Core Viewpoint - Zhengzhou Bank demonstrates robust operational performance amidst a moderately loose monetary policy and intensified industry competition, showcasing a dual focus on scale and quality in its development strategy [1] Group 1: Scale Growth and Risk Management - As of the end of Q3 2025, Zhengzhou Bank's total assets reached 743.55 billion yuan, a year-on-year increase of 9.93%, with an asset increment of 67.19 billion yuan, which is 1.87 times that of the same period last year [2] - The bank's total deposits reached 459.52 billion yuan, a year-on-year growth of 13.59%, with an increment of nearly 55 billion yuan [2] - The total amount of loans and advances reached 406.72 billion yuan, a year-on-year increase of 4.91%, with a focus on key economic sectors [2] - The bank's non-performing loan ratio decreased by 0.1 percentage points to 1.76%, while the provision coverage ratio increased by 19.94 percentage points to 186.17%, indicating improved asset quality [4] Group 2: Revenue Structure Optimization and Retail Transformation - The bank achieved an operating income of 9.395 billion yuan and a net profit attributable to shareholders of 2.279 billion yuan, representing year-on-year growth of 3.91% and 1.56%, respectively [5] - Net interest income increased by 5.83% to 7.816 billion yuan, while non-interest income reached 1.579 billion yuan, reflecting a shift towards a more diversified revenue model [5] - Personal loan balances reached 96.31 billion yuan, a year-on-year increase of 5.88%, while personal deposits surged by 22.44% to 267.14 billion yuan, indicating growing trust from local residents [5] Group 3: Ecosystem Development and Future Outlook - The bank's "Four Major Steward" ecosystem enhances customer engagement through various services, aligning with the industry's trend towards customer-centric development [6] - The bank's strategy of "stabilizing scale, optimizing structure, and strengthening risk control" forms a clear development trajectory, contributing to high-quality growth [7] - With the upcoming "14th Five-Year Plan," the bank aims to leverage regional economic growth and enhance its digital service capabilities to inject stronger financial momentum into local economic development [7]

Core Viewpoint - Zhengzhou Bank demonstrates robust operational performance amidst a moderately loose monetary policy and intensified industry competition, showcasing a dual focus on scale and quality in its development strategy [1] Group 1: Asset Growth and Risk Control - As of the end of Q3 2025, Zhengzhou Bank's total assets reached 743.55 billion yuan, a year-on-year increase of 9.93%, with an asset increment of 67.19 billion yuan, which is 1.87 times that of the same period last year [1] - The bank's total deposits reached 459.52 billion yuan, reflecting a year-on-year growth of 13.59%, with an increment of nearly 55 billion yuan [1] - The total loans and advances amounted to 406.72 billion yuan, a growth of 4.91% compared to the end of the previous year, indicating a targeted allocation of credit resources to key economic sectors [1] Group 2: Structural Optimization and Retail Transformation - In the first three quarters, Zhengzhou Bank achieved an operating income of 9.395 billion yuan and a net profit attributable to shareholders of 2.279 billion yuan, representing year-on-year growth of 3.91% and 1.56% respectively [5] - Net interest income increased by 5.83% to 7.816 billion yuan, while non-interest income reached 1.579 billion yuan, indicating a diversification of income sources [5] - Personal loan balances grew by 5.88% to 96.306 billion yuan, and personal deposits surged by 22.44% to 267.143 billion yuan, reflecting increased trust from local residents [5] Group 3: Ecosystem Development and Service Enhancement - The bank has established a "Four Major Steward" ecosystem, enhancing customer engagement through various services such as healthcare and social security integration, targeted support for small and micro enterprises, customized asset management, and financial services in rural areas [6] - This comprehensive service network aligns with the banking industry's trend towards customer-centric development, transforming retail operations from product sales to integrated service experiences [6] Group 4: Conclusion - Zhengzhou Bank's growth strategy is characterized by a clear trajectory of "stable scale, optimized structure, and strengthened risk control," forming a "iron triangle" for high-quality development [7] - The bank aims to leverage the economic development benefits of the Henan region while enhancing its digital service capabilities and financial operations to contribute to regional economic growth [7]

Core Insights - Green finance has transitioned from an optional choice to a mandatory requirement for the banking industry, serving as a new engine for strategic transformation and a blue ocean market for future growth [1] - The balance of green financing at Industrial Bank has reached nearly 2.5 trillion yuan, with green loans exceeding 1 trillion yuan and a non-performing loan rate of only 0.57% [1] - The People's Bank of China and other departments have issued a unified policy framework for green finance, effective from October 1, 2025, to standardize various financial products [2] Group 1: Green Credit Growth - As of the end of 2024, the total balance of green credit among 42 A-share listed banks exceeded 27 trillion yuan, reflecting a year-on-year growth of approximately 20% [3] - State-owned banks dominate the green credit market, with the six major state-owned banks accounting for over 21 trillion yuan, representing 77.6% of the total [3] - Industrial Bank's green loan balance has risen to 1.08 trillion yuan, joining the "trillion club" [3] Group 2: Performance and Sector Focus - The average growth rate of green credit for A-share listed banks in 2024 was 20.6%, a slowdown from approximately 28% in 2023, yet leading institutions maintained strong growth [4] - The focus of green credit issuance is concentrated in four key areas: clean energy, green transportation, energy conservation and environmental protection, and green buildings [4] - The Yangtze River Delta, Guangdong-Hong Kong-Macau Greater Bay Area, and Chengdu-Chongqing Economic Circle are identified as core regions for green credit [4] Group 3: Product Innovation - A-share listed banks are deepening innovation in green financial products, creating a multi-dimensional product system that includes loans, bonds, asset securitization, insurance, and carbon finance [5] - Sustainable Development Linked Loans (SLL), carbon emission rights pledge financing, and environmental rights collateral loans are gaining traction [5] - Industrial Bank has launched the first green loan with biodiversity protection insurance, while Bohai Bank introduced a green loan linked to data center energy efficiency [6] Group 4: Broader Financial Tools - The issuance of green bonds has expanded, with the cumulative issuance of labeled green bonds in 2024 surpassing 4 trillion yuan [6] - Banks are actively participating in green wealth management and fund products, enhancing investor engagement through innovative offerings [6] - Carbon finance tools are transitioning from pilot programs to broader applications, with various banks introducing carbon emission rights pledge financing products [6] Group 5: Future Directions - The banking industry is expected to continue innovating green financial products to support sustainable economic development, moving beyond traditional green credit [7] - The development of ESG-linked loans and financing models using carbon emission rights as collateral will be explored [7] - These innovations will not only assist in achieving national carbon reduction goals but also cultivate new growth momentum for banks [7]

Core Insights - Zhengzhou Bank reported a revenue of 9.395 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 3.91%, and a net profit of 2.279 billion yuan, up 1.56% year-on-year. Despite this growth, the bank's stock has declined by 2% this year [1][2]. Financial Performance - In Q3 2025, Zhengzhou Bank achieved a revenue of 2.705 billion yuan, a 2.15% increase year-on-year, with a net profit of 652 million yuan, up 0.22% year-on-year [2]. - Non-interest income for the first three quarters reached 1.579 billion yuan, showing significant growth, but was heavily influenced by investment income and fair value changes, which are volatile and do not provide stable profit support [2]. - The bank's credit impairment losses rose significantly, reaching 4.359 billion yuan in Q3, an increase of 313 million yuan or 7.74% year-on-year, primarily due to increased losses from loans and advances [2][3]. Capital Adequacy - The bank's capital adequacy ratios have been declining for three consecutive years, with the core tier 1 capital ratio dropping from 9.29% at the end of 2022 to 8.76% by Q3 2025. The tier 1 capital ratio fell from 11.63% to 10.74%, and the total capital ratio decreased from 12.72% to 12.00% [3]. Shareholder Issues - Zhengzhou Bank has faced challenges with executive share reductions, judicial auctions of shares, and severe share pledges. The largest shareholder, Zhengzhou Municipal Finance Bureau, holds 657 million shares, accounting for 7.23% of total shares, with a significant portion pledged [4]. - Henan Guoyuan Trading Co., one of the top ten shareholders, has continuously reduced its holdings, selling 20.8488 million shares in 2023, 9.4066 million shares in 2024, and 88.8012 million shares in the first half of 2025, reducing its stake from 3.53% at the end of 2024 to 1.76% by the end of September 2025 [4]. Market Performance - In the Hong Kong stock market, institutional investors like Yuanta Financial Holdings and Yunnan Energy Investment Group have reduced their holdings in Zhengzhou Bank's H-shares from 11.99% to 10.81% [6]. - As of November 5, 2025, Zhengzhou Bank's A-shares closed at 2.04 yuan per share, down over 50% from their historical peak, while H-shares reached a low of 0.68 HKD, currently trading at 1.28 HKD [6].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 鄭州銀行股份有限公司 (於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2025年11月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06196 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,020,458,000 | RMB | | 1 RMB | | 2,020,458,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,020,458,000 | RMB | | 1 RMB | | 2,020,458,000 | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 鄭州銀行股份有限公司 (於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2025年11月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06196 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,020,458,000 | RMB | | 1 RMB | | 2,020,458,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,020,458,000 | RMB | | 1 RMB | | 2,020,458,000 | ...

Core Viewpoint - Zhengzhou Bank reported significant growth in total assets and liabilities for Q3 2025, indicating strong performance and a solid foundation for future business expansion [1][2]. Group 1: Financial Performance - As of the end of Q3 2025, Zhengzhou Bank's total assets reached 743.55 billion yuan, a year-on-year increase of 9.93%, marking the highest growth rate in the same period historically [1]. - The bank's total liabilities amounted to 685.94 billion yuan, reflecting a growth of 10.62% compared to the end of the previous year [1]. - The bank's net profit attributable to shareholders was 2.28 billion yuan, a year-on-year increase of 1.56%, while operating income reached 9.40 billion yuan, up 3.91% from the previous year [3]. Group 2: Asset and Liability Management - Zhengzhou Bank's loan and advance total reached 406.72 billion yuan, with a steady growth of 4.91% year-on-year, demonstrating robust credit deployment [1][2]. - The bank's total deposits reached 459.52 billion yuan, an increase of 13.59% from the previous year, with personal deposits growing by 22.44% to 267.14 billion yuan [2]. - The bank's provision coverage ratio stood at 186.17%, up 19.94 percentage points year-on-year, while the non-performing loan ratio was 1.76%, a decrease of 0.1 percentage points [3]. Group 3: Strategic Focus - Zhengzhou Bank is committed to supporting the local economy by focusing on key industries and projects, enhancing financial services for small and medium-sized enterprises [2]. - The bank has implemented targeted relief measures for businesses, demonstrating its role as a stabilizing force in the local market [2].

Core Viewpoint - Zhengzhou Bank has demonstrated significant growth in its third-quarter performance, with total assets exceeding 740 billion yuan and a notable increase in retail loans and personal deposits, reflecting a successful strategy in serving the regional economy [1][2]. Group 1: Financial Performance - As of the end of Q3 2025, Zhengzhou Bank's total assets reached 743.55 billion yuan, marking a 9.93% increase from the end of the previous year, the highest growth rate for the same period in history [2]. - The bank's total liabilities grew by 10.62% to 685.94 billion yuan, indicating robust financial health [2]. - The bank's operating income for the first three quarters was 9.395 billion yuan, a 3.91% increase year-on-year, while net profit attributable to shareholders was 2.279 billion yuan, up 1.56% from the previous year [3][4]. Group 2: Strategic Focus - Zhengzhou Bank is focusing on key industrial chains and projects, providing financing support to advanced manufacturing and urban renewal, while also enhancing services for small and micro enterprises [3]. - The bank has implemented a "one enterprise, one policy" approach to assist businesses in overcoming financial difficulties, demonstrating its commitment to local economic development [3]. Group 3: Retail Transformation - The bank's retail loan balance reached 96.306 billion yuan, reflecting a 5.88% increase from the end of the previous year, despite broader industry challenges [5][6]. - Zhengzhou Bank has developed a comprehensive retail financial ecosystem centered around four key service areas: citizen services, financing, wealth management, and rural services, enhancing customer engagement and service quality [6][7]. - Total deposits reached 459.518 billion yuan, a 13.59% increase, with personal deposits growing by 22.44% to 267.143 billion yuan, showcasing the bank's strong brand loyalty and effective customer retention strategies [7].

Core Insights - The A-share listed banking sector experienced a significant decline of over 13% in the third quarter of 2025, following a strong performance in the previous year, while insurance funds continued to increase their holdings in bank stocks [1][6] Group 1: New Shareholder Dynamics - In the third quarter, six insurance companies entered the top ten shareholders of six A-share listed banks, indicating a growing presence of insurance capital in the banking sector [1] - China Life Insurance Company entered the top ten shareholders of Industrial and Commercial Bank of China (ICBC) with 757 million shares, representing 0.21% of the bank's total shares [2] - Other banks such as Wuxi Bank, Nanjing Bank, and Changshu Bank also saw new insurance capital entering their top ten shareholder lists [2] Group 2: Continued Investment by Insurance Funds - Several insurance companies that had already entered the top ten shareholders of listed banks continued to increase their holdings in the third quarter, with some seeking board seats [4] - For instance, Dajia Life Insurance increased its stake in Industrial Bank by 62.12 million shares, raising its holding to 3.38% [4] - China Life Insurance and Guomin Pension Insurance also increased their stakes in Suzhou Bank, reaching 3.4% and 2.76% respectively by the end of September [4] Group 3: Major Shareholder Concentration - By the end of the third quarter, at least two insurance companies were listed among the top ten shareholders of 12 A-share listed banks, highlighting a trend of concentration of insurance capital [6] - Zheshang Bank had four insurance shareholders, while banks like Industrial Bank and Changsha Bank had three [6] - The top five shareholders of Industrial Bank collectively held over 50% of the bank's shares, indicating strong institutional support [6] Group 4: Investment Strategy Insights - Insurance asset management institutions are focusing on companies with strong fundamentals and stable dividend growth potential for their core holdings [7]

Core Insights - Zhengzhou Bank has demonstrated solid progress in strategic transformation, achieving growth in scale, optimizing structure, and enhancing risk management despite a complex external environment [1] Group 1: Scale and Growth - As of September 30, 2025, Zhengzhou Bank's total assets reached 743.55 billion yuan, a year-on-year increase of 9.93%, marking the highest growth rate for the same period in history [2] - Total liabilities increased to 685.94 billion yuan, up 10.62% from the end of the previous year, with an asset scale increment of 67.19 billion yuan, equivalent to 1.87 times the increase from the same period last year [2] - The efficient growth of asset scale has strengthened the bank's comprehensive strength and market influence, providing a solid financial foundation for serving the regional real economy and expanding business [2] Group 2: Profitability and Revenue Structure - For the first three quarters of 2025, Zhengzhou Bank achieved an operating income of 9.395 billion yuan, a year-on-year increase of 3.91%, and a net profit attributable to shareholders of 2.279 billion yuan, up 1.56% [3] - Net interest income reached 7.816 billion yuan, growing by 5.83%, while non-interest income also increased, leading to a more diversified and reasonable income structure [3] - The growth in retail business, particularly personal loans, has been significant, with personal deposits reaching 26.714 billion yuan, a substantial increase of 22.44% from the end of the previous year [3] Group 3: Risk Management and Quality - The bank has implemented refined management practices, resulting in a 2.45% year-on-year decrease in business and management expenses, with a cost-to-income ratio of 23.99%, down 1.57 percentage points [4] - As of September 30, the non-performing loan ratio stood at 1.76%, a decrease of 0.1 percentage points year-on-year, while the provision coverage ratio improved to 186.17%, an increase of 19.94 percentage points [4] - Zhengzhou Bank aims to maintain internal capital accumulation while reasonably conducting external capital supplementation, considering market conditions and capital needs [4]