Core Insights - Zhengzhou Bank reported strong growth in core business indicators for Q1 2025, with total assets exceeding 700 billion RMB, indicating robust development resilience and high-quality growth [1][2] Financial Performance - As of the reporting period, Zhengzhou Bank's total assets reached 706.53 billion RMB, a 4.46% increase from the previous year, marking its first time surpassing the 700 billion RMB milestone [2] - Total deposits and loans amounted to 430.11 billion RMB and 400.24 billion RMB, respectively, reflecting growth rates of 6.32% and 3.24% year-on-year [2] - Operating income was 3.475 billion RMB, up 2.22% year-on-year, while net profit attributable to shareholders was 1.016 billion RMB, representing a 4.98% increase [2] Business Transformation - The bank achieved growth in assets, deposits, loans, revenue, and profit in Q1 2025, reversing a three-year decline in net profit and demonstrating strong momentum for high-quality development [2] - Personal deposits reached 243.51 billion RMB, with an impressive growth rate of 11.61%, increasing their share of total deposits to 56.6% [2] Management Efficiency - Continuous growth in operating performance reflects improved management efficiency, with the bank focusing on deepening reforms and high-quality development [3] - The bank has implemented measures to enhance resource allocation efficiency and reduce costs, including reforms in the compensation system and optimizing internal distribution structures [3] Innovation and Digital Transformation - Zhengzhou Bank is advancing its business transformation through digital innovation, focusing on retail, wealth management, and personal credit sectors [4] - The bank has initiated a digital transformation strategy, launching a smart banking layout and leveraging AI technologies for risk control and digital financial product innovation [5] Risk Management - As of the end of 2024, the bank's non-performing loan ratio stood at 1.79%, unchanged from the previous year, while the provision coverage ratio improved to 182.99%, indicating enhanced risk mitigation capabilities [6]

Financial Performance - The total operating income for Q1 2025 was RMB 3,475,467 thousand, representing a 2.22% increase compared to RMB 3,400,099 thousand in Q1 2024[5]. - The net profit attributable to shareholders for Q1 2025 was RMB 1,015,591 thousand, up 4.98% from RMB 967,445 thousand in Q1 2024[5]. - The net investment income for Q1 2025 was CNY 851,299 thousand, representing a significant increase of 197.96% compared to CNY 285,709 thousand in Q1 2024[26]. - The total profit before tax for the group was RMB 1,205,583 thousand, compared to RMB 1,153,513 thousand in the same period last year, marking a growth of about 4.5%[49]. - The net profit attributable to shareholders of the bank was RMB 1,015,591 thousand, up from RMB 967,445 thousand year-over-year, indicating an increase of approximately 5.5%[49]. Assets and Liabilities - The total assets as of March 31, 2025, reached RMB 706,530,887 thousand, reflecting a 4.46% increase from RMB 676,365,240 thousand at the end of 2024[8]. - The total liabilities increased by 4.83% to RMB 650,020,645 thousand from RMB 620,070,469 thousand at the end of 2024[8]. - The bank's total equity as of March 31, 2025, was RMB 56,510,242 thousand, compared to RMB 56,294,771 thousand at the end of 2024, reflecting a slight increase of approximately 0.4%[45]. - The total amount of loans classified into five categories as of March 31, 2025, was CNY 400,235,539 thousand, reflecting a 3.24% increase from CNY 387,690,452 thousand as of December 31, 2024[23]. - The bank's loans and advances amounted to RMB 387,532,813 thousand, an increase from RMB 376,048,659 thousand as of December 31, 2024, showing a growth of about 3.9%[41]. Cash Flow - The net cash flow from operating activities was RMB (138,256) thousand, a decline of 35.09% compared to RMB (102,343) thousand in Q1 2024[5]. - The group reported a significant increase in net cash inflow from operating activities, totaling RMB 37,018,278 thousand, compared to RMB 22,661,715 thousand in the previous year, which is an increase of approximately 63.2%[53]. - The net cash inflow from financing activities was RMB 2,558,647 thousand for the three months ended March 31, 2025, a significant increase from RMB 294,666 thousand in the same period of 2024[59]. - The group reported a net cash outflow from investment activities of RMB 5,476,423 thousand for the three months ended March 31, 2025, compared to RMB 3,534,432 thousand for the same period in 2024, representing an increase of about 55%[57]. - The total cash and cash equivalents decreased by RMB 3,056,118 thousand during the three months ended March 31, 2025, compared to a decrease of RMB 3,339,816 thousand in the same period of 2024[61]. Shareholder Information - The total number of ordinary shareholders was 107,101, with 107,052 being A-share shareholders[29]. - The top 10 shareholders held a total of 3,500,000,000 shares, with the largest shareholder being Hong Kong Central Clearing Limited, holding 2,020,295,224 H shares[31]. - The bank's equity attributable to shareholders increased to RMB 54,660,173 thousand from RMB 54,445,031 thousand, marking a growth of about 0.4%[45]. Ratios and Capital Adequacy - The weighted average return on equity (ROE) for Q1 2025 was 9.12%, an increase of 0.14 percentage points from 8.98% in Q1 2024[6]. - The capital adequacy ratio stood at 12.01% as of March 31, 2025, slightly down from 12.06% at the end of 2024[13]. - The bank's core tier 1 capital adequacy ratio slightly decreased to 8.73% as of March 31, 2025, from 8.76% at the end of 2024[24]. - The liquidity coverage ratio was 260.65%, significantly above the regulatory requirement of 100%[13]. - As of March 31, 2025, the qualified high-quality liquid assets amounted to CNY 87,477,578 thousand, with a liquidity coverage ratio of 260.65%[21]. Other Comprehensive Income - The bank's other comprehensive income showed a significant decrease, with a value of CNY (88,661) thousand compared to CNY 711,788 thousand at the end of 2024[27]. - The group experienced a decrease in other comprehensive income, with a net amount of RMB (800,449) thousand, compared to RMB 292,744 thousand in the previous year[51].

Financial Performance - For the first quarter of 2025, the operating income was CNY 3,479,102,000, representing a 2.10% increase compared to CNY 3,407,584,000 in the same period of 2024[7] - The net profit attributable to shareholders for the first quarter of 2025 was CNY 1,015,591,000, which is a 4.98% increase from CNY 967,445,000 in the first quarter of 2024[7] - The basic earnings per share for the first quarter of 2025 remained at CNY 0.11, unchanged from the same period in 2024[7] - The net profit for the three months ended March 31, 2025, was CNY 1,015,920, representing a 2.5% increase from CNY 991,224 in the previous year[42] - The pre-tax profit for the three months ended March 31, 2025, was RMB 1,205,583 thousand, compared to RMB 1,153,513 thousand for the same period in 2024, indicating an increase of 4.5%[46] Cash Flow and Liquidity - The net cash flow used in operating activities for the first quarter of 2025 was CNY (138,256,000), a 35.09% decrease compared to CNY (102,343,000) in the same period of 2024[7] - The net cash flow from operating activities for the three months ended March 31, 2025, was RMB (138,256) thousand, a slight deterioration compared to RMB (102,343) thousand in 2024[49] - The net cash flow from investing activities for the three months ended March 31, 2025, was RMB (5,476,423) thousand, compared to RMB (3,534,432) thousand in 2024, indicating an increase in cash outflow[50] - The net cash flow from financing activities for the three months ended March 31, 2025, was RMB 2,558,647 thousand, a substantial increase from RMB 294,666 thousand in 2024[50] - The liquidity coverage ratio is significantly high at 260.65% as of March 31, 2025, indicating strong liquidity position[18] Assets and Liabilities - Total assets as of March 31, 2025, were CNY 706,530,887,000, reflecting a 4.46% increase from CNY 676,365,240,000 at the end of 2024[9] - The total liabilities as of March 31, 2025, were CNY 650,020,645,000, marking a 4.83% increase from CNY 620,070,469,000 at the end of 2024[9] - The total amount of loans and advances issued was CNY 400,235,539,000, which is a 3.24% increase from CNY 387,690,452,000 at the end of 2024[9] - The total deposits received amounted to CNY 430,112,347,000, which is a 6.32% increase from CNY 404,537,898,000 at the end of 2024[9] - The total risk-weighted assets amounted to 501,936,237 RMB as of March 31, 2025, up from 498,780,953 RMB at the end of 2024[13] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 107,101, with 107,052 A-share shareholders and 49 H-share shareholders[28] - The largest shareholder, Hong Kong Central Clearing Limited, holds 2,020,295,224 H-shares, representing 22.22% of total shares[33] - Zhengzhou Finance Bureau holds 657,246,311 A-shares, accounting for 7.23% of total shares, with 93,278,900 shares pledged[30] - The top ten ordinary shareholders do not participate in securities lending activities during the reporting period[37] Capital Adequacy and Ratios - The core tier 1 capital adequacy ratio as of March 31, 2025, is 8.73%, slightly down from 8.76% at the end of 2024[11] - The total capital adequacy ratio stands at 12.01% as of March 31, 2025, compared to 12.06% at the end of 2024[13] - The leverage ratio decreased to 6.93% as of March 31, 2025, from 7.19% at the end of 2024[15] - The cost-to-income ratio improved to 17.83% in Q1 2025, down from 29.00% in the same period last year[11] Investment and Income - Investment net income increased by 148.48% year-on-year to 607,554 RMB in Q1 2025, driven by higher bond investment returns[22] - The net investment income increased significantly to CNY 607,554 from CNY 244,512 year-over-year[41] - The interest income from financial investments for the three months ended March 31, 2025, was RMB (1,360,746) thousand, slightly higher than RMB (1,327,267) thousand in 2024[46] Company Initiatives - The company actively supports local economic development and small and micro enterprises through financial services and initiatives[26] - The company is focusing on technological innovation and has established four technology-focused branches in key university areas[27] - The company is enhancing its digital banking capabilities, emphasizing AI opportunities and the deployment of large models like DeepSeek[27] Other Information - The company has not disclosed any other significant matters beyond what is reported in this document[38] - The quarterly report is available on the Hong Kong Stock Exchange and the company's website[39]

Financial Performance - As of the end of 2024, the total assets of Bank of Zhengzhou reached RMB 676.365 billion, an increase of 7.24% compared to the previous year[12]. - Total deposits amounted to RMB 404.538 billion, reflecting a growth of 12.07% year-on-year[12]. - Total loans reached RMB 387.690 billion, with a year-on-year increase of 7.51%[12]. - Operating income for the year was RMB 12.890 billion, while net profit was RMB 1.863 billion, representing a year-on-year growth of 0.21%[12]. - Operating revenue for 2024 was RMB 12,890,323, a decrease of 5.91% compared to RMB 13,699,410 in 2023[23]. - Net profit attributable to shareholders for 2024 was RMB 1,875,762, reflecting a 1.39% increase from RMB 1,850,117 in 2023[23]. - The net cash flow from operating activities surged to RMB 8,765,356, a significant increase of 431.85% from RMB 1,648,102 in 2023[23]. - Non-interest income increased by 28.88% to RMB 2.526 billion[48]. - The company achieved net interest income of RMB 10.36 billion, a decrease of RMB 1.37 billion or 11.71% year-on-year, accounting for 80.41% of operating income[49]. - The net trading income for 2024 reached RMB 1,054,470 thousand, a 34.89% increase from RMB 781,745 thousand in 2023[161]. - The net investment income surged by 84.81% to RMB 912,723 thousand in 2024 from RMB 493,881 thousand in 2023[161]. Asset Quality and Risk Management - The non-performing loan ratio stood at 1.79%, with a provision coverage ratio of 182.99%[12]. - The non-performing loan ratio improved to 1.79%, down from 1.87% in 2023[26]. - The company aims to enhance risk management efficiency and prevention capabilities through the upgrade of market risk and operational risk management systems[15]. - The company provided a total of RMB 5.14 billion in loan loss provisions during the reporting period, with a remaining balance of RMB 12.67 billion in loan loss provisions at the end of the period[144]. - The total amount of overdue loans increased by RMB 4.71 billion compared to the previous year, indicating a growing concern regarding loan repayment[141]. - The non-performing loan ratio for corporate loans (excluding bill discounting) is 2.05%, down 0.04 percentage points year-on-year, while the personal loan non-performing loan ratio is 1.56%, down 0.16 percentage points year-on-year[130]. Strategic Focus and Development - The management emphasizes a commitment to high-quality development and reform in response to various internal and external challenges[12]. - The company is focused on implementing the new development philosophy and advancing financial development with Chinese characteristics[12]. - The report highlights the importance of aligning with the goals of the 14th Five-Year Plan and the spirit of the 20th National Congress of the Communist Party[12]. - The company aims to enhance its service to the local economy and small and medium-sized enterprises, focusing on policy-oriented financial services[38]. - The company is committed to serving the local economy and small and medium-sized enterprises, focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance[13]. - The company is enhancing its capital management to meet regulatory requirements and ensure capital levels align with risk management[180]. Community and Social Responsibility - The company has established 400 community volunteer service stations and 23 inclusive finance service ports, covering 2,363 villages and towns[14]. - The company has been recognized with the "Support for Small and Micro Enterprises Model Award" by the Henan Provincial Science and Technology Department[13]. - The company aims to enhance its service capabilities in the technology innovation sector, focusing on local economic integration[42]. Capital Management and Regulatory Compliance - The company is implementing the "Commercial Bank Capital Management Measures" and has completed regulatory reporting under new regulations[181]. - The company is conducting a comprehensive assessment of risk status and developing a capital plan for 2024-2026, considering asset quality and profit growth[183]. - The core tier 1 capital adequacy ratio decreased to 8.76% as of December 31, 2024, from 8.90% at the end of 2023[184]. - The total capital adequacy ratio decreased to 12.06% as of December 31, 2024, compared to 12.38% at the end of 2023[184]. Loan and Deposit Growth - The total amount of loans and advances was RMB 387.69 billion, up RMB 27.08 billion or 7.51% year-on-year[95]. - Total personal deposits reached RMB 218.18 billion, an increase of 29.37% compared to the end of the previous year[195]. - The balance of inclusive small and micro loans was RMB 53.69 billion, up 7.46% from the previous year, exceeding the general loan growth rate by 0.61 percentage points[200]. - The "House e-loan" product issued RMB 18.03 billion in loans, with a new issuance of RMB 3.81 billion[198].

Group 1 - The banking sector has seen 9 stocks reach historical highs this month, including major state-owned banks like ICBC, ABC, and CCB, with significant year-to-date gains [2][4] - The banking sector index rose by 1.16% on April 24, outperforming the market, with notable increases in stock prices for major banks [2][3] - The overall performance of the banking sector improved significantly in Q4 of the previous year, with 33 out of 36 banks reporting year-on-year profit growth [4][5] Group 2 - The total cash dividends announced by banks for 2024 have reached a record high of 6,161.26 billion yuan, surpassing the previous year's total [6][7] - Major banks like ICBC, CCB, and ABC have declared dividends exceeding 500 billion yuan, contributing to the sector's reputation for high dividends [6][7] - Ningbo Bank reported the highest year-on-year increase in dividends at 50%, indicating a strong commitment to shareholder returns [7]

根据统计，截至4月23日，已经有36家银行披露了分红计划，分红总额为6161.26亿元，这其中包括去年 超2300亿元的中期分红。 分红大户 从本周开始银行分红季正式开启。4月20日，中国银行发布公告显示，中国银行A股每股派发2024年末 期现金红利0.1216元（税前，下同），股权登记日为4月24日，除权（息）日为4月25日，现金红利发放 日为4月25日。 华福证券分析称，观察近3年不同类型上市银行现金分红情况，国有大行保持稳定的高现金分红比例， 近3年现金分红比例均超30%；股份制商业银行近3年平均现金分红比例逐年提升，2023年达到29.4%； 城商行近3年平均现金分红比例有所下滑，2023年平均现金分红比例为24.8%；农商行现金分红比例为 各类银行中最低，2023年平均现金分红比例为22%。 值得注意的是，中国银行此次年度分红落地明显早于往年。数据显示，中国银行自2006年在A股上市以 来，年度分红派息时间均在6月至7月。 根据分配方案，中国银行2024年末期利润分配以方案实施前的该行普通股总股本2943.88亿股为基数， 每股派发现金红利0.1216元，共计派发现金红利357.98亿元。其中，A股 ...

Core Viewpoint - Zhengzhou Bank has successfully reversed its net profit decline after nearly three years, achieving a net profit of 1.876 billion yuan in 2024, marking a year-on-year growth of 1.39%, indicating a transition to a new phase of high-quality development [1] Group 1: Strategic Focus and Operational Efficiency - Zhengzhou Bank has actively adjusted its strategic direction, focusing on "cost reduction and efficiency enhancement" and "business transformation" to improve operational efficiency and service capabilities [2] - The bank has effectively reduced operating costs through optimizing internal management processes, enhancing technological capabilities, and strengthening cost control, laying a solid foundation for net profit growth [2] - The acceleration of business transformation includes advancing retail and corporate business, risk control, and digital transformation, broadening revenue sources and consolidating competitive advantages in regional markets [2] Group 2: Asset Optimization - In September 2024, Zhengzhou Bank signed an asset transfer contract with Zhongyuan Asset Management, selling 15 billion yuan of credit and other assets, which improved liquidity and reduced asset loss risks [3] - This asset transfer is a key step in optimizing the bank's asset structure and enhancing asset quality, allowing for more resources to be allocated to high-yield, low-risk business areas [3] Group 3: Profit Growth Drivers - The positive growth in net profit is attributed to multiple factors, including a strategic focus on customer experience and internal efficiency, which has garnered customer trust and support [4] - The bank has adopted a more prudent and proactive risk management strategy, effectively controlling the non-performing loan ratio, which stood at 1.79% at the end of 2024, marking a steady decline over two consecutive years [4] - Zhengzhou Bank has actively fulfilled its social responsibilities by supporting green finance, technological innovation, and rural revitalization, enhancing its brand image and opening new business growth points [4] Group 4: Future Development Strategy - Looking ahead, Zhengzhou Bank aims to deepen business transformation and asset optimization during the "14th Five-Year Plan" period, focusing on retail business and inclusive finance [5] - The bank plans to continue advancing digital transformation by leveraging cutting-edge technologies such as big data and artificial intelligence to create a new ecosystem for smart banking [5] - In risk management, Zhengzhou Bank will enhance its comprehensive risk management system and improve risk warning and handling capabilities to ensure continuous asset quality improvement [5] Group 5: Commitment to Social Responsibility - Zhengzhou Bank will continue to practice the concept of green development, increasing support for green finance and rural revitalization to contribute to sustainable economic and social development [6] - The bank's impressive performance in 2024 reflects its strategic transformation and operational management effectiveness, injecting new vitality into the regional financial market [6] - The bank is committed to being a modern commercial bank with core competitiveness, regional influence, and social responsibility, creating greater value for shareholders, customers, and society [6]

Core Viewpoint - The performance of 14 out of 17 listed city commercial banks in China for 2024 shows resilience and growth despite challenges in the banking sector, with many banks leveraging regional advantages and differentiated business strategies to achieve notable results [1][2]. Revenue and Profit Growth - The average revenue growth rate for the 14 listed city commercial banks reached 5.31% year-on-year, with Nanjing Bank leading at 11.32% growth [2][3]. - Jiangsu Bank and Ningbo Bank achieved over 8% revenue growth despite a high base, supported by quality credit resources in the Jiangsu and Zhejiang regions [2][3]. Performance Summary of Listed City Commercial Banks - Jiangsu Bank: Revenue of 808.15 billion, up 8.78%; Net profit of 318.43 billion, up 10.76% [3]. - Beijing Bank: Revenue of 699.17 billion, up 4.81%; Net profit of 258.31 billion, up 0.81% [3]. - Ningbo Bank: Revenue of 666.31 billion, up 8.19%; Net profit of 271.27 billion, up 6.23% [3]. - Nanjing Bank: Revenue of 502.71 billion, up 11.32%; Net profit of 201.77 billion, up 9.05% [3]. - Zhengzhou Bank: Revenue decreased by 5.78% to 128.77 billion, attributed to weak corporate loan growth [3][4]. Asset Quality and Risk Management - Zhengzhou Bank reported a non-performing loan (NPL) ratio of 1.79%, higher than the average for city commercial banks, indicating a need for improvement in asset quality management [7]. - All 14 listed city commercial banks maintained a provision coverage ratio above the regulatory minimum of 150%, with Hangzhou Bank and Ningbo Bank showing exceptional performance [8][9]. Differentiated Business Strategies - City commercial banks are encouraged to adopt differentiated development strategies based on regional characteristics to enhance their business models [10]. - Ningbo Bank focuses on risk management in exchange rate and interest rate, achieving a 20.15% increase in institutional deposits [11]. - Beijing Bank plans to leverage digital products and services to enhance its business model in a low-interest environment [11].

郑州银行正在稳步推进风险内控转型，重塑现有风险管理体系。在这一过程中，郑州银行综合施策，采 取了一系列多元化、系统性的风险管控措施，全方位保障各项事务的稳健运行。这些措施涵盖了风险识 别、评估、预警和应对等多个环节，旨在构建一个全面、动态、可持续的风险防控体系。 在风险管理上，郑州银行持续做实、做好"三道防线"。分支机构和业务部门压实"第一道防线"责任，在 日常业务开展中直接识别、评估和控制风险，从源头上把控风险的产生；风险管理部门发挥第二道防线 作用，负责制定风险管理政策和流程，对第一道防线的工作进行监督和指导，确保风险管控措施的有效 执行；内部审计部门筑牢第三道防线，对风险管理体系进行全面审计，及时发现潜在问题并提出改进建 议，对第一、二道防线履职情况及有效性进行监督评价。在这套架构下，风险管理团队通过不断优化流 程和调整方法，有效提升风险管控水平，为郑州银行的稳健发展保驾护航。 在当前复杂多变的金融环境中，郑州银行展现出了强劲的发展韧性与活力。郑州银行2024年度报告显 示，截至2024年末，郑州银行不良贷款率1.79%，较年初下降0.08个百分点，拨备覆盖率182.99%，风险 抵补能力持续增强。20 ...

展望未来，郑州银行将继续秉承"服务地方经济、服务中小企业、服务城乡居民"的宗旨，以更加饱满的 热情、更加创新的思维、更加务实的作风， 为客户提供更加优质、高效的金融服务，为地方经济发展 做出更大的贡献。 2024年，郑州银行迎来了一个具有里程碑意义的时刻——存款总额首次突破4000亿元大关，全年存款增 量达到435.77亿元，超过前两年增量的总和。这一成绩不仅标志着郑州银行在市场竞争中的强劲表现， 也彰显了其在金融服务领域的卓越实力和稳健发展态势。 通过不断创新金融产品和服务模式，郑州银行的服务质效得到了显著提升，客户满意度不断提高，为存 款业务的稳定增长奠定了坚实基础。 截至2024年末，郑州银行吸收存款本金余额达到4,045.38亿元，发放贷款及垫款总额3,876.90亿元，全年 存贷款增量分别为435.77亿元和270.82亿元，存贷款增速分别为12.07%和7.51%，分别高出全省金融机 构3.26、0.74个百分点。这一系列亮眼的数据，充分展现了郑州银行在复杂经济环境下的强大韧性和持 续增长能力。 深耕本地市场 夯实客户基础 郑州银行作为一家具有深厚地方背景的银行，始终将深耕本地市场作为业务发展的核 ...