Group 1 - The core viewpoint of the report indicates that Hangzhou Bank achieved a revenue of 20.093 billion yuan in the first half of 2025, representing a year-on-year growth of 3.90% [1] - The net profit attributable to shareholders reached 11.662 billion yuan, with a year-on-year increase of 16.66% [1] - The bank's total assets amounted to 2,235.595 billion yuan, reflecting a growth of 5.83% compared to the end of the previous year [1] Group 2 - The non-performing loan ratio stood at 0.76%, remaining stable compared to the end of the previous year [2] - The overdue loans to non-performing loans ratio increased by 7.20 percentage points, while the ratio of overdue loans over 90 days to non-performing loans rose by 11.15 percentage points [2] - The provision coverage ratio decreased by 20.56 percentage points, reaching 520.89% [2]

Key Insights - The report highlights the updated monthly interest rate timing strategy, which includes enriched factor indicators and differentiated weight settings, leading to improved predictive accuracy [12][10][5] - The report emphasizes the strong performance of Atour (ATAT.O) with a 37.4% year-on-year revenue increase in Q2 2025, reaching 2.47 billion yuan, and a net profit growth of 39.8% to 425 million yuan, exceeding expectations [13][11] - Shenzhen International (00152.HK) reported a revenue of 6.67 billion yuan in H1 2025, a slight increase of 0.9%, but a net profit decline of 24.9% due to the absence of prior REIT gains [16][14] Group 1: Atour (ATAT.O) - The company achieved a RevPAR of 343 yuan, recovering to 95.7% of the same period last year, with an occupancy rate (OCC) of 97.4% and an average daily rate (ADR) of 98.2% [13] - Atour's retail business saw a GMV of 1.144 billion yuan in Q2, a significant year-on-year increase of 84.6%, with online sales maintaining a 90% share [15] - The company has adjusted its full-year retail revenue guidance to a 60% year-on-year increase based on current growth trends [15] Group 2: Shenzhen International (00152.HK) - The company confirmed a profit increase of approximately 290 million yuan from the sale of residential projects, contributing to overall performance despite a net profit decline [16] - The logistics park transformation project is expected to provide significant profit elasticity, with estimated tax-adjusted returns exceeding 156.58 billion yuan [16] - The company maintains a stable dividend policy, with projected net profits for 2025-2027 at 3.081 billion, 3.430 billion, and 3.925 billion Hong Kong dollars, respectively [16] Group 3: Steel Industry Insights - Baosteel (600019) reported a revenue of 151.372 billion yuan in H1 2025, with a net profit of 4.879 billion yuan, reflecting a 7.28% decline in revenue but a 7.36% increase in net profit [20] - The company achieved a steel production volume of 25.46 million tons, with a gross profit per ton increasing by 56.53% year-on-year [20] - The report indicates that the high-end product segment continues to grow, contributing to overall revenue stability in the steel sector [23]

Core Points - The board of directors of Hangzhou Bank held its 20th meeting on August 27, 2025, to discuss and approve various reports and plans for the first half of 2025 [1][2][5] - All resolutions were passed unanimously with 10 votes in favor and no opposition or abstentions [2][3][5] Group 1: Financial Reports and Plans - The board approved the "2025 Half-Year Operating Situation and Second Half Work Plan" [1] - The "2025 Half-Year Report and Summary" was also approved for external disclosure [2] - The "2025 Half-Year Third Pillar Information Disclosure Report" was approved for external disclosure [2] Group 2: Risk Management and Internal Audit - The "2025 Half-Year Risk Management Report" was approved [2] - The "2025 Recovery and Disposal Plan" was approved [2] - The "2025 Half-Year Internal Audit Situation and Second Half Work Plan" was approved [2] Group 3: Related Party Transactions and Committee Adjustments - The board approved a proposal regarding related party transactions involving directors, supervisors, and senior management, with 9 votes in favor [3][4] - Adjustments to the members of the board's professional committees were approved [4] Group 4: Financial Instruments - The board approved a proposal to issue financial bonds not exceeding RMB 40 billion, with the specific issuance details to be determined based on market conditions [4][5] - The authorization for this issuance is valid for 36 months from the date of shareholder approval [5]

会议审议并通过决议如下： 一、审议通过《杭州银行股份有限公司2025年半年度报告及摘要》 监事会认为公司2025年半年度报告及摘要的编制和审核程序符 合法律、行政法规和监管规定，报告的内容真实、准确、完整地反 映了公司的实际情况。 证券代码：600926 证券简称：杭州银行 公告编号：2025-068 优先股代码：360027 优先股简称：杭银优 1 杭州银行股份有限公司 第八届监事会第十五次会议决议公告 本公司监事会及全体监事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。 杭州银行股份有限公司（以下简称"公司"）第八届监事会第十 五次会议于 2025 年 8 月 15 日以电子邮件及书面形式发出会议通知， 并于 2025 年 8 月 26 日在杭州市上城区解放东路 168 号杭银大厦 4 楼会议室以现场方式召开，王立雄监事长主持了会议。本次会议应 出席监事 7 名，现场出席监事 7 名。本次会议的召开符合《中华人 民共和国公司法》等法律法规及《杭州银行股份有限公司章程》的 有关规定，会议所形成的决议合法、有效。 四、审议通过《杭州银行股份有限公 ...

Core Insights - Hangzhou Bank (600926.SH) reported a total operating income of 20.093 billion yuan for the first half of 2025, representing a year-on-year growth of 3.90% [1] - The net interest income reached 13.090 billion yuan, showing a year-on-year increase of 9.38% [1] - The net profit attributable to shareholders was 11.662 billion yuan, reflecting a year-on-year growth of 16.66% [1] - Basic earnings per share (unannualized) stood at 1.75 yuan, up by 6.71% year-on-year [1] - The weighted average return on equity attributable to ordinary shareholders (unannualized) was 9.50%, a decrease of 0.24 percentage points year-on-year [1]

Core Insights - Hangzhou Bank reported a steady performance in the first half of 2025, with revenue and net profit increasing by 3.90% and 16.66% year-on-year, respectively, placing it among the top tier in the industry [1][2] Financial Performance - The bank achieved an operating income of 20.093 billion yuan, a 3.90% increase from the previous year, and a net profit attributable to shareholders of 11.662 billion yuan, reflecting a 16.66% year-on-year growth [2] - Basic earnings per share (unannualized) reached 1.75 yuan, up 6.71% year-on-year, with a weighted average return on equity (unannualized) of 9.50%, indicating strong profitability [2] - Net interest income was 13.090 billion yuan, growing by 9.38%, while net fee and commission income rose by 10.78% to 2.337 billion yuan [2] - The cost-to-income ratio improved to 24.08%, down 0.59 percentage points from the previous year, demonstrating effective cost control [2] Asset Quality and Risk Management - As of the end of June, total assets reached 2.24 trillion yuan, a 5.83% increase from the end of the previous year, with total loans exceeding 1 trillion yuan, up 7.67% [3] - The non-performing loan (NPL) ratio stood at 0.76%, unchanged from the end of the previous year, indicating stable asset quality [3] - The bank maintained a provision coverage ratio of 520.89%, providing a solid buffer against potential risks [3] Service to the Real Economy - The bank enhanced its financial services for technology innovation, establishing a specialized team for sectors like healthcare and smart manufacturing, with a technology loan balance of 115.18 billion yuan [4] - Green finance initiatives progressed, with green loan balances reaching 97.17 billion yuan, positioning the bank as a leader among local banks in Zhejiang province [4] - The bank focused on supporting the manufacturing sector, with manufacturing loans totaling 116.4 billion yuan [4] Wealth Management and Retail Banking - Retail customer total assets (AUM) reached 654.36 billion yuan, an 8.66% increase, with retail wealth management product sales totaling 235.705 billion yuan [5] - The scale of Hangzhou Bank's wealth management products exceeded 510 billion yuan, growing by 17% [5] Capital and Shareholder Developments - Significant progress was made in capital replenishment, with the transfer of 329.64 million shares from Commonwealth Bank of Australia to New China Life Insurance completed in June 2025 [6] - The conversion of 14.994 billion yuan of convertible bonds into shares increased the bank's total share capital from 5.93 billion shares to 7.249 billion shares, enhancing its core tier one capital adequacy ratio to 9.74% [6]

Financial Performance - Hangzhou Bank reported a net profit of over 11.66 billion yuan for the first half of 2025, representing a year-on-year increase of 16.66% [1] - The bank achieved operating income of 20.09 billion yuan, a growth of 3.9% compared to the previous year [1] - Net interest income reached 13.09 billion yuan, up 9.38% year-on-year, accounting for 65.14% of total operating income, an increase of 3.26 percentage points from the same period last year [1] Asset and Liability Overview - As of June 30, 2025, total assets amounted to 2,235.6 billion yuan, a growth of 5.83% from the end of the previous year [1] - Total loans and advances reached 1,009.4 billion yuan, increasing by 7.67% [1] - Total liabilities were 2,075.1 billion yuan, up 5% from the previous year, with customer deposits at 1,338.3 billion yuan, a growth of 5.17% [1] Loan Quality and Capital Adequacy - The non-performing loan (NPL) balance stood at 7.66 billion yuan, an increase of 0.545 billion yuan from the end of the previous year, with an NPL ratio of 0.76%, unchanged from the previous year [2] - The personal loan NPL ratio rose to 1.02%, an increase of 0.25 percentage points [2] - Capital adequacy ratios as of June 30, 2025, were 14.64%, 11.98%, and 9.74% for total capital, tier 1 capital, and core tier 1 capital respectively, showing increases of 0.84, 0.93, and 0.89 percentage points from the previous year [2]

杭州银行股份有限公司 2025 年上半年"提质增效重回报"行动方案 执行情况评估报告 一、2025 年上半年"提质增效重回报"整体情况 2025 年上半年，杭州银行股份有限公司（以下简称"公司"） 经营效益持续提升，业务规模稳健增长，资产质量保持稳定，实 现了较为优异的经营质效。上半年，公司实现营业收入 200.93 亿元，同比增长 3.90%；实现净利润 116.62 亿元，同比增长 16.66%； 加权平均净资产收益率达 9.50%（未年化）。截至 6 月末，公司 股价较上年末上涨 15%，市净率在上市银行中位居前列。"杭银 转债"完成强赎转股，累计 149.94 亿元可转债转换成公司股票， 转股比例达 99.96%，有效夯实了公司核心一级资本基础，截至 6 月末，公司核心一级资本充足率提升至 9.74%。同时，公司牢固 树立回报股东意识，坚持稳健、可持续的分红策略，2024 年度， 公司现金分红总额 42.50 亿元，同比增长 38%。 二、2025 年上半年"提质增效重回报"行动方案执行情况 （一）紧扣深化改革，提升金融服务质效 1. 加大要素供给，提升服务实体质效 (1) 保障重大项目攻坚提速。大力 ...

证券代码：600926 证券简称：杭州银行 公告编号：2025-069 优先股代码：360027 优先股简称：杭银优 1 杭州银行股份有限公司关联交易公告 本公司董事会及全体董事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 完整性承担个别及连带责任。 重要内容提示： 2025年8月27日，杭州银行股份有限公司（以下简称"公司"） 第八届董事会第二十次会议审议通过了《关于与董事、监事、高级 管理人员及其相关关联方关联交易的议案》。该关联交易事项无需 提交公司股东大会审议。 该关联交易事项不影响公司独立性，不会对公司的持续经营 能力、损益及资产状况构成不利影响。 一、关联交易概述 （一）本次关联交易基本情况 公司第八届董事会第二十次会议审议通过了《关于与董事、监 事、高级管理人员及其相关关联方关联交易的议案》，同意公司与 董事、监事、高级管理人员及其相关关联方开展包括但不限于一般 性存款、支付结算、信用卡、贷款、购买金融产品等授信类、资产 转移类、服务类、存款和其他类型等日常金融产品或服务关联交易。 （二）与上市公司的关联关系 根据《银行保险机构关联交易管理办法》《上海 ...

证券代码：600926 证券简称：杭州银行 公告编号：2025-068 优先股代码：360027 优先股简称：杭银优 1 杭州银行股份有限公司 第八届监事会第十五次会议决议公告 本公司监事会及全体监事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。 杭州银行股份有限公司（以下简称"公司"）第八届监事会第十 五次会议于 2025 年 8 月 15 日以电子邮件及书面形式发出会议通知， 并于 2025 年 8 月 26 日在杭州市上城区解放东路 168 号杭银大厦 4 楼会议室以现场方式召开，王立雄监事长主持了会议。本次会议应 出席监事 7 名，现场出席监事 7 名。本次会议的召开符合《中华人 民共和国公司法》等法律法规及《杭州银行股份有限公司章程》的 有关规定，会议所形成的决议合法、有效。 1 表决结果：同意7票，反对0票，弃权0票。 四、审议通过《杭州银行股份有限公司2024年度监管意见情况 报告》 表决结果：同意7票，反对0票，弃权0票。 五、审议通过《杭州银行股份有限公司关于监管发现问题整改评 估工作的报告》 会议审议并通过决议如下： 一、审议 ...