Group 1 - The core point of the news is the significant personnel change at Kweichow Moutai Group, with Chen Hua appointed as the new chairman, replacing Zhang Deqin [2][4] - Zhang Deqin's tenure saw Kweichow Moutai achieve revenue of 187.19 billion yuan and a net profit of approximately 85.7 billion yuan in 2024, emphasizing quality over quantity [3] - The company under Zhang's leadership focused on transforming from "selling liquor" to "selling lifestyle," enhancing consumer engagement through innovative service models [3] Group 2 - Chen Hua, the new chairman, has a background in energy management and previously served as a non-executive director at Guizhou Bank, indicating a connection to the Moutai system [4] - The appointment of an external government official as chairman reflects the local government's intention to strengthen control over Kweichow Moutai, especially during challenging economic conditions [4] - The company faces a dual challenge of reducing inventory pressure while meeting government performance growth assessments, which may require strategic communication from the new leadership [4]

Core Insights - Guizhou Bank reported a stable performance in the first half of 2025, achieving growth in both revenue and net profit, with total assets exceeding 600 billion yuan [2][3] - The bank's commitment to supporting local economic development is evident in its financial results, which align with the modernization of Guizhou's industrial system [2] Financial Performance - In the first half of 2025, Guizhou Bank achieved operating revenue of 6.102 billion yuan, a year-on-year increase of 2.26%, and a net profit of 2.129 billion yuan, up 0.31% year-on-year [3] - As of June 30, total assets reached 603.747 billion yuan, an increase of 13.760 billion yuan or 2.33% from the beginning of the year [3] - Total loans amounted to 364.347 billion yuan, reflecting a growth of 4.97%, while total deposits reached 392.731 billion yuan, up 4.73% [3] - The bank's net interest margin improved to 1.90%, an increase of 0.22 percentage points year-on-year, with a cost-to-income ratio decreasing by 1.37 percentage points to 24.25% [3] Asset Quality - The bank's non-performing loan ratio decreased by 0.03 percentage points to 1.69%, and the proportion of attention-class loans also declined [4] - As of June 30, the provision coverage ratio increased by 15.89 percentage points to 331.87%, indicating enhanced risk resilience [4] Strategic Focus - Guizhou Bank is aligning its resources with the "Five Key Areas" outlined by the Central Financial Work Conference, focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance [5][6] - The bank has increased its loan balance to support the real economy, with a total loan balance exceeding 350 billion yuan, reflecting a nearly 5% increase [5] Sector-Specific Loans - Loans in the "Five Key Areas" have shown significant growth, with technology finance loans increasing by 21.57%, digital economy loans by 28.57%, and pension industry loans by 57.22% [6] - The bank's green credit balance surpassed 60 billion yuan, growing by 2.582 billion yuan to 61.293 billion yuan [6] - Guizhou Bank has actively supported new urbanization, new industrialization, agricultural modernization, and tourism industry development, with substantial loan disbursements in these areas [7] Digital Transformation - The bank's digital transformation focuses on enhancing data-driven capabilities and improving business operations, achieving significant progress in key projects [8] - Guizhou Bank has launched various digital financial products and services, serving over 60,000 small and micro-enterprises [8] - The bank aims to establish itself as a "smart regional bank" that significantly contributes to the high-quality development of Guizhou's economy [9]

Investment Rating - The report maintains a positive outlook on the banking sector, suggesting that several banks are undervalued based on their asset quality and excess provisioning metrics [4][3]. Core Insights - The valuation premium of banks typically arises from their middle-income and liability advantages, while valuation discounts are often due to concerns over asset quality [2][10]. - The report introduces two key indicators: "broad non-performing asset ratio" and "excess provisioning profit multiple" to objectively assess and compare the current asset quality status of banks [2][10]. - A total of 56 AH-listed banks are analyzed, expanding from the previous report's focus on 42 A-share listed banks, to provide a comprehensive overview of excess provisioning levels and trends [2][10]. Summary by Sections 1. Introduction: Significance of Asset Quality - The report emphasizes the importance of objectively assessing asset quality, as it significantly impacts bank valuations and performance [10]. 2. How to Objectively Assess Bank Non-Performing Assets - Traditional asset quality indicators may not accurately reflect the true provisioning situation due to inconsistent standards and incomplete coverage of assets [14]. - The report proposes a "broad non-performing asset ratio" to better capture the credit risk within banks [14][15]. 3. Construction of Excess Provisioning Profit Multiple Indicator - The excess provisioning profit multiple is constructed to measure the performance elasticity of banks, indicating their potential for future earnings recovery [7][14]. - The report highlights that banks with higher excess provisioning ratios, such as Hangzhou Bank, show strong risk mitigation capabilities [7][14]. 4. Valuation from the Perspective of Broad Excess Provisioning - The long-term correlation between bank valuation levels and ROE is noted, with excess provisioning contributing to performance and valuation improvements [3][4]. - Several banks, including Wuxi Bank and Agricultural Bank (H), are identified as being significantly above the PB-excess provisioning profit multiple regression line, indicating potential investment opportunities [3][4].

呈交日期: 2025年10月9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) | 06199 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,200,000,000 | RMB | | 1 RMB | | 2,200,000,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 2,200,000,000 | RMB | | 1 RMB | | 2,200,000,000 | FF301 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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 貴州銀行股份有限公司（「本行」） | 2. 股份分類 | 普通股 | ...

Core Viewpoint - Guizhou Bank announced the resignation of non-executive director Chen Hanqing, effective September 26, 2025, due to work arrangements, with no disagreements with the board [1] Group 1 - Chen Hanqing was nominated by the Guizhou Provincial Finance Department as a non-executive director [1] - His resignation includes his positions on the Board Audit Committee and the Risk and Related Party Transactions Management Committee [1] - The Guizhou Provincial Finance Department will nominate a new non-executive director, and the board will proceed with the appointment process [1]

Group 1 - The core point of the article is the resignation of Mr. Chen Hanqing, a non-executive director of Guizhou Bank, due to work arrangement reasons [1] - Mr. Chen was nominated by the Guizhou Provincial Finance Department and held positions on the Audit Committee and the Risk and Related Party Transactions Management Committee [1]

Group 1 - Guizhou Bank announced the resignation of non-executive director Chen Hanqing, effective September 26, 2025, due to work arrangements [1] - Chen Hanqing was nominated by the Guizhou Provincial Finance Department and held positions on the Audit Committee and Risk and Related Party Transactions Management Committee [1] - The bank confirmed that there are no disagreements with the board and no other matters requiring shareholder attention [1] Group 2 - The Guizhou Provincial Finance Department has nominated a new candidate for the non-executive director position, and the board will proceed with the appointment process [1] - The bank will fulfill its information disclosure obligations regarding the appointment of the new non-executive director [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 非 執 行 董 事： 張硯女士(1) 陳多航先生 蔡嘉先生（1） 龔濤濤女士 獨 立 非 執 行 董 事： 董事名單及其角色與職能 貴州銀行股份有限公司*董 事（「董 事」）會（「董事會」）成 員 載 列 如 下： 執 行 董 事： 楊明尚先生 （董 事 長） 吳帆女士 蔡東先生 李 浩然先生 孫莉女士 陳蓉女士 張俊傑先生（1） 許亮先生（1） 湯欣先生(2) 宋科先生(2) 中 國，貴 陽，2025年9月28日 * 貴州銀行股份有限公司並非香港法例第155章《銀 行 業 條 例》所 界 定 的 認 可 機 構， 不 受 香 港 金 融 管 理 局 的 監 督，亦 未 獲 授 權 在 香 港 經 營 銀 行 及╱或 接 受 存 款 業 務。 – 2 – – 1 – 董事會下設6個 專 門 委 員 會，下 表 載 列 截 至 本 公 告 ...

非執行董事辭任 貴 州 銀 行 股 份 有 限 公 司（「本 行」）董 事 會（「董事會」）於2025年9月26日 收 到 本行非執行董事陳含青 先 生（「陳先生」）的 辭 任 函（陳 先 生 是 由 本 行 股 東 貴州省財政廳 提 名 的 非 執 行 董 事）。因 工 作 安 排 原 因，陳 先 生 不 再 擔 任 本 行 非 執 行 董 事、董 事 會 審 計 委 員 會 委 員、風 險 與 關 聯 交 易 管 理 委 員 會 委 員 職 務。 陳先生的辭任於2025年9月26日 生 效，其 已 確 認 與 董 事 會 無 意 見 分 歧，沒 有 其 他 事 項 須 提 請 本 行 股 東 注 意，貴 州 省 財 政 廳 已 另行向本行 提 名 非 執 行 董 事 人 選，董 事 會 將 持 續 推 進 繼 任 本 行 非 執 行 董 事 的 委 任 事 宜，並 及 時 履 行 相 應 信 息 披 露 義 務。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任 ...

Core Viewpoint - Guizhou Bank has demonstrated steady growth in its mid-year performance for 2025, with total assets exceeding 600 billion yuan and a focus on serving the real economy through various financial initiatives [1][2][3][4][5][6] Financial Performance - As of June 30, 2025, Guizhou Bank's total assets reached 603.75 billion yuan, a 2.33% increase from the beginning of the year [1] - The bank reported operating income of 6.102 billion yuan and a net profit of 2.129 billion yuan, reflecting year-on-year growth of 2.26% and 0.31% respectively [1] - The net interest margin improved by 0.22 percentage points to 1.90%, indicating strong operational resilience [1] Service to the Real Economy - Guizhou Bank has actively engaged in five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, achieving significant results [2][3][4] - In technology finance, the bank's loan balance reached 9.812 billion yuan, with a year-on-year increase of 21.57% [2] - The green finance loan balance was 61.293 billion yuan, growing by 4.4% from the start of the year [2] - Inclusive finance efforts supported 58,500 clients, with a loan balance of 54.067 billion yuan [3] - Pension finance loans increased by 57.22% to 1.621 billion yuan [3] - Digital finance loans reached 4.005 billion yuan, marking a 28.57% increase [3] Digital Transformation - Guizhou Bank has prioritized digital transformation as a key driver for high-quality development, integrating it with the five key areas of focus [4][5][6] - The bank has made significant advancements in data governance and standardization, enhancing its data-driven decision-making capabilities [4] - The implementation of an intelligent risk control system has improved risk management, with a non-performing loan ratio of 1.69%, down 0.03 percentage points from the beginning of the year [5] - The bank has deployed artificial intelligence technologies to enhance operational efficiency, with over 4,300 users served by its intelligent Q&A system [6] Future Outlook - Guizhou Bank aims to continue its digital transformation, enhancing its service model, operational capabilities, and risk management to support the high-quality development of the local economy [6]