Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company has shown improvement in liability volume and pricing, with a positive growth rate in fee income [2] - The net interest margin decline has narrowed, primarily due to improved liability costs [2] - The company is expected to leverage its wealth management and investment banking advantages in a more active capital market [3] Performance Summary - For Q1 2025, the company's operating revenue, PPOP, and net profit attributable to shareholders decreased by 3.58%, 4.35%, and 2.22% year-on-year, respectively [1] - The net interest margin for Q1 2025 was 1.80%, down 7 basis points year-on-year, but the decline has narrowed compared to previous quarters [2] - The company experienced a recovery in fee income growth, which turned positive at 9.38% after a significant decline in the previous year [2] Non-Interest Income - The company reported a 21.5% year-on-year decline in other non-interest income for Q1 2025, impacted by market interest rate adjustments and high base effects [3] - Fee income growth rebounded significantly from a decline of 9.88% in the previous year to a growth of 9.38% in Q1 2025 [30] Asset Quality - The non-performing loan (NPL) ratio stood at 1.08% in Q1 2025, slightly up from the previous quarter [2] - The provision coverage ratio was 233.42%, down 4.36 percentage points from the previous quarter, indicating stable asset quality [2] Financial Data and Valuation - The company is projected to achieve total operating revenue of 214.974 billion in 2025, with a year-on-year growth of 1.3% [4] - The estimated net profit attributable to shareholders for 2025 is 80.092 billion, reflecting a growth of 3.7% [4] - The current stock price is 21.02 yuan, with a target valuation based on the company's financial performance [5]

Core Viewpoint - The financial performance of Industrial Bank (兴业银行) in Q1 2025 shows a decline in revenue and net profit, reflecting broader challenges in the banking sector, particularly due to reduced income from bond-related financial assets [1][2]. Financial Performance - Total assets reached 10.63 trillion yuan, a 1.17% increase from the previous year [1] - Revenue for Q1 2025 was 55.683 billion yuan, down 3.58% year-on-year [1] - Net profit attributable to shareholders was 23.796 billion yuan, a decrease of 2.22% compared to the same period last year [1] - Non-interest income fell to 17.961 billion yuan, a decline of 12.42% year-on-year, with investment income down 22.4% [1] Interest Income and Margin - Net interest income remained stable at 37.722 billion yuan, with a year-on-year growth of 1.29% [1] - Net interest margin was 1.80%, down 2 basis points from 2024 and 7 basis points year-on-year [1][2] - Deposit interest rates decreased, with the deposit rate at 1.79%, down 33 basis points year-on-year [2] Asset Quality - Non-performing loans (NPL) amounted to 62.831 billion yuan, an increase of 1.354 billion yuan from the previous year, with an NPL ratio of 1.08% [3] - The coverage ratio for provisions was 233.42%, indicating a strong buffer against potential losses [3] - The bank has implemented a risk management mechanism to enhance the identification and assessment of key risks across its asset products [3] Loan Growth - Green loans and technology loans grew by 9.37% and 9.90% respectively, outpacing overall loan growth [3]

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company's asset quality continues to improve, with a TTM real non-performing loan generation rate of 1.24%, a decrease of 16 basis points from the previous quarter, maintaining the improvement trend since Q3 2024 [1][5] - Revenue and net profit for Q1 2025 decreased by 3.6% and 2.2% year-on-year, respectively, primarily due to slowed growth in scale and increased non-interest burdens, although interest margin pressures improved [2][3] - The average daily interest margin for Q1 2025 was 1.80%, down 7 basis points year-on-year, but rebounded by 2 basis points compared to Q4 2024, benefiting from a significant decrease in the interest rate paid on deposits [3] - The bank's financial investment balance reached 3.55 trillion, demonstrating resilience amid challenges in the bond market, with minimal losses reported [4] - The bank's non-performing loan ratio increased slightly to 1.08% at the end of Q1 2025, while the attention loan ratio remained stable at 1.71% [5] Summary by Sections Performance Overview - For Q1 2025, the company reported a revenue of 55,683 million, a decrease of 3.6% year-on-year, and a net profit of 23,796 million, down 2.2% year-on-year [12] - The return on equity (ROE) for Q1 2025 was 9.0%, reflecting a decline from previous quarters [12] Profitability and Valuation - The forecasted net profit growth rates for 2025-2027 are -1.16%, 0.41%, and 2.25%, respectively, with corresponding book values per share (BPS) of 39.20, 41.64, and 44.16 [6] - The target price is set at 25.82 CNY per share, indicating a potential upside of 23% from the current price [6] Asset Quality - The non-performing loan ratio at the end of Q1 2025 was 1.08%, with a slight increase from the previous quarter, while the attention loan ratio remained stable at 1.71% [5] - The provision coverage ratio decreased to 233% [1][5]

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company's asset quality continues to improve, with a TTM real non-performing loan generation rate of 1.24%, a decrease of 16 basis points from the previous quarter, maintaining the improvement trend since Q3 2024 [1][5] - Revenue and net profit for Q1 2025 decreased by 3.6% and 2.2% year-on-year, respectively, indicating a shift from growth to decline compared to 2024 [2][6] - The average net interest margin for Q1 2025 was 1.80%, down 7 basis points year-on-year, but showed a rebound of 2 basis points compared to Q4 2024, primarily due to a significant decrease in the interest rate paid on deposits [3] - The bank's financial investment balance reached 3.55 trillion, demonstrating resilience amid challenges in the bond market [4] Summary by Sections Performance Overview - Q1 2025 revenue was 55,683 million, down 3.6% year-on-year, while net profit was 23,796 million, down 2.2% year-on-year [12] - The non-performing loan ratio increased by 1 basis point to 1.08% at the end of Q1 2025, while the attention loan ratio remained stable at 1.71% [1][5] Profitability and Valuation - The forecasted net profit growth rates for 2025-2027 are -1.16%, 0.41%, and 2.25%, respectively, with corresponding BPS of 39.20, 41.64, and 44.16 [6] - The target price is set at 25.82 yuan per share, corresponding to a 2025 PB of 0.66, indicating a potential upside of 23% from the current price [6] Asset Quality - The bank's asset quality is on an improving path, with a focus on real estate and credit card risk generation, while retail remains under slight pressure [5] - The provision coverage ratio decreased by 4 percentage points to 233% at the end of Q1 2025 [1][5]

公告编号：临2025-016 A股代码：601166 A股简称：兴业银行 优先股代码：360005、360012、360032 优先股简称：兴业优1、兴业优2、兴业优3 可转债代码：113052 可转债简称：兴业转债 兴业银行股份有限公司 第十一届董事会第八次会议（临时会议）决议公告 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法律责任。 兴业银行股份有限公司（以下简称本公司）第十一届董事会第八次会议（临 时会议）于 2025 年 4 月 22 日以书面方式发出会议通知，于 4 月 29 日在广州市、 福州市和北京市举行。本次会议应参加表决董事 11 名，实际表决董事 11 名，其 中吕家进董事委托陈信健董事代为出席会议并对会议审议事项行使表决权，陈信 健董事在广州会场参会；黄汉春、孙雄鹏等 2 名董事在福州会场参会；乔利剑、 朱坤、王红梅、张学文等 4 名董事在北京会场参会；陈躬仙、贲圣林、徐林等 3 名董事以视频接入方式参会，符合《中华人民共和国公司法》和本公司章程的规 定。本公司 1 名候任董事、4 名监事和董事会秘书列席会议。 ...

Financial Performance - The company's operating revenue for Q1 2025 was RMB 55,683 million, a decrease of 3.58% compared to RMB 57,751 million in Q1 2024[3] - Net interest income increased by 1.29% to RMB 37,722 million from RMB 37,242 million year-on-year[4] - Non-interest income decreased by 12.42% to RMB 17,961 million from RMB 20,509 million in the same period last year[4] - The net profit attributable to shareholders of the parent company was RMB 23,796 million, down 2.22% from RMB 24,336 million in Q1 2024[4] - The basic earnings per share for Q1 2025 was RMB 1.15, a decrease of 2.22% from RMB 1.17 in Q1 2024[4] - The company achieved operating income of RMB 55.68 billion, a year-on-year decrease of 3.58%, while net profit attributable to shareholders was RMB 23.80 billion, down 2.22%[22] - The bank's investment income for the three months ended March 31, 2025, was RMB 10,663 million, down from RMB 13,741 million in the same period of 2024, a decline of 22.5%[43] - The bank's net profit for the three months ended March 31, 2025, was RMB 23,938 million, a decrease of 1.4% compared to RMB 24,289 million in the same period of 2024[45] Asset and Liability Management - Total assets as of March 31, 2025, reached RMB 10,631,299 million, reflecting a growth of 1.17% from RMB 10,507,898 million at the end of 2024[6] - Total loans amounted to RMB 5,815,387 million, an increase of 1.37% from RMB 5,736,610 million at the end of 2024[6] - The total liabilities of the group as of March 31, 2025, are RMB 9,715,600 million, compared to RMB 9,614,287 million as of December 31, 2024[39] - The total cash inflow from investment activities was RMB 997,361 million, an increase from RMB 920,371 million year-over-year[51] Asset Quality - The non-performing loan ratio rose to 1.08%, up from 1.07% at the end of 2024, indicating a slight increase in asset quality concerns[9] - The non-performing loan balance was RMB 62.83 billion, with a non-performing loan ratio of 1.08%, an increase of 0.01 percentage points from the previous year[23] - The company maintained a provision coverage ratio of 233.42%, ensuring adequate risk mitigation[23] - The bank's credit impairment losses decreased to RMB 14,227 million from RMB 16,050 million year-on-year, showing a reduction of 11.4%[43] Capital and Equity - The capital adequacy ratio stood at 13.97%, down from 14.28% at the end of 2024, reflecting a decrease in capital strength[13] - The total equity attributable to shareholders of the parent company rose to RMB 903,871 million, compared to RMB 881,908 million at the end of 2024, reflecting a growth of 2.3%[41] Operational Efficiency - The cost-to-income ratio increased to 24.22%, up 0.57 percentage points from 23.65% in the previous year, indicating rising operational costs[4] - The liquidity coverage ratio stood at 145.76%, indicating strong liquidity management[18] Customer and Market Engagement - The number of corporate clients reached 1.5648 million, an increase of 1.91% from the previous year[25] - The customer loan balance was RMB 5,815.39 billion, growing by 1.37% year-on-year, with green loans and technology loans increasing by 9.37% and 9.90% respectively[21] Cash Flow Management - The net cash flow from operating activities for the group was negative at RMB 59,413 million for the three months ended March 31, 2025, compared to a positive RMB 12,252 million in the same period of 2024[49] - The net cash flow from financing activities was negative at RMB 63,933 million, compared to a positive RMB 46,479 million in the same period of 2024[51] - The cash and cash equivalents at the end of the period decreased to RMB 362,242 million from RMB 717,670 million year-over-year[53] ESG and Sustainability - The company is actively enhancing its ESG management framework, aligning with international standards and improving sustainability disclosures[26]

近年来，电信网络诈骗案件层出不穷，日益翻新的诈骗手段给广大民众和金融机构带来了前所未有的挑 战。兴业银行常州分行近日凭借敏锐的职业警觉和高效的联动机制，成功阻截一起电信诈骗案件，为客 户挽回经济损失86万元，展现了金融机构守护群众"钱袋子"的责任担当。 4月14日下午，兴业银行南京分行反诈专班人员收到总行预警信息，提示常州分行营业部一名客户触 发"受害人临时性保护模型"，系统监测到该账户被异常登录，正在发生大额定期提前支取行为，疑似遭 受电信网络诈骗。面对紧急情况，反诈专班立即启动应急机制，一面通知网点人员连续拨打客户电话告 知风险；一面联系本地反诈中心民警上门劝阻。经过多方努力终于成功联系到客户，并协助其识破骗 局，及时挂断了与诈骗分子的屏幕共享通话。 据了解，客户几分钟前接到自称"抖音客服"的陌生电话，称其开通了"直播会员"服务，若不关闭将每月 扣费近千元，欠费则会影响征信。客户当即表示想要关闭此项服务，殊不知自己正被"贴心帮助的客 服"一步步引入电信诈骗的陷阱。客户下载了屏幕共享软件后手机即被远程操控，诈骗分子将其名下多 笔定期存款进行了提前支取。就在诈骗分子企图转移资金的关键时刻，兴业银行的反欺诈模型 ...

Core Insights - The article highlights the efforts of Industrial Bank Kunming Branch in promoting the advantages of the People's Bank of China's modern payment system to enhance the efficiency of fund circulation for enterprises [1][2] - The focus is on providing tailored financial services to meet the diverse needs of small and medium-sized enterprises in the payment and settlement sector [2] Group 1 - Industrial Bank Kunming Branch organized a promotional event for Jin Nian County Fashion Jewelry Co., emphasizing the theme "Empowering Efficient Development of Enterprises through China's Modern Payment System" [1] - The event included detailed explanations of the core functions of the central bank's payment and settlement system, such as large-value real-time payment systems and cross-bank clearing systems [1][2] - The bank provided practical case analyses demonstrating how to achieve real-time fund transfers, reduce transaction costs, and improve reconciliation efficiency [1] Group 2 - The modern payment system developed by the People's Bank of China is designed to meet the needs of the market economy, providing efficient and secure cross-bank payment clearing services [2] - Financial personnel from the participating enterprise expressed a systematic understanding of central bank payment tools, particularly appreciating the "payment + technology" service proposal [2] - Industrial Bank Kunming Branch aims to continue promoting financial inclusivity by delivering policies and services directly to enterprises, focusing on the diverse needs of small and medium-sized businesses [2]

Group 1 - The company is a leading player in the automotive circulation sector in Weifang, with over 50 4S stores, maintaining a dominant market position [1] - The traditional manual financial management model has revealed bottlenecks, including inefficient account reconciliation, information silos from independent systems, and lack of real-time data for decision-making [1] - The bank has launched a customized "technology + service" dual-driven solution to address the urgent needs in multi-account management, system linkage, and financial decision support [1] Group 2 - The bank emphasizes a customer-centric approach, providing comprehensive support throughout the service process, including on-site training and timely responses to system issues [2] - The full-chain service model of "demand research - solution customization - operational support" has led to increased satisfaction and recognition from enterprises [2] - The bank's integration of financial technology with industry needs has not only improved corporate financial management efficiency but also provided a replicable benchmark for industry digital transformation [2]

艾则麦提江·麦麦提江 兴业银行北京东长安街支行企金客户经理 在新一轮科技革命与产业变革浪潮中，金融高质量发展愈发责任重大。近年来，我国在金融服务能力、 资金供给结构优化等方面不断取得新成就，为迈向金融强国奠定了坚实的基础，也为经济社会发展提供 强劲支撑。 以专业能力筑牢发展基底，用创新思维扩展服务边界，在金融行业高质量发展的征程中，青年人始终是 破浪前行的先锋力量。在兴业银行北京分行，就有这样的青年金融工作者身影——于深夜伏案钻研，以 专业赋予服务更多温度；在篮球场上挥汗如雨，为团队荣誉拼尽全力……来自兴业银行北京分行的年轻 人以用心用情办好每一件"小事"的执着，诠释着奋斗的深意，以"青春动能"助力金融行业高质量发展。 匠心淬炼专业本领 坚守一线书写非凡答卷 兴业银行近年来加大布局零售业务，并实现了跨越式发展。其中，扎根一线、专业精进的队伍是推动兴 业银行零售业务高质量发展的核心力量。作为兴业银行北京分行积水潭支行零售行长助理的单晓燕，正 是这支队伍中的佼佼者。 研究生毕业之后，单晓燕就扎根于银行零售业务条线，至今已有13年时间。经过零售柜员、理财经理、 分行产品经理、分行投资顾问等诸多岗位的历练，2022年 ...