Group 1 - Ping An Life increased its stake in China Merchants Bank H-shares to 15% after acquiring 6.2955 million shares on June 17, triggering the Hong Kong market's disclosure requirements [1] - This marks the third time in 2023 that Ping An Life has raised its stake in China Merchants Bank, having initially acquired 5% in January and then increasing it to over 10% in March with an investment of nearly 300 million HKD [1][2] - Overall, Ping An Life has accumulated nearly 500 million shares of China Merchants Bank H-shares this year, with total expenditures exceeding 20 billion HKD based on average transaction prices [2] Group 2 - Other insurance companies, such as Xinhua Insurance and Ruizhong Life, are also showing interest in bank stocks, indicating a broader trend among insurers [2] - The preference for listed banks is attributed to their stable operations, good liquidity, high dividend yields, and potential for capital appreciation, making H-shares particularly attractive due to their relative discount compared to A-shares [2] - As of June 25, 2023, China Merchants Bank H-shares have risen over 40% year-to-date, reaching a new high of 56.25 HKD, with a price-to-earnings ratio of 9.42 and a dividend yield of 7.22%, significantly higher than that of A-shares [2] Group 3 - For the full year 2024, China Merchants Bank is projected to achieve revenue of 337.488 billion CNY, a slight decline of 0.48% year-on-year, while net profit is expected to grow by 1.22% to 148.391 billion CNY, with a non-performing loan ratio maintained at a low level of 0.95% [2] - In Q1 2023, the bank reported a revenue of 83.751 billion CNY, down 3.09% year-on-year, and a net profit of 37.286 billion CNY, down 2.08% year-on-year, with the non-performing loan ratio unchanged from the previous year [3] - Regulatory policies are becoming more favorable, with initiatives to expand the scope of long-term insurance fund investments and reduce investment risk factors for insurance companies, which may enhance the willingness of insurance capital to enter the market [3]

Core Viewpoint - The essence of business remains the connection between people, and understanding user needs and insights is crucial for growth, especially in the AI era [2][5][15]. Group 1: AI and Growth - The arrival of AI has changed growth logic, but the fundamental principle of understanding user needs remains unchanged [6][7]. - AI can empower businesses by providing real incremental value and improving efficiency in user acquisition and retention [6][7][49]. - Companies that focus on unmet user needs can discover significant growth opportunities, as demonstrated by the AI PPT case targeting mothers [10][14]. Group 2: User Insights and Metrics - Establishing the right North Star metric is essential for guiding growth strategies, as seen in Meituan's shift from GMV to order volume [18][19]. - Metrics should be based on user insights and can evolve with the product lifecycle, ensuring alignment with user needs and market conditions [20][21][27]. - The importance of understanding why users leave is emphasized, as it can be more critical than knowing why they stay [55][51]. Group 3: Data Analysis and Strategy - A systematic approach to data analysis is necessary for effective decision-making, allowing for detailed breakdowns of performance metrics [31][32]. - Companies should focus on user behavior and preferences to refine their strategies, ensuring that insights are actionable and relevant [36][38]. - AI can assist in data processing and user research, enhancing productivity and decision-making capabilities [40][52]. Group 4: Retention and Recall Strategies - Retaining users requires a deep understanding of their needs and behaviors, with AI models helping to identify key factors influencing user retention [49][51]. - The ability to recall users hinges on understanding the reasons for their departure, which can be influenced by various factors, including geographic and economic indicators [51][52]. - Companies must balance short-term gains with long-term user value to ensure sustainable growth [22][30]. Group 5: Challenges in AI Growth - Despite the potential of AI, challenges remain in achieving high retention rates and effective monetization strategies [56][57]. - The industry is evolving, with domestic companies leading in growth strategies, indicating a shift in knowledge exchange between international markets [57].

Core Viewpoint - China Merchants Bank Jinan Branch integrates itself into the economic and social development of Shandong, focusing on technology finance as a key service to the real economy, and has been recognized as an "Excellent Technology Finance Branch" by its headquarters in 2024, significantly contributing to the national technology innovation strategy [1] Group 1: Systematic Work Mechanism - The Jinan Branch has established a systematic work mechanism called "Three Steps Forward" to enhance technology finance services [2] - A specialized team of technology customer managers has been formed to create a multi-dimensional service network, ensuring a robust support system through "six specialized" mechanisms [2] Group 2: Service Expansion - The branch has developed a "qualification score + risk score" evaluation model to accurately identify "hard technology" enterprises needing financial support, focusing on high-growth and technically proficient companies [3] - Four types of lists have been created to target different categories of technology enterprises, including a selection list based on various technology rankings and a government preferred list [3] Group 3: Credit Approval Efficiency - The branch has implemented three special initiatives to improve the efficiency and approval rates for technology enterprises, resulting in a 50% year-on-year increase in newly approved technology loans and a 22% improvement in average approval time [4] Group 4: Digital Innovation - The bank has introduced a matrix of technology loan products tailored to different stages of enterprise growth, significantly reducing application times and enhancing service efficiency [6] - Since its launch in 2024, the technology loan product has disbursed over 600 million, with a year-to-date increase of over 45%, ranking sixth in terms of incremental growth [7] Group 5: Ecological Service Scenarios - The Jinan Branch has conducted special research on technology enterprises to provide comprehensive financial services beyond just financing, including financial management and equity financing [8] - The bank has developed a one-stop financial management platform to help technology enterprises manage their funds more efficiently, achieving a 95% online business rate [8] Group 6: Policy Tool Utilization - The branch actively implements technology innovation re-loan policies and has ranked sixth in the province for approved amounts, ensuring that policy funds reach the most needed areas [9] - The bank has completed its first technology enterprise merger loan approval and continues to provide advisory services for industrial integration [9]

Meeting Overview - The annual general meeting of shareholders was held on June 25, 2025, at the headquarters of China Merchants Bank in Shenzhen [1] - A total of 6,354 A-share shareholders and 9 H-share shareholders attended, representing 60.9271% of the total voting shares [1] Voting Results - All resolutions presented at the meeting were approved with significant majority votes, including: - A-share approval rate of 99.9506% for the first resolution [1] - H-share approval rate of 99.9969 for the same resolution [1] - The overall voting results showed a consistent trend of high approval rates across various resolutions, with A-shares generally above 99.9% [2][3] Board of Directors - The meeting approved the formation of the 13th Board of Directors, consisting of 17 members, including 8 shareholder directors, 3 executive directors, and 6 independent non-executive directors [5][6] - The term for the newly elected board members is three years, pending regulatory approval for some members [6] Corporate Governance Changes - The company will no longer have a supervisory board, with the current supervisory board continuing to perform its duties until the new structure is approved by the regulatory authority [6] - Amendments to the company's articles of association were approved, pending regulatory approval [6] Legal Compliance - The meeting was witnessed by legal representatives from a law firm, confirming that all procedures complied with relevant laws and regulations [5][6]

Meeting Organization - The meeting was convened by the board of directors of China Merchants Bank, with a resolution announced on May 28, 2025, and a notice published on May 30, 2025, in compliance with the Company Law and relevant regulations [1][3] - The notice included details such as meeting time, location, agenda, voting methods, and record date, which were found to be in accordance with legal requirements [1][3] Attendance and Voting - A total of 6,354 A-share shareholders and 9 H-share shareholders attended the meeting, holding 12,971,446,782 and 2,394,282,909 shares respectively, representing a significant portion of the voting rights [2][3] - The meeting utilized a combination of on-site and online voting, with the online voting service available for A-share shareholders during specified trading hours [2][3] Voting Procedures and Results - The meeting adhered to the announced agenda without any modifications, and all voting was conducted by a named ballot method [3] - The results of the voting were verified by representatives from the shareholders, supervisory board, and legal counsel, ensuring compliance with legal standards [3] - Ordinary resolutions and special resolutions were passed, including all sub-proposals under the 10th and 13th agenda items [3] Conclusion - The legal opinion concluded that the meeting's organization, attendance qualifications, and voting procedures were all in compliance with the Company Law and internal regulations, affirming the legality and validity of the voting results [3]

21世纪经济报道记者 黄子潇 深圳报道 "风险"成为了今年招行股东大会的关键词。 6月25日，在招商银行举行2024年股东大会的同日，沪指创下年内新高，招商银行股价创下年内新高， 四大国有银行盘中创下历史新高。此前，银行板块的强势已经持续了一年有余。 "银行的成功各有各的原因，但失败归根结底都是风险管理不善。"王良表示。 自美国雷曼兄弟银行破产后，全球金融监管企业宏观监管不断地加强。王良表示，随着新的资本协议正 式实施，整体而言银行业的风险防范能力大为提升。 不过，过去数年也有一些事件，例如硅谷银行的倒闭、两家系统性重要银行——瑞银和瑞信的合并。 从历史来看，招商银行的最高股价出现于2021年6月，达到了每股58元。招行上市后曾经历过两次股价 大幅下跌，第一次是2008年的金融危机期间，第二次则是受2021年的房地产调整影响。 会上，有投资者表达了对宏观经济风险的担忧。招商银行行长王良对此回应称，招商银行吸取了这些事 件的经验，近年来打造堡垒式的风险合规管理体系、提高风险管理能力、保持较高的资本充足率，以抵 御非预期性的风险。要时刻保持对风险的敬畏。 对于近日险资三度举牌招行，王良对此类 "长期资本"表示欢迎 ...

A 股简称：招商银行 A 股代码：600036 公告编号：2025-031 招商银行股份有限公司（简称本公司）监事会收到本公司外部监事徐政军先 生的辞任函。徐政军先生因担任监事职务将满六年，向本公司监事会提请辞去外 部监事和监事会监督委员会主任委员职务。蔡进女士此前因年龄原因提请辞去职 工监事和监事会提名委员会委员职务但未生效。鉴于徐政军先生和蔡进女士辞任 同步生效后，本公司监事会的成员人数和构成均符合相关法律法规和《招商银行 股份有限公司章程》的有关规定，且本公司拟取消监事会，根据相关法律法规及 《招商银行股份有限公司章程》的规定，徐政军先生和蔡进女士的辞任均自 2025 年 6 月 25 日起生效。 | 姓名 | 离任职务 | 离任时间 | 原定任期 到期日 | 离任原因 | 是否继续在 本公司及其控股 子公司任职 | 是否存在 未履行完毕 的公开承诺 | | --- | --- | --- | --- | --- | --- | --- | | | | 2025 年 6 月 25 日 | 2025 年 6 月 28 日 | 因担任 监事职务 将满六年 | 否 | 否 | | | | 2025 年 6 月 ...

招商銀行股份有限公司 CHINA MERCHANTS BANK CO., LTD. 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文件的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本文件全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （H股股票代碼：03968） 董事名單與其角色和職能 招商銀行股份有限公司董事會（「董事會」）成員茲載列如下： 繆建民（董事長） 石岱 孫雲飛 朱立偉 黃堅 執行董事 王良（行長兼首席執行官） 鍾德勝（首席風險官） 獨立非執行董事 李孟剛 劉俏 田宏啟 李朝鮮 股東董事（非執行董事） 李健 1 董事會設立六個專門委員會。下表提供各董事會成員在該等委員會中所擔任的職 位： | 委員會 | | | | | | 關聯交易 | | --- | --- | --- | --- | --- | --- | --- | | | 戰略與可 | 提名 | 薪酬 | 風險與 | 審計 | 管理與 | | | 持續發展 | 委員會 | 與考核 | 資本管理 | 委員會 | 消費者 | | | 委員會 ...

北京市君合（深圳）律师事务所（以下简称本所）接受招商银行股份有限公 司（以下简称贵公司）的委托，就贵公司 2024 年度股东大会（以下简称本次会 议）召开的有关事宜，根据《中华人民共和国公司法》（以下简称《公司法》）、中 国证券监督管理委员会《上市公司股东会规则》（以下简称《股东会规则》）等法 律、行政法规、规章及贵公司现行有效的《招商银行股份有限公司章程》（以下简 称《公司章程》）的有关规定，出具本法律意见书。 广东省深圳市福田区中心四路 1-1 号 嘉里建设广场第三座第 28 层 2803-04 室 邮编：518048 电话：（86-755）2939-5288 传真：（86-755）2939-5289 junhesz@junhe.com 北京市君合（深圳）律师事务所 关于招商银行股份有限公司 二〇二四年度股东大会的法律意见书 致：招商银行股份有限公司 为出具本法律意见书之目的，本所委派律师（以下简称本所律师）列席了贵 公司本次会议，并根据现行法律、行政法规的有关规定及要求，按照律师行业公 认的业务标准、道德规范和勤勉尽责精神，对贵公司提供的与本次会议召开有关 的文件和事实进行了核查和验证，在此基础上，本所 ...

证券代码：600036 证券简称：招商银行 公告编号：2025-032 招商银行股份有限公司 2024年度股东大会决议公告 本公司及董事会全体成员保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 2024 年度股东大会（简称本次会议）是否有否决议案：无 (二)本次会议召开的地点：中国广东省深圳市福田区深南大道 7088 号招商银行大厦五楼会 议室 (三)出席本次会议的普通股股东和代理人及其持有股份情况： (四)表决方式和本次会议主持情况等 本次会议由本公司董事会召集，采用现场投票和网络投票相结合的表决方式（其中网络 投票仅适用于 A 股股东）。本次会议的召开和表决方式符合《中华人民共和国公司法》、香港 联合交易所有限公司《证券上市规则》等法律法规和《招商银行股份有限公司章程》的有关 规定。根据《招商银行股份有限公司章程》的有关规定，经董事会半数以上董事推举，王良 董事主持了本次会议并担任会议主席。 (五)本公司董事、监事和董事会秘书等的列席情况 1.本公司在任董事13人，列席11人，缪建民非执行董事和石岱非执行董事因其他公务未列席 会 ...