Group 1 - The article discusses the recent volatility in gold prices, with fluctuations reaching nearly $500 per ounce, and current spot gold prices above $3900 per ounce [1] - Several banks, including Bank of Communications and Agricultural Bank of China, are shifting to a floating mechanism for gold accumulation plans, allowing investment amounts to adjust with real-time gold prices [3][4] - The article highlights that despite the trend towards floating mechanisms, many banks still maintain fixed investment thresholds, with recent adjustments in minimum investment amounts across various banks [4][5] Group 2 - In Q3, global gold demand reached a record high of 1313 tons, a 5% year-on-year increase, with total demand exceeding $100 billion for the first time [6][8] - Central bank gold purchases have slowed but remain strong at 186 tons for the quarter, with total purchases for the year at 694 tons, consistent with the previous year [8] - The article notes a 12% decline in gold jewelry consumption, yet its total value increased by 13% to over $360 billion, indicating a shift towards lighter gold products [8]

Core Viewpoint - Agricultural Bank of China reported positive growth in both operating income and net profit for the first three quarters of 2025, indicating a stable financial performance [1] Financial Performance - For the period of January to September 2025, the bank achieved operating income of 550.8 billion yuan, representing a year-on-year increase of 1.87% [1] - The net profit for the same period was 222.3 billion yuan, with a year-on-year growth of 3.28% [1] - The growth rates for net profit and operating income improved compared to the first half of the year, with increases of 0.75 percentage points and 1.15 percentage points, respectively [1] Capital Quality - The non-performing loan ratio stood at 1.27%, a decrease of 3 basis points from the beginning of the year [1] - The overdue loan ratio was reported at 1.22%, with the "scissors difference" between overdue and non-performing loans remaining negative for 21 consecutive quarters [1] - The provision coverage ratio was recorded at 295.08% [1]

1 经相关监管机构批准，中国农业银行股份有限公司（以下简 称"本行"）在全国银行间债券市场发行"中国农业银行股份有 限公司 2025 年无固定期限资本债券（第二期）（债券通）"（以下 简称"本期债券"）。 本期债券于 2025 年 10 月 28 日簿记建档，于 2025 年 10 月 30 日发行完毕。本期债券发行规模为人民币 400 亿元，前 5 年票 面利率为 2.27%，每 5 年调整一次，在第 5 年及之后的每个付息 日附发行人有条件赎回权。 依据适用法律和监管机构批准，本期债券募集资金将用于补 充本行其他一级资本。 特此公告。 中国农业银行股份有限公司董事会 二〇二五年十月三十日 证券代码：601288 证券简称：农业银行 公告编号：临 2025-051 号 中国农业银行股份有限公司 关于2025年无固定期限资本债券（第二期）（债券通） 发行完毕的公告 中国农业银行股份有限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。 ...

中国农业银行股份有限公司 2025 年第三季度 第三支柱信息披露报告 | 1. | 引言 1 | | --- | --- | | 2. | 风险管理、关键审慎监管指标和风险加权资产概览 2 | | 3. | 宏观审慎监管措施 7 | | 4. | 杠杆率 8 | | 5. | 流动性风险 11 | 2. 风险管理、关键审慎监管指标和风险加权资产概览 2.1 KM1：监管并表关键审慎监管指标 2 人民币百万元，百分比除外 a b c d e 2025 年 9 月 30 日 2025 年 6 月 30 日 2025 年 3 月 31 日 2024 年 12 月 31 日 2024 年 9 月 30 日 可用资本（数额） 1 核心一级资本净额 2,730,958 2,670,203 2,630,004 2,582,305 2,536,956 2 一级资本净额 3,160,522 3,134,761 3,129,568 3,081,864 2,996,528 3 资本净额 4,350,753 4,194,394 4,167,738 4,112,653 4,010,473 风险加权资产（数额） 4 风险加权资产合计 2 ...

Core Viewpoint - Agricultural Bank of China (601288) has successfully issued the second phase of perpetual capital bonds, raising a total of RMB 40 billion, with a fixed interest rate for the first five years set at 2.27% [1] Group 1: Bond Issuance Details - The total issuance scale of the bonds is RMB 40 billion [1] - The coupon rate for the first five years is 2.27%, with adjustments every five years thereafter [1] - The issuer has a conditional redemption right on each interest payment date starting from the fifth year [1] Group 2: Fund Utilization - The funds raised from this bond issuance will be used to supplement the bank's other Tier 1 capital [1]

Core Viewpoint - Agricultural Bank of China (01288) has successfully issued its second tranche of perpetual capital bonds on October 30, 2025, with a total issuance size of RMB 40 billion [1] Group 1: Bond Issuance Details - The bond issuance scale is RMB 40 billion [1] - The coupon rate for the first five years is set at 2.27%, with adjustments every five years thereafter [1] - The issuer has a conditional redemption right on each interest payment date starting from the fifth year [1] Group 2: Use of Proceeds - The funds raised from this bond issuance will be used to supplement the bank's other Tier 1 capital [1]

Financial Performance - The total operating income for the third quarter was RMB 180,939 million, representing a year-on-year increase of 4.36%[8] - The net profit attributable to shareholders of the parent company reached RMB 81,349 million, up 3.66% compared to the same period last year[8] - The net cash flow from operating activities for the year-to-date period was RMB 2,034,128 million, reflecting an increase of 8.49%[8] - For the nine months ended September 30, 2025, the group achieved a net profit of RMB 222.32 billion, an increase of 3.28% year-on-year[22] - The total operating income for the same period was RMB 550.88 billion, reflecting a year-on-year growth of 1.97%[22] - The basic earnings per share for the quarter was RMB 0.22, showing a growth of 15.79% year-on-year[8] - The diluted earnings per share for the year-to-date period was RMB 0.59, reflecting a year-on-year increase of 5.36%[8] - Net profit for the period from January 1 to September 30, 2025, was RMB 82,380 million, compared to RMB 78,768 million for the same period in 2024, reflecting a year-on-year increase of about 2.0%[41] - Operating income for the first nine months of 2025 was RMB 180,939 million, up from RMB 173,377 million in the same period of 2024, indicating a growth of approximately 3.0%[41] - The net profit for the nine months ended September 30, 2025, was RMB 212,624 million, compared to RMB 207,858 million in 2024, indicating an increase of 2.7%[43] Assets and Liabilities - The total assets at the end of the reporting period amounted to RMB 48,135,429 million, an increase of 11.33% from the end of the previous year[9] - As of September 30, 2025, total assets reached RMB 48,135.43 billion, an increase of 11.33% compared to the end of the previous year[23] - The total loans and advances amounted to RMB 26,987.57 billion, growing by 8.36% year-on-year[24] - The non-performing loan balance was RMB 341.40 billion, with a non-performing loan ratio of 1.27%, a decrease of 0.03 percentage points from the previous year[26] - The group’s total liabilities increased by 12.01% year-on-year to RMB 44,960.22 billion[24] - The total liabilities of Agricultural Bank of China amounted to RMB 44,960,218 million as of September 30, 2025, compared to RMB 40,140,862 million as of December 31, 2024, marking an increase of approximately 12.0%[40] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 539,787, with 520,726 being A-share shareholders[13] - The top shareholder, Central Huijin Investment Ltd., held 40.14% of the shares, totaling 140,488,809,651 shares[14] - The group plans to distribute a mid-term cash dividend of RMB 1.195 per 10 shares, totaling RMB 41.82 billion, subject to shareholder approval[33] Income and Expenses - The net interest income decreased by 2.40% year-on-year to RMB 427.31 billion, with a net interest margin of 1.30%[22] - The net interest income for the first nine months of 2025 was RMB 144,835 million, a slight decrease from RMB 146,948 million in 2024, showing a decline of about 1.4%[41] - The bank's fee and commission income increased to RMB 21,731 million in the first nine months of 2025, compared to RMB 18,352 million in the same period of 2024, reflecting a growth of approximately 18.0%[41] - The bank's investment income for the first nine months of 2025 was RMB 11,080 million, compared to RMB 10,098 million in 2024, indicating an increase of about 9.7%[41] - The total operating expenses for the nine months ended September 30, 2025, were RMB 292,298 million, slightly up from RMB 291,585 million in 2024, an increase of 0.24%[43] - The tax expense for the nine months ended September 30, 2025, was RMB 24,439 million, compared to RMB 23,309 million in 2024, reflecting an increase of 4.8%[43] Cash Flow and Investment Activities - The cash flow from operating activities for the nine months ended September 30, 2025, was RMB 2,034,128 million, an increase from RMB 1,874,980 million in 2024, representing a growth of 8.5%[45] - The net cash flow from investment activities for the group was RMB -1,208,002 million, a decrease from RMB -1,771,297 million in the same period of 2024, indicating improved cash management[46] - The total cash inflow from financing activities for the group was RMB 3,500,107 million, up from RMB 3,020,323 million in 2024, reflecting increased capital raising efforts[46] - The net cash flow from financing activities was RMB 254,114 million, compared to RMB 166,316 million in the previous year, showing a positive trend in financing operations[47] - The cash inflow from investment activities totaled RMB 3,336,195 million, slightly down from RMB 3,433,147 million in the previous year, suggesting a cautious investment approach[46] - The cash outflow from investment activities was RMB 4,544,197 million, a decrease from RMB 5,204,444 million in 2024, reflecting a reduction in capital expenditures[46] Capital and Ratios - The capital adequacy ratio was reported at 17.78%, with a Tier 1 capital ratio of 12.92%[28] - The bank's capital adequacy ratio stood at 14.5% as of September 30, 2025, maintaining a strong capital position[40] - The bank's total equity reached RMB 3,175,211 million as of September 30, 2025, compared to RMB 3,097,273 million as of December 31, 2024, representing a growth of approximately 2.5%[40] Other Comprehensive Income - The total comprehensive income for the nine months ended September 30, 2025, was RMB 199,029 million, down from RMB 228,157 million in 2024, a decrease of 12.8%[44] - The other comprehensive income after tax for the nine months ended September 30, 2025, was RMB (15,791) million, compared to RMB 16,758 million in 2024, indicating a significant decline[44]

证券代码：601288 证券简称：农业银行 公告编号：临 2025-050 号 中国农业银行股份有限公司 董事会决议公告 中国农业银行股份有限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。 中国农业银行股份有限公司（以下简称"本行"）董事会于2025 年10月15日以书面形式发出会议通知，于2025年10月30日在北京以 现场方式召开会议。会议应出席董事13名，亲自出席董事12名，谷 澍董事长由于其他公务安排，书面委托王志恒副董事长出席会议并 代为行使表决权。会议召开符合法律法规、《中国农业银行股份有 限公司章程》（以下简称"《公司章程》"）及《中国农业银行股 份有限公司董事会议事规则》的规定。 会议由王志恒副董事长主持，审议并通过了以下议案： 一、中国农业银行股份有限公司金融债券发行计划事宜 议案表决情况：有效表决票13票，同意13票，反对0票，弃权0 票。 本议案尚需提交本行股东会审议通过。 二、中国农业银行股份有限公司资本工具和总损失吸收能力非 资本债券计划额度事宜 议案表决情况：有效表决票13票，同意13票，反对0票， ...

格隆汇10月30日丨农业银行(01288.HK)公告，经相关监管机构批准，本行在全国银行间债券市场发 行"中国农业银行股份有限公司2025年无固定期限资本债券(第二期)(债券通)。本期债券于2025年10月28 日簿记建档，于2025年10月30日发行完毕。本期债券发行规模为人民币400亿元，前5年票面利率为 2.27%，每5年调整一次，在第5年及后的每个付息日附发行人有条件赎回权。 ...

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份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。 1288 關於2025年無固定期限資本債券（第二期）（債券通）發行完畢的公告 中國農業銀行股份有限公司（「本行」）於2025年2月21日召開的2025年度第一次臨時股東大 會審議批准了資本工具和總損失吸收能力非資本債券計劃額度事宜的議案。 經相關監管機構批准，本行在全國銀行間債券市場發行「中國農業銀行股份有限公司2025 年無固定期限資本債券（第二期）（債券通）」（「本期債券」）。 AGRICULTURAL BANK OF CHINA LIMITED 依據適用法律和監管機構批准，本期債券募集資金將用於補充本行其他一級資本。 承董事會命 中國農業銀行股份有限公司 劉清 公司秘書 於本公告日期，本行的執行董事為谷澍先生、王志恒先生和林立先生；本行的非執行董事為周濟女士、李蔚先生、 劉曉鵬先生和張奇先生；本行的獨立非執行董事為吳聯生先生、汪昌雲先生、鞠建東先生、莊毓敏女士、張琦先生 和王沛詩女士。 本期債券於 ...