上半年涨势如虹的银行股们，正在用实际行动回馈广大投资者。 截至8月30日晚，已有至少21家A股上市银行将实施2025年中期分红，其中有17家银行披露分红方案，参与者众，涉及国 有大行、股份行以及多家城商行。 招联首席研究员、上海金融与发展实验室副主任董希淼表示，实行中期分红是上市银行落实新"国九条"及证监会相关要 求的具体措施。上市银行增加分红频次，提高对投资者回报，有助于增强投资者信心，进一步稳定股价。 宁波银行每10股派发现金红利3元（含税），总额共计19.81亿元，分红比例13.41%； 苏农银行每股派发现金红利人民币0.09元（含税），累计分红约1.82亿元； 张家港行拟每10股派发现金红利1.0元（含税）； 长沙银行拟每10股派发现金股利2.0元（含税），合计派现8.04亿元。 值得一提的是，本次实施中期分红的银行再度扩容，招商银行、常熟银行、宁波银行、苏农银行、张家港行、江阴银行 和长沙银行等7家均为上市以来首次实施中期分红。 从分红阵容来看，国有大行继续领衔。中、农、工、建、交、邮储披露的2025年中期分红方案，合计现金分红总额达 2046.57亿元。工行则以每10股派发1.414元（含税）、总 ...

Group 1 - The core viewpoint of the news is that Changsha Bank has seen an increase in shareholder accounts and stock price performance, indicating positive investor sentiment [1] - As of June 30, 2025, the number of shareholders for Changsha Bank reached 33,515, an increase of 1,691 accounts or 5.31% compared to March 31, 2025 [1][2] - The average shareholding value per account for Changsha Bank is 1.1927 million yuan, which is higher than the industry average of 1.0242 million yuan for city commercial banks [1] Group 2 - From March 31, 2025, to June 30, 2025, Changsha Bank's stock price increased by 12.85%, coinciding with the increase in shareholder accounts [1][2] - During the same period, the net outflow of funds from major investors was 5.2763 million yuan, while retail investors experienced a net outflow of 4.51704 million yuan, indicating a shift in investment dynamics [2] - The average number of shares held per account decreased from 126,400 shares to 120,000 shares during the same period [1][2]

Core Viewpoint - The company reported steady growth in its financial performance for the first half of 2025, with a focus on maintaining asset quality and expanding its retail and corporate banking services [9][10][14]. Financial Performance - Total assets reached RMB 1,247.385 billion, an increase of 8.78% compared to the end of the previous year [9]. - The total loan and advance principal amounted to RMB 602.692 billion, growing by 10.56% year-on-year [9]. - Customer deposits totaled RMB 759.184 billion, reflecting a growth of 5.01% [9]. - Operating income for the period was RMB 13.249 billion, a year-on-year increase of 1.59% [9]. - Net profit attributable to shareholders was RMB 4.329 billion, up 5.05% from the previous year [9]. Asset Quality - The total loan principal was RMB 602.692 billion, with a non-performing loan (NPL) balance of RMB 7.046 billion, resulting in an NPL ratio of 1.17%, unchanged from the previous year [5]. - The provision coverage ratio stood at 309.71%, a decrease of 3.09 percentage points from the end of the previous year [5]. Shareholder Returns - The company proposed a mid-year cash dividend of RMB 2.00 per 10 shares, totaling RMB 804.311 million, which represents 18.58% of the net profit attributable to shareholders [3][51]. Business Development Strategies - The company emphasized its strategy in rural finance, achieving a county deposit balance of RMB 248.468 billion, an increase of 6.10%, and a county loan balance of RMB 229.169 billion, up 13.80% [10]. - Retail banking saw personal deposits rise to RMB 417.724 billion, an increase of 8.08%, while personal loans reached RMB 192.036 billion, growing by 1.33% [12]. - Corporate loans increased to RMB 404.924 billion, a growth of 16.87%, with corporate deposits at RMB 310.703 billion, up 4.00% [14]. Risk Management - The company has implemented enhanced risk management policies, focusing on credit risk and product-level risk monitoring [22][23]. - A comprehensive risk culture initiative is underway to improve compliance and risk awareness among staff [23].

Core Insights - Changsha Bank reported a stable performance in the first half of 2025, with a focus on steady operations and support for the real economy [1][2] - The bank's total assets reached 1,247.385 billion yuan, an increase of 8.78% compared to the end of the previous year, outperforming many listed city commercial banks [1] - The bank's net profit attributable to shareholders was 4.329 billion yuan, reflecting a year-on-year growth of 5.05% [1] Financial Performance - Total loans and advances amounted to 602.692 billion yuan, up 10.56% year-on-year, indicating robust credit growth [1] - Total deposits reached 759.184 billion yuan, with a growth rate of 5.01%, maintaining a high level of deposit growth [1] - Operating income for the first half was 13.249 billion yuan, a year-on-year increase of 1.59%, while non-interest income rose by 11.78% to 3.590 billion yuan [1] Dividend Policy - The board of Changsha Bank approved a mid-term dividend plan, proposing a cash dividend of 2.00 yuan per 10 shares, totaling 804 million yuan [2] - Since its listing in 2018, the bank has consistently paid cash dividends for seven years, with cumulative dividends exceeding 9.3 billion yuan [2] - The dividend payout ratio for 2024 was 22.49%, an increase of 1.1 percentage points from the previous year [2]

Group 1 - The core viewpoint of the article is that Changsha Bank (601577.SH) reported its mid-year financial results for 2025, showing a modest growth in revenue and net profit [1] - The total operating income for the first half of 2025 reached 13.249 billion yuan, representing a year-on-year increase of 1.59% [1] - The net profit attributable to shareholders of the parent company was 4.329 billion yuan, reflecting a year-on-year growth of 5.05% [1] - The basic earnings per share were reported at 1.08 yuan [1] - The company proposed a cash dividend of 2 yuan (including tax) for every 10 shares to all shareholders [1]

Group 1 - The core viewpoint of the article is that Changsha Bank (601577.SH) reported its mid-year financial results for 2025, showing a modest growth in revenue and net profit [1] - The total operating revenue for the first half of 2025 reached 13.249 billion yuan, representing a year-on-year increase of 1.59% [1] - The net profit attributable to shareholders of the parent company was 4.329 billion yuan, reflecting a year-on-year growth of 5.05% [1] - The basic earnings per share were reported at 1.08 yuan [1] - The company proposed a cash dividend of 2 yuan (including tax) for every 10 shares to all shareholders [1]

证券代码：601577 证券简称：长沙银行 编号：2025-041 优先股代码：360038 优先股简称：长银优 1 长沙银行股份有限公司 第八届董事会第二次会议决议公告 本行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。 长沙银行股份有限公司（简称"本行"）第八届董事会第二次会 议于 2025 年 8 月 28 日下午在长沙银行总行 33 楼 3315 会议室以现场 加视频方式召开。会议应出席董事 7 人，实际出席董事 7 人。郭子嘉 女士、王宗润先生、曹虹剑先生、程青龙先生 4 人待任职资格经监管 部门核准后方可行使表决权。会议由董事长赵小中主持。董事会秘书、 首席风险官彭敬恩列席会议。会议的召开符合《中华人民共和国公司 法》《中华人民共和国证券法》等法律、行政法规、部门规章、规范 性文件及《公司章程》的有关规定，会议所形成的决议合法、有效。 会议对以下议案进行了审议并表决： 一、《长沙银行股份有限公司 2025 年半年度报告》及摘要（具 体内容详见本行在上海证券交易所披露的《长沙银行股份有限公司 2025 年半年度报告》及摘要 ...

长沙银行股份有限公司第八届董事会 独立董事 2025 年第 2 次专门会议决议 （2025 年 8 月 27 日） 表决情况：同意 2 票，反对 0 票，弃权 0 票。 二、关于长沙银行股份有限公司与董事、高级管理人员及相关关 联方开展关联交易的议案 经审议，独立董事认为：本行与董事、高级管理人员及相关关联 方开展关联交易的议案符合国家金融监督管理总局、中国证券监督管 理委员会、上海证券交易所等监管部门要求，符合《长沙银行股份有 长沙银行股份有限公司（以下简称"本行"）第八届董事会独立 董事 2025 年第 2 次专门会议于 2025 年 8 月 27 日以书面传签方式召 开。会议应出席独立董事 2 人，实际出席独立董事 2 人，王宗润先生、 曹虹剑先生 2 人待独立董事任职资格经监管部门核准后方可行使表 决权。会议的召开符合《中华人民共和国公司法》《中华人民共和国 证券法》《上市公司独立董事管理办法》等法律法规、监管规定。会 议对以下事项进行了审议并表决： 一、长沙银行股份有限公司 2025 年中期利润分配方案 经审议，独立董事认为：2025 年中期利润分配方案符合相关法 律法规关于利润分配和现金分红的相关 ...

证券代码：601577 证券简称：长沙银行 编号：2025-043 优先股代码：360038 优先股简称:长银优 1 长沙银行股份有限公司 关于 2025 年中期利润分配方案的公告 本行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。 占本行归属于母公司股东净利润的 18.58%。经上述分配后，剩余的 未分配利润 35,047,006 千元结转下一期间。 在实施权益分派的股权登记日前本行总股本发生变动的，拟维持 分配总额比例不变，相应调整每股分配比例，并将另行公告具体调整 情况。 重要内容提示： 分配比例：每股派发现金红利 0.20 元（含税） 本次利润分配以实施权益分派股权登记日登记的总股本为 基数，具体日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前总股本发生变动的，拟维持 分配总额比例不变，相应调整每股分配比例，并将另行公告具体调整 情况。 根据本行 2024 年度股东大会授权，本次利润分配方案经董 事会审议通过后即可实施。 一、利润分配方案内容 经天健会计师事务所（特殊普通合伙）审阅，截至 2025 年 6 月 ...

Important Notes [Statement from the Board of Directors and Senior Management](index=2&type=section&id=Statement%20from%20the%20Board%20of%20Directors%20and%20Senior%20Management) The Board and senior management guarantee the report's authenticity, accuracy, and completeness, while the unaudited financial report was reviewed by Tianjian Certified Public Accountants - The Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or material omissions, and assume individual and joint legal liability[4](index=4&type=chunk) - This semi-annual financial report is unaudited but has been reviewed by Tianjian Certified Public Accountants (Special General Partnership)[4](index=4&type=chunk) [Profit Distribution Plan](index=2&type=section&id=Profit%20Distribution%20Plan%20for%20the%20Reporting%20Period%20Approved%20by%20the%20Board%20of%20Directors) The Board approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of RMB 2.00 per 10 shares, totaling RMB 804.311 million 2025 Interim Dividend Distribution Plan | Item | Amount/Quantity | | :--- | :--- | | Share Capital Base | 4,021,553,754 shares | | Cash Dividend per 10 Shares | RMB 2.00 (tax inclusive) | | Total Cash Dividend Distribution | RMB 804,311 thousand | [Risk Statement and Disclosure](index=2&type=section&id=Risk%20Statement%20for%20Forward-Looking%20Statements) The report's forward-looking statements are not substantive commitments, and the Bank faces manageable risks including credit, operational, market, and liquidity risks - Forward-looking statements in this report do not constitute substantive commitments to investors, who should be aware of investment risks[4](index=4&type=chunk) - The Bank has no foreseeable material risks; operational risks mainly include credit, operational, market, liquidity, compliance, reputational, and information technology risks, which are effectively managed and controlled[5](index=5&type=chunk) Definitions [Definition of Terms](index=4&type=section&id=Definition%20of%20Terms) This section defines key terms used in the report, including company names, regulatory bodies, and financial units, to ensure clarity Key Term Definitions | Term | Meaning | | :--- | :--- | | The Company, The Bank, The Issuer | Bank of Changsha Co., Ltd. | | CSRC | China Securities Regulatory Commission | | Reporting Period | January 1, 2025 to June 30, 2025 | | End of Reporting Period | June 30, 2025 | Company Profile and Key Financial Indicators [Company Information](index=5&type=section&id=Company%20Information) This section provides basic information about Bank of Changsha, including its name, legal representative, contact details, and stock information - The company's legal representative is Zhao Xiaozhong[11](index=11&type=chunk) - The company's registered address was changed on January 5, 2018, to Block B, Cailin Business Center, 53 Binjiang Road, Yuelu District, Changsha[13](index=13&type=chunk) - The company's stock is listed on the Shanghai Stock Exchange with the ticker "Bank of Changsha" and stock code "601577"[15](index=15&type=chunk) [Honors and Awards](index=6&type=section&id=Honors%20and%20Awards) Bank of Changsha received multiple honors in H1 2025, ranking 184th in The Banker's Top 1000 World Banks and winning several digital banking innovation awards - Bank of Changsha ranked **184th** in The Banker's 2025 Top 1000 World Banks list[17](index=17&type=chunk) - Bank of Changsha was rated "Excellent" in Hunan Province's rural revitalization assessment for the **fifth consecutive year**[17](index=17&type=chunk) - The Bank received the "Digital Banking Innovation Award" at the 8th Digital Banking Summit and the "Excellent Practice Award for Digital Transformation" at the 10th BDIE Asia Pacific Banking Digital Innovation Summit[17](index=17&type-chunk) [Key Accounting Data and Financial Indicators for the Last Three Years](index=6&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators%20for%20the%20Last%20Three%20Years) Operating revenue grew 1.59% to RMB 13.249 billion, while net profit attributable to parent company shareholders rose 5.05% to RMB 4.329 billion Key Accounting Data and Financial Indicators for the Last Three Years (RMB in thousands) | Indicator | Jan-Jun 2025 | Jan-Jun 2024 | YoY Change (%) | Jan-Jun 2023 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 13,249,374 | 13,042,446 | 1.59 | 12,623,919 | | Net Profit Attributable to Parent Company Shareholders | 4,328,903 | 4,120,765 | 5.05 | 3,961,823 | | Basic Earnings Per Share | 1.08 | 1.02 | 5.88 | 0.99 | Key Scale Indicators for the Last Three Years (RMB in thousands) | Indicator | June 30, 2025 | December 31, 2024 | Change from Beginning of Period (%) | December 31, 2023 | | :--- | :--- | :--- | :--- | :--- | | Total Assets | 1,247,385,086 | 1,146,747,921 | 8.78 | 1,020,032,943 | | Total Liabilities | 1,165,090,274 | 1,066,397,629 | 9.25 | 951,713,564 | | Total Deposits (Principal) | 759,184,233 | 722,974,547 | 5.01 | 658,856,634 | | Total Loans and Advances to Customers (Principal) | 602,691,594 | 545,108,561 | 10.56 | 488,391,053 | - **Return on weighted average equity (ROE)** decreased by 0.27 percentage points to **6.28%**[18](index=18&type=chunk) [Quarterly Key Financial Data for 2025](index=7&type=section&id=Quarterly%20Key%20Financial%20Data%20for%202025) Q2 operating revenue was slightly lower than Q1, but net profit remained stable, and net cash flow from operating activities turned positive Quarterly Key Financial Data for 2025 (RMB in thousands) | Item | Q1 (Jan-Mar) | Q2 (Apr-Jun) | | :--- | :--- | :--- | | Operating Revenue | 6,809,292 | 6,440,082 | | Operating Profit | 2,598,958 | 2,534,076 | | Net Profit Attributable to Parent Company Shareholders | 2,173,115 | 2,155,788 | | Net Cash Flow from Operating Activities | -52,785,184 | 6,386,784 | [Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) The net non-recurring profit and loss attributable to parent company owners was -RMB 10.559 million, mainly affected by non-current asset disposals and government grants Non-recurring Profit and Loss Items and Amounts (RMB in thousands) | Non-recurring Profit and Loss Item | Amount | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -4,487 | | Government Grants Recognized in Current Profit or Loss | 3,800 | | Other Non-operating Income and Expenses | -15,100 | | Other Items Meeting the Definition of Non-recurring Profit or Loss | 3,058 | | Subtotal | -12,729 | | Less: Corporate Income Tax Impact | -3,133 | | Minority Interest Impact (After Tax) | 963 | | Net Non-recurring Profit and Loss Attributable to Parent Company Owners | -10,559 | [Supplementary Financial Indicators](index=8&type=section&id=Supplementary%20Financial%20Indicators) Capital adequacy ratios met regulatory requirements, while the non-performing loan ratio remained stable at 1.17%, though provision coverage and net interest margin declined Supplementary Financial Indicators (%) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Capital Adequacy Ratio | 13.60 | 14.20 | | Tier 1 Capital Adequacy Ratio | 11.30 | 11.81 | | Core Tier 1 Capital Adequacy Ratio | 9.73 | 10.12 | | Non-performing Loan Ratio | 1.17 | 1.17 | | Provision Coverage Ratio | 309.71 | 312.80 | | Loan Provision Ratio | 3.62 | 3.66 | | Net Interest Spread | 1.97 | 2.20 | | Net Interest Margin | 1.87 | 2.11 | Management Discussion and Analysis [Industry and Main Business Overview](index=9&type=section&id=Industry%20and%20Main%20Business%20Overview) As Hunan's first listed bank, the Bank's main business covers a full range of commercial banking services, including deposits, loans, settlements, and investment banking - The Bank is the first listed bank and the largest local legal-person financial institution in Hunan Province[26](index=26&type=chunk) - Its main business includes taking public deposits; granting loans; domestic and international settlements; issuing financial bonds; inter-bank lending; foreign exchange; bank card services; and agency services for insurance and fund sales[26](index=26&type=chunk) [Discussion and Analysis of Operating Performance](index=9&type=section&id=Discussion%20and%20Analysis%20of%20Operating%20Performance) In H1 2025, the Bank achieved steady growth with total assets reaching RMB 1.247 trillion and net profit at RMB 4.329 billion, while maintaining a stable NPL ratio - As of the end of the reporting period, the Bank's **total assets reached RMB 1,247.385 billion**, an increase of **8.78%** from the beginning of the year[27](index=27&type=chunk) - During the reporting period, the Bank achieved a **net profit attributable to parent company shareholders of RMB 4.329 billion**, a year-on-year increase of **5.05%**[27](index=27&type=chunk) - As of the end of the reporting period, the Bank's **non-performing loan ratio was 1.17%**, remaining unchanged from the beginning of the year[27](index=27&type=chunk) [Deepening County-level Finance](index=9&type=section&id=Deepening%20County-level%20Finance) The Bank advanced its county-level finance strategy, resulting in a 6.10% increase in county deposits and a 13.80% rise in county loans - **County-level deposits** reached **RMB 248.468 billion**, an increase of RMB 14.294 billion or **6.10%** from the beginning of the year[28](index=28&type=chunk) - **County-level loans** amounted to **RMB 229.169 billion**, an increase of RMB 27.797 billion or **13.80%** from the beginning of the year[28](index=28&type=chunk) - The number of **county-level customers** reached **6.9368 million**, an increase of 142,700 from the beginning of the year[29](index=29&type=chunk) [Advancing Retail Business Development](index=10&type=section&id=Advancing%20Retail%20Business%20Development) The retail business deepened its transformation, achieving an 8.08% growth in personal deposits and a 7.94% increase in retail AUM - **Personal deposits** totaled **RMB 417.724 billion**, an increase of RMB 31.235 billion or **8.08%** from the beginning of the year[31](index=31&type=chunk) - **Personal loans** amounted to **RMB 192.036 billion**, an increase of RMB 2.519 billion or **1.33%** from the beginning of the year[31](index=31&type=chunk) - **Retail customer assets under management (AUM)** reached **RMB 491.330 billion**, an increase of RMB 36.122 billion or **7.94%** from the beginning of the year[31](index=31&type=chunk) [Stabilizing Corporate Business](index=11&type=section&id=Stabilizing%20Corporate%20Business) Corporate business grew steadily, with corporate loans increasing by 16.87% and green finance loans showing strong growth of 20.60% - **Corporate loans** reached **RMB 404.924 billion**, an increase of RMB 58.453 billion or **16.87%** from the beginning of the year[34](index=34&type=chunk) - **Corporate deposits** totaled **RMB 310.703 billion**, an increase of RMB 11.948 billion or **4.00%** from the beginning of the year[34](index=34&type=chunk) - **Green finance loans** amounted to **RMB 63.714 billion**, an increase of RMB 10.885 billion or **20.60%** from the beginning of the year[36](index=36&type=chunk) - **Inclusive loans to small and micro enterprises** reached **RMB 72.241 billion**, an increase of **5.80%** from the beginning of the year[37](index=37&type=chunk) [Sustaining Efforts in Financial Markets](index=12&type=section&id=Sustaining%20Efforts%20in%20Financial%20Markets) The financial markets business achieved high-quality development, with financial investments growing 6.71% and trading financial assets surging 65.07% - **Financial investment balance** was **RMB 523.256 billion**, an increase of **6.71%** from the beginning of the year[38](index=38&type=chunk) - **Trading financial assets balance** reached **RMB 182.429 billion**, a significant increase of **65.07%** from the beginning of the year[38](index=38&type=chunk) - **Intermediate business income from wealth management products** was **RMB 163 million**, a year-on-year increase of **11.43%**[39](index=39&type=chunk) - **Assets under custody** reached **RMB 53.422 billion**, an increase of RMB 40.434 billion from the beginning of the year[39](index=39&type=chunk) [Enhancing Quality and Efficiency with FinTech](index=13&type=section&id=Enhancing%20Quality%20and%20Efficiency%20with%20FinTech) The Bank advanced its digital finance strategy by establishing a large model lab and building an AI computing pool to empower business innovation - A **large model lab** and **AI computing pool** were established, creating generalized AI capabilities in intelligent Q&A, data query, reporting, and image recognition[41](index=41&type=chunk) - As of the end of the reporting period, the number of **online channel users reached 11.9305 million**, with **monthly active users (MAU) at 2.7378 million**[41](index=41&type=chunk)[42](index=42&type=chunk) - During the reporting period, **online banking transaction volume** reached **RMB 1,786.366 billion**[42](index=42&type=chunk) [Comprehensively Strengthening Risk Control](index=14&type=section&id=Comprehensively%20Strengthening%20Risk%20Control) The Bank enhanced risk control by refining credit policies, strengthening product-level risk management, and improving digital risk control capabilities - Refined credit policy management in line with national policy guidance and Hunan's "4×4" modern industrial system[43](index=43&type=chunk) - Strengthened product-level risk management by improving monitoring, early warning, and post-review mechanisms[43](index=43&type=chunk) - Enhanced digital risk control capabilities and expanded anti-fraud measures to improve risk identification and mitigation[43](index=43&type=chunk) [Analysis of Core Competitiveness](index=14&type=section&id=Analysis%20of%20Core%20Competitiveness) The Bank's core competitiveness is rooted in regional economic growth, sound governance, effective business transformation, and a stable professional team - The Bank benefits from Hunan's strong economic growth, with the province's GDP reaching **RMB 2.617 trillion** in H1 2025, a **5.6% increase**[46](index=46&type=chunk)[47](index=47&type=chunk) - The Bank has a high-quality, diversified, and balanced shareholder structure, forming a mixed-ownership model with state-owned capital as the mainstay[48](index=48&type=chunk) - The Bank has become a leading local financial institution in Hunan with the most comprehensive business qualifications, deepest network, and strongest customer base[49](index=49&type=chunk) - The Bank leverages its local advantages with a short decision-making chain and high efficiency to enhance market insight and differentiated services[50](index=50&type=chunk) - The Bank's asset-liability structure is increasingly reasonable, with a high and stable proportion of deposits and loans, and a relatively low cost of funds[52](index=52&type=chunk) - The Bank adheres to a "talent-driven" strategy, continuously invigorating the organization and its employees through a comprehensive value management system[53](index=53&type=chunk) [Key Operating Performance](index=16&type=section&id=Key%20Operating%20Performance) The Bank's operating revenue grew 1.59% to RMB 13.249 billion, driven by an 11.78% increase in non-interest income, while the NPL ratio remained stable at 1.17% - During the reporting period, the Bank's **operating revenue was RMB 13.249 billion**, a YoY increase of **1.59%**; **net profit attributable to parent company shareholders was RMB 4.329 billion**, a YoY increase of **5.05%**[54](index=54&type=chunk) - The Bank's **net interest income was RMB 9.659 billion**, a YoY decrease of **1.74%**, accounting for 72.90% of operating revenue[57](index=57&type=chunk) - The Bank's **net non-interest income was RMB 3.590 billion**, a YoY increase of **11.78%**, mainly driven by growth in investment income and net fee and commission income[72](index=72&type=chunk) - As of the end of the reporting period, the Bank's **total assets reached RMB 1,247.385 billion**, an increase of **8.78%** from the beginning of the year[91](index=91&type=chunk) - As of the end of the reporting period, the Bank's **total liabilities were RMB 1,165.090 billion**, an increase of **9.25%** from the beginning of the year[112](index=112&type=chunk) - As of the end of the reporting period, the Bank's **non-performing loan ratio was 1.17%**, flat with the beginning of the year, while the **provision coverage ratio decreased by 3.09 percentage points** to 309.71%[121](index=121&type=chunk) [Income Statement Analysis](index=16&type=section&id=Income%20Statement%20Analysis) Operating revenue grew 1.59% to RMB 13.249 billion, supported by a 118.82% surge in investment income that offset a 1.74% decline in net interest income - The Bank's **net interest income was RMB 9.659 billion**, a year-on-year decrease of **1.74%**, accounting for 72.90% of operating revenue[57](index=57&type=chunk) - The Bank's **net interest margin was 1.87%**, a year-on-year decrease of 0.25 percentage points; **net interest spread was 1.97%**, a year-on-year decrease of 0.30 percentage points[59](index=59&type=chunk)[60](index=60&type=chunk) - The Bank achieved an **investment income of RMB 3.184 billion**, a year-on-year increase of **118.82%**[77](index=77&type=chunk) - The Bank recorded a **gain from changes in fair value of -RMB 548 million**, a year-on-year decrease of **150.18%**, mainly due to reduced unrealized gains on bond and fund investments[79](index=79&type=chunk) - The Bank's **operating and administrative expenses were RMB 3.565 billion**, a year-on-year increase of **1.37%**[83](index=83&type=chunk) - The Bank recognized **credit and other asset impairment losses of RMB 4.421 billion**, a year-on-year increase of **2.39%**[85](index=85&type=chunk) [Asset Analysis](index=23&type=section&id=Asset%20Analysis) Total assets grew 8.78% to RMB 1.247 trillion, driven by a 10.56% increase in loans and a 65.07% surge in trading financial assets - As of the end of the reporting period, the Bank's **total assets were RMB 1,247.385 billion**, an increase of **8.78%** from the beginning of the year, mainly due to increased lending and investment in trading financial assets[91](index=91&type=chunk) - The Bank's **total loans and advances to customers (principal) amounted to RMB 602.692 billion**, an increase of **10.56%** from the beginning of the year[93](index=93&type=chunk) - **Corporate loans amounted to RMB 404.924 billion**, an increase of **16.87%**, accounting for 67.19% of total loans[93](index=93&type=chunk) - The Bank's **trading financial assets balance was RMB 182.429 billion**, an increase of **65.07%** from the beginning of the year, primarily in bonds, funds, and wealth management products[96](index=96&type=chunk) - **Total financial investments reached RMB 523.256 billion**, an increase of **6.71%** from the beginning of the year[101](index=101&type=chunk) [Liability Analysis](index=26&type=section&id=Liability%20Analysis) Total liabilities grew 9.25% to RMB 1.165 trillion, primarily driven by a 5.01% increase in customer deposits and growth in borrowings from the central bank - As of the end of the reporting period, the Bank's **total liabilities were RMB 1,165.090 billion**, an increase of **9.25%** from the beginning of the year, mainly due to growth in deposits and borrowings from the central bank[112](index=112&type=chunk) - The Bank's **total deposits (principal) amounted to RMB 759.184 billion**, an increase of **5.01%** from the beginning of the year[114](index=114&type=chunk) - **Borrowings from the central bank increased by 62.02%**[113](index=113&type=chunk) [Asset Quality Analysis](index=28&type=section&id=Asset%20Quality%20Analysis) The non-performing loan ratio remained stable at 1.17%, while the provision coverage ratio decreased slightly to 309.71% - As of the end of the reporting period, the Bank's **non-performing loan balance was RMB 7.046 billion**, with an **NPL ratio of 1.17%**, unchanged from the beginning of the year; the **provision coverage ratio was 309.71%**, a decrease of 3.09 percentage points[121](index=121&type=chunk) - The **NPL ratio for corporate loans was 0.59%**, while the **NPL ratio for personal loans was 2.20%**[124](index=124&type=chunk)[125](index=125&type=chunk) - As of the end of the reporting period, the Bank's **overdue loans totaled RMB 13.405 billion**, accounting for **2.22%** of total loans[135](index=135&type=chunk) - As of the end of the reporting period, the **total loan balance of the top ten loan customers was RMB 40.260 billion**, accounting for **6.68%** of total loans and **41.66%** of net capital[133](index=133&type=chunk)[134](index=134&type=chunk) [Analysis of Cash Flow Statement Changes](index=31&type=section&id=Analysis%20of%20Cash%20Flow%20Statement%20Changes) The period saw a net cash outflow from operating activities of RMB 46.398 billion and net inflows from investing and financing activities Net Cash Flow (RMB in thousands) | Item | Jan-Jun 2025 | Jan-Jun 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -46,398,400 | -51,046,478 | N/A | | Net Cash Flow from Investing Activities | 39,854,830 | -15,477,497 | N/A | | Net Cash Flow from Financing Activities | 19,086,500 | 67,935,538 | -71.90 | [Analysis of Changes in Shareholders' Equity](index=31&type=section&id=Analysis%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity increased by 2.42% to RMB 82.295 billion, primarily due to net profit realization and profit distribution during the period Changes in Shareholders' Equity (RMB in thousands) | Item | June 30, 2025 | December 31, 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Equity Attributable to Parent Company Shareholders | 79,943,422 | 78,013,645 | 2.47 | | Minority Interest | 2,351,390 | 2,336,647 | 0.63 | | Total Shareholders' Equity | 82,294,812 | 80,350,292 | 2.42 | | Retained Earnings | 36,941,317 | 34,301,467 | 7.70 | [Capital Management](index=32&type=section&id=Capital%20Management) All capital adequacy ratios met regulatory requirements, with the Core Tier 1, Tier 1, and overall capital adequacy ratios at 9.73%, 11.30%, and 13.60% respectively Capital Adequacy Ratios (%) | Item | June 30, 2025 | | :--- | :--- | | Core Tier 1 Capital Adequacy Ratio | 9.73 | | Tier 1 Capital Adequacy Ratio | 11.30 | | Capital Adequacy Ratio | 13.60 | - The **leverage ratio was 6.12%**[150](index=150&type=chunk) [Explanation of Items in Financial Statements with Changes Exceeding 30%](index=33&type=section&id=Explanation%20of%20Items%20in%20Financial%20Statements%20with%20Changes%20Exceeding%2030%) Significant fluctuations were noted in investment income, fair value changes, and trading financial assets, mainly due to bond investment activities and market value changes - **Investment income increased by 118.82%** YoY, primarily due to higher returns from bond investments[152](index=152&type=chunk) - **Gains from changes in fair value decreased by 150.18%** YoY, mainly due to reduced unrealized gains on certain trading financial assets[152](index=152&type=chunk) - **Trading financial assets increased by 65.07%**, mainly due to an increase in the scale of bond investments[152](index=152&type=chunk) - **Borrowings from the central bank increased by 62.02%**, reflecting increased borrowing from the central bank[152](index=152&type=chunk) - **Trading financial liabilities increased by 274.22%**, mainly due to an increase in bond lending activities[152](index=152&type=chunk) [Off-Balance Sheet Items with Significant Impact on Financial Position and Operating Results](index=33&type=section&id=Off-Balance%20Sheet%20Items%20with%20Significant%20Impact%20on%20Financial%20Position%20and%20Operating%20Results) The Bank's off-balance sheet items included credit commitments of RMB 91.96 billion and capital expenditure commitments of RMB 449 million - **Total credit commitments amounted to RMB 91,959,538 thousand**, including bankers' acceptances of RMB 39,404,333 thousand[154](index=154&type=chunk) - **Capital expenditure commitments totaled RMB 448,962 thousand**[155](index=155&type=chunk) - **Assets pledged as collateral amounted to RMB 135,524,423 thousand**[155](index=155&type=chunk) [Risk Management during the Reporting Period](index=34&type=section&id=Risk%20Management%20during%20the%20Reporting%20Period) The Bank maintained a comprehensive risk management system, effectively controlling credit, operational, market, liquidity, and other key risks - The Bank continuously optimized **credit risk management** by refining policies, improving product risk monitoring, and enhancing digital risk control capabilities[157](index=157&type=chunk)[158](index=158&type=chunk) - The Bank has established a complete **operational risk management system** adapted to its business nature, scale, and complexity, ensuring stable operations[160](index=160&type=chunk) - The Bank's **liquidity risk indicators** remained healthy, with a liquidity coverage ratio of **258.33%** and a net stable funding ratio of **130.35%**[163](index=163&type=chunk)[164](index=164&type=chunk) - The Bank enhanced **compliance management** through internal controls, digital compliance tools, and fostering a strong compliance culture[165](index=165&type=chunk) - During the reporting period, **information technology risk** was well-controlled, with no major incidents and an availability rate of over **99.99%** for critical information systems[168](index=168&type=chunk) [Investment Analysis](index=37&type=section&id=Investment%20Analysis) Total external equity investments amounted to RMB 1.897 billion, primarily consisting of investments in subsidiaries, with no major new investments during the period Overview of External Equity Investments (RMB in thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Investment in Subsidiaries | 1,477,691 | 1,477,691 | | Other Equity Investments | 419,433 | 407,671 | | Total | 1,897,124 | 1,885,362 | - The Bank had no major equity investments during the reporting period[172](index=172&type=chunk) - The Bank had no major non-equity investments during the reporting period[173](index=173&type=chunk) [Major Asset and Equity Sales](index=38&type=section&id=Major%20Asset%20and%20Equity%20Sales) No major sales of assets or equity occurred during the reporting period - The Bank had no major asset or equity sales during the reporting period[174](index=174&type=chunk) [Analysis of Major Holding and Associated Companies](index=38&type=section&id=Analysis%20of%20Major%20Holding%20and%20Associated%20Companies) The Bank's main subsidiaries include consumer finance and village banks, with no single subsidiary contributing over 10% to the Bank's net profit - The Bank's main holding subsidiaries include Hunan Changyin 58 Consumer Finance Co., Ltd., Xiangxi Changhang Village Bank Co., Ltd., and Yizhang Changhang Village Bank Co., Ltd[175](index=175&type=chunk) - The Bank plans to merge with Yizhang Village Bank, with the proposal approved by the Board of Directors and shareholders' meeting[175](index=175&type=chunk) - During the reporting period, no major subsidiary or associated company had a net profit impact of 10% or more on the Bank[176](index=176&type=chunk) [Tiered Management and Branch Distribution](index=39&type=section&id=Tiered%20Management%20and%20Branch%20Distribution) As of the reporting period end, the Bank operated 411 branches, with 166 located in the Changsha area and others spread across Hunan and Guangzhou - As of the end of the reporting period, the Bank had a total of **411 branches**[177](index=177&type=chunk) - There are **166 branches in the Changsha area**, including 144 sub-branches, 17 community sub-branches, and 5 small enterprise credit centers[177](index=177&type=chunk) - The Bank also has 13 branches and their 232 subordinate institutions in other cities within Hunan Province and in Guangzhou[177](index=177&type=chunk) [Information on Structured Entities](index=40&type=section&id=Information%20on%20Structured%20Entities) Details regarding structured entities controlled by the Bank are provided in the notes to the financial report - For information on structured entities controlled by the Bank, please refer to Note "VI. Interests in Other Entities" in the financial report[179](index=179&type=chunk) [Performance of Wealth Management, Securitization, Custody, Trust, and Other Businesses](index=40&type=section&id=Performance%20of%20Wealth%20Management,%20Securitization,%20Custody,%20Trust,%20and%20Other%20Businesses) The Bank's wealth management and custody businesses grew, with assets under custody increasing significantly, while asset securitization activity was dormant - As of the end of the reporting period, the balance of **wealth management products was RMB 51.592 billion**, generating **intermediate business income of RMB 163 million**[180](index=180&type=chunk) - As of the end of the reporting period, the outstanding balance of asset-backed securities issued by the Bank was zero[181](index=181&type=chunk) - As of the end of the reporting period, **assets under custody reached RMB 53.422 billion**, an increase of RMB 40.434 billion from the beginning of the year[39](index=39&type=chunk) - The outstanding scale of **agency trust business was RMB 4.95 billion**, and 3 insurance trust products were established[184](index=184&type=chunk) - As of the end of the reporting period, the number of **wealth management clients increased by 8.15%** to 1.4328 million, and **retail customer assets under management grew by 7.94%** to RMB 491.330 billion[186](index=186&type=chunk) [Innovative Business Products](index=41&type=section&id=Innovative%20Business%20Products) The Bank launched innovative products across retail, corporate, and financial market segments, while also establishing a large model innovation lab to drive AI applications - In retail banking, innovative projects such as the "Changsha Youth Card" were launched[188](index=188&type=chunk) - In corporate banking, a new bill management function was created, completely restructuring the bill business segment[189](index=189&type=chunk) - In financial markets, a traffic-driven approach was integrated with bond, bill, and foreign exchange businesses to expand scale and optimize operations[189](index=189&type=chunk) - The Bank established a **large model innovation lab** to promote research and application of large model technology in financial scenarios[190](index=190&type=chunk) [Potential Risks](index=42&type=section&id=Potential%20Risks) The Bank faces dual challenges from a complex external environment and the pressures of transformation common to small and medium-sized banks - The external environment is characterized by a combination of geopolitical risks, domestic economic transition, and policy challenges[191](index=191&type=chunk) - Small and medium-sized banks face reform pressures, including declining asset yields, rigid liability costs, competition from large banks, and the need for digital transformation[191](index=191&type=chunk)[192](index=192&type=chunk) [Progress on the "Improving Quality, Increasing Efficiency, and Emphasizing Returns" Action Plan](index=43&type=section&id=Progress%20on%20the%20%22Improving%20Quality,%20Increasing%20Efficiency,%20and%20Emphasizing%20Returns%22%20Action%20Plan) The Bank advanced its action plan by focusing on key financial areas, improving business quality, enhancing shareholder returns, and increasing market value recognition - Focused on the "Five Key Areas": **tech finance loan balance reached RMB 86.721 billion**; **green finance loan balance grew 20.60%** to RMB 63.714 billion; **inclusive SME loan balance grew 5.80%** to RMB 72.241 billion[193](index=193&type=chunk)[194](index=194&type=chunk) - Business operating quality improved: **operating revenue increased by 1.59%** to RMB 13.249 billion, and **net profit attributable to parent company shareholders grew by 5.05%** to RMB 4.329 billion[196](index=196&type=chunk) - Continuously enhanced shareholder returns: implemented cash dividends for **7 consecutive years** and approved an interim dividend of **RMB 804 million** for 2025[197](index=197&type=chunk) - Increased market value recognition: conducted **36 investor research activities**, engaging with over 80 institutions[198](index=198&type=chunk) - Innovated in information disclosure: published its first **Sustainability (ESG) Report**, leading to an upgrade in its Wind ESG rating from BB to **A**[199](index=199&type=chunk) Corporate Governance, Environment, and Society [Corporate Governance](index=45&type=section&id=Corporate%20Governance) The Bank has refined its modern corporate governance structure and reformed its supervisory mechanism by abolishing the supervisory board and transferring its duties - The Bank continuously improves its modern corporate governance structure, featuring a shareholders' meeting, a board of directors, and senior management, and has actively reformed its supervisory mechanism[201](index=201&type=chunk) - As of the disclosure date, the Board of Directors consists of **11 members**, including 4 independent directors and 1 employee director[202](index=202&type=chunk) - During the reporting period, the Board of Directors held **6 meetings** and reviewed 64 proposals[202](index=202&type=chunk) - The Bank no longer has a supervisory board; its former duties are now exercised by the Board's Audit Committee[203](index=203&type=chunk) [Changes in Directors, Supervisors, and Senior Management](index=45&type=section&id=Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) The Bank completed the election and appointment of a new Board and senior management team, and the supervisory board members departed following its dissolution - Zhao Xiaozhong was elected Chairman, and Zhang Man was appointed as President[205](index=205&type=chunk) - Peng Jingen was appointed as Board Secretary and Chief Risk Officer[205](index=205&type=chunk) - On May 21, 2025, the shareholders' meeting approved the **abolition of the supervisory board**, and its members departed upon the expiration of their terms[206](index=206&type=chunk) [Interim Profit Distribution Plan](index=47&type=section&id=Interim%20Profit%20Distribution%20Plan) The Board approved a 2025 interim dividend of RMB 2.00 per 10 shares, totaling RMB 804.311 million Proposed Interim Profit Distribution Plan for the Semi-Annual Period | To Distribute or Convert | Yes | | :--- | :--- | | Bonus Shares per 10 Shares | - | | Cash Dividend per 10 Shares (RMB) (tax inclusive) | 2.00 | | Shares Converted from Capital Reserve per 10 Shares | - | - The Bank proposes to distribute a 2025 interim cash dividend of **RMB 2.00 per 10 shares** (tax inclusive) based on the total share capital as of June 30, 2025, totaling **RMB 804.311 million**[208](index=208&type=chunk) [Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentives](index=47&type=section&id=Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentives) No equity incentive plans, employee stock ownership plans, or other employee incentive measures were implemented during the reporting period - During the reporting period, the Bank did not implement any equity incentive plans, employee stock ownership plans, or other employee incentive measures[209](index=209&type=chunk) [Employee Remuneration Policy and Training](index=47&type=section&id=Employee%20Remuneration%20Policy%20and%20Training) The Bank adheres to a market-oriented remuneration system that links pay to performance and ensures salary growth does not exceed profit growth - The Bank follows a market-oriented remuneration philosophy of "efficiency first, fairness considered," establishing a value-oriented system based on ability, performance, and job matching[210](index=210&type=chunk) - The total salary budget is determined annually based on profit growth, ensuring that **salary growth does not exceed profit growth**, with basic salary not exceeding 35% of the total[212](index=212&type=chunk) - The Bank has implemented a **deferred payment and clawback mechanism for performance-based remuneration** for senior management and key risk-related positions[215](index=215&type=chunk)[216](index=216&type=chunk) - The Bank actively implements a "talent-driven" strategy, building a systematic talent development system to support employee growth[217](index=217&type=chunk) [Environmental Information Disclosure](index=49&type=section&id=Environmental%20Information%20Disclosure) While not a mandatory disclosure entity, the Bank actively promotes green finance and sustainable development, with green loans growing 20.60% - The Bank is not listed as a company required to disclose environmental information by law[218](index=218&type=chunk) - The Bank places great importance on environmental protection and sustainable development, actively practicing green and low-carbon principles[219](index=219&type=chunk)[220](index=220&type=chunk) - As of the end of the reporting period, the **green finance loan balance was RMB 63.714 billion**, an increase of **20.60%** from the beginning of the year[220](index=220&type=chunk) - The Bank published its first **Sustainability (ESG) Report** and has built a green operational system encompassing green office, travel, and lifestyle practices[221](index=221&type=chunk) [Efforts in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=51&type=section&id=Efforts%20in%20Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization) The Bank supported rural revitalization with agriculture-related loans growing 12.90% and continued its targeted poverty alleviation and social charity initiatives - As of the end of the reporting period, the **agriculture-related loan balance was RMB 69.564 billion**, an increase of **12.90%** from the beginning of the year[222](index=222&type=chunk) - The Bank has created a distinctive credit product system for the Hunan region, such as "Xiangcun Express Loan" and "Xiangnong Express Loan"[223](index=223&type=chunk) - A dedicated work team was dispatched to Hualin Village to support its development in infrastructure and characteristic industries[224](index=224&type=chunk)[225](index=225&type=chunk) - The Bank actively engages in public welfare projects, including judicial aid and educational support, to assist disadvantaged groups[226](index=226&type=chunk)[227](index=227&type=chunk) - The "Bank of Changsha · Happy Home Volunteer Team" was named the "Best Volunteer Service Organization in Hunan Province"[231](index=231&type=chunk) [Consumer Rights Protection](index=53&type=section&id=Consumer%20Rights%20Protection) The Bank strengthened consumer rights protection by embedding it into its corporate governance and product development processes and conducting extensive financial education - The Bank integrates consumer rights protection into its corporate governance, corporate culture, and business development strategy[232](index=232&type=chunk) - Consumer protection reviews are mandatory in the product and service development process, with **506 reviews conducted** during the period, achieving **100% coverage and 100% adoption of recommendations**[234](index=234&type=chunk) - During the reporting period, **1,095 online and offline educational activities** were conducted, reaching **2.184 million consumers** to improve financial literacy and risk awareness[236](index=236&type=chunk) Important Matters [Fulfillment of Commitments](index=55&type=section&id=Fulfillment%20of%20Commitments) The Bank and related parties have strictly fulfilled all commitments made during the initial public offering, including share lock-up and transfer restrictions - Commitments include a **36-month lock-up period** for certain shareholders, with subsequent annual sales not exceeding 15% of their holdings[238](index=238&type=chunk) - Certain shareholders committed that if they sell shares within two years after the lock-up period, the price will not be lower than the issue price[238](index=238&type=chunk) - Directors, supervisors, and senior management are restricted from transferring more than **25% of their total shares annually** while in office and are prohibited from transferring any shares within six months of their departure[238](index=238&type=chunk) [Non-operational Fund Occupation by Controlling Shareholders and Their Affiliates](index=56&type=section&id=Non-operational%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Their%20Affiliates) No instances of non-operational fund occupation by controlling shareholders or their affiliates occurred during the reporting period - There were no cases of non-operational fund occupation by controlling shareholders or other related parties during or prior to the reporting period[239](index=239&type=chunk) [Irregular Guarantees](index=56&type=section&id=Irregular%20Guarantees) No irregular guarantees were provided by the Bank during the reporting period - There were no cases of irregular guarantees provided by the Bank during or prior to the reporting period[240](index=240&type=chunk) [Bankruptcy and Reorganization](index=56&type=section&id=Bankruptcy%20and%20Reorganization) The Bank was not involved in any bankruptcy or reorganization proceedings during the reporting period - The Bank was not subject to any bankruptcy or reorganization proceedings during the reporting period[241](index=241&type=chunk) [Major Litigation and Arbitration](index=56&type=section&id=Major%20Litigation%20and%20Arbitration) The Bank was the plaintiff in 74 pending litigation cases with a total amount of RMB 5.663 billion and had no major litigation as a defendant - As of the end of the reporting period, the Bank was the plaintiff in **74 unresolved litigation cases** with claims over RMB 10 million, totaling **RMB 5,662,938.5 thousand**[242](index=242&type=chunk) - The Bank was a third party in **1 unresolved case** with a claim over RMB 10 million, involving **RMB 13,739.7 thousand**[242](index=242&type=chunk) - The Bank had **no unresolved cases as a defendant** with claims over RMB 10 million[242](index=242&type=chunk) [Violations, Penalties, and Rectifications Involving the Company, Directors, Supervisors, Senior Management, and Controlling Shareholders](index=56&type=section&id=Violations,%20Penalties,%20and%20Rectifications%20Involving%20the%20Company,%20Directors,%20Supervisors,%20Senior%20Management,%20and%20Controlling%20Shareholders) The Bank, which has no controlling shareholder, and its management were not subject to any investigations, penalties, or disciplinary actions during the period - The Bank has no controlling shareholder or actual controller[243](index=243&type=chunk) - During the reporting period, the Bank was not subject to any legal investigations, criminal penalties, administrative penalties from the CSRC, or disciplinary actions from the stock exchange[243](index=243&type=chunk) - During the reporting period, no directors, supervisors, or senior management members were subject to compulsory measures, criminal penalties, CSRC investigations, or stock exchange disciplinary actions[243](index=243&type=chunk) [Statement on the Integrity of the Company, its Controlling Shareholder, and Actual Controller](index=56&type=section&id=Statement%20on%20the%20Integrity%20of%20the%20Company,%20its%20Controlling%20Shareholder,%20and%20Actual%20Controller) The Bank maintained a strong record of integrity with no major defaults or unfulfilled court judgments and has no controlling shareholder - During the reporting period, the Bank operated with integrity and had no unfulfilled court judgments or significant overdue debts[244](index=244&type=chunk) - The Bank has no controlling shareholder or actual controller[244](index=244&type=chunk) [Related-Party Transactions](index=56&type=section&id=Related-Party%20Transactions) Major related-party transactions included credit lines of RMB 8.9 billion and RMB 886 million extended to two affiliated companies under fair market conditions - The Bank granted a **credit line of RMB 8.9 billion** to Hunan Changyin 58 Consumer Finance Co., Ltd. for a one-year term on a credit basis[246](index=246&type=chunk) - The Bank granted a **credit line of RMB 886 million** to Hunan Friendship & Apollo Holding Co., Ltd. for a one-year term, secured by mortgage, pledge, and guarantee[246](index=246&type=chunk) - As of the end of the reporting period, the loan balance to related natural persons was **RMB 174,625.6 thousand**[247](index=247&type=chunk) [Major Contracts and Their Performance](index=57&type=section&id=Major%20Contracts%20and%20Their%20Performance) No major custody, contracting, leasing, or other significant contracts that would materially impact profits were executed during the reporting period - The Bank had no major custody, contracting, or leasing matters during the reporting period[248](index=248&type=chunk) - Apart from guarantee business within its approved scope, the Bank had no other major guarantee matters[249](index=249&type=chunk) - There were no contracts during the reporting period that contributed to a profit or loss exceeding 10% of the Bank's total profit[250](index=250&type=chunk) [Appointment and Dismissal of Accounting Firm](index=57&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firm) The Bank reappointed Tianjian Certified Public Accountants (Special General Partnership) as its auditor for the 2025 fiscal year - The shareholders' meeting approved the reappointment of Tianjian Certified Public Accountants (Special General Partnership) as the Bank's auditor for the 2025 fiscal year[251](index=251&type=chunk) [Analysis of Changes in Accounting Policies and Estimates](index=57&type=section&id=Analysis%20of%20Changes%20in%20Accounting%20Policies%20and%20Estimates) Details on changes in accounting policies and estimates are provided in the "Financial Report" section of this document - For an analysis of the reasons for and impact of changes in accounting policies and estimates, please refer to "III. Significant Accounting Policies and Estimates - (XXXI) Changes in Significant Accounting Estimates" in the "Financial Report"[252](index=252&type=chunk)[253](index=253&type=chunk) [Other Important Matters](index=58&type=section&id=Other%20Important%20Matters) The Bank received approval to issue up to RMB 15 billion in new financial bonds in 2025 and is awaiting approval for an RMB 11 billion A-share convertible bond issuance - The Bank is authorized to issue financial bonds with a new balance not exceeding **RMB 15 billion** in 2025 and a year-end balance not exceeding **RMB 65 billion**[254](index=254&type=chunk) - The Bank has already issued several tranches of financial bonds in 2025, including a **RMB 10 billion** general bond, a **RMB 5 billion** SME loan bond, and a **RMB 4 billion** technology innovation bond[254](index=254&type=chunk) - The Bank plans to publicly issue up to **RMB 11 billion** in A-share convertible bonds, which is currently under review by the Shanghai Stock Exchange[254](index=254&type=chunk) Changes in Share Capital and Shareholders [Changes in Share Capital](index=59&type=section&id=Changes%20in%20Share%20Capital) The Bank's total share count and capital structure remained unchanged during the reporting period - The Bank's total number of shares and share capital structure did not change during the reporting period[256](index=256&type=chunk) - There was no change in the total number of the Bank's common shares during the reporting period[257](index=257&type=chunk) - There was no change in the number of the Bank's restricted shares during the reporting period[258](index=258&type=chunk) [Shareholder Information](index=59&type=section&id=Shareholder%20Information) As of the period end, the Bank had 33,515 common shareholders, with Changsha Finance Bureau as the largest shareholder holding 16.82% - As of the end of the reporting period, the total number of common shareholders was **33,515**[259](index=259&type=chunk) - **Changsha Municipal Finance Bureau** is the largest shareholder, holding 676,413,701 shares, which accounts for **16.82%** of the total share capital[261](index=261&type=chunk)[270](index=270&type=chunk) - Changsha Real Estate (Group) Co., Ltd. has pledged 84,500,000 shares, and Changsha Tongcheng Industrial (Group) Co., Ltd. has pledged 75,100,000 shares[261](index=261&type=chunk) - The shareholdings of current and former directors, supervisors, and senior management did not change during the reporting period[269](index=269&type=chunk) - Hunan Communications Industry Services Co., Ltd. and its wholly-owned subsidiary collectively hold 501,468,304 shares, representing **12.47%** of the total share capital[271](index=271&type=chunk) [Changes in Preferred Shares and Shareholders](index=63&type=section&id=Changes%20in%20Preferred%20Shares%20and%20Shareholders) The Bank's "Changyin You 1" preferred shares have an adjusted dividend rate of 3.84%, with 28 shareholders at the end of the period - The Bank's preferred shares (code: 360038, name: Changyin You 1) were issued in December 2019 and listed in January 2020 at a price of RMB 100 per share[275](index=275&type=chunk) - Effective from December 25, 2024, the dividend rate for the second interest period of Changyin You 1 was adjusted to **3.84%**[275](index=275&type=chunk) - As of the end of the reporting period, the total number of preferred shareholders was **28**[276](index=276&type=chunk) - No redemption or conversion of preferred shares occurred during the reporting period[280](index=280&type=chunk) Financial Report [Notes to the Financial Report](index=65&type=section&id=Notes%20to%20the%20Financial%20Report) The Bank's 2025 semi-annual financial report is unaudited but has been reviewed by Tianjian Certified Public Accountants (Special General Partnership) - The Bank's 2025 semi-annual financial report is unaudited[284](index=284&type=chunk) - Tianjian Certified Public Accountants (Special General Partnership) has reviewed the Bank's 2025 semi-annual financial report and issued a review report[284](index=284&type=chunk) [Review Report](index=70&type=section&id=Review%20Report) Tianjian Certified Public Accountants found no indication that the financial statements were not prepared in accordance with accounting standards or did not fairly reflect the Bank's financial position - Tianjian Certified Public Accountants (Special General Partnership) reviewed the semi-annual financial statements of Bank of Changsha Co., Ltd. for 2025[293](index=293&type=chunk) - Based on the review, nothing has come to the accountants' attention that causes them to believe the financial statements are not prepared in accordance with enterprise accounting standards or do not fairly reflect the financial position, operating results, and cash flows of Bank of Changsha in all material respects[293](index=293&type=chunk) [Consolidated and Parent Company Balance Sheets](index=71&type=section&id=Consolidated%20and%20Parent%20Company%20Balance%20Sheets) As of June 30, 2025, consolidated total assets were RMB 1.247 trillion, and total liabilities were RMB 1.165 trillion Consolidated Balance Sheet (RMB in thousands) | Item | Closing Balance | Opening Balance | | :--- | :--- | :--- | | Total Assets | 1,247,385,086 | 1,146,747,921 | | Total Liabilities | 1,165,090,274 | 1,066,397,629 | | Total Shareholders' Equity | 82,294,812 | 80,350,292 | Parent Company Balance Sheet (RMB in thousands) | Item | Closing Balance | Opening Balance | | :--- | :--- | :--- | | Total Assets | 1,190,083,495 | 1,093,774,401 | | Total Liabilities | 1,111,699,081 | 1,017,303,381 | | Total Shareholders' Equity | 78,384,414 | 76,471,020 | [Consolidated and Parent Company Income Statements](index=73&type=section&id=Consolidated%20and%20Parent%20Company%20Income%20Statements) For H1 2025, consolidated total operating income was RMB 13.249 billion, with a net profit attributable to the parent company of RMB 4.329 billion Consolidated Income Statement (RMB in thousands) | Item | Current Period | Prior Period | | :--- | :--- | :--- | | Total Operating Income | 13,249,374 | 13,042,446 | | Net Profit | 4,356,124 | 4,232,065 | | Net Profit Attributable to Parent Company Owners | 4,328,903 | 4,120,765 | Parent Company Income Statement (RMB in thousands) | Item | Current Period | Prior Period | | :--- | :--- | :--- | | Total Operating Income | 11,931,601 | 11,389,619 | | Net Profit | 4,312,520 | 4,006,375 | [Consolidated and Parent Company Cash Flow Statements](index=75&type=section&id=Consolidated%20and%20Parent%20Company%20Cash%20Flow%20Statements) For H1 2025, consolidated net cash outflow from operating activities was RMB 46.398 billion, while investing and financing activities generated net inflows Consolidated Cash Flow Statement (RMB in thousands) | Item | Current Period | Prior Period | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -46,398,400 | -51,046,478 | | Net Cash Flow from Investing Activities | 39,854,830 | -15,477,497 | | Net Cash Flow from Financing Activities | 19,086,500 | 67,935,538 | Parent Company Cash Flow Statement (RMB in thousands) | Item | Current Period | Prior Period | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -46,536,917 | -52,490,720 | | Net Cash Flow from Investing Activities | 37,422,420 | -15,244,515 | | Net Cash Flow from Financing Activities | 19,302,257 | 68,549,600 | [Consolidated and Parent Company Statements of Changes in Shareholders' Equity](index=77&type=section&id=Consolidated%20and%20Parent%20Company%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) As of June 30, 2025, consolidated total shareholders' equity reached RMB 82.295 billion, an increase of RMB 1.945 billion from the beginning of the year Consolidated Statement of Changes in Shareholders' Equity (RMB in thousands) | Item | Opening Balance | Change during Period | Closing Balance | | :--- | :--- | :--- | :--- | | Total Shareholders' Equity | 80,350,292 | 1,944,520 | 82,294,812 | | Equity Attributable to Parent Company Shareholders | 78,013,645 | 1,929,777 | 79,943,422 | Parent Company Statement of Changes in Shareholders' Equity (RMB in thousands) | Item | Opening Balance | Change during Period | Closing Balance | | :--- | :--- | :--- | :--- | | Total Shareholders' Equity | 76,471,020 | 1,913,394 | 78,384,414 | [Notes to the Financial Statements](index=79&type=section&id=Notes%20to%20the%20Financial%20Statements) The notes provide detailed disclosures on accounting policies, financial instrument risks, fair value, related-party transactions, and capital management - The Bank's financial statements are prepared on a going concern basis, with RMB as the functional currency[312](index=312&type=chunk)[316](index=316&type=chunk) - Financial assets are classified at initial recognition into three categories: amortized cost, fair value through other comprehensive income, and fair value through profit or loss[323](index=323&type=chunk) - The Bank recognizes impairment provisions for financial assets based on an expected credit loss model[337](index=337&type=chunk) - The main financial instrument risks faced by the Group include credit risk, market risk, liquidity risk, and operational risk[514](index=514&type=chunk) - The Group's capital adequacy ratios are calculated in accordance with the "Capital Management Rules for Commercial Banks" and meet all regulatory requirements[569](index=569&type=chunk)[570](index=570&type=chunk) Directory of Documents for Inspection [List of Documents for Inspection](index=66&type=section&id=List%20of%20Documents%20for%20Inspection) This section lists the reference documents for the semi-annual report, including signed financial statements and the original review report from the accounting firm - Financial statements signed and sealed by the Bank's legal representative, chief financial officer, and head of the accounting department[286](index=286&type=chunk) - The original review report from the accounting firm, sealed and signed by the certified public accountants[286](index=286&type=chunk) - The original semi-annual report signed by the Chairman of the Board[286](index=286&type=chunk) - Originals of all company documents and announcements publicly disclosed during the reporting period[286](index=286&type=chunk)