[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board approved the 2025 interim report and performance announcement, and the report is unaudited - The Board of Directors approved the 2025 semi-annual report and performance announcement on August 29, 2025, with all **16 directors** present[5](index=5&type=chunk) - The report is unaudited[5](index=5&type=chunk) - 2025 semi-annual profit distribution plan: based on **88.364 billion shares**, a cash dividend of **RMB 1.563 per 10 shares** (tax inclusive) will be distributed to registered A and H shareholders, totaling **RMB 13.811 billion**[5](index=5&type=chunk) - No bonus share or capital reserve to share capital conversion plan for this half-year period[5](index=5&type=chunk) - The Group primarily faces credit risk, market risk, operational risk, and compliance risk in its operations, and has taken measures for effective control[5](index=5&type=chunk) [Definitions](index=4&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms used in the report, including the Bank, the Group, and the "Five Key Initiatives" in financial services - Defines "The Bank / Bank of Communications" as Bank of Communications Co., Ltd., and "The Group" as the Bank and its subsidiaries[10](index=10&type=chunk) - Lists and explains the "Five Key Initiatives": Technology Finance, Green Finance, Inclusive Finance, Elderly Care Finance, and Digital Finance[10](index=10&type=chunk) - Introduces several Bank of Communications financial service brands, such as "Yuntong Wealth" for corporate and interbank wealth management, "Wode Wealth" as the main retail brand, and "Jiaoyin Zhanyetong" and "Jiaoyin Yinongtong" for inclusive finance services[10](index=10&type=chunk) [Company Profile](index=5&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Bank of Communications, established in 1908, is a globally systemically important bank ranked 9th by Tier 1 capital, offering comprehensive financial services worldwide - Bank of Communications was founded in 1908 and restructured in 1987 as China's first national state-owned joint-stock commercial bank[20](index=20&type=chunk) - Listed on the Hong Kong Stock Exchange in 2005 and Shanghai Stock Exchange in 2007, it was designated a Global Systemically Important Bank in 2023, ranking **9th globally by Tier 1 capital**[20](index=20&type=chunk) - Its strategic goal is to "build a world-class banking group with distinctive advantages," focusing on green finance, inclusive finance, trade finance, technology finance, and wealth finance, while implementing the "Five Key Initiatives"[20](index=20&type=chunk) - Provides comprehensive financial services, including deposits, loans, supply chain finance, cash management, international settlement, and wealth management, to **2.95 million corporate clients** and **202 million retail clients** through over **2,800 domestic branches** and **24 overseas branches/subsidiaries and representative offices**[20](index=20&type=chunk) - The Group engages in financial leasing, funds, wealth management, trusts, insurance, overseas securities, and debt-to-equity swaps through wholly-owned or controlled subsidiaries[20](index=20&type=chunk) [Financial Highlights](index=7&type=section&id=%E8%B4%A2%E5%8A%A1%E6%91%98%E8%A6%81) This section presents key financial data and indicators for the first half of 2025, showing growth in net profit and total assets, alongside improved asset quality 2025 First Half Key Accounting Data and Financial Indicators | Indicator | 2025 Jan-Jun (RMB million) | 2024 Jan-Jun (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Net Interest Income | 85,247 | 84,234 | 1.20 | | Net Fee and Commission Income | 20,458 | 21,000 | (2.58) | | Net Operating Income | 133,498 | 132,550 | 0.72 | | Credit Impairment Losses | 32,814 | 33,021 | (0.63) | | Operating Expenses | 39,933 | 39,621 | 0.79 | | Profit Before Tax | 46,910 | 47,678 | (1.61) | | Net Profit (Attributable to Parent Company Shareholders) | 46,016 | 45,287 | 1.61 | | Earnings Per Share (RMB) | 0.59 | 0.56 | 5.36 | | | | | | | **Balance Sheet (Period-end):** | 2025 Jun 30 | 2024 Dec 31 | Change (%) | | Total Assets | 15,435,405 | 14,900,717 | 3.59 | | Customer Loans | 8,998,499 | 8,555,122 | 5.18 | | Total Liabilities | 14,130,635 | 13,745,120 | 2.80 | | Customer Deposits | 9,171,358 | 8,800,335 | 4.22 | | Shareholders' Equity (Attributable to Parent Company Shareholders) | 1,293,989 | 1,144,306 | 13.08 | | Net Asset Per Share (RMB) | 12.67 | 13.06 | (2.99) | | Total Capital | 1,619,956 | 1,508,812 | 7.37 | | Common Equity Tier 1 Capital | 1,115,440 | 964,568 | 15.64 | | | | | | | **Key Financial Ratios (%):** | 2025 Jan-Jun | 2024 Jan-Jun | Change (percentage points) | | Annualized Return on Average Assets | 0.61 | 0.65 | (0.04) | | Annualized Weighted Average Return on Equity | 9.16 | 9.29 | (0.13) | | Net Interest Margin | 1.21 | 1.29 | (0.08) | | Cost-to-Income Ratio | 29.94 | 29.94 | – | | | | | | | **Asset Quality and Capital Adequacy Ratios (%):** | 2025 Jun 30 | 2024 Dec 31 | Change (percentage points) | | Non-performing Loan Ratio | 1.28 | 1.31 | (0.03) | | Provision Coverage Ratio | 209.56 | 201.94 | 7.62 | | Capital Adequacy Ratio | 16.59 | 16.02 | 0.57 | | Tier 1 Capital Adequacy Ratio | 13.21 | 12.11 | 1.10 | | Common Equity Tier 1 Capital Adequacy Ratio | 11.42 | 10.24 | 1.18 | | Leverage Ratio | 7.61 | 6.95 | 0.66 | [Management Discussion and Analysis](index=8&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides a comprehensive review of the Group's financial performance, business operations, and risk management strategies for the first half of 2025 [Financial Statement Analysis](index=8&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E5%88%86%E6%9E%90) The Group's net profit increased by 1.61% and net operating income by 0.72%, driven by net interest income growth, with improved asset quality and increased cash flows from operating and financing activities [Analysis of Key Profit and Loss Statement Items](index=8&type=section&id=%E5%88%A9%E6%B6%A6%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E5%88%86%E6%9E%90) Net interest income grew 1.20%, driving net operating income, despite a decline in net interest margin; net fee and commission income decreased 2.58%, while other non-interest income rose 1.75%, and income tax expense significantly dropped 75.45% 2025 First Half Key Profit and Loss Statement Items Changes | Item | 2025 Jan-Jun (RMB million) | 2024 Jan-Jun (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Net Interest Income | 85,247 | 84,234 | 1.20 | | Net Non-Interest Income | 48,251 | 48,316 | (0.13) | | Net Fee and Commission Income | 20,458 | 21,000 | (2.58) | | Net Operating Income | 133,498 | 132,550 | 0.72 | | Credit Impairment Losses | (32,814) | (33,021) | (0.63) | | Operating Expenses | (39,933) | (39,621) | 0.79 | | Profit Before Tax | 46,910 | 47,678 | (1.61) | | Income Tax Expense | (455) | (1,853) | (75.45) | | Net Profit | 46,455 | 45,825 | 1.37 | | Net Profit Attributable to Parent Company Shareholders | 46,016 | 45,287 | 1.61 | - Net interest margin was **1.21%**, a **decrease of 8 basis points** year-on-year, primarily due to LPR reductions, adjustments to existing mortgage rates, and market competition, leading to a decline in asset yields, though interest-bearing liability costs decreased year-on-year[28](index=28&type=chunk) - Customer loan interest income was **RMB 138.325 billion**, a year-on-year decrease of **RMB 12.396 billion**, or **8.22%**, mainly due to a **57 basis point** year-on-year decline in the annualized average yield on customer loans[32](index=32&type=chunk) - Net fee and commission income was **RMB 20.458 billion**, a year-on-year decrease of **RMB 542 million**, or **2.58%**, with reductions in investment banking, custody and other entrusted businesses, payment and settlement, and bank card business income[42](index=42&type=chunk) - Income tax expense was **RMB 455 million**, a year-on-year decrease of **75.45%**, with an effective tax rate of **0.97%**, primarily due to tax-exempt interest income from government and local government bonds[48](index=48&type=chunk) [Analysis of Key Balance Sheet Items](index=13&type=section&id=%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E5%88%86%E6%9E%90) Total assets reached **RMB 15.44 trillion**, growing 3.59% from year-end, driven by a 5.18% increase in customer loans, while total liabilities rose 2.80% with customer deposits up 4.22% Composition of Total Assets as of June 30, 2025 | Item | 2025 Jun 30 (RMB million) | Share (%) | 2024 Dec 31 (RMB million) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Customer Loans | 8,777,937 | 56.87 | 8,351,131 | 56.05 | | Financial Investments | 4,421,066 | 28.64 | 4,320,089 | 28.99 | | Cash and Balances with Central Banks | 751,611 | 4.87 | 717,354 | 4.81 | | Deposits with and Loans to Banks and Other Financial Institutions | 971,094 | 6.29 | 974,042 | 6.54 | | Other Assets | 513,697 | 3.33 | 538,101 | 3.61 | | **Total Assets** | **15,435,405** | **100.00** | **14,900,717** | **100.00** | - Corporate loans balance was **RMB 5.931365 trillion**, an increase of **RMB 364.787 billion** from year-end, a **6.55%** growth[52](index=52&type=chunk) - Personal consumption loans balance was **RMB 385.798 billion**, an increase of **RMB 55.538 billion** from year-end, a **16.82%** growth[53](index=53&type=chunk) - Bond investments balance was **RMB 3.955194 trillion**, an increase of **RMB 98.149 billion** from year-end, a **2.54%** growth; the Group will continue to prioritize interest-rate bond investments, strengthen credit bond market analysis, and serve the real economy[60](index=60&type=chunk) Composition of Total Liabilities as of June 30, 2025 | Item | 2025 Jun 30 (RMB million) | Share (%) | 2024 Dec 31 (RMB million) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Customer Deposits | 9,171,358 | 64.90 | 8,800,335 | 64.03 | | Deposits from and Loans from Banks and Other Financial Institutions | 2,324,674 | 16.45 | 2,431,451 | 17.69 | | Certificates of Deposit Issued | 1,515,200 | 10.72 | 1,384,372 | 10.07 | | Bonds Issued | 711,828 | 5.04 | 691,248 | 5.03 | | Other Liabilities | 407,575 | 2.89 | 437,714 | 3.18 | | **Total Liabilities** | **14,130,635** | **100.00** | **13,745,120** | **100.00** | - Customer deposits balance was **RMB 9.171358 trillion**, an increase of **RMB 371.023 billion** from year-end, a **4.22%** growth[65](index=65&type=chunk) [Analysis of Key Cash Flow Statement Items](index=18&type=section&id=%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E5%88%86%E6%9E%90) Cash and cash equivalents increased by **RMB 52.282 billion**, with operating cash flow net inflow of **RMB 53.479 billion** and financing cash flow net inflow of **RMB 100.143 billion**, while investing cash flow saw a net outflow of **RMB 102.296 billion** - As of the end of the reporting period, cash and cash equivalents balance was **RMB 214.232 billion**, an increase of **RMB 52.282 billion** from year-end[69](index=69&type=chunk) - Net cash flow from operating activities was a net inflow of **RMB 53.479 billion**, a year-on-year increase of **RMB 275.921 billion**, primarily due to increased cash inflows from customer deposits[69](index=69&type=chunk) - Net cash flow from investing activities was a net outflow of **RMB 102.296 billion**, a year-on-year increase in outflow of **RMB 200.338 billion**, mainly due to net cash outflow from bond investments during the period[69](index=69&type=chunk) - Net cash flow from financing activities was a net inflow of **RMB 100.143 billion**, a year-on-year increase in inflow of **RMB 104.339 billion**, primarily due to increased cash inflows from the issuance of additional ordinary shares during the period[69](index=69&type=chunk) [Segment Performance](index=18&type=section&id=%E5%88%86%E9%83%A8%E6%83%85%E5%86%B5) The Yangtze River Delta region led in profit before tax and net operating income, while corporate finance dominated business segments, despite a significant year-on-year decline in personal finance profit before tax 2025 First Half Profit Before Tax and Net Operating Income by Region | Region | 2025 Profit Before Tax (RMB million) | Share (%) | 2025 Net Operating Income (RMB million) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Yangtze River Delta | 25,385 | 54.11 | 48,610 | 36.41 | | Pearl River Delta | (3,820) | (8.14) | 12,399 | 9.29 | | Bohai Rim Region | 9,152 | 19.51 | 16,254 | 12.18 | | Central Region | 8,346 | 17.79 | 17,854 | 13.36 | | Western Region | 6,317 | 13.47 | 11,476 | 8.60 | | Northeast Region | 2,036 | 4.34 | 3,708 | 2.78 | | Overseas | 7,303 | 15.57 | 10,076 | 7.55 | | Head Office | (7,809) | (16.65) | 13,121 | 9.83 | | **Total** | **46,910** | **100.00** | **133,498** | **100.00** | 2025 First Half Profit Before Tax and Net Operating Income by Business Segment | Business Segment | 2025 Net Operating Income (RMB million) | Share (%) | 2025 Profit Before Tax (RMB million) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Corporate Banking Business | 64,662 | 48.44 | 25,101 | 53.51 | | Personal Banking Business | 49,584 | 37.14 | 7,461 | 15.90 | | Treasury Business | 18,632 | 13.96 | 14,273 | 30.43 | | Other Businesses | 620 | 0.46 | 75 | 0.16 | | **Total** | **133,498** | **100.00** | **46,910** | **100.00** | - The Yangtze River Delta region accounted for **28.89%** of loan balances and **27.94%** of deposit balances, ranking first among all regions[74](index=74&type=chunk)[78](index=78&type=chunk) [Business Review](index=20&type=section&id=%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%B1) The Group advanced its "1-4-5" strategy, achieving significant progress in the "Five Key Initiatives," optimizing credit structure, growing corporate and personal finance, enhancing global services, and accelerating digital transformation [Progress of Development Strategy](index=20&type=section&id=%E5%8F%91%E5%B1%95%E6%88%98%E7%95%A5%E6%8E%A8%E8%BF%9B%E6%83%85%E5%86%B5) The Group made significant strides in its "Five Key Initiatives" and Shanghai home-field development, with technology loans exceeding **RMB 1.5 trillion**, green loans over **RMB 870 billion**, and inclusive loans growing **12.96%** - Technology Finance: Provided technology loan support to **68,000 enterprises**, with loan balances exceeding **RMB 1.5 trillion**[80](index=80&type=chunk) - Green Finance: Green loan balances exceeded **RMB 870 billion**, with energy-saving and carbon reduction industry balances growing **6.58%** from year-end; cumulatively issued **RMB 145 billion** in green financial bonds in mainland China[81](index=81&type=chunk) - Inclusive Finance: Inclusive loan balances reached **RMB 852.401 billion**, an increase of **RMB 97.817 billion** from year-end, a **12.96%** growth[82](index=82&type=chunk) - Elderly Care Finance: Elderly care industry loan balances grew **21.39%** from year-end, with significant increases in social security card and personal pension business volumes[85](index=85&type=chunk) - Digital Finance: Digital economy core industry loan balances exceeded **RMB 286 billion**, with internet loans growing **8.52%** from year-end[86](index=86&type=chunk) - Shanghai Home-field Development: Achieved over **RMB 488 billion** in "Bond Connect" transactions and over **RMB 491 billion** in "Swap Connect" transactions; added over **RMB 2.7 billion** in equity investments in Shanghai-based technology enterprises[87](index=87&type=chunk) [Corporate Banking Business](index=22&type=section&id=%E5%85%AC%E5%8F%B8%E9%87%91%E8%9E%8D%E4%B8%9A%E5%8A%A1) Corporate loans grew **6.55%** from year-end, with technology, inclusive micro, and elderly care loans exceeding the Group's average growth, while corporate client numbers increased **3.75%** and investment banking actively served national strategies - As of the end of the reporting period, the Group's corporate loans increased by **RMB 364.787 billion** from year-end, a **6.55%** growth[88](index=88&type=chunk) - Loans to technology-based enterprises, inclusive micro and small enterprises, and elderly care industry loans grew by **12.73%**, **11.45%**, and **21.39%** respectively, all exceeding the Group's average loan growth[88](index=88&type=chunk) - The total number of corporate clients in domestic branches was **2.95 million**, an increase of **3.75%** from year-end[89](index=89&type=chunk) - Inclusive micro and small enterprise loan balances reached **RMB 849.317 billion**, an increase of **RMB 87.245 billion** from year-end, a **11.45%** growth; the average interest rate for newly issued inclusive micro and small enterprise loans in the first half was **2.99%**[92](index=92&type=chunk) - Supply chain finance business volume was **RMB 319.163 billion**, a year-on-year increase of **4.90%**; serving **38,200 upstream and downstream enterprises** in the supply chain, a year-on-year increase of **3.99%**[94](index=94&type=chunk) - Underwrote **RMB 77.040 billion** in NAFMII-standard bonds; provided investment and financing services of **RMB 39.344 billion** for technology-based enterprises and related industries[96](index=96&type=chunk) [Personal Banking Business](index=23&type=section&id=%E4%B8%AA%E4%BA%BA%E9%87%91%E8%9E%8D%E4%B8%9A%E5%8A%A1) Personal deposits, loans, and AUM showed stable growth, with personal consumption loans increasing **16.82%**, private banking clients growing **8.94%**, and elderly care industry loans rising **21.39%** - Personal deposit balances grew **6.18%** from year-end, and personal loan balances grew **2.83%** from year-end[97](index=97&type=chunk) - AUM reached **RMB 5.792553 trillion**, a **5.52%** increase from year-end[98](index=98&type=chunk) - Personal consumption loan balances were **RMB 385.798 billion**, a **16.82%** increase from year-end[101](index=101&type=chunk) - The Group's private banking client count was **102,600**, an **8.94%** increase from year-end; assets under management for private banking clients reached **RMB 1.388874 trillion**, a **7.20%** increase from year-end[103](index=103&type=chunk) - Elderly care industry loan balances grew **21.39%** from year-end[107](index=107&type=chunk) [Interbank and Financial Market Business](index=25&type=section&id=%E5%90%8C%E4%B8%9A%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B8%82%E5%9C%BA%E4%B8%9A%E5%8A%A1) The Group actively supported Shanghai's international financial center development, maintaining leading positions in interbank clearing and settlement, innovating financial market products, and growing asset custody to **RMB 16.84 trillion** - Ranked among the top in the market for Shanghai Clearing House agency clearing volume, Shanghai Gold Exchange agency settlement volume, and settlement volumes for securities, futures, and other factor markets[110](index=110&type=chunk) - Completed the first batch of credit derivative transactions referencing technology-based enterprises and launched the first batch of special interbank loans supporting green businesses[111](index=111&type=chunk) - As of the end of the reporting period, assets under custody reached **RMB 16.84 trillion**[112](index=112&type=chunk) [Integrated Operations](index=26&type=section&id=%E7%BB%BC%E5%90%88%E5%8C%96%E7%BB%8F%E8%90%A5) The Group's integrated operations, led by commercial banking, achieved **RMB 4.561 billion** in net profit attributable to parent company shareholders from subsidiaries, representing **9.91%** of the Group's net profit, with strong performance across financial leasing, wealth management, and insurance - Subsidiaries achieved **RMB 4.561 billion** in net profit attributable to parent company shareholders, accounting for **9.91%** of the Group's net profit[113](index=113&type=chunk) - As of the end of the reporting period, total assets of subsidiaries were **RMB 784.731 billion**, accounting for **5.08%** of the Group's total assets[113](index=113&type=chunk) - BoCom Financial Leasing's total assets were **RMB 467.954 billion**, with shipping leasing assets of **RMB 166.370 billion**, maintaining its position as the **world's largest financial shipowner**; operating income reached **RMB 16.779 billion**, a year-on-year increase of **11.09%**[113](index=113&type=chunk) - BoCom Wealth Management's managed wealth management product balance was **RMB 1.701318 trillion**, a **5.15%** increase from year-end; net profit reached **RMB 773 million**, a year-on-year increase of **8.73%**[120](index=120&type=chunk) - BoComm Life Insurance's insurance service income was **RMB 1.412 billion**, a year-on-year increase of **13.06%**; operating income reached **RMB 4.223 billion**, a year-on-year increase of **21.17%**[121](index=121&type=chunk) [Global Service Capabilities](index=28&type=section&id=%E5%85%A8%E7%90%83%E6%9C%8D%E5%8A%A1%E8%83%BD%E5%8A%9B) The Group expanded its global network across five continents, with overseas banking institutions contributing **RMB 6.152 billion** in net profit, while international settlement volume grew **24.38%** and cross-border RMB settlement volume increased **56.65%** - Overseas banking institutions achieved net profit of **RMB 6.152 billion**, accounting for **13.37%** of the Group's net profit[126](index=126&type=chunk) - As of the end of the reporting period, total assets of overseas banking institutions were **RMB 1.263561 trillion**, accounting for **8.19%** of the Group's total assets[126](index=126&type=chunk) - The Bank's international settlement volume was **USD 299.965 billion**, a year-on-year increase of **24.38%**[129](index=129&type=chunk) - Domestic banking institutions' cross-border RMB settlement volume was **RMB 1.37 trillion**, a year-on-year increase of **56.65%**[131](index=131&type=chunk) - As of the end of the reporting period, offshore business asset balance was **USD 13.719 billion**[133](index=133&type=chunk) [Channel Development and Operations](index=29&type=section&id=%E6%B8%A0%E9%81%93%E5%BB%BA%E8%AE%BE%E4%B8%8E%E7%BB%8F%E8%90%A5) The Group enhanced digital operations, with enterprise online and mobile banking showing increased client numbers and transaction volumes, personal mobile banking MAU growing **8.63%**, and remote video service volume increasing **90.86%** - Enterprise online banking (bank-enterprise direct connection) signed client numbers grew **4.96%** from year-end, with cumulative transaction client numbers increasing **6.85%** year-on-year[135](index=135&type=chunk) - Enterprise mobile banking signed client numbers grew **5.33%** from year-end, with cumulative transaction volume increasing **11.64%** year-on-year[135](index=135&type=chunk) - Personal mobile banking Monthly Active Users (MAU) reached **49.1228 million**, a year-on-year increase of **8.63%**[136](index=136&type=chunk) - "Maidanba" APP accumulated **80.4867 million** linked card users, with **26.5997 million** monthly active users[137](index=137&type=chunk) - Open banking online chain finance services disbursed **RMB 143.564 billion**, a year-on-year increase of **6.32%**[138](index=138&type=chunk) - "Cloud BoCom" remote video service provided **1.29 million transactions**, a year-on-year increase of **90.86%**[139](index=139&type=chunk) - "Huimindai" credit approval efficiency improved by **63%**, and loan disbursement approval efficiency improved by **75%**[141](index=141&type=chunk) [FinTech and Digital Transformation](index=31&type=section&id=%E9%87%91%E8%9E%8D%E7%A7%91%E6%8A%80%E4%B8%8E%E6%95%B0%E5%AD%97%E5%8C%96%E8%BD%AC%E5%9E%8B) The Group strengthened digital infrastructure, data governance, and AI applications, completing front-to-back integration for financial market businesses and launching an online bulk commodity trade finance platform - The phased integration of front, middle, and back offices for financial market businesses was successfully completed, covering interbank lending, repurchase, and bond businesses[143](index=143&type=chunk) - Established an investment and financing client carbon emission measurement system, completing the latest round of measurement and for the first time including retail assets like mortgages and auto loans[175](index=175&type=chunk) - Developed a data asset map and explored building large model-driven data analysis intelligent agents to promote data visualization and intelligent data utilization[144](index=144&type=chunk) - Launched the "BoCom Shipping and Trade Connect" platform, innovating a fully online bulk commodity trade finance model, providing instant financial support[145](index=145&type=chunk) - "Proactive Credit Granting" expanded coverage and efficiency, enhancing the online, batch, and credit-based nature of credit products[145](index=145&type=chunk) [Risk Management](index=32&type=section&id=%E9%A3%8E%E9%99%A9%E7%AE%A1%E7%90%86) The Group maintained a "prudent, balanced, compliant, innovative" risk appetite, enhancing its risk governance and digital transformation, resulting in improved asset quality with NPL ratio down to **1.28%** and provision coverage ratio up to **209.56%** - The Group's overall risk appetite is "prudent, balanced, compliant, and innovative," with various risk limit indicators set[146](index=146&type=chunk) - Non-performing loan (NPL) balance was **RMB 115.036 billion**, and the NPL ratio was **1.28%**, an increase of **RMB 3.359 billion** and a decrease of **0.03 percentage points** respectively from year-end[150](index=150&type=chunk) - Provision coverage ratio was **209.56%**, an increase of **7.62 percentage points** from year-end[24](index=24&type=chunk) - Accumulated disposal of non-performing loans totaled **RMB 37.83 billion**, a year-on-year increase of **27.9%**, with actual cash recovery of **RMB 20.37 billion**, a year-on-year increase of **54.3%**[149](index=149&type=chunk) - The average daily Liquidity Coverage Ratio (LCR) for Q2 2025 was **135.38%**, and the Net Stable Funding Ratio (NSFR) at the end of Q2 was **113.19%**, both meeting regulatory requirements[169](index=169&type=chunk) - As of the end of the reporting period, the Group's total loans to its largest single customer accounted for **3.77%** of the Group's total capital, and total loans to its top ten customers accounted for **18.44%** of the Group's total capital[162](index=162&type=chunk) [Risk Management Architecture](index=32&type=section&id=%E9%A3%8E%E9%99%A9%E7%AE%A1%E7%90%86%E6%9E%B6%E6%9E%84) The Group's risk management architecture features the Board of Directors with ultimate responsibility, supported by a Risk Management and Connected Transactions Control Committee, and a senior management-level comprehensive risk management committee - The Board of Directors bears ultimate responsibility and supreme decision-making authority for risk management, overseeing the Bank's risk profile through the Risk Management and Connected Transactions Control Committee[147](index=147&type=chunk) - Senior management established a Comprehensive Risk Management and Internal Control Committee, along with two types of business review committees: Loan Review and Risk Asset Review[147](index=147&type=chunk) - Provincial branches, overseas branches, and subsidiaries have established corresponding Comprehensive Risk Management and Internal Control Committees, following this framework[147](index=147&type=chunk) [Risk Management Tools](index=32&type=section&id=%E9%A3%8E%E9%99%A9%E7%AE%A1%E7%90%86%E5%B7%A5%E5%85%B7) The Group is advancing digital risk management, building a comprehensive digital system with a robust data foundation, enhancing strategic measurement models, and developing unified model and risk monitoring systems - Continuously advancing digital transformation of risk management, committed to building a full-process, comprehensive digital risk management system[148](index=148&type=chunk) - Strengthening the supply of measurement models in strategic areas, building a unified model management system, and promoting the construction of a risk monitoring system[148](index=148&type=chunk) - Exploring application scenarios for artificial intelligence technology to assist risk management, continuously enhancing the effectiveness of risk management[148](index=148&type=chunk) [Credit Risk Management](index=32&type=section&id=%E4%BF%A1%E7%94%A8%E9%A3%8E%E9%99%A9%E7%AE%A1%E7%90%86) The Group strengthened credit risk management, optimizing asset structure and increasing NPL disposal, resulting in an NPL ratio of **1.28%**, a **0.03 percentage point** decrease from year-end, with all loans overdue for over 90 days classified as non-performing - As of the end of the reporting period, non-performing loan (NPL) balance was **RMB 115.036 billion**, and the NPL ratio was **1.28%**, an increase of **RMB 3.359 billion** and a decrease of **0.03 percentage points** respectively from year-end[150](index=150&type=chunk) - Accumulated disposal of non-performing loans totaled **RMB 37.83 billion**, a year-on-year increase of **27.9%**, with actual cash recovery of **RMB 20.37 billion**, a year-on-year increase of **54.3%**[149](index=149&type=chunk) - Overdue loan balance was **RMB 127.102 billion**, an increase of **RMB 9.004 billion** from year-end, with an overdue ratio of **1.41%**, an increase of **0.03 percentage points** from year-end[159](index=159&type=chunk) - All loans overdue for more than 90 days were classified as non-performing loans, accounting for **78.82%** of total non-performing loans[150](index=150&type=chunk) Loan Five-Category Classification Distribution as of June 30, 2025 | Category | Amount (RMB million) | Share (%) | | :--- | :--- | :--- | | Normal Loans | 8,740,366 | 97.13 | | Special Mention Loans | 143,097 | 1.59 | | Substandard Loans | 25,388 | 0.28 | | Doubtful Loans | 27,870 | 0.31 | | Loss Loans | 61,778 | 0.69 | | **Total Non-Performing Loans** | **115,036** | **1.28** | | **Total** | **8,998,499** | **100.00** | - As of the end of the reporting period, the Group's total loans to its largest single customer accounted for **3.77%** of the Group's total capital, and total loans to its top ten customers accounted for **18.44%** of the Group's total capital[162](index=162&type=chunk) [Market Risk Management](index=36&type=section&id=%E5%B8%82%E5%9C%BA%E9%A3%8E%E9%99%A9%E7%AE%A1%E7%90%86) The Group primarily manages interest rate and exchange rate risks, aiming to identify, measure, monitor, control, and report market risks within acceptable limits through various tools, while continuously enhancing its risk management system - The Group's primary market risks are **interest rate risk** and **exchange rate risk**[164](index=164&type=chunk) - The objective of market risk management is to proactively identify, measure, monitor, control, and report market risks, keeping them within an acceptable and reasonable range through limit management, risk hedging, and risk transfer methods[164](index=164&type=chunk) - The Group applies the **standardized approach** for market risk capital measurement, while non-bank subsidiaries and the Brazil subsidiary apply the **simplified standardized approach** during the transition period[164](index=164&type=chunk) [Liquidity Risk Management](index=37&type=section&id=%E6%B5%81%E5%8A%A8%E6%80%A7%E9%A3%8E%E9%99%A9%E7%AE%A1%E7%90%86) The Group maintained a robust liquidity risk management framework, with a governance structure involving the Board and senior management, and achieved a Q2 2025 average Liquidity Coverage Ratio of **135.38%** and Net Stable Funding Ratio of **113.19%**, both exceeding regulatory requirements - The Group's liquidity risk management governance structure includes decision-making bodies (Board of Directors and its special committees, senior management), supervisory bodies (Board of Supervisors, Audit and Supervision Bureau), and executive bodies (various departments)[167](index=167&type=chunk) - During the reporting period, the Group continuously improved its liquidity risk management system, flexibly adjusting liquidity management strategies and business development structure and pace as appropriate[167](index=167&type=chunk) Liquidity Ratio Indicators as of June 30, 2025 | Indicator | Standard Value | 2025 Jun 30 (%) | 2024 Dec 31 (%) | | :--- | :--- | :--- | :--- | | Liquidity Ratio | ≥25 | 77.06 | 73.34 | - The average daily Liquidity Coverage Ratio (LCR) for Q2 2025 was **135.38%**, the Net Stable Funding Ratio (NSFR) at the end of Q1 was **111.64%**, and at the end of Q2 was **113.19%**, all meeting regulatory requirements[169](index=169&type=chunk) [Operational Risk Management](index=37&type=section&id=%E6%93%8D%E4%BD%9C%E9%A3%8E%E9%99%A9%E7%AE%A1%E7%90%86) The Group upheld an "internal control first, compliance-based" philosophy, continuously improving its operational risk management system, enhancing event management, self-assessment, and key indicator tools, and optimizing related systems and outsourcing mechanisms - The Group's operational risk management adheres to the philosophy of "internal control first, compliance-based," continuously improving its operational risk management system[170](index=170&type=chunk) - Strengthening the standardized use of management tools such as operational risk event management, self-assessment, and key indicators[170](index=170&type=chunk) - Optimizing operational risk management system functions, improving outsourcing management mechanisms, and strengthening business continuity management[170](index=170&type=chunk) [Compliance and Anti-Money Laundering](index=38&type=section&id=%E5%90%88%E8%A7%84%E4%B8%8E%E5%8F%8D%E6%B4%97%E9%92%B1) The Group established a compliance management system aligned with its operations, continuously enhancing risk identification, monitoring, prevention, and resolution capabilities, while deepening anti-money laundering reforms and improving customer due diligence - The Group established a compliance management system commensurate with its operating scale, business scope, and risk level, continuously strengthening its capabilities in compliance risk identification, monitoring, prevention, and resolution[171](index=171&type=chunk) - Further improved the internal control and compliance management system, strengthening supervision, inspection, and issue rectification[171](index=171&type=chunk) - Deepened reforms in anti-money laundering systems and mechanisms, enhancing the effectiveness of anti-money laundering customer due diligence and strengthening integrated Group management[171](index=171&type=chunk) [Reputational Risk Management](index=38&type=section&id=%E5%A3%B0%E8%AA%89%E9%A3%8E%E9%99%A9%E7%AE%A1%E7%90%86) The Group adhered to a "prevention-first, effective disposal, timely restoration, comprehensive coverage" strategy for reputational risk, strengthening full-process management and normalized construction, with the system operating effectively during the period - The Group adheres to a management strategy of "prevention first, effective disposal, timely restoration, and comprehensive coverage," strengthening full-process management and normalized construction[172](index=172&type=chunk) - Improved and optimized the Group's long-term reputational risk management mechanism, strengthening reputational risk management for overseas institutions[172](index=172&type=chunk) - During the reporting period, the reputational risk management system operated effectively, and reputational risk was properly controlled[172](index=172&type=chunk) [Cross-Industry, Cross-Border, and Country Risk Management](index=38&type=section&id=%E8%B7%A8%E4%B8%9A%E8%B7%A8%E5%A2%83%E4%B8%8E%E5%9B%BD%E5%88%AB%E9%A3%8E%E9%99%A9%E7%AE%A1%E7%90%86) The Group established a comprehensive cross-industry, cross-border, and country risk management system, strengthening overseas institution risk management, enhancing consolidated management, and optimizing country-level asset-liability structures - The Group established a cross-industry and cross-border risk management system characterized by "unified management, clear division of labor, complete tools, IT support, quantified risks, and substantive consolidation"[173](index=173&type=chunk) - Strengthened risk management for overseas institutions, improved the institutional framework, optimized risk indicator monitoring tools, and enhanced the formulation and drills of various emergency plans[173](index=173&type=chunk) - Strengthened consolidated management, refined the full lifecycle management of subsidiaries at all levels, and deepened the transmission of Group risk appetite and management measures to subsidiaries[173](index=173&type=chunk) - Strengthened country risk management, conducted country risk assessments, ratings, and stress tests, guiding operating units to optimize asset-liability structures from a country perspective[173](index=173&type=chunk) [Large Exposure Risk Management](index=38&type=section&id=%E5%A4%A7%E9%A2%9D%E9%A3%8E%E9%99%A9%E6%9A%B4%E9%9C%B2%E7%AE%A1%E7%90%86) The Group diligently implemented regulatory requirements for large exposure risk, advancing management system construction, continuously monitoring exposures, and strictly enforcing limits, with all indicators meeting regulatory standards by period-end - The Group diligently implemented regulatory requirements, promoted the construction of management systems, and continuously monitored large exposure risks[174](index=174&type=chunk) - Strictly implemented various limit management measures to enhance the Group's ability to prevent systemic and regional risks[174](index=174&type=chunk) - As of the end of the reporting period, all indicators for the Group's large exposure risks complied with regulatory requirements[174](index=174&type=chunk) [Climate and Environmental Risk Management](index=38&type=section&id=%E6%B0%94%E5%80%99%E5%92%8C%E7%8E%AF%E5%A2%83%E9%A3%8E%E9%99%A9%E7%AE%A1%E7%90%86) The Group actively supported "carbon peak and carbon neutrality" goals, integrating climate and environmental risks into its comprehensive risk management, enhancing carbon data management, and advancing climate risk scenario analysis and stress testing - The Group actively supports the "carbon peak and carbon neutrality" goals, promoting the further integration of climate and environmental risks into its comprehensive risk management system[175](index=175&type=chunk) - Established an investment and financing client carbon emission measurement system, completing the latest round of measurement and for the first time including retail assets like mortgages and auto loans[175](index=175&type=chunk) - Steadily advanced climate risk scenario analysis and stress testing, deepening research into asset portfolio transformation plans[175](index=175&type=chunk) [Outlook](index=39&type=section&id=%E5%B1%95%E6%9C%9B) The Group will continue to serve the real economy and maintain financial stability, focusing on the "Five Key Initiatives," strengthening its Shanghai "home-field" advantage, advancing digitalization, optimizing business structure, enhancing client engagement, and effectively controlling risks - The Group will continue to deeply practice the political and people-centric nature of financial work, serving as the main force for the real economy and the ballast for financial stability[177](index=177&type=chunk) - Future key tasks include: thoroughly implementing the "Five Key Initiatives" to continuously build business characteristics; vigorously consolidating the Shanghai "home-field" advantage; continuously promoting digital construction to empower transformational development[177](index=177&type=chunk)[178](index=178&type=chunk) - Dynamically optimizing and adjusting business structure, maintaining efforts to serve the real economy, improving quality and efficiency, and promoting coordinated volume-price development and structural optimization of asset-liability businesses[178](index=178&type=chunk) - Advancing the client base enhancement project, improving client operation and management systems and mechanisms, deepening online-offline integration, and strengthening G-B-C collaborative development[179](index=179&type=chunk) - Upholding the bottom line and effectively preventing risks, strengthening integrated and penetrative Group management, and effectively controlling risks in key areas such as real estate and local government debt[179](index=179&type=chunk) [Other Disclosures](index=40&type=section&id=%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The Group implemented its "Quality Improvement, Efficiency Enhancement, and High Returns" action plan, continuously boosting investor returns through serving the real economy, strategic execution, leveraging Shanghai's advantages, risk control, and stable cash dividends - The Group formulated the "Bank of Communications Valuation Enhancement Plan and 'Quality Improvement, Efficiency Enhancement, and High Returns' Action Plan" to continuously enhance investor returns through high-quality development[180](index=180&type=chunk) - As of the end of the reporting period, the Group's customer loan balance was **RMB 9.00 trillion**, a **5.18%** increase from year-end[180](index=180&type=chunk) - Loan balances in the three major regions (Yangtze River Delta, Greater Bay Area, Beijing-Tianjin-Hebei) grew **5.57%** from year-end, **0.39 percentage points** higher than the Group's average loan growth[180](index=180&type=chunk) - The Group's main asset quality indicators continued to improve, solidifying its asset quality foundation[181](index=181&type=chunk) - The Group completed its 2024 interim and annual dividends, maintaining a dividend payout ratio of over **30%** of net profit attributable to parent company shareholders for **13 consecutive years**[182](index=182&type=chunk) [Corporate Governance](index=41&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%20(一级)) The Group continuously enhanced its corporate governance, completing a private placement of A-shares to supplement capital, and maintaining a stable dividend policy for 13 consecutive years - The Group strictly adheres to laws and regulations such as the "Company Law," "Securities Law," and "Commercial Bank Law," continuously enhancing its corporate governance level[217](index=217&type=chunk) - In June 2025, the Group completed a private placement of **14,101,057,578 A-shares**, increasing total share capital from **74,262,726,645 shares** to **88,363,784,223 shares**[185](index=185&type=chunk) - The 2025 semi-annual profit distribution plan is a cash dividend of **RMB 1.563 per 10 shares** (tax inclusive), totaling **RMB 13.811 billion**, representing **30.0%** of the net profit attributable to parent company shareholders for the first half of 2025[219](index=219&type=chunk) - The Group highly values the continuity and stability of its dividend policy, maintaining a dividend payout ratio of over **30%** of net profit attributable to parent company shareholders for **13 consecutive years**[182](index=182&type=chunk) [Share Changes and Shareholder Information](index=41&type=section&id=%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) The Group completed a private placement of **14.101 billion A-shares**, increasing total share capital to **88.364 billion shares**, which diluted EPS and NAV per share, with the Ministry of Finance remaining the largest shareholder - As of the end of the reporting period, the Bank's total ordinary shares were **88,363,784,223 shares**, with A-shares accounting for **60.38%** and H-shares for **39.62%**[183](index=183&type=chunk) - In June 2025, the Bank completed a private placement of **14,101,057,578 A-shares**, raising net proceeds of approximately **RMB 119.941 billion** to supplement Common Equity Tier 1 capital[185](index=185&type=chunk)[273](index=273&type=chunk) - This share change resulted in an increase in the Bank's total share capital and net assets, with a dilutive effect on earnings per share and net asset per share[186](index=186&type=chunk) - As of the end of the reporting period, the total number of ordinary shareholders was **263,071**[189](index=189&type=chunk) - The Ministry of Finance is the Bank's controlling shareholder, with a shareholding ratio of **35.02%**[195](index=195&type=chunk)[196](index=196&type=chunk) - The Hongkong and Shanghai Banking Corporation Limited is the second largest shareholder, with a shareholding ratio of **16.00%**[196](index=196&type=chunk) - National Council for Social Security Fund is the third largest shareholder, with a shareholding ratio of **13.77%**[197](index=197&type=chunk) [Corporate Governance](index=46&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%20(二级)) The Group's corporate governance includes dividend distribution, issuance of green, tech innovation, and TLAC non-capital bonds, and redemption of Tier 2 capital bonds, with **95,267 employees** and a consistent A-rating for information disclosure - As of the end of the reporting period, the total number of preferred shareholders was **67**[204](index=204&type=chunk) - The 2025 semi-annual profit distribution plan is a cash dividend of **RMB 1.563 per 10 shares** (tax inclusive), totaling **RMB 13.811 billion**, representing **30.0%** of the net profit attributable to parent company shareholders for the first half of 2025[219](index=219&type=chunk) - In April 2025, **RMB 30 billion** in green financial bonds were issued; in May, **RMB 20 billion** in technology innovation bonds were issued; in June, **RMB 40 billion** in Total Loss-Absorbing Capacity (TLAC) non-capital bonds were issued[215](index=215&type=chunk) - In May 2025, **RMB 40 billion** of 2020 Tier 2 capital bonds were redeemed; in June, **RMB 30 billion** of 2022 special financial bonds for small and micro enterprise loans matured and were repaid[215](index=215&type=chunk) - As of the end of the reporting period, the Group had a total of **95,267 employees**[229](index=229&type=chunk) - The Bank has been rated an **A-class company** for information disclosure by the Shanghai Stock Exchange for **eleven consecutive years**[234](index=234&type=chunk) [Environmental and Social Responsibility](index=53&type=section&id=%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB) The Group actively promoted green finance, with green loan balances exceeding **RMB 870 billion**, and fulfilled social responsibilities by resolving **164,400 financial consumer complaints** with a **100%** resolution rate, while supporting rural revitalization - The Group's "14th Five-Year Plan" designates green as the foundation for all business operations, aiming for green loan balances of no less than **RMB 800 billion** by the end of the "14th Five-Year Plan" period[237](index=237&type=chunk)[239](index=239&type=chunk) - As of the end of the reporting period, green loan balances of domestic banking institutions exceeded **RMB 870 billion**[243](index=243&type=chunk) - Underwrote **RMB 7.291 billion** in green bonds and transition bonds[243](index=243&type=chunk) - BoCom Financial Building won the **Gold Award** in the "2024 Shanghai Existing Building Green Low-Carbon Renovation Assessment"[250](index=250&type=chunk) - In the first half, the Bank handled **164,400 financial consumer complaints**, with a **100%** resolution rate[253](index=253&type=chunk) - Agricultural loan balances were **RMB 761.314 billion**, an increase of **RMB 17.165 billion** from year-end, a **2.31%** growth[255](index=255&type=chunk) [Significant Matters](index=57&type=section&id=%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The Group reported no material litigation or administrative penalties, disclosed related party loan agreements totaling **USD 12.95 billion**, and confirmed that **RMB 119.941 billion** in raised funds were used to supplement Common Equity Tier 1 capital - During the reporting period, the Group had no litigation or arbitration matters with a significant impact on its operations; pending litigation and arbitration involved approximately **RMB 1.083 billion**[257](index=257&type=chunk) - During the reporting period, the Bank and its directors, supervisors, and senior management were not subject to any significant administrative penalties or investigations[258](index=258&type=chunk) - Signed loan agreements with BoCom Management, BoCom Development, and Ronggang United totaling **USD 5.85 billion**, **USD 4.1 billion**, and **USD 3 billion** respectively[268](index=268&type=chunk) - As of the end of the reporting period, the Bank's loan balance with related natural persons was **RMB 116,700**, and the total credit card overdraft limit was **RMB 8.9559 million**[265](index=265&type=chunk) - Net proceeds of approximately **RMB 119.941 billion** were used to supplement the Bank's Common Equity Tier 1 capital[273](index=273&type=chunk) - All commitments made by the Bank's shareholders and other relevant parties during or continuing into the reporting period were strictly fulfilled[274](index=274&type=chunk) - China Tobacco and Shuangwei Investment participated in the Bank's A-share issuance as strategic investors and signed strategic cooperation agreements with the Bank[275](index=275&type=chunk) [Institutional Directory](index=61&type=section&id=%E6%9C%BA%E6%9E%84%E5%90%8D%E5%BD%95) This section lists the Group's domestic provincial and direct branches, overseas banking institutions across major international financial centers, and key subsidiaries involved in diverse financial services - Domestic provincial and direct branches are categorized by region: Yangtze River Delta, Pearl River Delta, Bohai Rim Region, Central Region, Western Region, and Northeast Region, with specific addresses listed[277](index=277&type=chunk) - Overseas banking institutions include branches and representative offices in Hong Kong, New York, London, Singapore, Tokyo, Frankfurt, Macau, Ho Chi Minh City, Sydney, Taipei, Luxembourg, Brazil, and other locations[278](index=278&type=chunk) - Key subsidiaries include BoCom Schroders Fund Management, BoCom International Trust, BoCom Financial Leasing, BoCom Wealth Management, BoComm Life Insurance, BoCom Financial Asset Investment, BoCom International Holdings, and China BoCom Insurance[279](index=279&type=chunk) [Financial Statements and Others](index=63&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E5%8F%8A%E5%85%B6%E4%BB%96) This section includes the interim financial review report, unaudited condensed consolidated financial statements, detailed notes, and supplementary financial information, providing a comprehensive view of the Group's financial position and performance - The interim financial information is unaudited, prepared in accordance with International Accounting Standard 34 – Interim Financial Reporting and the disclosure requirements of the Hong Kong Listing Rules[284](index=284&type=chunk) - The notes to the financial statements provide detailed disclosures on significant accounting policies, financial risk management, detailed income and expense items, asset and liability composition, changes in share capital, related party transactions, and segment information[281](index=281&type=chunk) - Supplementary financial information includes currency concentration, international claims, overdue and restructured assets, and loan distribution information[282](index=282&type=chunk) [Review Report on Interim Financial Information](index=64&type=section&id=%E4%B8%AD%E6%9C%9F%E8%B4%A2%E5%8A%A1%E8%B5%84%E6%96%99%E7%9A%84%E5%AE%A1%E9%98%85%E6%8A%A5%E5%91%8A) KPMG's review report on the 2025 interim financial information, conducted under International Review Standard 2410, found no material non-compliance with IAS 34, though it does not constitute an audit opinion - The review was conducted in accordance with International Standard on Review Engagements 2410[285](index=285&type=chunk) - The scope of the review is less than that of an audit, and therefore no audit opinion is expressed[285](index=285&type=chunk) - Based on the review, nothing has come to the attention of the reviewers that causes them to believe the interim financial information is not prepared, in all material respects, in accordance with International Accounting Standard 34 – Interim Financial Reporting[286](index=286&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=65&type=section&id=%E6%9C%AA%E7%BB%8F%E5%AE%A1%E8%AE%A1%E7%9A%84%E7%AE%80%E8%A6%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the Group's unaudited condensed consolidated financial statements for H1 2025, including the income statement, balance sheet, statement of changes in equity, and cash flow statement, providing an overview of financial performance and position Unaudited Condensed Consolidated Income Statement and Other Comprehensive Income (For the six months ended June 30, 2025) | Item | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Net Interest Income | 85,247 | 84,234 | | Net Fee and Commission Income | 20,458 | 21,000 | | Net Operating Income | 133,498 | 132,550 | | Credit Impairment Losses | (32,814) | (33,021) | | Profit Before Tax | 46,910 | 47,678 | | Net Profit for the Period | 46,455 | 45,825 | | Net Profit Attributable to Parent Company Shareholders | 46,016 | 45,287 | Unaudited Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Item | 2025 Jun 30 (RMB million) | 2024 Dec 31 (RMB million) | | :--- | :--- | :--- | | Total Assets | 15,435,405 | 14,900,717 | | Customer Loans | 8,777,937 | 8,351,131 | | Total Liabilities | 14,130,635 | 13,745,120 | | Customer Deposits | 9,171,358 | 8,800,335 | | Total Equity Attributable to Parent Company Shareholders | 1,293,989 | 1,144,306 | | Share Capital | 88,364 | 74,263 | Unaudited Condensed Consolidated Cash Flow Statement (For the six months ended June 30, 2025) | Item | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 53,479 | (222,442) | | Net Cash Flow from Investing Activities | (102,296) | 98,042 | | Net Cash Flow from Financing Activities | 100,143 | (4,196) | | Net Change in Cash and Cash Equivalents | 52,282 | (129,677) | | Cash and Cash Equivalents at End of Period | 214,232 | 145,784 | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=72&type=section&id=%E6%9C%AA%E7%BB%8F%E5%AE%A1%E8%AE%A1%E7%9A%84%E4%B8%AD%E6%9C%9F%E7%AE%80%E8%A6%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8) This section provides detailed notes to the unaudited condensed consolidated financial statements, covering accounting policies, financial risk management, income/expense details, balance sheet items, equity changes, dividends, and related party transactions - The principal accounting policies and methods of computation used in these interim condensed consolidated financial statements are consistent with those adopted in the Group's 2024 annual consolidated financial statements[304](index=304&type=chunk) - The Group's main financial risks include credit risk, liquidity risk, market risk, and operational risk[313](index=313&type=chunk) - In the first half of 2025, net interest income was **RMB 85.247 billion**, a year-on-year increase of **1.20%**[416](index=416&type=chunk) - In the first half of 2025, net fee and commission income was **RMB 20.458 billion**, a year-on-year decrease of **2.58%**[417](index=417&type=chunk) - As of June 30, 2025, total customer loans were **RMB 8.998499 trillion**, with credit loans accounting for **39.81%** and mortgage loans for **30.79%**[108](index=108&type=chunk)[459](index=459&type=chunk) - As of June 30, 2025, total customer deposits were **RMB 9.171358 trillion**, including corporate demand deposits of **RMB 1.869774 trillion** and individual time deposits of **RMB 2.961890 trillion**[121](index=121&type=chunk)[495](index=495&type=chunk) - As of June 30, 2025, share capital was **RMB 88.364 billion**, and capital reserve was **RMB 217.261 billion**, primarily due to the completion of a private placement of **14.101 billion A-shares** in June 2025[127](index=127&type=chunk)[511](index=511&type=chunk)[513](index=513&type=chunk) - In the first half of 2025, dividends declared to ordinary shareholders were **RMB 14.630 billion**, and interest declared to perpetual bondholders was **RMB 1.685 billion**[537](index=537&type=chunk)[539](index=539&type=chunk) [Unaudited Supplementary Financial Information](index=147&type=section&id=%E6%9C%AA%E7%BB%8F%E5%AE%A1%E8%AE%A1%E7%9A%84%E8%A1%A5%E5%85%85%E8%B4%A2%E5%8A%A1%E8%B5%84%E6%96%99) This section provides unaudited supplementary financial information for H1 2025, including currency concentration, international claims, overdue and restructured assets, and loan distribution, detailing the Group's risk exposure and asset quality - As of June 30, 2025, the Group's net (short)/long positions were **(USD 127,125 million)**, **HKD 89,554 million**, and **(6,322 million other currencies)**, totaling **(43,893 million)**[599](index=599&type=chunk) - As of June 30, 2025, total international claims were **RMB 1.541238 trillion**, with the Asia-Pacific region accounting for the largest share at **RMB 1.434962 trillion**[603](index=603&type=chunk) - As of June 30, 2025, overdue customer loan balance was **RMB 127.102 billion**, with an overdue ratio of **1.41%**[604](index=604&type=chunk) - As of June 30, 2025, total restructured loans were **RMB 74.994 billion**, of which restructured loans overdue for more than three months amounted to **RMB 11.267 billion**[605](index=605&type=chunk) - As of June 30, 2025, total impaired customer loans were **RMB 115.018 billion**, including corporate loans of **RMB 77.180 billion** and personal loans of **RMB 37.838 billion**[606](index=606&type=chunk)[611](index=611&type=chunk)

Core Viewpoint - The third National Skills Competition opened in Zhengzhou, Henan, with the Bank of Communications actively supporting the event to contribute to the talent-driven national strategy [1] Group 1: Event Participation and Support - The Bank of Communications has partnered with the National Skills Competition for the third time, showcasing its commitment to supporting the event and the national strategy for talent development [1] - The bank proactively addressed the financing needs for the construction of competition venues, ensuring timely delivery [3] Group 2: Financial Services and Engagement - At the event, the bank set up an interactive exhibition titled "Show Your Skills to Support Talented Youth," utilizing multimedia and immersive experiences to highlight its financial services that support the real economy and entrepreneurship [3] - The bank introduced a "Cloud Bank" smart screen for remote customer service interaction, allowing attendees to experience digital financial services [3] Group 3: Educational Initiatives - The bank collaborated with the event organizers to launch the "Learn with the National Competition" initiative, which combines on-site learning with practical experiences, providing a platform for youth to gain vocational insights and skill recognition [3] - The initiative includes various activities such as exhibition experiences, competition learning, interactive courses, and immersive experiences aimed at fostering high-quality skill development [3]

Core Insights - The article emphasizes the importance of selecting bank wealth management products amidst a plethora of similar-sounding offerings, urging investors to discern and choose wisely [1] - The South Finance Wealth Management team compiles a weekly performance ranking of wealth management products available through various distribution channels, focusing on those with outstanding performance [1][6] - The ranking criteria include product type, specifically targeting pure fixed income, "fixed income plus," and mixed products, as well as performance stability over a minimum of three months [1] Group 1: Product Performance - The ranking showcases annualized performance over the past month, three months, and six months, sorted by the three-month annualized return to reflect multidimensional performance during recent market fluctuations [1] - The current focus is on pure fixed income products issued by wealth management companies, providing investors with a curated selection of available products [1] Group 2: Distribution Institutions - A total of 28 distribution institutions are involved, including major banks such as Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, and others [2] - The assessment of the "on sale" status of wealth management products is based on their investment cycle projections, although actual availability may vary due to factors like sold-out quotas or differing product lists for various clients [2] Group 3: Performance Data - The article includes specific performance data for various wealth management products, detailing their annualized returns over different periods, such as the "Stable Wealth High-Grade Pure Bond 18" from Bank of China, which has a three-month annualized return of 7.67% [5] - Other notable products include "Stable Enjoy Flexible Wisdom Day Open 20" from China Merchants Bank with a three-month return of 7.47% and "Stable Wealth High-Grade Pure Bond 36" also from Bank of China with a return of 7.27% [5][7]

活动以"国风+金融+文旅"为创新载体，打造沉浸式游园场景，设置国风换装体验、金融知识互动展位、传统游戏挑战和文艺演出等多项内容。参与者可身 着汉服漫步古风市集，在投壶、猜灯谜、蒙眼敲鼓等游戏中，轻松掌握假币识别、反诈防非、理性投资等实用金融知识。完成打卡集章任务还可兑换精美礼 品，真正实现"玩中学、学中乐"，让"国风入耳、金融入心"的氛围愈发浓厚。 转自：新华财经 为提升社会公众金融素养，维护金融消费者和投资者合法权益，9月20日，在国家金融监督管理总局海南监管局、海南省委金融委员会办公室、中国人民银 行海南省分行及中国证券监督管理委员会海南监管局的指导下，交通银行海南省分行主办的"保障金融权益、助力美好生活"2025年海南省金融教育宣传周进 社区活动——云洞沉浸式国风游园会在海口举行。活动将传统国风文化与金融知识普及深度融合，为市民游客带来一场别开生面的沉浸式金融学习体验。 交行海南省分行相关负责人表示，本次游园会是该行推动金融教育进社区、融入生活，践行金融工作政治性与人民性的具体实践。未来，该行将继续探索大 众喜闻乐见的宣传形式，扎实推进金融消费者权益保护工作，为优化地方金融生态、助力美好生活持续贡献交行 ...

Core Viewpoint - The stock price of Bank of Communications has experienced a decline, with a notable drop of 7.86% year-to-date and 14.88% over the past 60 days, indicating potential challenges in the market [1]. Group 1: Stock Performance - As of September 22, the stock price of Bank of Communications was 6.81 CNY per share, with a trading volume of 8.01 billion CNY and a turnover rate of 0.45%, resulting in a total market capitalization of 601.76 billion CNY [1]. - The stock has seen a decrease of 4.08% over the last 5 trading days and 11.33% over the last 20 trading days [1]. Group 2: Financial Performance - For the first half of 2025, Bank of Communications reported a net profit attributable to shareholders of 46.016 billion CNY, reflecting a year-on-year growth of 1.61% [2]. - The company achieved zero operating revenue for the same period [2]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Bank of Communications was 263,100, a decrease of 5.37% from the previous period [2]. - The average number of circulating shares per shareholder was 111,247, down by 29.42% [2]. - The company has distributed a total of 337.762 billion CNY in dividends since its A-share listing, with 83.694 billion CNY distributed over the last three years [3]. Group 4: Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 1.396 billion shares, an increase of 10.8003 million shares from the previous period [3]. - Huaxia SSE 50 ETF was a new entrant among the top ten circulating shareholders, holding 523 million shares [3].

在本次活动上，就投资者关于 交通银行 （601328）分红稳定性的有关提问，公司方面直言：今年上半 年向全体股东（含本次定增的全部股份）每股分配现金股利人民币0.1563元（含税），总共分配现金股 利人民币138.11亿元，较2024年半年度分红提升约2.18%，占归属于母公司普通股股东净利润的31.2%。 这是我行连续第二年开展中期分红，分红比率将连续第14年保持30%以上。未来，交行将保持分红政策 的延续性、稳定性和可预期性，与股东持续分享交行经营发展成果。 9月19日，"2025年上海辖区上市公司集体接待日暨中报业绩说明会"活动成功举办。 ...

Group 1 - The core idea of the news is that Bank of Communications has launched a new online credit product called "Guo Bu Loan" aimed at supporting merchants involved in national subsidy programs for home appliances and digital products [2] - The "Guo Bu Loan" product offers credit up to 3 million yuan, tailored specifically for dealers participating in national subsidy activities, thereby facilitating the direct delivery of policy benefits to market entities [2] - The bank has developed a smart operational model for the "Guo Bu Loan," utilizing a unified system for data integration and local adaptation to efficiently meet the diverse needs of merchants across different regions [2] Group 2 - The "Guo Bu Loan" has already been launched in provinces such as Henan, Hubei, Sichuan, and Chongqing, with plans for gradual nationwide coverage [2]

科技日报讯 （记者谢开飞 通讯员高凌）记者9月19日获悉，"数汇八闽 智启新程——科技金融赋能 高质量发展"大会日前在福建省福州市举行。会上，福建省科技厅与交通银行福建省分行签署战略合作 协议，交通银行福建省分行将力争3年内为省内高新技术企业等科技型企业提供总额不低于1000亿元人 民币的授信支持。目前，该省积极引导和推动多家金融机构累计向科技型企业投放"科技贷"超430亿 元。 据悉，根据协议，福建省科技厅与交通银行福建省分行今后将主要在四个方面深化政银企合作：一 是推动科技金融产品创新，持续加强科技成果转化贷款合作，助力科技成果转化与产业化；二是聚焦各 类科技创新载体提供金融服务；三是推广应用"创新积分制"；四是支持交通银行福建省分行建设发展科 技金融实验室。 福建省科技厅相关负责人介绍，近年来，福建省科技厅深入贯彻落实中央和福建省委、省政府关于 科技金融的部署要求，积极拓展政银企合作。目前，福建省科技厅已与6家金融机构签署战略合作协 议，与24家金融机构建立"科技贷"合作关系，并依托福建省"金服云"平台建设全省首个科技创新主体融 资需求库，常态化开展科技型企业融资需求征集工作等，为科技型企业与金融机构搭 ...

Group 1 - The core viewpoint of the articles highlights the effective implementation of consumption-boosting policies in China, leading to stable growth in the consumer market and the emergence of new consumption drivers [1][2] - The Bank of Communications has launched a new online credit product called "Guo Bu Loan," specifically designed for merchants participating in national subsidy activities, with a maximum credit limit of 3 million yuan [1] - The "Guo Bu Loan" product addresses the urgent funding needs of distributors in the home appliance, digital, and home improvement sectors, enhancing their confidence and ability to stock up for the upcoming sales season [1] Group 2 - The Bank of Communications is developing a smart operational model for the "Guo Bu Loan," utilizing a unified system for data integration while catering to local needs, which allows for efficient resource reuse across supply chain scenarios [2] - The "Guo Bu Loan" has already been launched in provinces such as Henan, Hubei, Sichuan, and Chongqing, with plans for nationwide coverage in the future [2]

交通银行招聘公告中也显示，除了金融科技、营销、金科储备生、营运方向外，交行在金融服务中心、 信用卡中心以及省直分行招聘中，还专门设置了金融"五篇大文章"专项人才岗位。 中国银行在总行直属机构招聘中专设"养老金融中心金融综合岗位"，提出主要负责统筹开展养老金金 融、养老服务金融、养老产业金融政策研究和市场分析，年金业务发展与营销管理，养老金融场景生态 建设等工作。 记者注意到，整体来看，无论是哪种专项岗位，各家银行对于人才的需求都朝着复合型、精细化方向的 转变，从传统的人力资源管理向基于科技赋能的人才战略转型。 【深圳商报讯】（首席记者 谢惠茜）除了金融科技人才成"香饽饽"以外，从银行本次秋招来看，不少 银行还设置了"五篇大文章"专项计划岗位。 譬如，农业银行"五篇大文章"专项计划绿色金融岗拟招聘10人，主要从事全行绿色金融业务领域的政策 研究制定、行业分析、产品创新、营销推广、环境与社会风险管理等相关工作；对应聘者的专业要求为 环境科学、能源工程、生态学、环境与资源经济管理、能源经济管理等相关专业。 ...