling 98.359 billion yuan, an increase of 187.34 million yuan [1][8] Investment Strategy - Jincheng Bank has adjusted its asset structure by increasing investments in bonds and funds, with bond investments totaling 77.993 billion yuan, up 9% year-on-year, and fund investments reaching 20.366 billion yuan, a significant increase of 152.6% [7][8] - The bank's trading income and net investment securities income combined reached 930 million yuan, an increase of approximately 122 million yuan year-on-year [2][9]

Core Viewpoint - Jinshan Bank reported its 2024 performance, showing growth in total assets and loans, while facing challenges in credit card balances and interest income [1][3][5]. Financial Performance - As of December 31, 2024, the total assets of Jinshan Bank reached RMB 376.3 billion, an increase of 4.2% from the previous year [1]. - The total liabilities amounted to RMB 348.3 billion, reflecting a 3.5% increase year-on-year [1]. - The bank's non-performing loan (NPL) ratio stood at 1.77%, a slight decrease of 0.01 percentage points compared to December 31, 2023 [2][7]. Loan and Deposit Growth - The bank's loan portfolio reached RMB 127.3 billion, marking a 5.8% increase from the previous year, driven by initiatives to support small and micro enterprises and key economic sectors in Shanxi Province [3]. - Total deposits surpassed RMB 310.3 billion, increasing by 7.7% year-on-year, attributed to enhanced marketing efforts and improved customer service [6]. Interest Income and Rates - Interest income from loans and advances was RMB 7.975 billion, a decrease of 2.1% from the previous year, primarily due to a decline in average yield from 4.26% to 3.92% [5]. - Net interest income was RMB 4.189 billion, down 1.1%, influenced by an increase in interest expenses on deposits [6]. - The net interest margin decreased from 1.36% to 1.20% due to lower yields on loans and financial investments [6][7]. Credit Card and Consumer Trends - The bank's credit card balance was RMB 3.935 billion, a decrease of 14.5%, impacted by lower consumer demand and increased competition from alternative financial products [4].

Core Viewpoint - Jinshang Bank emphasizes high-quality development and structural reform in its 2024 performance announcement, focusing on serving the real economy, risk management, and continuous transformation [2] Financial 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% [3] - The loan balance stood at 201.414 billion yuan, increasing by 9.978 billion yuan, or 5.21% [3] - The net profit for the year was 1.750 billion yuan [3] Service to the Real Economy - Corporate banking income accounted for 60% of total operating income, with a loan balance of 127.308 billion yuan, including 13.466 billion yuan in technology finance loans and 11.208 billion yuan in green finance loans [4] - The operating income from corporate banking was 3.480 billion yuan, representing 60.1% of total operating income [4] Retail Banking Development - Retail banking customer numbers grew from 3.313 million at the end of 2023 to 3.485 million at the end of 2024 [5] - Retail banking operating income was 1.387 billion yuan, making up 23.9% of total operating income [5] - The bank received multiple awards for its retail banking services and wealth management [5] Support for Small and Micro Enterprises - The balance of loans to small and micro enterprises reached 11.554 billion yuan, an increase of 1.722 billion yuan [6] - The number of small and micro enterprise loan customers rose to 5,576, an increase of 1,875 [7] - The non-performing loan ratio for small and micro enterprise loans was 3.29%, down by 0.52 percentage points [7] Asset Quality and Risk Management - The non-performing loan ratio was 1.77%, a decrease of 0.01 percentage points from the previous year [8] - The bank's provision coverage ratio was 205.46%, an increase of 6.75 percentage points [8] - Capital adequacy ratios were maintained above regulatory requirements, with a capital adequacy ratio of 12.84% [8] Digital Transformation - Jinshang Bank made significant progress in digital transformation, with mobile banking users increasing by 11.5% and transaction volume rising by 9.5% [9] - Video banking business volume grew by 61.3%, reaching nearly 2 million retail customers [9] - The efficiency of post-loan management improved by 70% [9]

Financial Performance - For the year ended December 31, 2024, the net profit decreased by 12.6% to RMB 1,749.5 million compared to RMB 2,000.6 million in 2023[8]. - The bank's operating profit fell by 11.4% to RMB 1,792.0 million from RMB 2,021.8 million in the previous year[7]. - The diluted earnings per share decreased to RMB 0.30 from RMB 0.34 in 2023, reflecting an 11.8% decline[8]. - The company's pre-tax profit decreased by 10.6% to RMB 1,818.2 million from RMB 2,033.9 million in 2023[24]. - The company's revenue for the year ended December 31, 2024, was RMB 5,791.1 million, slightly down from RMB 5,802.2 million in 2023[127]. Assets and Liabilities - Total assets increased by 4.2% to RMB 376,305.5 million from RMB 361,305.0 million in the previous year[9]. - The bank's total liabilities rose by 3.5% to RMB 348,277.2 million, with customer deposits increasing by 7.7% to RMB 310,327.9 million[9]. - The total amount of loans and advances issued was RMB 201,414.1 million, up from RMB 191,436.1 million in the previous year[101]. - The total amount of corporate loans as of December 31, 2024, was RMB 127,307.5 million, an increase of 5.8% compared to December 31, 2023[150]. Income and Expenses - The net interest income declined by 1.1% to RMB 4,189.3 million, down from RMB 4,236.2 million in 2023[7]. - The net fee and commission income dropped by 10.8% to RMB 626.7 million compared to RMB 702.9 million in 2023[7]. - Interest expenses rose by 1.9% to RMB 7,515.7 million for the year ended December 31, 2024, due to a 7.6% increase in average interest-bearing liabilities to RMB 326,436.4 million[37]. - Operating expenses decreased by 2.2% from RMB 2,348.4 million for the year ending December 31, 2023, to RMB 2,296.3 million for the year ending December 31, 2024[52]. Risk Management - The company has strengthened its risk management framework, focusing on proactive and forward-looking measures to enhance overall risk management capabilities[20]. - The bank has established a comprehensive credit risk management system to identify, measure, monitor, and control credit risks[135]. - The company maintained a strong focus on risk management, dynamically adjusting provisions based on macroeconomic conditions and default probabilities[123]. Capital Adequacy - The bank's capital adequacy ratio decreased to 12.84% from 13.17% in the previous year[10]. - The Tier 1 capital ratio is 10.97%, down 0.17 percentage points compared to the end of 2023[132]. - The Common Equity Tier 1 capital ratio is 10.18%, a decline of 0.96 percentage points from the end of 2023[132]. - The total amount of Common Equity Tier 1 capital is 26,025.5 million, an increase from 24,802.6 million[131]. Loan Performance - The non-performing loan ratio slightly improved to 1.77% from 1.78% in 2023[10]. - The total amount of non-performing loans reached RMB 2,784.5 million as of December 31, 2024, compared to RMB 2,602.7 million in the previous year, with an overall NPL ratio of 2.19%[113]. - The personal loan NPL ratio decreased from 2.54% as of December 31, 2023, to 2.28% as of December 31, 2024, while the NPL balance fell from RMB 809.6 million to RMB 781.2 million[114]. Corporate Governance - The company has established a comprehensive corporate governance structure in compliance with the Hong Kong Listing Rules[169]. - The board has formed six specialized committees to provide advice on decision-making[169]. - The company is committed to maintaining high standards of corporate governance and will continue to review and enhance its governance practices[169]. Digital Transformation and Innovation - The company launched the "Code Loan" service, allowing users to apply for loans via QR code, enhancing its digital service offerings[19]. - The company is focusing on digital transformation and enhancing its product offerings to improve customer experience and meet market demands[73]. Market and Economic Context - The GDP for 2024 was RMB 13,490.84 billion, representing a 5.0% growth compared to the previous year[12]. - The total retail sales of consumer goods reached RMB 487,895 billion, marking a 3.5% increase year-on-year[12]. - The total import and export value for 2024 was RMB 438,468 billion, reflecting a 5.0% increase year-on-year[14].