Core Viewpoint - Beijing Bank is undergoing a significant digital transformation, entering the 2.0 phase, which emphasizes comprehensive digital operations and the integration of artificial intelligence into its business model [2][3]. Digital Transformation - The bank has upgraded its technological capabilities through a three-year digital transformation, focusing on a unified data foundation, financial operating system, and risk control platform [2]. - In 2024, technology investment will account for 4.6% of revenue, which is relatively high compared to peers [2]. - The bank aims to shift from "experience-based decision-making" to "data-driven decision-making" across seven key operational areas [2]. Net Interest Margin - The net interest margin for 2024 is reported at 1.47%, remaining stable for three consecutive quarters starting from Q2 2024 [3]. - The decline in net interest margin is significantly lower than the industry average, attributed to four competitive advantages: low-cost liabilities, cost control, financial market advantages, and asset quality management [3]. Competitive Advantages - The bank has expanded low-cost deposit sources through refined customer management and innovative financial products [3]. - Cost-to-income ratio remains low due to strict expense control, further enhanced by digital transformation [3]. - Non-interest income grew by 10% year-on-year in 2024, driven by active engagement in financial market operations [3]. - Continuous improvement in asset quality is noted, with a declining rate of non-performing assets for four consecutive years [3]. Differentiated Competition - The bank's location in Beijing is highlighted as a significant competitive advantage, ranking third in both deposits and loans in the local market [5]. - The bank has a long-standing commitment to serving local economies and small to medium-sized enterprises, with many notable companies receiving initial loans from Beijing Bank [5]. Technology Finance - The bank aims to become the "first bank for specialized, refined, unique, and new" enterprises, having served over 20,000 such clients by the end of 2024 [6]. - The loan balance for specialized and new enterprises reached 106.8 billion yuan, with significant support provided to technology-oriented SMEs [6]. - Innovative credit products have been launched to enhance financing services for specialized and new enterprises [6]. Future Outlook - The bank plans to integrate its strategy of becoming the "first bank for specialized and new enterprises" with advancements in technology finance, focusing on professional and tailored financial services [7]. - There will be an emphasis on expanding support for high-tech enterprises and innovative SMEs, optimizing financial product offerings to enhance overall client profitability [7].

Investment Rating - The investment rating for Beijing Bank is maintained at "Accumulate" [4] Core Views - The bank's dividend payout ratio is 30%, with a dividend yield of 5.3%, distributing a total of 3.2 CNY per 10 shares for 2024 [2] - As of the end of 2024, total assets of Beijing Bank grew by 12.6% year-on-year, with loans increasing by 9.8% and financial investments by 12.8% [2] - The average net interest margin for 2024 is projected at 1.47%, a decrease of 7 basis points year-on-year, primarily due to lower funding costs [2] - The bank is increasing its investment in digital transformation, with related expenditures reaching 3.12 billion CNY in 2024, accounting for 4.5% of total revenue [2] - Asset quality indicators remain stable, with a non-performing loan ratio of 1.31%, a decrease of 1 basis point year-on-year [3] - The bank's provisioning coverage ratio stands at 209% as of the end of 2024, reflecting a proactive approach to managing problem assets [3] - Revenue growth forecasts for 2025-2027 are adjusted to 2.78%, 2.31%, and 4.7% respectively, with net profit growth rates of 2.14%, 2.08%, and 2.86% [3][4] Summary by Sections Financial Performance - For 2024, the projected operating revenue is 69.917 billion CNY, with a growth rate of 4.81% [4] - The forecasted net profit for 2024 is 25.831 billion CNY, with a growth rate of 0.81% [4] - The bank's total assets are expected to reach 4.221 trillion CNY by the end of 2024 [10] Asset Quality - The non-performing loan ratio is expected to remain stable at 1.31% by the end of 2024 [3] - The overdue loan ratio is projected to decline to 1.62% compared to the first half of 2024 [3] Capital Adequacy - The core Tier 1 capital adequacy ratio is projected to be 8.95% by the end of 2024, a slight decrease from the previous year [2]

Investment Rating - The investment rating for Beijing Bank is maintained at "Accumulate" [4] Core Views - The bank's dividend payout ratio is 30%, with a dividend yield of 5.3%, distributing a total of 3.2 CNY per 10 shares for 2024 [2] - As of the end of 2024, the bank's total assets grew by 12.6% year-on-year, with loans increasing by 9.8% and financial investments by 12.8% [2] - The average net interest margin for 2024 is projected at 1.47%, a decrease of 7 basis points year-on-year, primarily due to lower funding costs [2] - The bank is increasing its investment in digital transformation, with related expenditures reaching 3.12 billion CNY in 2024, accounting for 4.5% of total revenue [2] - Asset quality indicators remain stable, with a non-performing loan ratio of 1.31%, a decrease of 1 basis point year-on-year [3] - The bank's provisioning coverage ratio stands at 209% as of the end of 2024, reflecting a proactive approach to managing problem assets [3] - Revenue growth forecasts for 2025-2027 are adjusted to 2.78%, 2.31%, and 4.7%, respectively, with net profit growth rates of 2.14%, 2.08%, and 2.86% [3][4] Summary by Sections Financial Performance - For 2024, the bank's operating income is projected at 69.917 billion CNY, with a growth rate of 4.81% [4] - The net profit attributable to shareholders is expected to be 25.831 billion CNY, with a growth rate of 0.81% [4] - The bank's total assets are forecasted to reach 4.221 trillion CNY by the end of 2024 [10] Asset Quality - The non-performing loan ratio is 1.31%, with a focus on improving asset quality through active management [3] - The overdue loan ratio has decreased by 20 basis points compared to the first half of 2024 [3] Future Outlook - The bank is expected to continue its steady expansion while managing existing non-performing loans and enhancing digital capabilities [3]

北京天达共和律师事务所 关于北京银行股份有限公司 2025 年第二次临时股东大会 的法律意见书 致：北京银行股份有限公司 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证 券法》（以下简称《证券法》）等法律、法规及规范性文件的规定，北京天达共和 律师事务所（以下简称"本所"）接受北京银行股份有限公司（以下简称"公司"或 "北京银行"）的委托，指派律师见证北京银行 2025 年第二次临时股东大会（以 下简称"本次股东大会"），并出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 本所律师根据《公司法》《证券法》等法律、法规、规范性文件以及《公司 章程》的规定，按照律师行业公认的业务标准、道德规范和勤勉尽责精神，对本 次股东大会的召集及召开的有关事实及公司提供的文件进行了核查验证并出席 了本次股东大会，现出具法律意见如下： 一、本次股东大会的召集、召开程序 本次股东大会由公司董事会决定召集，并以现场表决与网络投票表决相结合 的方式召开。《会议通知》于 2025 年 4 月 1 日以公告的形式刊登于上海证券交易 所网站等符合国务院证券监督管理机构规定条件的 ...

重要内容提示： 证券代码：601169 证券简称：北京银行 公告编号：2025-024 北京银行股份有限公司 2025 年第二次临时股东大会决议公告 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。 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 4 月 16 日 (二)股东大会召开的地点：北京银行总行三层新闻发布厅 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | | | --- | --- | | | 1,254 | | 2、出席会议的股东所持有表决权的股份总数（股） | 11,152,560,555 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 52.7482 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等 本次大会由董事会召集，采用现场投票和网络投票相结合的表决方式。会议 的召开符合《中华人民共和国公司法》和《北京银行股份有限公司章程》的规 ...

Core Viewpoint - Beijing Bank reported a total asset of 4.22 trillion yuan by the end of 2024, marking a 12.61% increase from the beginning of the year, with a net profit of 25.83 billion yuan, reflecting a 0.81% year-on-year growth, and a significant stock price increase of 43.69% over the year, the largest in nearly a decade [1] Financial Performance - The bank achieved an operating income of 69.917 billion yuan, a year-on-year increase of 4.81% [1] - Net interest income was 51.910 billion yuan, up 3.10% year-on-year, while non-interest income reached 18.007 billion yuan, growing by 10.06% [2] - The net interest margin was 1.47%, down 0.07 percentage points year-on-year, which is significantly lower than the industry average [2] Asset Quality - The non-performing loan (NPL) ratio decreased to 1.31%, down 0.01 percentage points from the beginning of the year, and overdue loans accounted for 1.62% of total loans, down 0.1 percentage points year-on-year [4] - The bank reported improvements in asset quality with a 4.3% increase in the amount of disposed non-performing assets and a 20.4% increase in cash recovery [4][5] Retail Business Growth - Retail business revenue reached 24.941 billion yuan, a 2.26% increase, contributing 36.97% to the total revenue [6] - Retail assets under management (AUM) grew to 1.22 trillion yuan, an increase of 178.8 billion yuan, representing a 17.25% growth, marking the best performance since the transformation [6] - Savings deposits increased by 123.1 billion yuan, with a growth rate of 19.99%, leading among 21 major banks [6] Strategic Focus for 2025 - The bank plans to enhance liability cost management and optimize customer structure while focusing on digital transformation and expanding into technology finance and specialized enterprises [3] - The bank aims to maintain a stable net interest margin and continue to grow non-interest income through investment banking and retail transformation [3] Specialty Financial Services - The bank reported significant growth in specialty financial services, with technology finance loans increasing by 40.52%, inclusive finance loans by 28.3%, green finance loans by 43.11%, and cultural finance loans by 32.39% [7]

对银行业而言，与周期寒冬同时到来的，是行业格局的重洗。 2024年，北京银行实现了业绩"双增"。 营收、归母净利较上年同期分别增长4.81%、0.81%；同期股价收涨43.69%，跑赢Wind银行指数，创下十年来最大涨幅。 作为唯一规模超4万亿的城商行，股价与基本面的正循环，成为了北京银行当下竞争力的验证。 只是0.81%的利润增长，在竞争白热化的城商行赛道还远远不够。 同年，"风头正劲"的青岛银行、杭州银行等5家城商行净利增幅超越10%； 背靠长三角的江苏银行、宁波银行分别录得归母净利318.43亿元、271.27亿元，均领先于北京银行的258.31亿元。 如何通过新的抓手在洗牌中稳住城商行"第一把交椅"，是当下的重中之重。 数字化是北京银行给出的答案之一。 业绩会上，董事长霍学文称数字化是银行的"生命线、生死线"，并详细解释了有关战略。 据其透露，经历了三年努力后，北京银行数字化转型已步入2.0（数字化经营）阶段。 这或许意味着，长期投入的数字化战略正转化为真实动能，带来更多利润上的兑现。 贵金属增8成 对照往年业绩，北京银行如今能维持净利增长，已稍显吃力。 2022-2024年，该行营收增幅虽企稳反弹， ...

息差降幅优于同业，资产质量夯实 银行 2025 年 4 月 15 日 北京银行(601169.SH) 推荐（维持） 股价：6.06 元 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.bankof beijing.com.cn | | 大股东/持股 | ING BANK N.V./13.03% | | 实际控制人 | | | 总股本(百万股) | 21,143 | | 流通 A 股(百万股) | 21,143 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 1,281 | | 流通 A 股市值(亿元) | 1,281 | | 每股净资产(元) | 12.73 | | 资产负债率(%) | 91.5 | 行情走势图 相关研究报告 【平安证券】北京银行（601169.SH）*季报点评*业绩 表现符合预期，零售转型持续推进*推荐20241031 证券分析师 | 袁喆奇 | 投资咨询资格编号 | S1060520080003 | | --- | --- | --- | | YUANZHEQI052@pingan.com.cn | 许淼 | 投资咨询资格编号 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.82 RMB [9][10]. Core Views - The company's net profit for 2024 is expected to grow by 0.81% year-on-year, with operating income and PPOP increasing by 4.81% and 4.40% respectively, indicating a slight improvement in performance compared to previous quarters [1]. - The company is focusing on retail transformation and enhancing digital capabilities, which is anticipated to improve operational performance [1]. - The report predicts a target PB of 0.50 times for 2025, reflecting a cautious outlook on non-interest income growth [5]. Summary by Sections Financial Performance - For 2024, the company expects total assets, loans, and deposits to grow by 12.6%, 9.6%, and 18.2% respectively, showing significant acceleration compared to previous quarters [2]. - The net interest margin for 2024 is projected to remain stable at 1.47%, with slight declines in yield on earning assets and loans [2]. Non-Interest Income - Non-interest income is expected to increase by 10.1% year-on-year for 2024, with a narrowing decline in intermediary business income, primarily driven by growth in settlement and underwriting services [3]. - The company plans to accelerate its light-capital transformation and retail strategy to enhance its non-interest income sources [3]. Asset Quality - The non-performing loan ratio is stable at 1.31% with a provision coverage ratio of 209% as of the end of 2024, indicating solid asset quality [4]. - The report estimates a quarterly annualized non-performing loan generation rate of 1.14% for Q4 2024, reflecting a slight increase from the previous quarter [4]. Valuation Metrics - The report forecasts EPS for 2025 at 1.27 RMB, with a corresponding PB of 0.44 times, compared to a peer average of 0.65 times [5][28]. - The company’s projected ROE and ROA for 2024 are 7.56% and 0.65% respectively, indicating a slight decline from previous years [7][33].

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company's 2024 annual report shows a revenue of 69.9 billion yuan, a year-on-year increase of 4.8%, and a net profit attributable to shareholders of 25.8 billion yuan, a year-on-year increase of 0.8% [4][7] - The annualized weighted average ROE is reported at 8.65% [4] - The company has maintained a resilient net interest margin of 1.47%, with a slight year-on-year decline of 7 basis points, which is considered better than peers [7][10] - Total assets grew by 12.6% year-on-year, with loans increasing by 9.6% and deposits by 18.3% [4][7] Financial Performance Summary - The company achieved a net interest income of 51.9 billion yuan in 2024, reflecting a year-on-year growth of 3.1% [8][11] - Non-interest income increased by 10.1% year-on-year, with a notable growth in bond investment-related income [7][10] - The company’s total assets reached 4.22 trillion yuan by the end of 2024, with a loan total of 2.21 trillion yuan [11] Asset Quality Summary - The non-performing loan (NPL) ratio remained stable at 1.31%, with a year-on-year decrease of 1 basis point [10] - The provision coverage ratio was reported at 209%, indicating a stable risk mitigation capacity [10][11] - The company’s asset quality indicators show a trend of improvement, with a focus on retail and small micro-business risks [10] Future Outlook - The company is expected to continue benefiting from the economic recovery and the clearing of historical risks, leading to improved performance in the coming years [10] - Earnings per share (EPS) forecasts for 2025-2027 are adjusted to 1.23, 1.26, and 1.32 yuan respectively, with corresponding growth rates of 0.7%, 2.5%, and 5.0% [10][11]