出席本次发布会的还有中国农业银行执行董事副行长林立先生副行长刘红先生副行长王文进先生副行长孟范军先生和我们的董事会秘书刘青女士以及网络端参会的董事们首先我先给大家报告三个方面的情况先从大家关心的经营业绩谈起2024年 农业银行坚决贯彻落实党中央国务院的决策部署坚守服务三农和实体经济的主责主业持续优化经营管理策略主要经济指标持续向好一是经营滞效持续提升盈利增速在上半年可比同业中率先由富转正的基础上下半年继续逐渐改善全年实现净利润2827亿元 同比增长4.8%实现营业收入7114亿元同比增长2.3%其中利息净收入5807亿元同比增长1.6%二是主要业务平稳增长贷款新增2.29万亿元增速是10.13%其中对公贷款和个人贷款的增量均领先可比同业 女士们先生们大家下午好欢迎参加中国农业银行2024年度的业绩发布会也非常荣幸和我们现场以及线上还有国内国际的投资者分析师和媒体朋友们进行交流在此对各位的积极参与表示热烈的欢迎同时也对大家长期以来对农业银行的关心支持表示由衷的感谢 境内存款日均增量2.29万亿元存款便利度是0.42均为可比同业的第一三是资产质量稳健向好不良贷款率1.3%较上年末下降了三个BP关注类贷款率是1.4 ...

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。 AGRICULTURAL BANK OF CHINA LIMITED 1288 董事會會議召開日期 中國農業銀行股份有限公司（「本行」）董事會（「董事會」）謹此宣佈，本行將於2025年4月29 日（星期二）召開董事會會議，以考慮及批准（其中包括）本行截至2025年3月31日的第一季 度業績。 承董事會命 中國農業銀行股份有限公司 劉清 公司秘書 中國北京 2025年4月15日 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、肖翔先生和張奇先生；本行的獨立非執行董事為梁高美懿女士、吳聯生先生、汪昌雲先生、 鞠建東先生和莊毓敏女士。 ...

Market Overview - The Shanghai Composite Index rose by 0.45% on April 11, with 16 out of 28 sectors experiencing gains, led by the electronics and automotive sectors, which increased by 3.77% and 2.20% respectively [1] - The banking sector also saw a modest increase of 0.27% [1] - Conversely, the agriculture, forestry, animal husbandry, and fishery sector, along with coal, faced declines of 3.18% and 1.18% respectively [1] Capital Flow - The net inflow of capital in the two markets was 1.109 billion yuan, with 11 sectors receiving net inflows [1] - The electronics sector led the net inflow with 9.831 billion yuan, while the banking sector followed with a net inflow of 1.043 billion yuan [1] - A total of 20 sectors experienced net outflows, with the agriculture, forestry, animal husbandry, and fishery sector seeing the largest outflow of 2.815 billion yuan [1] Banking Sector Performance - The banking sector had 42 listed companies, with 13 stocks rising and 26 falling on the day [2] - The top three banks by net inflow were Agricultural Bank of China with 393 million yuan, followed by China Merchants Bank and Industrial and Commercial Bank of China with 193 million yuan and 170 million yuan respectively [2] - Notable outflows were seen in Shanghai Pudong Development Bank, Jiangsu Bank, and Changshu Bank, with outflows of 105 million yuan, 58.03 million yuan, and 41.29 million yuan respectively [2] Individual Bank Performance - Agricultural Bank of China rose by 0.98%, China Merchants Bank by 1.00%, and Industrial and Commercial Bank of China by 0.74% [2] - The highest turnover rates were observed in Minsheng Bank at 0.63% and China Construction Bank at 1.19% [2] - Several banks, including Shanghai Bank and Jiangsu Bank, experienced declines, with Shanghai Bank falling by 1.77% and Jiangsu Bank by 1.26% [3]

Group 1 - The Central Commission for Discipline Inspection and the National Supervisory Commission reported that Lin Peng, former member of the Party Committee and Secretary of the Discipline Inspection Commission of the Agricultural Bank of China, is under investigation for serious violations of discipline and law [1] - Lin Peng is currently undergoing disciplinary review by the Central Commission for Discipline Inspection and the National Supervisory Commission stationed at the Agricultural Bank of China, as well as an investigation by the Supervisory Committee of Dingtao District, Heze City, Shandong Province [1]

Core Viewpoint - WuXi AppTec has received a loan commitment letter from Agricultural Bank of China for a maximum amount of 900 million RMB to support its stock repurchase plan [1] Group 1 - The loan commitment is specifically designated for the repurchase of the company's A-share stock [1] - The loan term is set for thirty-six months [1] - The total amount of the repurchase, including the loan and the company's own funds, will not exceed the upper limit of the repurchase amount [1]

Investment Rating - The investment rating for Agricultural Bank is "Buy" with a target price of 6.16 CNY, representing a potential upside of 21% from the current price of 5.11 CNY [6]. Core Views - Agricultural Bank's revenue and profit have shown a continuous recovery in 2024, with total revenue approximately 710.6 billion CNY, a year-on-year increase of 2.26%, and a net profit attributable to shareholders of 282.1 billion CNY, up 4.72% year-on-year [2][10]. - The bank's net interest income has increased to 580.7 billion CNY, reflecting a year-on-year growth of 1.56%, with the proportion of net interest income in total revenue rising to 81.7% [2][10]. - The asset quality remains stable, with a non-performing loan ratio reduced to 1.30% by the end of 2024, showing improvements compared to previous periods [26]. Financial Performance - In 2024, Agricultural Bank's revenue structure shows a recovery in net interest income, which constitutes 81.7% of total revenue, while non-interest income reached 129.9 billion CNY, growing by 5.51% year-on-year [2][10]. - The bank's net interest margin recorded 1.42%, down 3 basis points quarter-on-quarter and 18 basis points year-on-year [4][14]. - The bank's total assets increased by 5.3% year-on-year, with a significant growth in corporate loans by 10.2% [20][21]. Profitability Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is expected to grow by 2.25%, 4.12%, and 4.31% respectively, with corresponding book values per share of 7.95 CNY, 8.50 CNY, and 9.02 CNY [5]. - The price-to-earnings ratio is projected to decrease from 6.34 in 2024 to 5.71 by 2027, indicating an improving valuation [5]. Asset Quality - By the end of 2024, the non-performing loan ratio improved to 1.30%, with a provision coverage ratio of 299.6% [26][28]. - The overdue loan ratio increased slightly to 1.18%, indicating some pressure in the retail loan segment, particularly in personal housing loans [26][28]. Loan and Deposit Structure - The bank's total interest-bearing liabilities grew by 9.8% year-on-year, with a significant portion coming from deposits, which accounted for 76.0% of total liabilities [21][24]. - The retail loan segment showed a notable increase in personal operating loans, which surged by 234% year-on-year, while personal housing loans faced a decline of 3.6% [20][23].

Group 1 - The Chinese Ministry of Finance successfully issued 60 billion RMB green sovereign bonds in London, with a total subscription amount of 415.8 billion RMB, indicating strong international investor interest [6][8] - The issuance includes 30 billion RMB each for 3-year and 5-year bonds, with interest rates of 1.88% and 1.93%, marking a new low for offshore RMB government bonds [6] - The event is seen as a significant step in deepening China-UK cooperation in green finance and boosting international investor confidence [6][8] Group 2 - The Africa Sustainable Forum held in Johannesburg focused on sustainable finance policies, renewable energy investment, and carbon market development [7][8] - The forum emphasized the importance of establishing a unified classification standard for sustainable finance and enhancing information disclosure [7] - South African officials highlighted the significance of green financial instruments, such as green bonds, in climate action and supporting small enterprises [7] Group 3 - The national carbon market reported a highest price of 86.25 RMB per ton last week, with a total trading volume of 1,734,589 tons and a total transaction value of approximately 133.09 million RMB [10][12] - As of April 3, 2025, the cumulative trading volume in the national carbon market reached 637,456,843 tons, with a total transaction value of approximately 43.65 billion RMB [14] Group 4 - Agricultural Bank of China reported a green loan balance exceeding 4.97 trillion RMB by the end of 2024, reflecting a year-on-year growth of 22.9% [14] - The bank's focus includes supporting rural revitalization and green development in agriculture, with significant funding directed towards key areas such as agricultural technology and food security [14]

Core Viewpoint - Agricultural Bank of China achieved a net profit of 282.7 billion yuan in 2024, marking a year-on-year growth of over 4.8%, indicating strong performance and potential for continued growth in the coming years [1][3][2] Financial Performance - The bank's operating income for 2024 reached 711.4 billion yuan, a 2.3% increase from the previous year, with net interest income at 580.7 billion yuan, up 1.6% [3][4] - The total dividend payout for 2024 amounted to 84.66 billion yuan, with a proposed cash dividend of 1.255 yuan per 10 shares [2][5] Asset Quality - As of the end of 2024, the non-performing loan (NPL) ratio was 1.30%, a decrease of 3 basis points from the previous year, while the coverage ratio stood at 299.61%, indicating strong risk mitigation capabilities [5][6] - The bank's capital adequacy ratio improved to 18.19%, up 1.05 percentage points year-on-year, with the core Tier 1 capital ratio at 11.42%, an increase of 0.70 percentage points [5] Strategic Focus for 2025 - The bank plans to enhance rural financial services and implement proactive macro policies to support growth, while maintaining a strong focus on risk management [2][7] - Key areas of focus include optimizing the credit structure, enhancing non-interest income, and maintaining asset quality stability [6][8] Growth Opportunities - The bank aims to leverage economic recovery and macro policy implementation to identify new growth points, particularly in rural revitalization and green transformation [7][8] - Recent data indicates strong growth in various loan categories, including a significant increase in inclusive loans and personal loans, positioning the bank favorably within the industry [7]

Core Viewpoint - The Central Committee of the Communist Party of China and the State Council have issued a "Special Action Plan to Boost Consumption," prompting Agricultural Bank of China (ABC) to launch ten measures to stimulate consumption through credit cards, aiming to enhance the quality of life for the public [1] Group 1: Consumption Promotion Measures - ABC credit cards are expanding support for the "old-for-new" consumption initiative, collaborating with local governments, UnionPay, and online platforms to enhance resource participation [2] - The bank plans to conduct over 1,000 "Automobile Festivals" throughout the year, focusing on large consumer goods like automobiles and promoting green travel through financial support for electric vehicles [2] - ABC is enhancing its home decoration installment services and expanding partnerships in smart home sectors [2] Group 2: Daily Consumption Scene Engagement - ABC is launching various promotional activities targeting daily consumption scenarios, including discounts on scenic tickets, hotel stays, and specialty dining, in collaboration with local governments and major platforms [3] - The bank is innovating with initiatives like "Wednesday JD Agricultural Bank Day" to boost online payment collaborations with leading platforms, leveraging traffic and resource synergies [3] - ABC is expanding its network of quality merchants around its branches to provide offline service discounts, integrating into urban convenience living circles [3] Group 3: Inclusive Financial Services - ABC is developing personalized and diverse financial service solutions, particularly for rural markets, with the launch of an upgraded rural revitalization credit card [4] - The bank is introducing new credit card products tailored for study abroad and business travel, offering various benefits such as overseas cash withdrawal discounts and cross-border transportation cashback [4] - ABC is collaborating with card organizations to create cross-border activity brands, enhancing services for outbound consumption during peak travel seasons [4] Group 4: Technological Innovations in Payment - ABC is leveraging regulatory policy benefits to accelerate the implementation of remote credit card signing trials, creating a centralized and responsive online card issuance model [5] - The bank is expanding customer loyalty programs by introducing point redemption features on platforms like Alipay and JD [5] - ABC is enhancing its acceptance of foreign card transactions at domestic POS merchants, supporting high-level openness in the payment sector [5] Group 5: Future Development Focus - ABC aims to align its development with the public's aspirations for a better life, focusing on government subsidy distribution, merchant scene penetration, and customer consumption needs [5] - The bank is committed to continuously improving the competitiveness of its credit card products and services, providing personalized financial solutions to support consumption expansion and quality upgrades [5]

Investment Rating - The report assigns an "Buy" rating for Agricultural Bank of China (601288) [1][4][20] Core Views - Agricultural Bank of China achieved a revenue growth of 2.3% year-on-year and a net profit growth of 4.7% in 2024, maintaining its leading position among the six major banks [4] - The bank's financial performance in Q4 2024 showed significant improvement compared to the previous quarters, with revenue growth accelerating by 4.21 percentage points to 5.50% and net profit growth increasing by 5.83 percentage points to 9.21% [4] - The bank's asset quality remains controllable, with a non-performing loan ratio of 1.30% at the end of Q4 2024, a slight decrease from the previous quarter [6][7] Summary by Sections Financial Performance - In 2024, Agricultural Bank of China reported total revenue of 710.56 billion yuan and a net profit of 282.08 billion yuan [4][10] - The bank's total assets reached over 43.23 trillion yuan, reflecting an 8.4% year-on-year growth [4] - The bank's loan balance grew by 10.1% year-on-year, while deposit growth was 4.9% [4] Business Strategy - The bank is focusing on enhancing its county-level financial services, with a 5.4% year-on-year increase in revenue from this segment [5] - Personal business loans have seen a remarkable growth of 35.0% year-on-year, contributing significantly to the bank's loan growth [5] - The bank plans to allocate over 70% of its new branches to county and rural areas, emphasizing support for rural revitalization [5] Profitability Forecast - The report forecasts revenue for 2025-2027 to be 715.61 billion yuan, 761.91 billion yuan, and 818.54 billion yuan, with respective growth rates of 0.71%, 6.47%, and 7.43% [8][10] - Net profit is projected to reach 285.83 billion yuan, 298.83 billion yuan, and 316.67 billion yuan for the same period, with growth rates of 1.33%, 4.55%, and 5.97% [8][10] - The bank's earnings per share (EPS) is expected to increase from 0.77 yuan in 2025 to 0.86 yuan in 2027 [8][10]